Our partnership agreement says that delinquent dues and late
fees are subtracted from the Withdrawal amount. Our club
has a member who did not pay dues for the last two months
prior to her withdrawal. Late fees on the unpaid dues are
owed the club at the time of her withdrawal. It seems that
since her dues are not included in the valuation of the club
or in her unit value that it would be unfair to subtract the
dues that were not paid. The late fees seem to be another
matter. It seems that because she was late on dues this is
actually an amount owed to the club, thus should be
subtracted. This was a topic of discussion at our club
meeting and there were different points of view.
Am I thinking about this correctly? Has anyone else
encountered this? I am just wondering whether to pay her
her account value minus the withdrawal fee or subtract
unpaid dues and late fees in addition to subtracting the
withdrawal fee.