In our club members pay dues semi-annually. All members contribute the same amount so their portfolio values should all be the same
 
 When a new member joins, he pays an amount equal to each members value as of the valuation date, which is the last day of the month.
 
If a member comes aboard, say, after two months past the date of dues payment, does he have to pay the 4 months remaining of the prepayment, or is that already included in the member value ?
 
 If so, how is that handled ?
 
Arthur Klages
Piedmont Investment Club