RKYC

The RKYC is a non-profit organization that exists to promote sailing and provide cost effective services to members. The management of Accounts Receivable is an important and costly facet of the operations of the RKYC. Many members pay their accounts on a timely basis, but for those that do not the Executive of the Club and Staff invest significant time on collection. The Club incurs direct costs such as postage, paper, photocopying and bank financing charges that quickly erode the value of any finance income the Club may earn. To clarify the relationship between the members of the Club and those responsible for the management of the accounts receivable the following policy has been developed for the benefit of all members.

PAYMENT METHODS

It is expected that current charges on member’s accounts be paid within thirty days. Management will in turn undertake to ensure accurate and timely billings to members.

To encourage timely payment, a 2.5 percent discount is offered if the account is paid in full by cash or cheque within 30 days.

In addition, payment may be made by Visa , for the members convenience.

A monthly payment plan is offered. The total estimated charges for the current year (including membership fees, berthing, haul, launch and storage) are divided by the number of months remaining until February. An additional $10.00 per month for boat owning members and $4.00 per month for non-boat owning members will be added to cover administrative, financing and handling charges. The monthly payments can be made by Visa or post dated cheques.

In the event an account becomes overdue, interest is charged at a rate of 2 percent per month.

It is the objective of the Club to have all accounts either paid in full in 30 days or have members on a monthly payment plan.

NEW MEMBERS AND RESIGNATIONS

New non-boat owning members are required to pay membership dues in full (less any discounts offered) at the time their application is submitted.

Boat owning members are required to pay at least 50 percent of their membership dues on application and the remaining amount by a post dated cheque of Visa dated no more than 30 days later.

Members wishing to resign must submit written notice to the Club Office within 60 days of membership billings or the member will be required to pay the full amount.