Naturist Legacy's financing

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!

PREPAID MEMBERS

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....

REFUND POLICY

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).

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).