club_cafe: Re: Due Collection
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club_cafe: Re: Due Collection Right. And if the payment never arrives, the member has a smaller piece of a (hopefully) successful venture. Ira Smilovitz In a message dated 05/19/03 6:27:15 PM Eastern Daylight Time, jmunn1@nycap.rr.com writes: Elizabeth raises some excellent points. If late fees are assessed, ask I agree that treasurers (or any other officer)
shouldn't have to play cop to track down member payments, nor do late fees
even work. But I don't believe the Bob's $10 fee is too harsh. In
fact, Bob, I think you should make it "double the dues." If you're going
to have one at all, it should be a "deterent". In my old club, I had a
member tell me he would gladly pay an extra $5 per month in late fees if it
meant he didn't have to get any grief from me for being late!
Investment clubs are a business, not a
social gathering. And the whole success or failure of the club
revolves around regularly investing in the market--which is a little hard to do
when people don't pay regularly. If that's the case, I'd say skip the
hassle and the tax ramifications, close the club and play Bunco instead!
(I do both!)
Bob, by establishing a late fee right up front, you
are sending a message that says it's acceptable to be late. I wouldn't
advise that. In our by laws, it states that any member who is 61 days
with dues is automatically withdrawn...and we don't have any
problems.
Lynn Ostrem
...stuff deleted, then > to have one at all, it should be a "deterent". In my old club, I had a > member tell me he would gladly pay an extra $5 per month in late fees if it > meant he didn't have to get any grief from me for being late! > > > Investment clubs are a business, not a > social gathering. And the whole success or failure of the club > revolves around regularly investing in the market--which is a little hard to do > when people don't pay regularly. then, more stuff deleted. Well, I guess I have to ask, what happened to the "old" club? <] :-) Seriously, I understand going into a club looking at it like a business, *if* everyone has the same understanding. We went into it to learn something, to share something, and to make a profit, in any particular order on any given day. We genuinely like each other, and life goes on. Everyone can have a bad month (or 4). What if a member is laid off (happened to us)? Or has a new baby? Has heart surgery (happened)? Is getting married (happened)? Do you really want to drop him or her (and the associated investment dollars) because s/he can't pay at any particular meeting? Why have to continually wrangle over "late" dues, and if this is a "bona fide" emergency, or if that wasn't, etc., etc., etc. And, don't forget modifying the by-laws or operating procedures for all those exceptions. All that stuff just leads to bad feelings and the possible collapse of a club. Relax, have fun, and make money. Hey, we are up almost 13% this year as I write this, and we just told someone else they could slide for 4 months!. Regards, Elizabeth. > Well, I guess I have to ask, what happened to the "old" > club? I moved. They lasted 5 more months before disbanding. A perfect example of why you don't want one or two doing all the work. <G> > Why have to continually wrangle over "late" dues, and if > this is a "bona fide" emergency...And, don't forget modifying the by-laws or > operating procedures for all those exceptions. Agreed. No late fees means no wrangling. We don't have them. And bonafide emergencies should be the exception, not the rule. As long as the club works as a social outlet, that's great! All clubs are different. Lynn Ostrem, Minneapolis garbagecop@foxinternet.net |
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