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StockCentral :: Community
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Join in on the discussion with other like-minded investors in our community forums. Learn about the fundamental investing methodology and participate in educational workshops in the Investing forums, stay up-to-date on StockCentral news and make suggestions to the StockCentral team in Central Square, and discuss your favorite stock or recent market news in our A-Z ticker-based forums.
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Keith Hoile
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| 08/26/2008 5:45 PM |
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We have a departing member who will receive an all cash full withdrawal. His annoncement date was July 17. Our meeting was July 14 and he paid his monthly dues. Unfortunately, the deposit of July dues was not made until July 21. When I prepared the withdrawal report, I failed to note the late deposit, so this member remained in our CAO records, subsequent to July 17 withdrawal report, with $50+ dollars in units. Should I try to delete the withdrawal or change the deposit date of July's dues to an earlier date prior to the July 17 announcement date? I tried to prepare a second withdrawal report with a later date but CAO says he does not own any units. What a mess. Thanks for any suggestions.
Keith Hoile, Treasurer, VIking Investment Club, Greensboro, NC
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Gene Rooks
Gotha, FL (W. of Orlando)
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| 08/26/2008 6:13 PM |
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Keith, If your PA follows standard practice, and
your member gave his resignation at your July 14 meeting, his member value would
not be determined until the valuation done for your next meeting in
August. You would then make his announcement date right after that
valuation date. I would delete the withdrawal, and redo it dated after the
valuation for the August meeting. If you have already cut him a check,
just subtract that amount from the new total withdrawal, and cut him another
check just for the difference, making plenty of notes in the comments section on
what you have done.
Generally, members would not make a payment along
with a resignation, but it is not a problem, as long as you follow the correct
valuation and withdrawal dates.
Gene Rooks, SWIM, Orlando
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Gene Rooks, Director
Space Coast Chapter
Accounting Instructor |
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Keith Hoile
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| 08/26/2008 8:39 PM |
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Thanks for the quick helpful response, Gene. As my father often reminded me, attention to detail is critical to avoid rework. Hopefully I will learn the lesson someday! Regards, Keith |
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