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I will be out of the office on Tuesday November 6 and Wednesday November 7, 2012. Thank you, June Lewis Duplication Distribution Center Kellogg Community College Center Fall Hours - August 20, 2012 through Decemeber 21, 2012 Monday through Thursday 7:30 am to 5:00 pm Friday 7:30 am to 4:00 pm Our bylaws stipulate that members can withdraw from the club by notifying the membership one week before the regularly scheduled March meeting or September meeting. The bylaws go on explain the entire process. We would like to know how other clubs handle withdrawals. Can members withdraw anytime during the year; more than twice; etc. Thanks, Leslie Hi Leslie, >We would like to know how > other clubs handle withdrawals. Can members withdraw anytime > during the year; more than twice; etc. I would say that most clubs follow the NAIC sample agreement, which you can find at http://www.iclub.com/clubs/partnership_agreement.asp. Under those provisions a member can withdraw at any time during the year. Rip West The typical NAIC-style withdrawal usually calls for a resignation letter. It is deemed accepted at the next club meeting. The amount paid would be the member's capital account balance as of the next meeting, after the resignation is accepted. So, a resignation letter written between the May and June meeting would be accepted at the June meeting. The member would be paid whatever his/her capital balance is as of the July Valuation date. This is done to keep members from timing their withdrawals. It's not typically a large difference from June, giving the club a month to figure out how they want to come up with the money.
With such low transaction fees now, most clubs don't charge a withdrawal fee - only the actual cost to sell something to pay off the member, if that cannot be done in cash. Or, clubs can transfer shares of stock, which is easily handled with bivio's program. If I were leaving, that's what I would ask for. Then we both get out of paying capital gains at the time of the withdrawal.
Most of us use this type of withdrawal procedure with minor deviations. Lynn Ostrem, President Crow River Investment Club
On Mon, Nov 5, 2012 at 4:57 PM, Leslie Braun <lbccs@pacbell.net> wrote: Our bylaws stipulate that members can withdraw from the club Our club in Northern Va allows withdrawals at any time. As a retirement facility our members develop life threatening conditions randomly so we allow withdrawal at any time. The member (or their estate) submits a termination letter and that starts the process. The process must be completed prior to the second monthly meeting after submission of the letter. It works very smoothly and has been accepted by all. Robert L Anderson, MD, Treasurer, Second Falcons Landing Investment Club, Potomac Falls, Va Sent from my iPad On Nov 5, 2012, at 22:57, Leslie Braun <lbccs@pacbell.net> wrote: > Our bylaws stipulate that members can withdraw from the club > by notifying the membership one week before the regularly > scheduled March meeting or September meeting. The bylaws go > on explain the entire process. We would like to know how > other clubs handle withdrawals. Can members withdraw anytime > during the year; more than twice; etc. > > Thanks, > Leslie Dear Leslie, You can also find a sample partnership agreement with explanations of the different sections on our site: https://www.bivio.com/site-help/bp/Partnership_Agreement Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe Please take me off your list of recipients. Thank you, Cynthia estateagnt@cox.net -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Robert Anderson Sent: Monday, November 05, 2012 3:34 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Investment club withdrawals Our club in Northern Va allows withdrawals at any time. As a retirement facility our members develop life threatening conditions randomly so we allow withdrawal at any time. The member (or their estate) submits a termination letter and that starts the process. The process must be completed prior to the second monthly meeting after submission of the letter. It works very smoothly and has been accepted by all. Robert L Anderson, MD, Treasurer, Second Falcons Landing Investment Club, Potomac Falls, Va Sent from my iPad On Nov 5, 2012, at 22:57, Leslie Braun <lbccs@pacbell.net> wrote: > Our bylaws stipulate that members can withdraw from the club > by notifying the membership one week before the regularly > scheduled March meeting or September meeting. The bylaws go > on explain the entire process. We would like to know how > other clubs handle withdrawals. Can members withdraw anytime > during the year; more than twice; etc. > > Thanks, > Leslie Our bylaws state that withdrawing members will be paid within 60 days. We didn't want to be "forced" to liquidate stock quickly. On Mon, Nov 5, 2012 at 4:57 PM, Leslie Braun <lbccs@pacbell.net> wrote: Our bylaws stipulate that members can withdraw from the club -- Cheers, Kimberly Kimberly Hazen c-608-444-6898 Dear Robert,
I am sending this to anyone who can give me some suggestions as to what to do in my situation.
I belong to a three member club. I am resigning but when I looked back to the years 2010, 2011, 2012, I found discrepancies. For the last 3 yrs we have become dormant, not meeting regularly. When I looked at the club records, I found the club ledger had dues documented that were not deposited in the bank. This had been done on several occasions for the 3 yrs. I asked the treasurer to correct it. And she won't. I won't resign from the club until this is done because deposits I actually made to the bank account were never put in the club's ledger. As you know the members' units are based upon dues paid. Therefore I would be losing some my investment. What would you do?
Pamela
-----Original Message-----
From: Robert Anderson <sanbobfla@aol.com> To: club_cafe <club_cafe@bivio.com> Sent: Mon, Nov 5, 2012 6:40 pm Subject: Re: [club_cafe] Investment club withdrawals Our club in Northern Va allows withdrawals at any time. As a retirement facility our members develop life threatening conditions randomly so we allow withdrawal at any time. The member (or their estate) submits a termination letter and that starts the process. The process must be completed prior to the second monthly meeting after submission of the letter. It works very smoothly and has been accepted by all. Robert L Anderson, MD, Treasurer, Second Falcons Landing Investment Club, Potomac Falls, Va Sent from my iPad On Nov 5, 2012, at 22:57, Leslie Braun <lbccs@pacbell.net> wrote: > Our bylaws stipulate that members can withdraw from the club > by notifying the membership one week before the regularly > scheduled March meeting or September meeting. The bylaws go > on explain the entire process. We would like to know how > other clubs handle withdrawals. Can members withdraw anytime > during the year; more than twice; etc. > > Thanks, > Leslie I am sending this to anyone who can give me some suggestions as to what to do in my situation.
I belong to a three member club. I am resigning but when I looked back to the years 2010, 2011, 2012, I found discrepancies. For the last 3 yrs we have become dormant, not meeting regularly. When I looked at the club records, I found the club ledger had dues documented that were not deposited in the bank. This had been done on several occasions for the 3 yrs. I asked the treasurer to correct it. And she won't. I won't resign from the club until this is done because deposits I actually made to the bank account were never put in the club's ledger. As you know the members' units are based upon dues paid. Therefore I would be losing some my investment if I leave before the correction is not made . What would you do?
-----Original Message-----
From: Lynn Ostrem <garbagecop@gmail.com> To: club_cafe <club_cafe@bivio.com> Sent: Mon, Nov 5, 2012 6:31 pm Subject: Re: [club_cafe] Investment club withdrawals The typical NAIC-style withdrawal usually calls for a resignation letter. It is deemed accepted at the next club meeting. The amount paid would be the member's capital account balance as of the next meeting, after the resignation is accepted. So, a resignation letter written between the May and June meeting would be accepted at the June meeting. The member would be paid whatever his/her capital balance is as of the July Valuation date. This is done to keep members from timing their withdrawals. It's not typically a large difference from June, giving the club a month to figure out how they want to come up with the money.
With such low transaction fees now, most clubs don't charge a withdrawal fee - only the actual cost to sell something to pay off the member, if that cannot be done in cash. Or, clubs can transfer shares of stock, which is easily handled with bivio's program. If I were leaving, that's what I would ask for. Then we both get out of paying capital gains at the time of the withdrawal.
Most of us use this type of withdrawal procedure with minor deviations.
Lynn Ostrem, President
Crow River Investment Club
On Mon, Nov 5, 2012 at 4:57 PM, Leslie Braun <lbccs@pacbell.net> wrote:
Our bylaws stipulate that members can withdraw from the club Hi!
I am sending this to anyone who can give me some suggestions as to what to do in my situation.
