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Disbanding Club and Payout of Members
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
I don't approve of the club's plans simply out of caution for things that can go horribly wrong from simple malfeasance on the part of the member who receives the payout from TDA to the funds being caught up in a financial mess on the receiving end, etc. Nobody worries about the improbable events until it happens to them.

$5/check is a small price to pay for peace of mind.

On the other hand, my club uses TDAmeritrade and we have our own checks. When we need to pay someone, we just write a check. There is no charge. (I don't recall if we had to pay for the initial check printing.). This might be an option.

Ira Smilovitz, EA

On Tue, Aug 10, 2021 at 12:09 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
I was treasurer of a club that used TD Ameritrade. We disbanded in 2017. We sold our stock. TD Ameritrade had provided checks when we opened the account. Using these checks, I wrote out checks to each of the club partners. 
 
The process went quickly and smoothly and we did not have any problems
Len Delmolino
Massachusetts High Flyers Investment Club
On 08/10/2021 12:33 PM Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:
 
 
I was in a club that disbanded.  The process went smoothly for us,  We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account.  The Treasurer and President then wrote checks to each member for their share of the portfolio.  The entire process didn't take more than a week.  Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock. 

We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees). 

My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD. 

Jeff Rauch, Tresurer 

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:


I was in a club that disbanded.  The process went smoothly for us,  We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account.  The Treasurer and President then wrote checks to each member for their share of the portfolio.  The entire process didn't take more than a week.  Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter.
The checks arrived exactly one week later.

Linda





On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user*37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock.

We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees).

My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD.

Jeff Rauch, Tresurer

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:


I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer

I agree with Ira. Liquidation funds should be deposited to and issued from club accounts for appropriate access, limited attachability and to avoid appearances of questionable activity by this member.

Maybe this is a learning moment: is this addressed in our club operating procedures? (I will be checking ours!)

Jeri Morgan, Secretary and backup treasurer

Mutual Investors Group of Cheney

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of ira smilovitz via bivio.com
Sent: Tuesday, August 10, 2021 9:32 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Disbanding Club and Payout of Members

I don't approve of the club's plans simply out of caution for things that can go horribly wrong from simple malfeasance on the part of the member who receives the payout from TDA to the funds being caught up in a financial mess on the receiving end, etc. Nobody worries about the improbable events until it happens to them.

$5/check is a small price to pay for peace of mind.

On the other hand, my club uses TDAmeritrade and we have our own checks. When we need to pay someone, we just write a check. There is no charge. (I don't recall if we had to pay for the initial check printing.). This might be an option.

Ira Smilovitz, EA

On Tue, Aug 10, 2021 at 12:09 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:

I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer

Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter.
The checks arrived exactly one week later.

Linda





On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user*37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock.

We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees).

My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD.

Jeff Rauch, Tresurer

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:


I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
One of my past clubs disbanded in 2017. Even though our Bivio subscription has expired, I can still review all of our past records. I'm not sure how long they are kept online 
Len Delmolino
Massachusetts High Flyers Investment Club
On 08/10/2021 4:21 PM Margaret Wentworth via bivio.com <user*25964300001@bivio.com> wrote:
 
 
Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter. 
The checks arrived exactly one week later.
 
Linda
 
 
 

On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user* 37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock. 
 
We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees). 
 
My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD. 
 
Jeff Rauch, Tresurer 

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user* 25028600001@bivio.com> wrote:

I was in a club that disbanded.  The process went smoothly for us,  We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account.  The Treasurer and President then wrote checks to each member for their share of the portfolio.  The entire process didn't take more than a week.  Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
So, you raised another question: If a club's Bivio subscription expires will that impact the generation of the final report and K-1 forms?





On Tue, Aug 10, 2021 at 1:22 PM Margaret Wentworth via bivio.com <user*25964300001@bivio.com> wrote:
Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter.
The checks arrived exactly one week later.

Linda





On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user*37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock.

We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees).

My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD.

Jeff Rauch, Tresurer

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:


I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
Oh, my gosh.
I looked in Bivio and I was able to pull up my K-1 from 2007, 2008 and 2009 for a club that disbanded in about 2010.

However, I am still in a club that has a bivio subscription.

