Membership Policy 2008
I. Membership Types
The Beaufort Yacht & Sailing Club has established the following categories of membership and policy:
A. Non-Stockholding Members - Members who do not own stock in the club. All prospective members of the club shall apply for the Non-Stockholder Membership.
B. Military Members: Non-stockholding Members who are on active duty in the military and assigned to one of the military facilities in Beaufort are eligible for discounted fees and dues as a Military Member.
C. Associate Member: Non-stockholding Members who are between 18 and 30 years of age, single, financially independent and commit to volunteering for 3 social functions and workdays per year. Associate Membership is limited to a term of 3 years, at age 30, or when the member marries. At that time, the member must apply as a normal Non-stockholding Member.
D. Stockholding Members: Members who own five shares of stock in the Club. Only Stockholding members have the right to vote and to sponsor new member applicants.
II. Membership Status
A. Active Member: Any named Stockholding Member, Non-Stockholding Member, Military Member, of Associate Member who is current in the payment of all of his/her annual dues, assessments and fees.
B. Lapsed Member: A member who has not paid his/her annual dues by April 1st. All privileges to the Club have been terminated for this member and his/her family.
III. Membership Privileges
A. Privileges of membership are extended to each member’s spouse and children age 22 and under, who are dependent upon financial support of the parent and are living in the parent’s (member’s) household.
IV. Application for Membership
A. New Members – An individual who has never been a member of BYSC and is interested in becoming a member must:
1. Complete an application for membership
2. Attend a minimum of two BYSC events
3. Be sponsored by an Active Stockholding Member (a Primary Sponsor)
B. Former Members – An individual who has previously been a member of BYSC and is interested in renewing his/her membership:
1. Former Non-Stockholder and Associate Members follow the same application process as New Members, as outlined above.
2. Former Military Members who are active duty may renew their membership without going through the application process.
3. Former Stockholding Members may renew their membership without going through the application process. Former Stockholding Members who have sold their shares of stock back to the club will be placed at the top of the list for issuance of new stock. Former Stockholding Members who have not sold their stock back to the club must sign a buy-sell agreement before their membership will be renewed.
V. Approval for Membership
A. Role of the Primary Sponsor – It is the responsibility of the Primary Sponsor to make sure the applicant is invited to club events and meets as many club members as possible. Each applicant must have a primary sponsor, and two additional sponsors, who must also be stockholding members. It is the responsibility of the Primary Sponsor, not the applicant, to obtain the endorsement of these two secondary sponsors. Because the board of directors votes on each application for approval, it is important that each applicant meet as many board members as possible to ensure a timely vote on the application.
B. Completed Applications – An application for membership will not be considered complete until the candidate has completed the application form, received the endorsement of a primary sponsor and two secondary sponsors, and attended at least two club functions.
C. Role of the Board of Directors – The board of directors meets on the second Tuesday of each month, and will vote on any completed applications at that time. The board may table an application if the board members have not met an applicant, so it is important that applicants meet as many board members as possible when attending club events.
D. Upon approval of an application, the secretary will contact the applicant and primary sponsor by telephone, and will mail a welcome letter to the applicant. The applicant has full use of all the facilities and may attend social functions upon Board approval for Membership.
E. All new or renewing members shall pay a non-refundable initiation fee and will pay dues applicable for the year they are joining. The initiation fee, applicable dues or payment plan must be paid in full or set-up within 30 days following receipt of the welcome letter. Payments may be by credit card, check or monthly payment plan arranged with the BYSC office.
F. If no initiation fee payment is received in the office after thirty days following membership approval, the offer for membership will be expire. No bartering of services or equipment in lieu of annual dues will be tolerated.
G. Upon payment, the new member will receive one directory, two membership cards, two BYSC car decals and a license plate.
VI. Fees and Dues
Initiation Fees
Non-Stockholding
Members $1,000
Military Members $500
Associate Members $500
Stockholding
Members $1,000
Annual Dues
Non-Stockholding Members $900
Military Members $700
Associate Members $450
Stockholding Members $700
Pro-rated Dues for joining Members*:
Applications approved at Board meeting
in:
October through
April -- 100%
May -- 90%
June -- 80%
July -- 60%
August -- 35%
September -- 10%
*Former Stockholding Members who did not sell their stock back to the club are not eligible for pro-rated dues when renewing their membership.
