Inactive member - thoughts?
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Inactive member - thoughts? We have an inactive member that we will likely be removed. As part of our partnership agreement we can disburse through cash or stocks. However, the inactive member will not respond to any correspondence, so a disbursement of any sort may pose a logistical problem. Thoughts on how to handle? Do any of your members know the inactive personally? Can someone talk to him/her? Peter Dunkelberger We have an inactive member that we will likely be removed. Follow your Partnership Agreement and Operating Procedures directions. Have you sent him a written notice of concern and intent to evict him from the club? Cash him out. Most clubs have very little to lose by this method. Determine the Valuation Date, cut the check and mail it to him by registered mail. Stop fooling around with partners who disappear. Virginia Cooper, SoCalModel Investment Club We have an inactive member that we will likely be removed. After a reasonable attempt to deliver, can the funds be turned over to a state office of unclaimed funds? Charles Bard From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Peter Dunkelberger via bivio.com Do any of your members know the inactive personally? Can someone talk to him/her? Peter Dunkelberger On Tue, Nov 28, 2023 at 11:23 AM Craig Salzer via bivio.com <user*26796000001@bivio.com> wrote:
What a hassle. Have you confirmed that the person is alive and well, and still resides at the address on record? Is it possible a guardian has been assigned if the person is incompetent? If you mail a check -- registered mail sounds like a good idea -- and he/she refuses to cash it, I believe it becomes abandoned and can be sent to the state as unclaimed funds. (Remember to deduct any costs incurred from the amount.) FWIW, I know nothing...just some suggestions. Linda We have an inactive member that we will likely be removed. I would suggest that you confirm if he is still alive and at his last known address. Can a couple of guys from your club go to his house to see? This would be a good opportunity to have clubs ask their club members to give them an "emergency" contact name and number for times like this.
Yes, the funds can (and should) be turned over to the state's unclaimed property office after the appropriate steps have been taken to try and reach the member. Ira Smilovitz
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