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Ann McDonnell
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| 06/14/2007 2:35 PM |
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Not being able to do a withdrawal transaction on the same day as a valuation presents a problem for me. Our bylaws indicate that the member withdrawing be cashed out at the value at the close of market the day of our 2nd meeting after resignation. Is there any way around this? I have been able to do it in the past but, fortunately, it has been a couple of years since we had a member withdraw.
Thanks, Ann McD |
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Gene Rooks
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| 06/14/2007 4:32 PM |
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Ann, no problem at all. Date your withdrawal
transaction the day after your valuation. It automatically reverts to the
market value on your saved valuation date, which you can't even do until later
in the evening when the market closes, or the next day anyhow, as the final
prices won't be in the data systems til then.
Your club can certainly do whatever all your
members have agreed to, but I thought I would mention your PA does have an
unusual wording about valuing and paying a withdrawal. Usually your
withdrawal time line would be something like this:
1. Member turns in resignation at or before
your May meeting.
2. Member value would be determined at the
next regular valuation your club would do for the June meeting, not a special
valuation.
3. Your member would then be paid out as soon as
you can get it to her after that valuation date, just as you would prefer not
having to wait 60 days or more to get your funds when you closed out any other
type of investment account.
PA's can be amended ;-) Thanks
for writing,
Gene Rooks
generooks@cfl.rr.com |
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Ann McDonnell
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| 06/16/2007 4:21 PM |
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Thanks  Gene for your quick response. Unfortunatly, while trying to accomplish the withdrawl, I entered a valuation for the day after also. Valuations have been entered for 6/13 and 6/14. I have already "cashed" the member out based on the 6/13 valuation, ( the date of our meeting). Is there a way I can remove valuations for the 14th? If I could remove that valuation, then I could use your suggestion. Any new ideas?
I should have contacted you before doing anything..............Ann
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Gene Rooks
Gotha, FL (W. of Orlando)
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| 06/16/2007 4:59 PM |
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Ann, this may be a step more than you need to do, but it will be sure and leave your unit values where they should be. Write down the amount of check you have made for this member. Then delete both those valuations, and the withdrawal. You delete them under Edit/Delete Valuation under Securities.
Now create and saved your usual valuation, you said 6/13, which is OK. If you have posted any member payments on any of the days in question, edit or delete them for a later date. Posting a member transaction on the same day as a valuation confuses the software, it cannot determine which should go first.
Enter your withdrawal announcement date on 6/14, you can use the same date for payout date if you have already paid her. Don't hit the submit button unless the final figure you get when you come to the last screen is the same you gave her. If it is different, adjust the small difference in the fee section, either negative or positive, so it comes out the same. |
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Gene Rooks, Director
Space Coast Chapter
Accounting Instructor |
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Ann McDonnell
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| 06/19/2007 12:32 PM |
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| Gene, Thank you for your help. I have been able to perform the withdrawal satisfactorily. ..............Ann |
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