Even Keels Cruising Club Inc (club website example only)

Home Scheme Synopsis FAQ About Us The Boat Expressions of Interest News Gallery & Cruising Log Contact Us

Even Keels Cruising Club INC 9897603 ABN 37599776442

FREQUENTLY ASKED QUESTIONS…PAGE 7/7

6. THE COSTS

What will it all cost me?

To become a member you must pay the membership fee (“Share subscription”), which is $52,500 per EK Right (the membership fee is paid back to you after someone is found to replace you, should you resign). This forms the pool of money that was used to purchase and fit out the boat.

In addition to the once-off membership fee, other fees are:

 A once-off joining fee of $1,500 per EK Right;

 An annual subscription, for berthing, repairs and maintenance, insurance and so forth, of $4,000 per EK Right per year for the 2014/15 membership year (pro-rata for joining part way through the year).

 A depreciation subscription of $3,250 per EK Right per year, for the 2014/15 membership year (pro-rata for joining part way through a year).

Is membership of Even Keels good value?

Absolutely. Let’s look at the figures for a member holding one EK Right giving 4 weeks (28 days) Exclusive Access to the boat. The member’s Share Subscription is $52,500. Loss of interest income on this capital would be, say, 3% per annum after tax = $1,575. So the effective annual cost of the membership would be $1,575 plus $4,000 annual subscription plus $3,250 depreciation subscription which comes to $8,825 per annum. For this, you get 28 days Exclusive Access which equates to $8,825/28 = $315 per day. Charter rates for an equivalent catamaran are around $900 to $1,200 per day and you can’t take them wherever you like. If the member also spends 28 days per year sailing the catamaran during Club time, then their sailing cost is halved to $157 per day.

When will I have to pay?

If we invite you to join the club you will receive an offer email and an application for membership. You have 14 days to accept the offer and return the filled-in membership application form accompanied by all fees and subscriptions. The Annual and Depreciation Subscriptions will be pro-rata for the remainder of the financial (membership) year, as will the Exclusive Access allocated.

ADDITIONAL INFORMATION

There is additional information in the Scheme Synopsis section of this website. Please read this carefully too if you are thinking about putting in an Expression of Interest (the EOI may be downloaded from this website, filled in and emailed back to us). Couples who both sail, and are owners or ex-owners of cruising keelboats or catamarans, are especially encouraged to apply.

DISCLAIMER

The Frequently Asked Questions (FAQ) and Scheme Synopsis sections of this website are intended to help people assess whether they wish to submit an Expression of Interest with a view to becoming a member of Even Keels. The actual operation of Even Keels is governed only by the constitution and by-laws.

PAGE 7/7