VII. Facilities Assessment
A. On October 1, 2008, a $200 Facilities Assessment will be added to the annual dues. If the family members have contributed 20 hours of volunteer labor between October 1, 2007 and September 1, 2008 (when dues statements are developed), the 20 hours will be a total credit against the assessment of October 1, 2008 (fiscal year 2009).
B. Partial hours will also be credited.
C. Volunteer hours are to be accounted for by each Event or Regatta Chairman and entered on forms provided in the office within 2 days of the activity.
D. Volunteer work not conducted under a specific Event Chairman must be authorized by the General Manager, the Commodore, or their designee.
E. The General Manager and the Commodore will make the final decision on any disagreement over hours.
F. Volunteer hours can be accumulated in many ways and will be detailed in a later communication, but could be credited in any of the following areas:
1. Workday. Hours worked.
2. Individual work. Hours worked.
3. Helping with race committee.
4. Using your own boat. Additional credit.
5. Social committee.
6. Board of Directors attending board and planning meetings.
G. There will be some exceptions allowed, for instance:
1. Health reasons.
2. Over the age of 75.
VIII. Late Fees and Lapsed Memberships
A. Annual Dues are due and payable by December 1st of each year.
B. Payments received after December 1st will be subject to the following late fees:
Total Late Fees
Due:
After December
1 -- $75
After January 1 -- $100
After February 1 -- $125
After March 1 -- $150
After April 1 -- $500
C. After April 1, memberships will be considered lapsed due to nonpayment of annual dues. The secretary will send a letter stating that their membership has expired due to nonpayment of annual fees and all membership privileges will be suspended.
D. Members who have not paid their dues by September 30 will be required to apply as a new member as outlined in Section IV.
IX. Becoming a Stockholding Member
A. At the August board meeting each year, the Board of Directors shall vote to approve a select number of Non-Stockholder Members to be offered the opportunity to purchase stock in the Club.
B. Former Stockholding Members who have renewed their membership and Non-Stockholder Members who have been active and volunteer-oriented for two years or more will be preferentially considered for the opportunity to purchase stock in the club.
C. The cost of the stock purchase is $500, and a “Buy/Sell Contract” must be executed before any payments will be accepted or stock will be issued.
D. All future annual dues will be the stockholder amount.
This offering will be based on availability of stock issues. The number of shareholders is limited by the club’s
by-laws.
X. Special Circumstances
A. Family Stock Transfers: A stockholder may transfer the right to own stock in the club to a child at any time by written confirmation to the Secretary of the Board of Directors or through a Will after death. The child will complete an application, but the sponsor signatures are not required. The Board will approve the issue of a new stock, the parent’s stock will be signed over to the club and a new stock certificate will be issued in the child’s name. A “Buy/Sell Contract” must be signed before any payments will be accepted. A non-refundable initiation fee of $1000 will be charged for all Family Stock Transfers. If the stockholder membership is inactive and there is a waiting list, the child will be placed at the top of the list ahead of all applicants including those that have sold their stock and wish reinstatement. Annual dues will be paid by the child and may be pro-rated if the (parents) stockholder membership has not lapsed. Remainder of annual dues paid by the parents may be applied. No pro-rated fees may be applied for family stock transfers on memberships in arrears.
B. Divorced Members: New issues of stock may be made for divorced members. Upon repurchase of the old stock certificate, a new stock certificate will be issued to one of the members as indicated by a letter from their attorney or a legal settlement letter as to the ownership of this asset. A “Buy/Sell Contract” must be signed before a new stock certificate is issued. The member not receiving the stock in the legal settlement may rejoin as an NSM’s without going through the application process. They will be required to pay the applicable NSM dues plus the non-refundable initiation fee of $1000. Pro-rated dues apply.
C. Stockholders may sell their stock back to the club at any time without becoming current in their dues by notifying the Club of their desire to have their stock repurchased. The stock certificate must be signed on the back. Signatures must be as they appear on the front of the certificate and witnessed. They will receive a check for the original purchase price minus assessments or indebtedness.
D. Lost stock certificates. A new stock certificate may be issued after proper legal procedures have been followed. Please contact the Club Secretary, Membership Chair, or Club office for more information.
REVISED
AUGUST 2008
Beaufort Yacht & 