If a member’s card processes for any level of membership NTi pays a merchant fee like any other company would for credit/debit card tfransactions. If a member does not cancel PRIOR to their renewal, and THEN wants a refund, there is a second merchant fee assessed to NTi when the membership investment is refunded… both those fees are at the expense are applied to the member and not NTi. There is NO contract to be a member of NTi and members may cancel at any time. As such, it is the member’s responsibility to cancel prior to renewal. However, if they do not cancel before renewal, a refund is permissable, but this merchant fee is applied the the refund is the difference between the full membership investment minus the stated merchant fee for the respective membership level.
If there’s one question that is as deserving of an answer it’s this one, but it also requires a good amount of explanation. Like any business there is a cost to do business; we will do our best to provide a thurough explanation suffient to please the most inquisitive mind. However, it is equally important that each member share in the desire for NTi’s financial success; as much as we want yours. For, let it be known that, if we do not deeply desire and strive for each other’s success than neither member nor organization can ultimately survive together.
At the time of this explanation, February 2020, total monthly operating expenses, including employee salaries exceeded $13,663, and that is just a minimum. Currently, we have 250 monthly paying members; at $30/month, that’s a monthly gross revenue of $7,500; which leaves a deficit of $6,163 PER MONTH! That deficit gets made up of Annual renewing memberships and new memberships on all levels.
Though not exhaustive, here’s a small list of NTi’s business expenses:
fanplicity (web development, graphic design, and FanZooma)
Mobile App Hosting
Additionally, NTi is structured as an S Corporation with tax liabilities both state and federal plus all state and federal business license fees.
No less significantly, we are one of the only, if not the only, networking organization that shares so much of our revenue with our members through the New Member Incentive Program and the various contests we offer throughout the year — this adds up to thousands of dollars each and every year.
Finally, our philanthopic efforts are second to no one! We financial support charitable organizations whenever possible — just ask organizations such as Fostering Hope or Volunteer Ministry Centry or Kingdom Design, but we do hope to be able to give so much more one day soon. Please don’t think we are satisfied with the meager amounts we donate today… as NTi grows, so will our support for local charities. We will also continue to support the fund-raising efforts fo our own charity, NTi Cares. Believe us, THERE IS MORE TO BE DONE!
It is the hope of our founder and president, Mr. Rich DeForest, that each and every member has a better understanding of just where all that money goes. At the moment, there is simply not enough to go everywhere it needs to, but we are hopeful that we have increased the level of trust you have in the leadership of this great organization for the benefit of all.
For more, feel free to contact Mr. DeForest directly at rich@NetworkingTodayIntl.com.
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