Linda





On Tue, Aug 10, 2021 at 1:46 PM LEONARD DELMOLINO via bivio.com <user*27879700001@bivio.com> wrote:
One of my past clubs disbanded in 2017. Even though our Bivio subscription has expired, I can still review all of our past records. I'm not sure how long they are kept online
Len Delmolino
Massachusetts High Flyers Investment Club
On 08/10/2021 4:21 PM Margaret Wentworth via bivio.com <user*25964300001@bivio.com> wrote:
Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter.
The checks arrived exactly one week later.
Linda

On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user* 37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock.
We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees).
My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD.
Jeff Rauch, Tresurer

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user* 25028600001@bivio.com> wrote:

I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer

You do need an active bivio subscription to use bivio to do any final accounting or tax preparation.

The final return for a disbanding club is due by the 15th day of the third month following the month of disbanding. The program to prepare a final partial year return is available until the end of the calendar year.

After that you need to wait until the regular tax program is available (and possibly file for an extension if needed).

We keep your records at least 10 years after the club closes. You can access them during that time if your club treasurer left you with access, you just can't do any further accounting or tax reporting changes.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe


On Tue, Aug 10, 2021 at 4:51 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
Oh, my gosh.
I looked in Bivio and I was able to pull up my K-1 from 2007, 2008 and 2009 for a club that disbanded in about 2010.

However, I am still in a club that has a bivio subscription.

Linda





On Tue, Aug 10, 2021 at 1:46 PM LEONARD DELMOLINO via bivio.com <user*27879700001@bivio.com> wrote:
One of my past clubs disbanded in 2017. Even though our Bivio subscription has expired, I can still review all of our past records. I'm not sure how long they are kept online
Len Delmolino
Massachusetts High Flyers Investment Club
On 08/10/2021 4:21 PM Margaret Wentworth via bivio.com <user*25964300001@bivio.com> wrote:
Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter.
The checks arrived exactly one week later.
Linda

On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user* 37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock.
We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees).
My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD.
Jeff Rauch, Tresurer

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user* 25028600001@bivio.com> wrote:

I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer
So, a few questions. 

If we disband in January or February 2022 we need to wait for the 2022 tax forms. Is that correct?

How long do you recommend we wait after selling all stocks to distribute the remaining funds?  

Finally, what date do you consider to be the date we disbanded?  The date of the last check?

Thanks!
Lynne


Sent from my iPhone

On Aug 10, 2021, at 5:03 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:



You do need an active bivio subscription to use bivio to do any final accounting or tax preparation.

The final  return for a disbanding club is due by the 15th day of the third month following the month of disbanding.  The program to prepare a final partial year return is available until the end of the calendar year.

After that you need to wait until the regular tax program is available (and possibly file for an extension if needed).

We keep your records at least 10 years after the club closes.  You can access them during that time if your club treasurer left you with access,  you just can't do any further accounting or tax reporting changes.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
Follow us on twitter!  www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe


On Tue, Aug 10, 2021 at 4:51 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
Oh, my gosh.
I looked in Bivio and I was able to pull up my K-1 from 2007, 2008 and 2009 for a club that disbanded in about  2010.

However, I am still in a club that has a bivio subscription.

Linda





On Tue, Aug 10, 2021 at 1:46 PM LEONARD DELMOLINO via bivio.com <user*27879700001@bivio.com> wrote:
One of my past clubs disbanded in 2017. Even though our Bivio subscription has expired, I can still review all of our past records. I'm not sure how long they are kept online 
Len Delmolino
Massachusetts High Flyers Investment Club
On 08/10/2021 4:21 PM Margaret Wentworth via bivio.com <user*25964300001@bivio.com> wrote:
 
 
Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter. 
The checks arrived exactly one week later.
 
Linda
 
 
 

On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user* 37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock. 
 
We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees). 
 
My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD. 
 
Jeff Rauch, Tresurer 

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user* 25028600001@bivio.com> wrote:

I was in a club that disbanded.  The process went smoothly for us,  We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account.  The Treasurer and President then wrote checks to each member for their share of the portfolio.  The entire process didn't take more than a week.  Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer

This writeup describes what you need to do to disband correctly. It includes a discussion of your final tax filing requirements and options:

Disbanding Your Investment Club

You don't want to rush through any of this, so make a specific plan and make sure you have all your final disbanding entries made before you give anyone anything.

If you make mistakes, they are often ones that can't be corrected later.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe


On Tue, Aug 10, 2021 at 7:06 PM Lynne Hamrick via bivio.com <user*28904900001@bivio.com> wrote:
So, a few questions.

If we disband in January or February 2022 we need to wait for the 2022 tax forms. Is that correct?

