Club's first year and I paid for our annual subscription with my personal credit card and I was reimbursed with club units. Because I paid the entire expense, do I allocate this entire expense to me or does it get allocated proportionally? Any help much appreciated, thanks!

Thanks Mark, I used the valuation date as the date of payment. I think I understand now - I paid the subscription as a "middle man" on behalf of the club and got reimbursed in units. Since, the subscription is a qualified club expense it should then be allocated proportionally to all members.