Please Note: This page is intended for holders of unreimbursed, legacy membership bonds at Village West Pool.
As noted in a letter and email to our legacy bondholders in February 2017, our records indicate that 362 mostly former members hold bonds totaling $176,585. This outstanding balance constitutes a significant financial challenge for a non-profit, community-run pool club, especially as VWP is facing more than $300,000 in chronically overdue repair and improvement costs during the next several years.
To resolve the outstanding bond balances, we have created the following three options for our bondholders:
Option One. Bondholders may donate their bond to the Village West Vikings Swim Team, which split into its own corporate entity effective 1 October 2016 and is a public charitable organization under section 501(c)(3) of the Internal Revenue Code. You may deduct this donation on your federal tax returns for the year in which the donation was made.
Option Two. Alternatively, bondholders may use the value of their bonds to pay for a membership at VWP. Depending on the bond value and the composition of your household, your bond value may account for over a year of membership dues. You can review our current membership pricing structure on our website here.
Option Three. For bondholders who still seek cash reimbursement for their bond, they can indicate this to the Executive Board and enter onto a waiting list for reimbursement.
The amendment to our bylaws mandates that the Executive Board budget $3,000 per year for bond reimbursements, although this amount can only be used if our income exceeds our expenses in a given fiscal year and if bond reimbursements do not cause VWP to become insolvent.
Bond holders on the list would be paid in order of their bond numbers from lowest to highest (oldest to newest) – i.e. bond number 1 would be paid before bond number 2.
Any bond reimbursements would occur at the end of a fiscal year (September).
$3,000 is equivalent to about six bonds, meaning that this option is not going to be realistic for most bondholders.