Phil Kane wrote:
On Wed, 22 Aug 2007 16:42:00 EDT, Michael Coslo wrote:

Around $815 at 5 percent annual interest. In itself not too bad, but
they didn't just invest all that money. Some percentage had to go toward
operating expenses.


My impression was that they invested the money and lived off the
interest without touching the principal.



Hey Phil, I think you are correct, but you could maybe clarify this for me.

On the audit from a couple years ago, I read the following:

Quote:

"The by-laws of the league provide for life membership in the league for
25 times the term membership annual dues rate. Dues are deferred and
recognized as income over the estimated life expectancy of the
respective life members (approximately 34 years). Investment earnings on
allocated life member investments are deferred and are recognized as
dues at an amount representative of the estimated cost to the league for
providing services to the life members."

End quote

If I read this correctly (and you would know an awful lot better than
me, so correct at will)

The life member pays their money (25X current dues)

The interest from the investment is considered the members dues.

The principle money is recognized as earnings over a period of 34 years.

Or does that mean that the principle is released after 34 years?

Where I might have a little confusion is that if the principle of the
lifetime memberships is always off limit is that they should be in the
"permanantly restricted" category.


A link to the pdf is he

http://www.arrl.org/announce/annualr...s%20123104.pdf

- 73 de Mike KB3EIA -