EYC Club Policy (Updated December 1, 2017)
III. BILLING, ACCOUNTS RECEIVABLE AND BUDGETARY POLICIES
Annual dues are payable, without notice, by no later than January 1 of each fiscal year. Assessment and marina payments by Voting Members are due no later than the first day of each quarter during the fiscal year.
As a convenience, the Club allows Voting and Associate Members to pay their annual dues in equal quarterly installments. Members are responsible for the payment of these financial obligations regardless of whether or not they receive an invoice from the Club, no later than the first day of the quarter.
Payments not received within 10 days of the due date will be subject to a late charge. These payments will be assessed on a progressive basis. The first case of delinquency will be assessed a $50.00 late charge. A member who is delinquent in their dues or fees in any subsequent quarter will be subject to a $100.00 late fee assessment. Should a member be delinquent in any subsequent quarter, they will be assessed a late fee of $200.00 per occurrence.
Indebtedness (of any financial obligation) remaining unpaid after thirty (30) days will subject the Member to suspension and/or forfeiture of membership rights, as provided for in the Club By laws. By way of example, the Club’s billing and receivable process for the first quarter of a fiscal year is as follows:
January 1: Dues (either annual or quarterly, whichever applies) and any applicable assessment or marina payments are due and payable.
January 11: A $50.00 late fee is assessed for unpaid charges. A first delinquency letter is sent, advising that the entire indebtedness (the outstanding charges and the late fee) must be paid by January 31 or the Member’s name will be posted as delinquent and Membership rights will be suspended.
January 31: Delinquent Members are posted and their membership rights suspended. A second delinquency letter is sent, advising that the indebtedness must be paid by February 15 or Membership will be terminated.
February 15: A termination letter is sent to still-delinquent Members, notifying them that their membership rights have been terminated, and, unless their account is brought current within thirty (30) days and an application is submitted to and accepted by the Executive Board for reinstatement, the Member’s name will be removed from the Membership Roll.
March 15: Terminated Members who have not brought their accounts current and sought and obtained reinstatement are removed from the Membership Roll, following the Executive Board’s review of each individualized situation for possible forbearance under Bylaws Article XII., Section 2.
This quarterly process is repeated for each quarter of the Club’s fiscal year.
The Club allows Members to carry an open bar tab during the course of a given day. However, unless a Member has obtained prior authorization from the Club Manager, Office Manager, Commodore or Treasurer (and secured payment of his or her bar tab obligation by credit card), all bar tabs for a given day must be closed-out and fully paid prior to the close of that day. Any Member who fails to close-out and pay an outstanding bar tab prior to the end of the day will be assessed a $5.00 late fee. Habitual failure to close-out and pay outstanding bar tabs by the end of the day may subject a Member to disciplinary action pursuant to Article XI, Section 2 of the By-laws. In addition, outstanding bar tabs and attendant late fees are deemed an “indebtedness” under Article XII vi the By-laws, and failure to pay such monies within the time periods proscribed in that Article will subject a Member to suspension and/or forfeiture of Membership rights.
1. Operating budget
The Treasurer, in conjunction with the Club General Manager, Club Office personnel and Committee Chairs, should generate an annual operating budget for approval by the Executive Board in January of a given year and for provision to the Membership by no later than February 1 of that year. To the extent reasonably possible, operating budgets for standing Committees will be developed in consultation with incoming Committee Chairs, while operating budgets for Food & Beverage operations and General & Administrative budget items will be developed in consultation with the Club’s General Manager.
2. Capital budget
The Treasurer is also responsible for compiling -- and presenting to the Executive Board for approval in January and to the Membership for information by February 1 of each year -- a proposed capital budget. Prior to the January Executive Board meeting, Committee Chairs and the Club General Manager should submit to the Treasurer -- and the Treasurer should solicit from Committee Chairs and the Club General Manager -- all proposed capital expenditure items for that fiscal year; for purpose of this policy, capital expenditures are defined as an individual item (or collection of items) with a useful expected life of more than two (2) years and a cost in excess of $2,000. The capital expenditure recommendations must be in writing and should include a description of the proposed acquisition, a cost estimate and justification for the acquisition and a proposed date of acquisition.
Based on its evaluation of the recommended capital expenditures, the Executive Board will develop and approve a capital budget for the year. Generally, the Executive Board should not approve any capital budget in an amount that exceeds either (a) 4% of the Club’s prior fiscal year gross income or (b) 25% of the Club’s prior fiscal year net income plus depreciation (collectively, the “standard capital budget cap”). Notwithstanding the foregoing, emergency capital projects necessary to protect the integrity of the Club’s assets or physical infrastructure (such as the repair of fire, flood or wind damage or to address critical health or safety issues) will be considered and approved by the Executive Board without regard to the standard capital budget cap. In addition, special capital projects involving major landside or waterside expenditures, such as major building or marina additions or improvements, land acquisition or any capital project requiring Membership approval may be budgeted and approved outside of the standard capital budget procedure and without regard to the standard capital budget cap. Repair and maintenance items, irrespective of dollar value, with the purpose of maintaining the usability of the Clubhouse, grounds or marina should not be treated as capital expenditures and should be budgeted and paid for as operating expenses.
Inclusion of a recommended capital expenditure into the approved capital budget does not constitute Executive Board approval for acquisition of that item. Prior to the purchasing (or committing to purchase) any capital item, the Committee and/or Club General Manger must seek and obtain specific Executive Board approval of the acquisition, supporting the request with whatever updated information necessary to allow for the Executive Board’s proper consideration of the request. Any capital expenditure that has not been included in the capital budget generally should not be approved if approval would result in total capital expenditures for that fiscal year in an amount that exceeds that year’s standard capital budget cap.
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