Each chapter alumni corporation is composed of all the alumni of the chapter who are in good standing with the chapter and the National Fraternity. All Members of undergraduate chapters automatically become members of their alumni corporation upon graduation or upon leaving school, providing they are in good standing in all respects.

The corporation exists to oversee the financial and business affairs of the undergraduate chapter, to foster and maintain continued brotherhood and support for the undergraduate chapter among the alumni and community, and to hold title to all real estate in the exact name of the corporation. All personal property of the chapter, such as furniture and fixtures, should be owned and held by the corporation in order to apply the proper funds received from the undergraduate chapter or alumni.

The members of each alumni corporation must meet at least once a year, preferably at Homecoming or at a time when the greatest number can be present. Special meetings of the entire corporation membership may be called as necessary, but ordinarily the affairs of the corporation are administered between annual meetings by the ACB.