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Not knowing what your affilation is, I'll make this a general caution. It sounds like a great idea but asking alums for $$ may get you into bigger problems than you really want to deal with. (our GVP Finance constantly reminds people "don't mess with the IRS!!")
IRS regulations forbid fundraising for operating funds (and recruitment is considered operating expenses). House Corporations (who are legally incorporated in the state) may solicit funds for building/ refurbishing projects. Chapters may solicit for philanthropic purposes ONLY.
If your finances are truly very tight, try asking the alums for donations of merchandise-- if you've planned your food or decorations, it can be very specific or as gift card (Target/ Wal Mart gift cards are very useful gifts) but cash donations have to be reported and if you have too much non-member income, you jeopardize your non-profit status. If you're a local GLO, you're a smaller fish than a NPC group so it's not as likely that you'd be audited but your creative idea may not as great as it seems
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