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October 24, 2001 - Summary

Club Accounting Gurus Join ICLUBcentral

Rip West and Jerry Dressel, widely regarded as the deans of investment club accounting, recently joined the ICLUBcentral team.

Both longtime club accounting trainers and past beta testers for several versions of NAIC Club Accounting software, the duo notably augments ICLUBcentral's expertise in investment tax club accounting. They have served as a primary resource for thousands of club treasurers, answering questions for years on NAIC online forums, at the Motley Fool, and elsewhere.

As Director of Quality Assurance, Rip brings to bear his half-century of experience as a professional financial planner and investment advisor in order to drive continued improvement in ICLUBcentral's products and services. Jerry, whose day job is as a pilot for Northwest Airlines, holds the new post of Director of Customer Experience, in which he will endeavor to make all aspects of interacting with ICLUBcentral products better for our customers.

We're very excited about their coming on board, and if you'd like to join us in welcoming Jerry (jerry@iclub.com) and Rip (rip@iclub.com), please feel free to drop them an email.

Cash for your club from ICLUBcentral

Already have a club brokerage account? Here's what to do:

Have three people (members of your club or friends) open individual accounts with TD Waterhouse and receive a $100 CASH REBATE on your purchase of NAIC Club Accounting version 2.

For more information, check out this link:
www.iclub.com/promotions/tdwaterhouse/individualaccountrebate1.html

Need a club brokerage account? We have a special deal for you:

We're continuing our special offer for investment clubs. Open a new club brokerage account with TD Waterhouse and receive $100 CASH BACK on your purchase of NAIC Club Accounting version 2.

For more information, check out this link:
www.iclub.com/promotions/tdwaterhouse/clubaccountrebate1.html

Accounts must be opened in accordance with terms described on the promotional pages. These offers are for a limited time.

Update on the new NAIC Online Club Accounting

This is the last week to preview the latest version of NAIC Online Club Accounting (NOCA) before it replaces the existing site. Please login at http://naic.iclub.com using your existing NOCA username and password (the one you have used at www.naic-club.com), try it out, and let us know what you think. Remember, all your accounting data will be transferred automatically and securely, so don't fret about the transition.

If you've never used Online Club Accounting, there's no better time to sign up than now.

Reining in Pushy Members, and Making Better Buy and Sell Decisions

Dear Doug:

When voting on a stock to be sold from our portfolio, we discuss the pros and cons of that stock, and then we vote. Is it proper for a partner then to insist that another sell be discussed and voted on also? Or should all potential sell decisions be discussed at the same time before putting all the stocks to a vote?

Occasionally, one dominant member in our club demands that we take action to sell another stock, and she is so formidable and overpowering that the newer members follow along like sheep--and, besides, she is a much larger woman than me--and we end up selling and selling and selling. (We don't have the same problem with buying decisions since our funds available for purchasing new stocks are limited at any particular time.) How can we handle this situation most tactfully?

Rhone

Dear Rhone:

Your club seems to be suffering from a common malady: One Overbearing Member Syndrome (OOMS). The major symptom of OOMS is the presence of a single member who attempts to undermine the club's democratic principles through bullying tactics, who isn't happy unless things go her (or his) way--and who lets everyone know about their displeasure when, if ever, the club acts against their wishes. OOMS is often fatal for the club if not treated quickly, so it's important to find an effective remedy.

In most cases, the key to resolving OOMS is structure. In the example you provided, your club runs up against OOMS during votes to sell stocks. Here, you have two problem areas on which you should focus: first, your club's meeting structure and voting procedures, and second, your club's investment policies (particularly when it comes to selling, but also with regard to buying new shares and evaluating your portfolio).

Let's start by talking about your club's meeting structure. Every meeting should follow a set agenda prepared in advance by the club's president. Your club probably follows a general format for each meeting, but some clubs find it useful to require, or strongly encourage, that any business regarding the club's portfolio be specifically placed on the agenda in advance of the meeting. If a member believes that the club should discuss buying or selling a stock, then that member must let the president know before the meeting. The president can then put the business on the agenda for discussion at the meeting, or if the agenda is already too crowded, the president can defer the item until the next month's meeting.

This procedure tends to help meetings run more efficiently, ensuring that they don't stretch endlessly into the night and making it difficult for any one member to dominate the course of the discussion.

Ideally, the agenda should be...

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