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Fines paid by clubs
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
Fines are archaic.

Joe Farrell


> On Feb 16, 2022, at 9:20 AM, Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
>
> I would like to know if other clubs are still collecting
> fines for not attending meetings, or for not having your
> report on your stocks for the day. If you do have fines, how
> does your club treasurer deal with them? I have been
> investing them with the person that paid them, because there
> are no classifications for fees. Just wondering how other
> clubs deal with this.
>
> Colleen Goings
We have never had fines.

Diana Evans


> On Feb 16, 2022, at 10:20 AM, Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
>
> I would like to know if other clubs are still collecting
> fines for not attending meetings, or for not having your
> report on your stocks for the day. If you do have fines, how
> does your club treasurer deal with them? I have been
> investing them with the person that paid them, because there
> are no classifications for fees. Just wondering how other
> clubs deal with this.
>
> Colleen Goings
We never had fines , Our club is for educational fun !

On Wed, Feb 16, 2022 at 10:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
No fines ever.

Susan Maciolek

On Wed, Feb 16, 2022 at 9:39 AM Anat Spector via bivio.com <user*22119300001@bivio.com> wrote:
We never had fines , Our club is for educational fun !

On Wed, Feb 16, 2022 at 10:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings


--
The struggle itself toward the heights, is enough to fill a man's heart. One must imagine Sisyphus happy.

~ Albert Camus


If someone is not engaged enough to make the contributions you have all agreed to, fines are not going to have any positive effect in fixing that problem.

If you have members that are not participating, it is probably time for them to part ways with your club. We have not seen where penalizing them makes them more likely to do what they are supposed to do. They only create extra work for the club treasurer.

Laurie Frederiksen
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On Wed, Feb 16, 2022 at 10:39 AM Anat Spector via bivio.com <user*22119300001@bivio.com> wrote:
We never had fines , Our club is for educational fun !

On Wed, Feb 16, 2022 at 10:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
The only time we have assessed a fine has been when a member needs to reimburse the club tor a bounced check fee.

Ira Smilovitz

On Wed, Feb 16, 2022 at 10:46 AM Laurie Frederiksen <laurie@bivio.biz> wrote:

If someone is not engaged enough to make the contributions you have all agreed to, fines are not going to have any positive effect in fixing that problem.

If you have members that are not participating, it is probably time for them to part ways with your club. We have not seen where penalizing them makes them more likely to do what they are supposed to do. They only create extra work for the club treasurer.

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 Wed, Feb 16, 2022 at 10:39 AM Anat Spector via bivio.com <user*22119300001@bivio.com> wrote:
We never had fines , Our club is for educational fun !

On Wed, Feb 16, 2022 at 10:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
Yes to Laurie's comment. Rather than fines, make sure your Partnership Agreement and Operational Procedures defines what constitutes non-contribution or non-participation to the club, and clearly states that after a specific number of months or incidents, a member is subject to dismissal by vote of the other members.

On Wed, Feb 16, 2022 at 7:59 AM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
The only time we have assessed a fine has been when a member needs to reimburse the club tor a bounced check fee.

Ira Smilovitz

On Wed, Feb 16, 2022 at 10:46 AM Laurie Frederiksen <laurie@bivio.biz> wrote:

If someone is not engaged enough to make the contributions you have all agreed to, fines are not going to have any positive effect in fixing that problem.

If you have members that are not participating, it is probably time for them to part ways with your club. We have not seen where penalizing them makes them more likely to do what they are supposed to do. They only create extra work for the club treasurer.

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 Wed, Feb 16, 2022 at 10:39 AM Anat Spector via bivio.com <user*22119300001@bivio.com> wrote:
We never had fines , Our club is for educational fun !

On Wed, Feb 16, 2022 at 10:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
I've belonged to four different clubs over the past thirty years. None ever assessed fines.
It creates an unpleasant atmosphere in the club. A partnership needs rules and expectations. Keep in mind the goal of the investment club, which is educational.
Doling out fines should go the way of the teacher rapping knuckles with a ruler.

Linda





On Wed, Feb 16, 2022 at 7:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
Rapping knuckles has gone away?😱

Peter Dunkelberger

On Wed, Feb 16, 2022 at 11:20 AM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I've belonged to four different clubs over the past thirty years. None ever assessed fines.
It creates an unpleasant atmosphere in the club. A partnership needs rules and expectations. Keep in mind the goal of the investment club, which is educational.
Doling out fines should go the way of the teacher rapping knuckles with a ruler.

Linda





On Wed, Feb 16, 2022 at 7:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
We have only ever had a nominal fee for late dues payment and it never gets invested, but rather goes into a fund for general expenses.