How long do you recommend we wait after selling all stocks to distribute the remaining funds?

Finally, what date do you consider to be the date we disbanded? The date of the last check?

Thanks!
Lynne


Sent from my iPhone

On Aug 10, 2021, at 5:03 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:



You do need an active bivio subscription to use bivio to do any final accounting or tax preparation.

The final return for a disbanding club is due by the 15th day of the third month following the month of disbanding. The program to prepare a final partial year return is available until the end of the calendar year.

After that you need to wait until the regular tax program is available (and possibly file for an extension if needed).

We keep your records at least 10 years after the club closes. You can access them during that time if your club treasurer left you with access, you just can't do any further accounting or tax reporting changes.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe


On Tue, Aug 10, 2021 at 4:51 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
Oh, my gosh.
I looked in Bivio and I was able to pull up my K-1 from 2007, 2008 and 2009 for a club that disbanded in about 2010.

However, I am still in a club that has a bivio subscription.

Linda





On Tue, Aug 10, 2021 at 1:46 PM LEONARD DELMOLINO via bivio.com <user*27879700001@bivio.com> wrote:
One of my past clubs disbanded in 2017. Even though our Bivio subscription has expired, I can still review all of our past records. I'm not sure how long they are kept online
Len Delmolino
Massachusetts High Flyers Investment Club
On 08/10/2021 4:21 PM Margaret Wentworth via bivio.com <user*25964300001@bivio.com> wrote:
Hi all,
Just for my future need, is there a recommendation on keeping some money to cover the cost of the final tax report mailings? Also, what if you need to renew Bivio in order to do that report?
Final question: does Bivio keep our records for some period and would we have access to them?
Peg Wentworth, Womens Investment Network

On Tue, Aug 10, 2021 at 4:11 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I agree with everyone that it is better to write individual checks from the brokerage. It's probably a little late to ask TDA for checks that the Treasurer can use as needed.
I found their Check Request form easy and simple. They give three options for submission: Fax, Snail mail or Secure Upload through their website. I used the latter.
The checks arrived exactly one week later.
Linda

On Tue, Aug 10, 2021 at 10:23 AM Jeff Rauch via bivio.com <user* 37506900001@bivio.com> wrote:
Our club is also I n the process of "disbanding" our partnership, though moving forward planning to meet as educational club, which does not own stock.
We have liquidated our stocks an are also waiting for dividends to payout before distribution of investments to members. Following our usual withdrawal procedure, I (Tresurer) will write individual checks to the members from our Schwab account (there are no fees).
My recommendation in your case is to write individual checks, thus leaving a clear paper trail in Bivio. If you cannot find a way to do this without a check fee, I would consider charging each member the fee which in your case is a part of doing business with TD.
Jeff Rauch, Tresurer

Sent from my iPhone

On Aug 10, 2021, at 12:34 PM, Stuart Lange via bivio.com <user* 25028600001@bivio.com> wrote:

I was in a club that disbanded. The process went smoothly for us, We sold our portfolio through the broker, and since we had a checking account through the broker, the funds went straight into the checking account. The Treasurer and President then wrote checks to each member for their share of the portfolio. The entire process didn't take more than a week. Having a checking account with the brokerage greatly facilitated matters,

On Tue, Aug 10, 2021 at 12:10 PM Linda Glein via bivio.com <user* 21345500001@bivio.com> wrote:
I have friends who are in an Investment Club. They decided
to disband and told me that they sold all of their stocks
(they didn't ask me for input on this) and once they are
confident there are no more incoming dividends, they will
disburse their funds.

Hopefully I will meet with two club officers next week. I've
printed out the Disbanding Club instructions to go over with
them.

At the moment, I was told that their plan is to close their
TDA account and have the funds sent to one member (probably
the Treasurer) and he will distribute the funds (write
personal checks) to the members.

I suspect there could be issues with this approach, but I am
uncertain. So, I'm asking here so others can benefit from
reading the answers: Are there advantages or drawbacks to
sending the funds to an individual for redistribution?

I am treasurer of a club and learned that TDA applies some
small fees to issuing checks and mailing checks to any
address other than the one of record. ($5 each). So, for a
recent withdrawal of two members, I had individual checks
made up, but had them sent to our club's address of record
and delivered them personally.

Yes, this club has been using Bivio but I don't know if they
read the Club Cafe messages.

Thanks for any input.

Linda Glein
Puget Sound Chapter Volunteer