I have heard from several members asking me about recent invoices and payment processes. I thought I'd take the time to share our current process and some of the plans I would like to propose for the new fiscal year.
Current Process:
Currently, we bill dues in arrears, meaning members are invoiced for the month that has passed. Monthly invoices show your dues and lunch charges not already paid via PayPal. This provides you an opportunity to address any discrepancies before payment is processed early in the third week if you have a credit card on file with the club. Past due balance statements are sent to members in arrears by 6 weeks. However, you can log in and see your billing statement at any time. Need a new log in? Let me know, happy to help. Invoices are reconciled against our Chase account, auth.net (our credit card provider) and PayPal. Check payments are processed as soon as we receive them and credit reflected within the week of payments made via ACH.
Currently, we bill dues in arrears, meaning members are invoiced for the month that has passed. Monthly invoices show your dues and lunch charges not already paid via PayPal. This provides you an opportunity to address any discrepancies before payment is processed early in the third week if you have a credit card on file with the club. Past due balance statements are sent to members in arrears by 6 weeks. However, you can log in and see your billing statement at any time. Need a new log in? Let me know, happy to help. Invoices are reconciled against our Chase account, auth.net (our credit card provider) and PayPal. Check payments are processed as soon as we receive them and credit reflected within the week of payments made via ACH.
Proposed Change:
To streamline our cash flow and align revenue with expenses, I propose that we begin billing in the current month rather than in arrears. This change will ensure funds are available to cover monthly expenses in real-time.
To streamline our cash flow and align revenue with expenses, I propose that we begin billing in the current month rather than in arrears. This change will ensure funds are available to cover monthly expenses in real-time.
- Dues will be billed for the current month.
- Lunch fees will continue to be billed in arrears.
- To transition to this new system, members will be invoiced for two months of dues for one month, which will bring us current. I propose we begin this new process at the transition to the new fiscal year in June/July.
- I'd also like to offer the option of paying dues annually. You would still be charged for lunches that you attend but the monthly invoice would remain in credit until the funds are drawn down at the end of the fiscal year.
Why This Change?
This adjustment will allow us to pay expenses based on actual revenue, ensuring smoother financial operations moving forward.
This adjustment will allow us to pay expenses based on actual revenue, ensuring smoother financial operations moving forward.
I welcome your feedback and any questions you may have about this proposal. Please let me know your thoughts.
Jacqui
