There is a deadline, if the deadline is missed the payment waits until the following month to be recorded/deposited.
Payments are all done electronically. Payment is zelled to treasurer, who deposits into our TDA account the morning after the meeting.
I'm in a model club too, there everyone makes a direct deposit into our TDA account. We each have a cent designation so the treasurer knows who's deposit it is.
We add .01,.02, .03, etc. to the amount deposited.
Neither club has an issue with members not making deposits.
In the "old days" we use to fine people for late payments beginning at $5 and going up, but late payments have not been an issue for a long time.
Why be in an investment club if you're not willing to cooperate and make money!
Jayne Doyle
Chicagoland Chapter
On Friday, April 30, 2021, 09:10:01 AM CDT, Kimberley A Potter via bivio.com <user*22890200001@bivio.com> wrote:
How does your club handle late member payments?
Kim Potter BI Brighton
Mark Eckman on
Why do you worry about when the club receives a payment? Back in the day when you had to compute the valuation by hand, a single date was fine, but with Bivio, you can process payments in seconds on the date received. Does that mean a $20 contribution from member "A" does not receive the same units as $20 from member "B"? Yes, but that is the nature of the market, prices change by the minute. Since the market does not wait, why should your club?
No penalty; why should there be? It doesn't hurt the club if someone doesn't make a monthly investment. If you want, create a by-law that says anyone who doesn't make an investment for X consecutive months will be automatically withdrawn from the club.
If deposit isn't in by the deadline then no investment that month.
Bob Mann
Lunch Money Investment Club
On 04/30/2021 10:47 AM Jayne Doyle via bivio.com <user*22949300001@bivio.com> wrote:
There is a deadline, if the deadline is missed the payment waits until the following month to be recorded/deposited.
Payments are all done electronically. Payment is zelled to treasurer, who deposits into our TDA account the morning after the meeting.
I'm in a model club too, there everyone makes a direct deposit into our TDA account. We each have a cent designation so the treasurer knows who's deposit it is.
We add .01,.02, .03, etc. to the amount deposited.
Neither club has an issue with members not making deposits.
In the "old days" we use to fine people for late payments beginning at $5 and going up, but late payments have not been an issue for a long time.
Why be in an investment club if you're not willing to cooperate and make money!
Jayne Doyle
Chicagoland Chapter
On Friday, April 30, 2021, 09:10:01 AM CDT, Kimberley A Potter via bivio.com <user*22890200001@bivio.com> wrote:
How does your club handle late member payments?
Kim Potter
BI Brighton
Kimberley A Potter on
I was basically gathering info before our meeting tomorrow.
I have been following up on late payments but I'm not going
to do that any longer. It needs to be a club decision how
to handle this and I'll present them with some
possibilities.
I personally think that it's a messy way to do business -
where members can pay whenever and whatever they want, but
I'll be okay with any solution the groups comes up with
except me chasing after late payments.
Kim Potter
SB on
We do not require payments. The goal is education.
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
After almost 30 years of being a club, we definitely subscribe to the KISS principle regarding dues and stopped assessing fees a very long time ago. We just updated our Bylaws so that members must contribute at least $360 a year, payable at any time during the year, in any increment; most members prefer to contribute in one lump sum but it is up to them. As others have said, there is no reason any longer to mandate contributions being made on the same day (thank you, bivio!) so why bother?
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
I don't believe you get credit whatever date payment is received. Your payment is entered on that date but the value of your payment is determined by the valuation date used. Your payment can't be credited to a valuation date in the future. We've had that happen a couple of times. So last month our valuation date was 4/8/21 for the April meeting. Any payments that came in before that date would have been credited to the March valuation date. On or after that date would be for April valuation date.
I AM the treasurer and I really don't need any more work.
On Friday, April 30, 2021, 12:00:55 PM EDT, Kevin Gillogly via bivio.com <user*9886100001@bivio.com> wrote:
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
Late payments are more of a pain for the Treasurer if the Treasurer is the person making the deposits.
If someone is going to be really late, I will send in the deposits that I have and wait for the late payment to arrive and then I deposit it. Otherwise I just hold the checks and wait for the late payment. I agree that a fee for late payments would create significantly more work for the Treasurer. I am making the deposits and, since we aren't meeting in person, I get the checks at my home by USPS.
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
Of course, I am a little confused as to whether the word "late" in your question modifies the word "payments" or the word "member". We have had so many discussions about members passing away, the question is credible either way.
After almost 30 years of being a club, we definitely subscribe to the KISS principle regarding dues and stopped assessing fees a very long time ago. We just updated our Bylaws so that members must contribute at least $360 a year, payable at any time during the year, in any increment; most members prefer to contribute in one lump sum but it is up to them. As others have said, there is no reason any longer to mandate contributions being made on the same day (thank you, bivio!) so why bother?
