Cross Country Investment Club

Presentation, November 2003

At NAIC Club Accounting Site: Member's Only

Presentation, November 2003

Supporting information for November's presentation.

We're Famous: NAIC Writes About Cross Country

Since partners in online clubs can live thousands of miles away from one an-other, operating such clubs can be challenging. Financial issues such as collecting dues, distributing valuation statements and doing the club accounting are handled differently from club to club.


The Cross Country Investment Club has had to implement procedures regarding partners living overseas, says Jeffrey Richer, a founding partner of the club. "All of our money is in U.S. dollars, and our two European partners have checking accounts in the U.S.," he says. All partners must mail their dues checks in by the first of the month to the treasurer, and all statements are posted online with NAIC Online Club Accounting.

Some clubs have no formal meetings, preferring to use e-mail lists to keep in regular communication at a time that suits each individual partner. Other clubs set a regular date and time to meet at an online venue such as a chat room.

The Millennium Investors Investment Club uses e-mail to communicate. "During the first two weeks of every month, members can submit companies for discussion," says founding partner Michael Walter. "We discuss them during the last two weeks of the month. We vote up to the last day of the month, and on that day I go online to our broker to make the purchase (that won the vote)."

The Cross Country Investment Club uses both e-mail and chat rooms to communicate. "We have a private list server set up, and we all can post messages and respond to it at will," Richer says. "Because of time zone differences, sometimes a response from all of us takes time. We try to have a scheduled chat every two months or so, on a weekend. That might be for up to two hours."