Reduction in Club Dues for Coming Financial Year

The Fisher Island Club has just announced a 10% reduction of the Club dues for the coming financial year. Dues for Equity Members will fall from the current level of $20,330 to the new level of $18,300.

In addition, the club is instituting the option of payment of the dues in two installments - the first installment of $10,000 (including sales tax of $1,281) is due by September 30th this year and the second installment of $9,581 is due by January 31st 2010.

The club are also reversing the policy of levying full interest charges for those who choose to pay in two installments. Instead, the Club will only charge a minor financing charge of $120 to be added to the second of the two payments for those who pay their dues in two installments.

This reduction in dues comes on top of the deferral of $6,684.60 in Master Plan Assessment payments for those members who have chosen to take advantage of the abatement plan announced earlier this year. This brings a total reduction in excess of $9,000 in out-of-pocket outlays to the Club in the 12 months from June 2009.

Furthermore, management has implemented significant price reductions in all catering venues.

The Club's management team, the Finance Committee and the Club Board recognize the imperatives of having an efficiently managed club, a responsible dues policy and sensitivity to the current global economic climate. We have all been working hard to find ways to reduce Club dues. This year's reduction has been achieved through a combination of savings in our insurance bill, a staff reduction program, much more efficient utilization of remaining staff and re-negotiation of some of our major supply contracts.