I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
Laurie Frederiksen on
Hi Tim,
Fee entries can still be made using the "Fee" link you'll find on the line showing the members name on the Accounting>Members page.
On the fee entry form, you'll select which account they were deposited into.
I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
Mike Jones on
I totally agree with your justification for allocation by ownership for certain expenses and by member for others.
Since I suspect that your message may start the ball rolling on the topic of club fees, I will start. Most clubs charge a nominal withdrawal fee up to and covering the actual costs of facilitating a withdrawal and that seems reasonable. But how does a club justify charging a fee to join? Many clubs require a not insignificant buy-in of something like $250 or $500 and that purchases shares for the new partner. In my opinion, charging a fee to join benefits existing members but is a disincentive for new prospects.
Mike Jones
Wall$treet Wannabees
Bloomington, MN
From: Laurie Frederiksen <laurie@bivio.biz> To: The Club Cafe <club_cafe@bivio.com> Sent: Wednesday, September 16, 2015 1:42 PM Subject: Re: [club_cafe] Recording Member Fees
Hi Tim,
Fee entries can still be made using the "Fee" link you'll find on the line showing the members name on the Accounting>Members page.
On the fee entry form, you'll select which account they were deposited into.
I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
rice.j1969 on
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
John Rice
ABODI Investment Club
On Thursday, September 17, 2015 8:42 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
I totally agree with your justification for allocation by ownership for certain expenses and by member for others.
Since I suspect that your message may start the ball rolling on the topic of club fees, I will start. Most clubs charge a nominal withdrawal fee up to and covering the actual costs of facilitating a withdrawal and that seems reasonable. But how does a club justify charging a fee to join? Many clubs require a not insignificant buy-in of something like $250 or $500 and that purchases shares for the new partner. In my opinion, charging a fee to join benefits existing members but is a disincentive for new prospects.
Mike Jones
Wall$treet Wannabees
Bloomington, MN
From: Laurie Frederiksen <laurie@bivio.biz> To: The Club Cafe <club_cafe@bivio.com> Sent: Wednesday, September 16, 2015 1:42 PM Subject: Re: [club_cafe] Recording Member Fees
Hi Tim,
Fee entries can still be made using the "Fee" link you'll find on the line showing the members name on the Accounting>Members page.
On the fee entry form, you'll select which account they were deposited into.
I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
ira smilovitz on
We also charge an entry fee equal to one month's typical deposit. We want to make sure that a potential member is serious about joining us and committed to doing their share of the work. On the other hand, we only charge our actual cost as a withdrawal fee. To date, we haven't had any costs. We transfer appreciated stock (and cash) to an account established by the withdrawing member at our broker.
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
I totally agree with your justification for allocation by ownership for certain expenses and by member for others.
Since I suspect that your message may start the ball rolling on the topic of club fees, I will start. Most clubs charge a nominal withdrawal fee up to and covering the actual costs of facilitating a withdrawal and that seems reasonable. But how does a club justify charging a fee to join? Many clubs require a not insignificant buy-in of something like $250 or $500 and that purchases shares for the new partner. In my opinion, charging a fee to join benefits existing members but is a disincentive for new prospects.
Mike Jones
Wall$treet Wannabees
Bloomington, MN
From: Laurie Frederiksen <laurie@bivio.biz> To: The Club Cafe <club_cafe@bivio.com> Sent: Wednesday, September 16, 2015 1:42 PM Subject: Re: [club_cafe] Recording Member Fees
Hi Tim,
Fee entries can still be made using the "Fee" link you'll find on the line showing the members name on the Accounting>Members page.
On the fee entry form, you'll select which account they were deposited into.
I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
Stuart Weissman on
We do the same in MadLoot. Our fee is $20 I think, and we established it for the same reason.
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
I totally agree with your justification for allocation by ownership for certain expenses and by member for others.
Since I suspect that your message may start the ball rolling on the topic of club fees, I will start. Most clubs charge a nominal withdrawal fee up to and covering the actual costs of facilitating a withdrawal and that seems reasonable. But how does a club justify charging a fee to join? Many clubs require a not insignificant buy-in of something like $250 or $500 and that purchases shares for the new partner. In my opinion, charging a fee to join benefits existing members but is a disincentive for new prospects.
