ZR-1 Net Registry Forums - View Single Post

RyanChappel · 01-11-2013

A consideration could be the tax (exempt) status of the club. Some clubs/associations are required by the IRS to maintain some value of the fees paid for a 'lifetime' membership. My VN veteran's association must maintain several hundred thousand dollars in CD's to insure the value of the life members should the organization fail. Over the years, many of the LM's have died, and there is no good mechanism to track this. Thus, a lot of money which could be used for other (better?) purposes is frozen due to IRS regs....just a thought. Annual dues are $25, and LM is $ 100.

01-11-2013	#7
RyanChappel Join Date: Aug 2012 Location: Boone County, Indiana Posts: 132	Re: Lifetime Membership discussion A consideration could be the tax (exempt) status of the club. Some clubs/associations are required by the IRS to maintain some value of the fees paid for a 'lifetime' membership. My VN veteran's association must maintain several hundred thousand dollars in CD's to insure the value of the life members should the organization fail. Over the years, many of the LM's have died, and there is no good mechanism to track this. Thus, a lot of money which could be used for other (better?) purposes is frozen due to IRS regs....just a thought. Annual dues are $25, and LM is $ 100.