This amendment will save ipernity money by avoiding the subtractions for currency conversion, before the amount eventually ends up in our account in euros. This will reduce the required increase of membership fees to balance the books this year. Any currency conversion fees, paid by those non-EU members will be at the exchange rate current at the time, rather than set for a whole year.
Shown below are the deletions and updates to the statutes. The first deletion regarding the other currencies is obvious given the above. This then leads to not needing to make updates to the membership fees for exchange fluctuation. The EUR-USD exchange rate is relevant because our association's money is held in EUR but our largest expense is for the AWS servers that are invoiced in USD. The section about pro-rata payments has never been feasible and would have been considered for deletion in any case.
ARTICLE V, Section 4 – Membership contribution: The amount of the membership contribution depends on the desired range of functions and storage space volume. It shall be set annually by the General Assembly of members for all options. The reference currency is the Euro.
8 comments
HaarFager said:
Sorry about that.
raingirl replied to HaarFager:
Paypal will handle the conversion and everything else.
How nice that you have a friend that can help you with renewals!
That said, you are welcome to participate in the IGA and cast your vote for or against each item that is being voted on.
Roger (Grisly) said:
Moderator replied to Roger (Grisly):
Colin Ashcroft said:
Historically what would the effect of the fluctuations of the exchange EUR-USD rate have been on the Club membership fee
raingirl replied to Colin Ashcroft:
Are you wondering how this will effect the members, or how it will effect ipernity?
As to historically for EUR-USD? You can look at historic exchange rates here:
www.xe.com/currencycharts/?from=USD&to=EUR&view=5Y
If I read that chart right, it looks like in Sept 2021 the USD exchange rate was similar to what it is now, but in between it jumps way up and down. So ipernity income from the U. S. hasn't been stable at all.
Colin Ashcroft replied to :
No problem for me.
David Dahle said: