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Points for Discussion

• Should the investment functions be kept separate from the administrative functions?
• Should there be a separate cash account for the payment of expenses?
• Should administrative expenses be funded by fees assessed against all club members?
• Should the separtion of investment and administrative functions be facilitated by maintaining two sets of books?
• How should expenses be allocated among members?

Discussion

Many clubs try to separate in investment functions from the administrative functions. Let's take a look at the factors that led to this state of affairs. The NAIC Accounting Manual, which has not been updated since 1991, say

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