Notice of Proposed Rule Change
ADMINISTRATION 60-5601-2 Credit Card Processing Fees PLEASE TAKE NOTICE that at a duly held meeting ofthe Board of Directors conducted on Oct. 22,2024, the Board approved to send out the following proposed rule change to the membership for 28-day review.
The proposed rule change will be reviewed by the Board for adoption on Nov. 26,2024.
Key Changes of Proposed Rule Change: It is proposed that the GRF pass credit card processing fees on to the credit card holder. The credit card processing fee will be calculated as a fixed percentage of the total transaction amount and clearly itemized in the receipt for all applicable payments. These include assessment payments, service fees, membership fees, event ticket sales, and other GRF-related payments with the exception of advertising sales/sponsorships generated by the GRF Communications Department.
Purpose and Effect of the Proposed Rule Change: The Golden Rain Foundation (GRF) incurs costs associated with processing payments made via credit card. To avoid absorbing these costs into general operating expenses, it is proposed that the GRF pass these fees on to the credit card holder. The credit card processing fee will be calculated as a fixed percentage of the total transaction amount and clearly itemized in the receipt for all applicable payments. These include assessment payments, service fees, membership fees, event ticket sales, and other GRF-related payments with the exception of advertising sales/ sponsorships generated by the GRF Communications Department. Note that the credit card processing fees for payments related to advertising are built into the advertising rates.
There will be a positive fiscal impact as GRF will no longer be absorbing credit card processing fees. This shift will result in a reduction of operating expenses, as these fees will now be paid directly by the credit cardholder.
The financial benefit will support GRF’s goal ofmaintaining transparency and fiscal responsibility.
PLEASE TAKE FURTHER NOTICE that, Association members owning 5% or more of the separate interest in the Association may call a special vote ofthe members to reverse the proposed rule change by delivering a written request to the Association for said vote within the 30 days after the delivery of this notice.
Not less than 35 days, nor more than 90 days after the receipt of a proper request for a special vote on the proposed rule change, the Association shall hold a vote ofthe members on whether to reverse the proposed rule change. As soon as possible after the close of voting, but not more than 15 days after the close of voting, the board shall provide the members with general notice ofthe results ofthe member vote on the proposed rule change.
