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Naturist Legacy's financing

Ethical self-financing contributed to Naturist Legacy's early success.
Our business plan calls for financing in the form of membership fees paid forward and donations. Naturist Legacy members have been invited to pay their yearly membership forward, and to have those membership payments credited back to them as the years go by.

These advance membership payments are very similar in concept to gift cards, which are often sold by retailers and restaurants. Many members are paying their membership fees forward in excess of five to ten years. These funds will be specifically earmarked for the development of our land. New memberships and revenue from existing members who have chosen not to pay forward will cover general operating expenses.

We estimate that we will require $250,000 to fund the full development of our project. More than half of that amount has already been raised since the concept was first unveiled to the membership. Not a bad showing of support for a club with only about 60 members!

This excerpt is from "Crocus Grove Sun Club Rises From The Ashes To Become Naturist Legacy Inc." by John Kundert. It was published in the February 2011 edition of The Bulletin (American Association for Nude Recreation).
Naturist Legacy Inc. self-finances it's capital costs (land acquisition, construction, etc.) through donations and through membership fees paid in advance....


Yearly membership fees (excluding AANR and AANR-WC fees) plus any applicable taxes will be deducted from the total amount paid in advance. Please see the REFUND POLICY below for information about refunds of unused fees....


The first five (5) years of membership fees paid in advance are not refundable. Members wishing the return of unused membership fees remaining after that five year period may request a refund. Naturist Legacy Inc. will endeavour to refund unused membership fees as quickly as revenues generated from its land and amenities will prudently permit. It cannot, however, offer a guarantee concerning when full and complete reimbursement will take place. Refunding will be done fairly. Members wishing refunds will be offered proportional reimbursement (in other words, whatever money is available for fee reimbursement in any given year will be divided between those members wishing refunds on a percentage basis according to the amount they are each owed).

These excerpts are from the "Naturist Legacy Donor And Prepaid Member Agreement" (PDF), a document that was widely circulated to members and non-members beginning in August 2010.
The purchase and development of Naturist Legacy Park has been made possible mostly through membership fees paid in advance. The board of directors hopes to credit back these membership fees as quickly as possible, yet at a pace that is always fiscally responsible. We hope to credit back membership fees in full to the majority of pay forward members within three to five years. The exceptions would be those who paid forward more than is logically possible to credit back within five years (see the explanation of "logically possible" below).

How will prepaid membership fees be credited back? To begin with, all membership fees (that is, the fees that must be paid simply to be a member of Naturist Legacy) will be credited back at a rate of 100% per year until the member's pay forward balance is exhausted.

In order to expedite the reimbursement process, a percentage of lot fees will also be credited back to those pay forward members who have a seasonal lot. This percentage may vary from year to year and will be determined by prudent accounting practices....

EXAMPLE: A couple with a seasonal lot would normally pay $300 in membership fees and $600 in lot fees each year, for a total of $900 per year or $4500 over five years. $4500 is therefore the maximum that could logically be credited back over that time period (refund provisions as stipulated in the Donor And Prepaid Member Agreement would come into play after this five year period).

These excerpts are from "Naturist Legacy 2012 Fee Reimbursements" (PDF), a document that was presented at the 2011 Naturist Legacy Inc. Annual General Meeting by me. I am the author.
We are pleased to report that just over $13,000 worth of membership fees paid in advance have been credited back to Naturist Legacy members in 2012. This represents the first step in our plan to credit these fees back in full to most members within five years.

This excerpt is from "Pay Forward Reimbursements," an article published in both the members and non-members editions of the May 1, 2012 Naturist Legacy News Update. I am the author.
We pledged that prepaid membership fees would be credited back to members until their accounts were fully depleted. We began meeting that goal in 2012 with 100% of that year's membership fees being credited back to those who had paid them forward. In addition, we also returned a percentage of pay forwards to seasonal lot holders in order to accelerate the process further. Under this formula, most members will be fully reimbursed within five to six years based on the current forecast curve. Once the majority are reimbursed, we can then accelerate reimbursement of the much larger contributions made by those few members we call our "Founders." Without their substantial (and even sacrificial) contributions to this project, Naturist Legacy and landed social nudism in Manitoba would almost certainly not exist.

This excerpt is from the "Naturist Legacy Inc. Business Fundamentals Guide" (PDF). I co-authored and edited this important document. It was published in February 2013.
From date of inception, we have raised $210,053.91 in Pay Forward moneys.... We can all relate to our internal debt in terms of a mortgage.... Just like any one of us would like to get rid of our mortgages as soon as we can, Naturist Legacy is no different. We do it with good planning and good financial management, and we track our progress with all due diligence. If we are to forecast out our mortgage, every single penny will be returned in about 15 years.

These excerpts are from Naturist Legacy's "Financial Report For Year 2013" (PDF). It was authored by the corporation's treasurer (with input from me) and presented at the AGM held on November 2, 2013.

Here's a recap of Naturist Legacy's reimbursement plan. The first five years of reimbursements (2012-2016) were to be in the form of membership fee and seasonal lot fee credits per the "Naturist Legacy 2012 Fee Reimbursements" document (PDF). Seasonal lot fee credits were to end after 2016 per that same document. The next twelve years of reimbursements were to be in the form of membership fee credits (as before) with cash refunds making up the rest of the reimbursement target. Those cash refunds were to be distributed "on a percentage basis according to the amount [each member is] owed" per the Naturist Legacy Donor And Prepaid Member Agreement" (PDF).

2012None set$13,088.50 in credits
2013$13,000 in credits$13,062.37 in credits
2014$13,000 in credits$14,825.04 in credits
2015$13,000 in credits$13,029.77 in credits
2016$13,000 in credits
2017$13,000 in credits and cash
2018$13,000 in credits and cash
2019$13,000 in credits and cash
2020$13,000 in credits and cash
2021$13,000 in credits and cash
2022$13,000 in credits and cash
2023$13,000 in credits and cash
2024$13,000 in credits and cash
2025$13,000 in credits and cash
2026$13,000 in credits and cash
2027$13,000 in credits and cash
2028$2,053 in credits and cash
Currently I am forecasting a full payback of the debt in 15 years from now. That will be a monumental outcome and one that will mean a very large event to celebrate, a mortgage burning party to our own internal mortgage. There are not that many businesses, or nudist Parks for that matter that can say they went from nothing and full debt, to completely debt free in a mere 17 years. What we are achieving here is truly unique.

This excerpt is from Naturist Legacy's "Financial Report For Year 2013" (PDF). It was authored by the corporation's treasurer (with input from me).

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