From: Jim Thomas <jimt075@comcast.net>
Subject: Re: club_cafe: Member Withdrawal
To: "The Club Cafe" <club_cafe@bivio.com>
Date: Wednesday, July 1, 2009, 10:05 PM

No.  If a transaction dated prior to a withdrawal is modified (or added or deleted), bivio will make appropriate adjustments to every member who had an ownership share on the date of that transaction.  However, the net dollar value of any withdrawals dated after the modified transaction will remain unchanged because bivio will add a "post withdrawal adjustment" to the withdrawal to keep the net dollar value unchanged.

It's good practice to verify the accuracy of the club books prior to entering a withdrawal so that sort of situation doesn't arise.

> If I process a member withdrawal (100%) and at a
> future date back out a transaction (entered prior to
> the withdrawal) which results in an increased NAV,
> my assumption is that Bivio will allocate the NAV
> only amongst the remaining partners.  Correct?

-Jim Thomas