Page 77 - VCC 2022 Capital Plan New Binded

with prudent business practices. Operating assessments shall not exceed Five Hundred and
00/100 Dollars ($500.00) for Equity Members and SIX HUNDRED and 00/100 Dollars
($600.00) for Associate Members. All other operating assessments may be levied only after
approval by two-thirds (2/3rds) of the voting Members present at an annual meeting or special
meeting of the membership called for the purpose of considering such recommendation by the
Board.

5.4. Payment Terms. All fees, dues, charges, deposits and assessments are due and
payable immediately upon receipt of billing assessment by personal check or credit card only.
Any Member who fails to pay the statement of account on or before the close of business on the
20th day of the month in which the statement is received shall be considered delinquent.

5.5. Late-Fee Charges. A late-fee charge as set by the Board from time to timeof Fifty
Dollars ($50.00) shall be levied by the Club for each month or portion thereof that a Member's
account remains delinquent. On the last day of the month following the month in which the
account is deemed late, the Club shall send a letter notifying the delinquent Member to show
cause before the Board, not earlier than fifteen (15) days from the date of the notice, why the
Member should not be suspended for non-payment of the account. However, the Board will
allow Club Management to communicate with the delinquent Member and try to resolve the
delinquency and prevent further action by the Board. Any Member who is delinquent three (3)
times (meaning the Member has received three (3) separate thirty (30) day written late notices of
non-payment), within any twelve (12) month period shall be fined an amount determined by the
Board, will be deemed financially irresponsible, and thus subject to suspension or expulsion.

5.6. Returned-Check Fee/ Convenience Fee. There shall be fees as set by the Board
from time to time for any a Fifty Dollar ($50.00) charge for checks returned for insufficient
funds. Any Member giving or endorsing a check to the Club which is not paid on presentation
will be notified of such non-payment. If the amount of the check is not paid to the Club within
ten (10) days from the mailing of the notice of non-payment, the Member will be suspended
forthwith, without further action, from all Club privileges until the amount of the check is paid.
Written notice of such suspension will be immediately given to the Member, including the
reason for such action. In addition, the Board shall set and charge a convenience fee for any
amounts paid by credit card by a Member.

5.7. Facilities Unavailable. Even though certain Club Facilities are unavailable for
membership use due to fire, casualty or other similar occurrence beyond the Club's control, the
membership will continue to be liable for the timely payment of all dues, charges and
assessments.

5.8. Capital Expenditure Limitation. Any capital expenditure, other than repair or
maintenance of existing facilities or those items deemed an emergency by a vote of the Board,
exceeding One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) shall require approval by
a majority vote of the voting Members present at a regular or special meeting, and constituting a
quorum.

5.9. Other Charges. The Board shall have the power to establish fines or other appropriate

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