I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008
How about a donation of books focused on financial education at the grade school and middle school level. Donations can be managed by your accounting program and Your local school(s) library would most likely welcome the books.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Werner Kaelin via bivio.com <user*29973100001@bivio.com> Sent: Friday, March 17, 2023 2:07:58 PM To: club_cafe@bivio.com <club_cafe@bivio.com>; colenewalden@verizon.net <colenewalden@verizon.net>; patrickshaughness@juno.com <patrickshaughness@juno.com> Subject: [club_cafe] Member withdrawal and conversion to gift to club
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of
his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would
appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008
The gift to the club increases the value of each member's share in the club. If the club wants to earmark this gift for a specific use, create a separate account for it and "transfer" the funds from the regular cash account to the "gift" account. Note that you don't have to physically segregate the money in a separate broker/bank account, though that might make things easier to follow.
When you have an expense that is intended to meet the intended purpose of the gift, "pay" for it from this account.
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008
A question arose in my mind from this statement, "for the creation of the club's Webpage and for the furtherence of new club members." Does that mean a website to help educate new members? Or to potentially solicit new members?
If it is to publicly solicit new members, does that potentially run afoul of regulations?
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008
On 3/17/2023 4:54 PM, Linda Glein via
bivio.com wrote:
A question
arose in my mind from this statement, "for the creation of
the club's Webpage and for the furtherence of new club
members." Does that mean a website to help educate new
members? Or to potentially solicit new members?
If it is to
publicly solicit new members, does that potentially run
afoul of regulations?
I'm the treasurer of the Dwyer Inverment
Club. I have a problem with the following issue: A
member is resigning from the club because he is
physivcally and mentally incapacitated. He has a power
of attorney with a friend of his. He and his friend
decided to resign and make the proceeds of his
withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the
club's partnes, the partners would like to use the gift
for the creation of the club's Webpage and for the
furtherence of new club members.
Although I'm treasurer for a number of
years I don't know of any means to keep the gift in
bivio for administration and tax purposes.
The club and I would appreciate any help you can
probide to resolve this issue.
Best regards,
Werner
Kaelin
3900
Connecticut Ave. N.W.
# 301-F
Washington, DC 20008
On 3/17/2023 4:54 PM, Linda Glein via
bivio.com wrote:
A question
arose in my mind from this statement, "for the creation of
the club's Webpage and for the furtherence of new club
members." Does that mean a website to help educate new
members? Or to potentially solicit new members?
If it is to
publicly solicit new members, does that potentially run
afoul of regulations?
I'm the treasurer of the Dwyer Inverment
Club. I have a problem with the following issue: A
member is resigning from the club because he is
physivcally and mentally incapacitated. He has a power
of attorney with a friend of his. He and his friend
decided to resign and make the proceeds of his
withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the
club's partnes, the partners would like to use the gift
for the creation of the club's Webpage and for the
furtherence of new club members.
Although I'm treasurer for a number of
years I don't know of any means to keep the gift in
bivio for administration and tax purposes.
The club and I would appreciate any help you can
probide to resolve this issue.
Best regards,
Werner
Kaelin
3900
Connecticut Ave. N.W.
# 301-F
Washington, DC 20008
Werner: Your club may have already tried this regarding recruiting new members ... The Better Investing website has links to tools where a non-member can visit a club meeting. Obviously you will need to vet a visitor/potential new member, but just a thought.
On 3/17/2023 4:54 PM, Linda Glein via
bivio.com wrote:
A question
arose in my mind from this statement, "for the creation of
the club's Webpage and for the furtherence of new club
members." Does that mean a website to help educate new
members? Or to potentially solicit new members?
If it is to
publicly solicit new members, does that potentially run
afoul of regulations?
I'm the treasurer of the Dwyer Inverment
Club. I have a problem with the following issue: A
member is resigning from the club because he is
physivcally and mentally incapacitated. He has a power
of attorney with a friend of his. He and his friend
decided to resign and make the proceeds of his
withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the
club's partnes, the partners would like to use the gift
for the creation of the club's Webpage and for the
furtherence of new club members.
Although I'm treasurer for a number of
years I don't know of any means to keep the gift in
bivio for administration and tax purposes.
The club and I would appreciate any help you can
probide to resolve this issue.
Best regards,
Werner
Kaelin
3900
Connecticut Ave. N.W.
# 301-F
Washington, DC 20008