Mike Jones
Wall$treet Wannabees
Bloomington, MN
From: Laurie Frederiksen <laurie@bivio.biz> To: The Club Cafe <club_cafe@bivio.com> Sent: Wednesday, September 16, 2015 1:42 PM Subject: Re: [club_cafe] Recording Member Fees
Hi Tim,
Fee entries can still be made using the "Fee" link you'll find on the line showing the members name on the Accounting>Members page.
On the fee entry form, you'll select which account they were deposited into.
I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
Jeanne Tieken on
We charge a $25 joining fee. 5 new members pay for the yearly Bivio subscription. Guess we'll have to raise that to $35 now....
We're all retired seniors so we lose about 5 members a year due to moving away, health reasons, death.....
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
I totally agree with your justification for allocation by ownership for certain expenses and by member for others.
Since I suspect that your message may start the ball rolling on the topic of club fees, I will start. Most clubs charge a nominal withdrawal fee up to and covering the actual costs of facilitating a withdrawal and that seems reasonable. But how does a club justify charging a fee to join? Many clubs require a not insignificant buy-in of something like $250 or $500 and that purchases shares for the new partner. In my opinion, charging a fee to join benefits existing members but is a disincentive for new prospects.
Mike Jones
Wall$treet Wannabees
Bloomington, MN
From: Laurie Frederiksen <laurie@bivio.biz> To: The Club Cafe <club_cafe@bivio.com> Sent: Wednesday, September 16, 2015 1:42 PM Subject: Re: [club_cafe] Recording Member Fees
Hi Tim,
Fee entries can still be made using the "Fee" link you'll find on the line showing the members name on the Accounting>Members page.
On the fee entry form, you'll select which account they were deposited into.
I have recently returned to handling the treasurer duties
for the club and am trying to enter member fees, but they
have been disabled. How do I enter a member fee that should
not buy units and the funds should go into the bank account
not the brokerage account? This fee is a penalty for the
member not performing their club duties. Also, how do I
record a member joining fee? I understand this money will
increase the overall value of the club's holdings and will
be distributed based on the percent ownership of the club's
members. This is fine since expenses are often expensed
based on member ownership. Example, the club purchase a
bond to protect the club from theft by a member. This is
expensed by ownership since the member with 25% will benefit
more than the member with 2%. But if the club pays for food
for the annual picnic then it is expensed by member since
each member received the same benefit (a plate of food).
I looked around the club_cafe message board but did not see
this discussed. It there is already a thread discussing the
removal for the fee option please point me in that
direction.
Thanks,
Tim, GenXchange Investment Club, Houston
Mike Jones on
I am curious about the statement: "as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for."
We require that both the club and its members join BI so we receive individual copies of Better Investing. But we each pay for our own data service if we use it (and we all do) and we require that members buy either Toolkit or either the CoreSSG or the SSGPlus service so they can complete their own SSGs.
Aside from the annual accounting service, from what do your new members immediately benefit?
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
John Rice
ABODI Investment Club
Tim Hoyman on
My club also pays for the Bivio Subscription, we have a fee to the Secretary of State for our registration for our club, and some postage as well (for example sending certified mail our tax returns to the state and IRS). We do not charge a fee but that does not sound unreasonable to me.
Tim Hoyman
Colorado Leprechauns
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Mike Jones via bivio.com Sent: Thursday, September 17, 2015 1:37 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Member Fees
I am curious about the statement: "as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for."
We require that both the club and its members join BI so we receive individual copies of Better Investing. But we each pay for our own data service if we use it (and we all do) and we require that members buy either Toolkit or either the CoreSSG or the SSGPlus service so they can complete their own SSGs.
Aside from the annual accounting service, from what do your new members immediately benefit?
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
John Rice
ABODI Investment Club
Tim Barroso on
Mike,
We have a $100 joining fee and also have an annual fee for
existing members (this year was $75). When the annual fee
comes up for the new member it is prorated on when they
joined so they don't pay $100 in February then $75 in April
(our club year runs April to March). The joining and annual
pays for our subscriptions (bivio, and BI), our bond and an
annual holiday banquet in addition to other club expenses.
Each new member is signed up for BI so they get the
magazine. We also give them the BI SSG book and encourage
them to take BI classes that the club will pay for if they
complete the class and do a presentation at the monthly
meeting. When we first started in 2000 there were local
classes almost monthly, now I think everything has move to
online and few members are taking advantage of the club
paying for classes. I would love to see a new member go to
$150 worth of classes their first year. With that many
investing classes they would be a great additional to the
club.
rice.j1969 on
Mike Jones, we are not a typical investment club. When we started our club no member had any experience investing in stocks beyond the 401k meager mutual fund offerings. So we subscribed to The Motley Fool's "Stock Advisor" and choose from their recommendations. So they benefit from the Bivio subscription and the Motley Fool subscription.
