Though no one associated with the LMH would ever want it to be sold, the Tennessee Code requires Club Payne to have a formula for Dissolution Rights. In short, a way of dividing up the money in the event the property ever has to be sold.
Our new Bylaws call for calculating these rights according to Total Aggregate Giving, or TAG.
TAG is very simple. It is a record of the totals each Club Payne Member has donated since 2009, whether through Dues or any other Donation (usually donating when funds were low).
Though most of the family has not been aware, we have not been generating enough money for Lone Mountain for a few years. After dues are collected each year, we almost always run short before year’s end. There is always someone who steps up to pay the bills. The problem is that the additional donations did not count in any way toward their own equity in the house.
No one gives to Lone Mountain for investment purposes, but it has been increasingly hard to ask members to contribute more money without offering something in exchange. Our New Bylaws have changed that. Now, not only will members acquire more ownership interest with each dollar they donate, but the house will more naturally remain in the hands of those who care the most about it.
The low entry cost of Membership, $25, also allows younger family members to get vested early and watch their ownership portion grow over time.
The current TAG Chart (pictured) is correct to the best of our knowledge. If you feel there are any errors or omissions under your name, please let us know!