On Wed, Feb 16, 2022 at 11:52 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Rapping knuckles has gone away?😱

Peter Dunkelberger

On Wed, Feb 16, 2022 at 11:20 AM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I've belonged to four different clubs over the past thirty years. None ever assessed fines.
It creates an unpleasant atmosphere in the club. A partnership needs rules and expectations. Keep in mind the goal of the investment club, which is educational.
Doling out fines should go the way of the teacher rapping knuckles with a ruler.

Linda





On Wed, Feb 16, 2022 at 7:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
I agree totally with Linda.  I was in four clubs since 1996, and none ever felt the need to impose fines.  Fines would make it seem like a business, not a club with education goals.  (Also, if a partner does not participate they are using you as a mini-etf/mutual fund and should should be asked to resign or be voted out, assuming the Partnership Agreement allows for such action.)

Thank you,
Roy Chastain

"I am coming to be quite contented learning to do very little - slowly."  Lionel Hardcastle [In "As Time Goes  By"]




On Feb 16, 2022, at 8:19 AM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:

I've belonged to four different clubs over the past thirty years. None ever assessed fines.
It creates an unpleasant atmosphere in the club. A partnership needs rules and expectations. Keep in mind the goal of the investment club, which is educational.
Doling out fines should go the way of the teacher rapping knuckles with a ruler.

Linda




I agree with the others. If someone isn't interested enough to do the work than they should just resign.  But that said, if you do impose fines the club needs to decide if the fine will be generating units for that member.  If the fines should generate unit then put it in as a payment in the members section.  If the fines aren't supposed to generate units, then you need to start a petty cash account, and that moneu could be used for expense that are not tax deductible, such as party supplies or flowers for a member that had a death in the family.


-----Original Message-----
From: Alicia Peycelon via bivio.com <user*14455600001@bivio.com>
To: club_cafe@bivio.com
Sent: Wed, Feb 16, 2022 12:17 pm
Subject: Re: [club_cafe] Fines paid by clubs

We have only ever had a nominal fee for late dues payment and it never gets invested, but rather goes into a fund for general expenses.

On Wed, Feb 16, 2022 at 11:52 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Rapping knuckles has gone away?😱

Peter  Dunkelberger 

On Wed, Feb 16, 2022 at 11:20 AM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
I've belonged to four different clubs over the past thirty years. None ever assessed fines.
It creates an unpleasant atmosphere in the club. A partnership needs rules and expectations. Keep in mind the goal of the investment club, which is educational.
Doling out fines should go the way of the teacher rapping knuckles with a ruler.

Linda





On Wed, Feb 16, 2022 at 7:20 AM Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings
We never had fines. Every member cannot attend every meeting. Life happens. Some had babies, surgery, funerals, winter vacation, bad weather in winter (few members travel 30 miles). Most of our 17 women member use ACH into a checking account.
We aren’t strict about stock reports. We all have our phones with us to research.
We meet at restaurant in evening. Fun is most important. I joined to meet other women, learn. Making money is bonus.



Sent from my iPad

> On Feb 16, 2022, at 9:20 AM, Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
>
> I would like to know if other clubs are still collecting
> fines for not attending meetings, or for not having your
> report on your stocks for the day. If you do have fines, how
> does your club treasurer deal with them? I have been
> investing them with the person that paid them, because there
> are no classifications for fees. Just wondering how other
> clubs deal with this.
>
> Colleen Goings
Our club acknowledges people have other lives and we do not use fines.
We allow up to 5 absences; after that the president is directed by our PA to discuss the intentions of the absent member.

A report will be given to the membership and a vote will be taken.
If this determination is that the member does intend to be an active member they will likely be retained as a member.
If not they will be voted out of the club.

One point here from the SEC:


"Generally, a membership interest is an investment contract if members invest and expect to make a profit from the efforts of others
 If every member in an investment club actively helps decide what investments to make, the membership interests in the club would probably not be considered securities. 
If the club has even one passive member, it may be issuing securities."

"An investment club must register with the SEC as an investment company under the 1940 Act if:

  1. the club invests in securities;

  2. the club issues membership interests that are securities (see above); and

  3. the club is not able to rely on an exclusion from the definition of investment company."



Having passive members has the potential to cause you problems.

Bob




On Feb 16, 2022, at 1:58 PM, Linda via bivio.com <user*32025500001@bivio.com> wrote:

We never had fines. Every member cannot attend every meeting. Life happens. Some had babies, surgery, funerals, winter vacation, bad weather in winter (few members travel 30 miles). Most of our 17 women member use ACH into a checking account.
We aren't strict about stock reports. We all have our phones with us to research.
We meet at restaurant in evening. Fun is most important. I joined to meet other women, learn. Making money is bonus.



Sent from my iPad

On Feb 16, 2022, at 9:20 AM, Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:

I would like to know if other clubs are still collecting
fines for not attending meetings, or for not having your
report on your stocks for the day. If you do have fines, how
does your club treasurer deal with them? I have been
investing them with the person that paid them, because there
are no classifications for fees. Just wondering how other
clubs deal with this.

Colleen Goings