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Member withdrawal and conversion to gift to club
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
  
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
  
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone:   +1 202 362 5319
Mobile:  +1 202 368 5740
Fax:       +1 270 778 9665
E-mail:  wkaelin@gmail.com


How about a donation of books focused on financial education at the grade school and middle school level. Donations can be managed by your accounting program and Your local school(s) library would most likely welcome the books.

From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Werner Kaelin via bivio.com <user*29973100001@bivio.com>
Sent: Friday, March 17, 2023 2:07:58 PM
To: club_cafe@bivio.com <club_cafe@bivio.com>; colenewalden@verizon.net <colenewalden@verizon.net>; patrickshaughness@juno.com <patrickshaughness@juno.com>
Subject: [club_cafe] Member withdrawal and conversion to gift to club
 
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
  
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
  
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone:   +1 202 362 5319
Mobile:  +1 202 368 5740
Fax:       +1 270 778 9665
E-mail:  wkaelin@gmail.com


The gift to the club increases the value of each member's share in the club. If the club wants to earmark this gift for a specific use, create a separate account for it and "transfer" the funds from the regular cash account to the "gift" account. Note that you don't have to physically segregate the money in a separate broker/bank account, though that might make things easier to follow.

When you have an expense that is intended to meet the intended purpose of the gift, "pay" for it from this account.

Ira Smilovitz


On Fri, Mar 17, 2023 at 3:11 PM Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone: +1 202 362 5319
Mobile: +1 202 368 5740
Fax: +1 270 778 9665
E-mail: wkaelin@gmail.com


A question arose in my mind from this statement, "for the creation of the club's Webpage and for the furtherence of new club members." Does that mean a website to help educate new members? Or to potentially solicit new members?

If it is to publicly solicit new members, does that potentially run afoul of regulations?

Linda





On Fri, Mar 17, 2023 at 12:11 PM Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone: +1 202 362 5319
Mobile: +1 202 368 5740
Fax: +1 270 778 9665
E-mail: wkaelin@gmail.com


Dear Linda,

Your first question is yes to both because we have a hard time finding new members.

The second question is what are the regulations say on soliciting and supporting new members?

Best, Werner

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone: +1 202 362 5319
Mobile: +1 202 368 5740
Fax: +1 270 778 9665
E-mail:
wkaelin@gmail.com

On 3/17/2023 4:54 PM, Linda Glein via bivio.com wrote:
A question arose in my mind from this statement, "for the creation of the club's Webpage and for the furtherence of new club members." Does that mean a website to help educate new members? Or to potentially solicit new members?

If it is to publicly solicit new members, does that potentially run afoul of regulations?

Linda





On Fri, Mar 17, 2023 at 12:11 PM Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone: +1 202 362 5319
Mobile: +1 202 368 5740
Fax: +1 270 778 9665
E-mail: wkaelin@gmail.com

Werner, I was going to suggest some kind of pending account code that you take money out of as you have use for it. 

Good luck!
Judy

On Mar 17, 2023, at 5:14 PM, Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:



Dear Linda,

Your first question is yes to both because we have a hard time finding new members.

The second question is what are the regulations say on soliciting and supporting new members?

Best, Werner

 

 

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone:   +1 202 362 5319
Mobile:  +1 202 368 5740
Fax:       +1 270 778 9665
E-mail:
  wkaelin@gmail.com

 

 

On 3/17/2023 4:54 PM, Linda Glein via bivio.com wrote:
A question arose in my mind from this statement, "for the creation of the club's Webpage and for the furtherence of new club members." Does that mean a website to help educate new members? Or to potentially solicit new members?

If it is to publicly solicit new members, does that potentially run afoul of regulations? 

Linda





On Fri, Mar 17, 2023 at 12:11 PM Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
  
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
  
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone:   +1 202 362 5319
Mobile:  +1 202 368 5740
Fax:       +1 270 778 9665
E-mail:  wkaelin@gmail.com

Werner: Your club may have already tried this regarding recruiting new members ... The Better Investing website has links to tools where a non-member can visit a club meeting. Obviously you will need to vet a visitor/potential new member, but just a thought.
Regards,

On Fri, Mar 17, 2023 at 6:53 PM Judy Simonson via bivio.com <user*29968200001@bivio.com> wrote:
Werner, I was going to suggest some kind of pending account code that you take money out of as you have use for it.

Good luck!
Judy

On Mar 17, 2023, at 5:14 PM, Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:



Dear Linda,

Your first question is yes to both because we have a hard time finding new members.

The second question is what are the regulations say on soliciting and supporting new members?

Best, Werner

Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone: +1 202 362 5319
Mobile: +1 202 368 5740
Fax: +1 270 778 9665
E-mail:
wkaelin@gmail.com

On 3/17/2023 4:54 PM, Linda Glein via bivio.com wrote:
A question arose in my mind from this statement, "for the creation of the club's Webpage and for the furtherence of new club members." Does that mean a website to help educate new members? Or to potentially solicit new members?

If it is to publicly solicit new members, does that potentially run afoul of regulations?

Linda





On Fri, Mar 17, 2023 at 12:11 PM Werner Kaelin via bivio.com <user*29973100001@bivio.com> wrote:
Dear Laurie,
I'm the treasurer of the Dwyer Inverment Club. I have a problem with the following issue: A member is resigning from the club because he is physivcally and mentally incapacitated. He has a power of attorney with a friend of his. He and his friend decided to resign and make the proceeds of his withdrawal a gift to the club (about $5,000).
Rather than distribute the gift to the club's partnes, the partners would like to use the gift for the creation of the club's Webpage and for the furtherence of new club members.
Although I'm treasurer for a number of years I don't know of any means to keep the gift in bivio for administration and tax purposes. The club and I would appreciate any help you can probide to resolve this issue.
Best regards,
Werner Kaelin
3900 Connecticut Ave. N.W.
# 301-F
Washington, DC 20008

Phone: +1 202 362 5319
Mobile: +1 202 368 5740
Fax: +1 270 778 9665
E-mail: wkaelin@gmail.com