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
We don't assess late payments. Everybody sends their payments to our broker. The valuation is the 1st of the month so there is no timing of the market. If you don't contribute then you lose out since we are beating the market as a club.
Of course, I am a little confused as to whether the word "late" in your question modifies the word "payments" or the word "member". We have had so many discussions about members passing away, the question is credible either way.
After almost 30 years of being a club, we definitely subscribe to the KISS principle regarding dues and stopped assessing fees a very long time ago. We just updated our Bylaws so that members must contribute at least $360 a year, payable at any time during the year, in any increment; most members prefer to contribute in one lump sum but it is up to them. As others have said, there is no reason any longer to mandate contributions being made on the same day (thank you, bivio!) so why bother?
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
A few years ago, we had the same problem that you describe. We had difficulty lining up member contributions with our monthly valuation date and this resulted in extra work for our treasurer. We finally decided to scrap the monthly valuation date and simply value each member's payment on the date the payment is received.
No problems since. Everyone is happy with this and the treasurer has less work to do.
Len Delmolino Massachusetts High Flyers Investment Club
On 04/30/2021 12:16 PM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
I don't believe you get credit whatever date payment is received. Your payment is entered on that date but the value of your payment is determined by the valuation date used. Your payment can't be credited to a valuation date in the future. We've had that happen a couple of times. So last month our valuation date was 4/8/21 for the April meeting. Any payments that came in before that date would have been credited to the March valuation date. On or after that date would be for April valuation date.
I AM the treasurer and I really don't need any more work.
On Friday, April 30, 2021, 12:00:55 PM EDT, Kevin Gillogly via bivio.com <user*9886100001@bivio.com> wrote:
In 20 years our club has never assessed a late payment.
Why do you HAVE to have a late payment fee or even hold the check until next month?
When you make a contribution (a payment) into Bivio you get credit for that amount on the date it was received. End of story.
If you don't contribute you don't get units. If you contribute you get units.
If you contribute at a different day than your valuation date you get credit on the date it is received.
Are you trying to find more work for your Treasurer?
Whatever "partner" is suggesting these silly rules, I submit they should be the treasurer and have them keep track of everything. I think it is time to revisit the club accounting video on Bivio. Some of your club members were asleep during that presentation.
> If you are >90 days past due, your voting rights are suspended until you
have paid in full. For voting purposes, the number of members for
calculating a majority is reduced by 1.
> If you are >180 days past due, you may be expelled with a 2/3's vote. You
may also be expelled by a 2/3's vote if you are deemed to be passive or
non-participating as defined by the SEC. We have never had a vote to expel
a member, although we have asked non-participating members to either more
actively participate or resign from the club.
Our valuation date is the last day of the month, and allocations are made to
all members on the 15th of the month. Members have a regular dues amount.
They may pay multiple months in advance, but these are held in a suspense
account and their regular amount is credited on the 15th.
We made a choice very early on to be very regimented in our approach and it
has served us well for 25 years.
I was basically gathering info before our meeting tomorrow.
I have been following up on late payments but I'm not going to do that any
longer. It needs to be a club decision how to handle this and I'll present
them with some possibilities.
I personally think that it's a messy way to do business - where members can
pay whenever and whatever they want, but I'll be okay with any solution the
groups comes up with except me chasing after late payments.
Kim Potter
Peter Dunkelberger on
Very interesting! Who is your broker? I gather that your bank account is separate from your brokerage account?
> If you are >90 days past due, your voting rights are suspended until you
have paid in full. For voting purposes, the number of members for
calculating a majority is reduced by 1.
> If you are >180 days past due, you may be expelled with a 2/3's vote. You
may also be expelled by a 2/3's vote if you are deemed to be passive or
non-participating as defined by the SEC. We have never had a vote to expel
a member, although we have asked non-participating members to either more
actively participate or resign from the club.
Our valuation date is the last day of the month, and allocations are made to
all members on the 15th of the month. Members have a regular dues amount.
They may pay multiple months in advance, but these are held in a suspense
account and their regular amount is credited on the 15th.
We made a choice very early on to be very regimented in our approach and it
has served us well for 25 years.
I was basically gathering info before our meeting tomorrow.
I have been following up on late payments but I'm not going to do that any
longer. It needs to be a club decision how to handle this and I'll present
them with some possibilities.
I personally think that it's a messy way to do business - where members can
pay whenever and whatever they want, but I'll be okay with any solution the
groups comes up with except me chasing after late payments.