The society now claims to spend approximately $1,000,000 annually on scholarships and awards, though it is unclear whether this allocation has remained proportional since then. A second article found that Golden Key spent just $289,461 (US dollars) on scholarships, less than 5 per cent of their total expenditures for the fiscal year ending June 30, 1997. Although the society claimed to “return 75 per cent of each membership as benefits and services to local chapters and their members other 25 per cent is used for administrative expenses,” the Ubyssey found that in 1997 salaries, management and general expenses totalled $2,997,827, almost 47 per cent of the $6,430,054 in total expenditures. Articles in the University of British Columbia student newspaper the Ubyssey claimed to have examined the society’s finances and scholarship practices. “Concerns were raised over a decade ago about the apparently large gap between the amount of money spent on salaries and the amount spent on giving out scholarships. The Wikipedia article has a section entitled “Controversy,” where it describes some shady dealings: Moreover, a quick google search showed me that this group has had money issues in the past. Most legitimate academic societies reevaluate your eligibility every year. Basically, if you do well in your first year of University, you could fail the rest of your courses you would still have membership to this society. To my knowledge, there are no yearly fees and no other parameters. There were a couple red flags that made me skeptical of the authenticity of this society.įirst of all, they require you to achieve grades that put you in the top 15% of your faculty, but joining once means you are in for life. At first it seemed like a pretty legitimate group, but the more I read the more I felt like it was a bit of a scam. So, this summer I got a letter in the mail from this Golden Key Honour Society asking me to join.
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