Building Lifelong Relationships - NUSS

PG nuss
annual report 2006
5.5 Mr Tay replied that based on the current financial position of NUSS, the MC would not be able to consider this matter.
However, if NUSS’ finances were to improve in future due to increased membership and revenue, then future committees
could consider this matter as it appeared to enjoy the support of many members present at the meeting.
5.6 Mr Lai Kim Seng (Mr Lai) (L2353H) added that while there would be a loss of some facilities at Kent Ridge Guild House
during the upgrading period, the MC had made alternative arrangements for members to use facilities in the vicinity, such
as at the NUS Sports & Recreation Centre and the new NUS High School. In addition, Singapore Polytechnic Graduates’
Guild would allow members to use their facilities under a reciprocal arrangement.
5.7 Mr Low Siew Aik (Mr Low) (L4882A) enquired on the implementation date for the transferability of membership.
5.8 In reply, Mr Mohan stated that the proposed constitutional amendments after approval by the House would need to be
submitted to the Registrar of Societies for approval. Upon approval, they would become effective on payment of the
requisite fees to the Registrar of Societies.
5.9 Mr Low commented that if he sold his transferable golf club membership at market price to a buyer, the buyer would not
need to pay any transfer fee. He could not reconcile the need to pay a transfer fee for a transferable membership.
5.10 Mr Tay clarified that there would be a base transfer fee of $2,000. At that price, it would effectively mean that from March
2006 to March 2007, no member would be able to sell his or her membership. Beyond March 2007 and with an entrance
fee of $3,000, there would also be very little incentive for members to sell their transferable membership in the open
market.
Mr Tay said that the intention was to increase the membership to as close as the 15,000 target as possible by March 2007.
And beyond March 2007, the focus would be on the new graduates who would join at $2,000 and, as such, they would
not buy a membership from the open market. On the other hand, other graduates who did not join within three years of
graduation and who wished to join would try to buy their membership from the open market at a lower price.
Mr Tay emphasised that the entrance fee was currently capped at $5,000 because NUSS would like to welcome as many
graduates as possible into its fold. He added that while the ceiling could be raised in future, it should not go beyond say
$50,000, which would make NUSS exclusive such that other than fresh graduates, other eligible graduates who did not join
earlier would find it difficult to join and be excluded.
In reply to a further question from Mr Low, Mr Tay conceded that the transferable membership, under the current cap of
$5,000, would unlikely be sold for more than $2,000 after accounting for the $2,000 transfer fee and broker’s commission.
5.11 Mr Ernest Tan Kwan Boon (Mr Tan) (T3070G) was worried about the declining membership which was not in sync with the
growing graduate population and the improving economy in Singapore. He added that NUSS should not position itself in
the same class as some clubs and that it was important to evaluate other solutions and to focus on improving the general
membership.
5.12 Mr Mohan thanked Mr Tan for his comments and noted that while the graduate population was growing, there was
competition from other clubs and societies for membership. He emphasised that members should actively participate in
the membership drive and that if every member could each recruit one new member, the impact would be fantastic and
would go a long way to help solve NUSS’ current problems.
5.13 Dr Francis Pavri (Dr Pavri) (P2086A) was concerned that there could be some new graduate members who had no intention
to remain in NUSS but who joined because they could sell their $2,000 transferable membership later in the open market
for a profit.
5.14 Mr Tay reiterated that transferability was not intended to allow members to profiteer from selling their membership on the
open market. As mentioned earlier, no one would buy a membership for more than $5,000 and after taking into account
the transfer fee and broker’s commission, the maximum amount any member could make would be less than $1,000,
which would not be attractive. In any case, transferability would have helped to attract one more member for NUSS.
5.15 Dr Pavri highlighted that members who were 50 years and above comprised 20% of the membership while those
below 29 years comprised only 2%. He added that many undergraduates were probably not aware of the existence and
objectives of NUSS. He asked whether there were any plans to tap into this important segment.