John
On Thursday, September 17, 2015 12:37 PM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
I am curious about the statement: "as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for."
We require that both the club and its members join BI so we receive individual copies of Better Investing. But we each pay for our own data service if we use it (and we all do) and we require that members buy either Toolkit or either the CoreSSG or the SSGPlus service so they can complete their own SSGs.
Aside from the annual accounting service, from what do your new members immediately benefit?
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
John Rice
ABODI Investment Club
Mike Jones on
Actually, you sound very much like a typical investment club. Most investors started by making educated (to some extent) guesses at the mutual fund options offered in 401(k) plans and found that past history was no guarantee that future earnings would be similar. Eventually, the curious decided that we wanted to actually know what we were doing and that maybe learning about stocks was a good idea..
We decided that B.I. was a good road to start down and we were correct. B.I. used to offer education about mutual funds as well but, even though funds are probably the largest portion of most investors' portfolios, it's easier to teach how to value stocks.
Best wishes with your club.
Mike Jones
From: "rice.j1969@att.net" <rice.j1969@att.net> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Thursday, September 17, 2015 3:19 PM Subject: Re: [club_cafe] Member Fees
Mike Jones, we are not a typical investment club. When we started our club no member had any experience investing in stocks beyond the 401k meager mutual fund offerings. So we subscribed to The Motley Fool's "Stock Advisor" and choose from their recommendations. So they benefit from the Bivio subscription and the Motley Fool subscription.
John
On Thursday, September 17, 2015 12:37 PM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
I am curious about the statement: "as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for."
We require that both the club and its members join BI so we receive individual copies of Better Investing. But we each pay for our own data service if we use it (and we all do) and we require that members buy either Toolkit or either the CoreSSG or the SSGPlus service so they can complete their own SSGs.
Aside from the annual accounting service, from what do your new members immediately benefit?
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.
John Rice
ABODI Investment Club
rice.j1969 on
The reason that I said that we are not the typical investment club is that we rely on The Stock Advisor for our picks. Each month they recommend 2 stocks. Outside of reading the newsletter our club members do not dig into the financials of a company. I would say out of 16 members maybe 5 know what a P/E ratio means. They just do not have an interest. I have passed on educational articles and to educate them but do not get any responses. I am the only one who looks further into the financials so I have no one else to learn from. Fortunately, I am in the process of obtaining a Finance and Accounting majors so I do have that knowledge as well as constantly reading financial articles.
John Rice
On Thursday, September 24, 2015 9:57 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
Actually, you sound very much like a typical investment club. Most investors started by making educated (to some extent) guesses at the mutual fund options offered in 401(k) plans and found that past history was no guarantee that future earnings would be similar. Eventually, the curious decided that we wanted to actually know what we were doing and that maybe learning about stocks was a good idea..
We decided that B.I. was a good road to start down and we were correct. B.I. used to offer education about mutual funds as well but, even though funds are probably the largest portion of most investors' portfolios, it's easier to teach how to value stocks.
Best wishes with your club.
Mike Jones
From: "rice.j1969@att.net" <rice.j1969@att.net> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Thursday, September 17, 2015 3:19 PM Subject: Re: [club_cafe] Member Fees
Mike Jones, we are not a typical investment club. When we started our club no member had any experience investing in stocks beyond the 401k meager mutual fund offerings. So we subscribed to The Motley Fool's "Stock Advisor" and choose from their recommendations. So they benefit from the Bivio subscription and the Motley Fool subscription.
John
On Thursday, September 17, 2015 12:37 PM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
I am curious about the statement: "as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for."
We require that both the club and its members join BI so we receive individual copies of Better Investing. But we each pay for our own data service if we use it (and we all do) and we require that members buy either Toolkit or either the CoreSSG or the SSGPlus service so they can complete their own SSGs.
Aside from the annual accounting service, from what do your new members immediately benefit?
My club charges a $25 fee to join. When we started the club we had immediate expenses for starting the club such as subscriptions, supplies and fees. Within a few months of starting we had someone and within the first year we had 4 or 5 more people join. We decided to charge the first person $25 to offset some of the cost of starting the club and have continued charging this fee. I think that charging a small fee like this is reasonable since as soon as they join they have the immediate benefit of the use of our subscriptions that we have already paid for.