WHEREAS a new dues structure has been adopted which increases life membership dues from $2.500 to $5,000, and
WHEREAS this new dues structure is projected to yield enough income to fund the ordinary needs of the association for many years to come, and
WHEREAS the Long Range Plan calls for an increase in life member dues and recommends that they be placed in a restricted fund, and
WHEREAS the Long Range Plan calls for the steady growth of the reserves of the association, so that both the financial security and financial flexibility of NACDL will be enhanced,
NOW THEREFORE BE IT RESOLVED AS FOLLOWS:
Dues received from life members enrolled under the dues structure adopted in August 1994 are to be deposited to the reserves of the association and are to be considered part of the fund balance.
As to each new life member, the association shall be entitled to annually draw from the fund balance an amount no greater than the annual dues payable by a regular member of the association.
Such amounts as may be drawn under this resolution are to be considered dues income in future budgets.