(effective May 1, 2005)
The financial health of our cooperative is dependent upon the timely payment of carrying charges by the members. In order to keep costs low to the members, our cooperative operates on a very small operating budget; it is therefore very important that members pay their carrying charges on time.
Therefore, the Board of Directors has decided to implement an early payment incentive program at Old Town In Town Cooperative.
Henceforth, all members whose payments are received by management on or before the 1st of the month will be eligible for a drawing of $25.
Only members in good financial standing with the cooperative are eligible for the early payment incentive program.
Payments that are received by management on or before the 1st day of the month are eligible (i.e., if the 1st falls on a weekend, only those payments received by management on the last business day of the month are eligible).
For the purposes of this incentive, “received by management” shall be define as the manger having payment in hand. Hence, payments left under the door or in the drop box are only counted if the manager has collected them by the 1st of the month (i.e., in order to be sure you are eligible, you should either submit payment earlier or hand it to the manager directly).
Drawings will be conducted at the monthly Board of Directors meeting and the winner will be subsequently notified.
The Board of Directors reserves the right to change the amount of the reward or to fully suspend this program at any time without advance notice.
History
Original, 2005-05-01