I belong to a three member club. I am resigning but when I looked back to the years 2010, 2011, 2012, I found discrepancies. For the last 3 yrs we have become dormant, not meeting regularly. When I looked at the club records, I found the club ledger had dues documented that were not deposited in the bank. This had been done on several occasions for the 3 yrs. I asked the treasurer to correct it. And she won't. I won't resign from the club until this is done because deposits I actually made to the bank account were never put in the club's ledger. As you know the members' units are based upon dues paid. Therefore I would be losing some my investment if this is not corected. What would you do?
Pamela, Miami
-----Original Message-----
From: rip west <ripwest@comcast.net> To: club_cafe <club_cafe@bivio.com> Sent: Mon, Nov 5, 2012 6:22 pm Subject: Re: [club_cafe] Investment club withdrawals Hi Leslie, >We would like to know how > other clubs handle withdrawals. Can members withdraw anytime > during the year; more than twice; etc. I would say that most clubs follow the NAIC sample agreement, which you can find at http://www.iclub.com/clubs/partnership_agreement.asp. Under those provisions a member can withdraw at any time during the year. Rip West Pamela, I would check with an attorney in your state. Perhaps you can find a legal service that will answer simple questions over the phone. Accepting the role of an officer in a registered business entity will obligate him/her to a fiduciary responsibility of maintaining proper accounting of partner interests. I would make an effort to verify that, and see what legal remedy you may force on them.
The first club I was in, many years ago, did not work out. We waited 4 months for the treasurer to do the taxes and close the books, and she refused to respond to our letters and phone calls. So the bulk of us signed a letter of intent to sue, sent certified mail to all officers, demanding that she close the club and send us our money. This motivated the president, vice president and secretary to help us, and we got our money. Otherwise, we would have filed in small claims court, as our payments were less than the maximum collection allowed in our state. This may be an option for you, too.
People don't want to be sued. It's scary! I would let the treasurer know that it's an option you will pursue if he/she doesn't work with you. Did you consider that maybe he/she knows there's a problem and doesn't know how to go about fixing it? If you can them him/her to admit that, you can enlist a treasurer from your chapter to sit down with all of you to help find the errors.
Good luck, Lynn Ostrem Crow River Investment Club
Dear Lynn,
Thank you so much. Your advice has been very helpful wth options that I could use.
Pamela
-----Original Message-----
From: Lynn Ostrem <garbagecop@gmail.com> To: club_cafe <club_cafe@bivio.com> Sent: Thu, Nov 8, 2012 7:16 pm Subject: Re: [club_cafe] Investment club withdrawals Pamela,
I would check with an attorney in your state. Perhaps you can find a legal service that will answer simple questions over the phone. Accepting the role of an officer in a registered business entity will obligate him/her to a fiduciary responsibility of maintaining proper accounting of partner interests. I would make an effort to verify that, and see what legal remedy you may force on them.
The first club I was in, many years ago, did not work out. We waited 4 months for the treasurer to do the taxes and close the books, and she refused to respond to our letters and phone calls. So the bulk of us signed a letter of intent to sue, sent certified mail to all officers, demanding that she close the club and send us our money. This motivated the president, vice president and secretary to help us, and we got our money. Otherwise, we would have filed in small claims court, as our payments were less than the maximum collection allowed in our state. This may be an option for you, too.
People don't want to be sued. It's scary! I would let the treasurer know that it's an option you will pursue if he/she doesn't work with you. Did you consider that maybe he/she knows there's a problem and doesn't know how to go about fixing it? If you can them him/her to admit that, you can enlist a treasurer from your chapter to sit down with all of you to help find the errors.
Good luck,
Lynn Ostrem
Crow River Investment Club
Our club has a three month partial or full withdraw which is ever the lowest of the three that is what the member gets paid after third meeting month. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Kimberly Hazen Our bylaws state that withdrawing members will be paid within 60 days. We didn't want to be "forced" to liquidate stock quickly.
On Mon, Nov 5, 2012 at 4:57 PM, Leslie Braun <lbccs@pacbell.net> wrote: Our bylaws stipulate that members can withdraw from the club
Kimberly Hazen c-608-444-6898
Call the police. On Nov 8, 2012, at 6:10 PM, pangelo722@aol.com wrote:
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