Edit Member Profile

This page allows you to Edit or Change your personal information.

If you have the 'Edit member profiles and permissions' selected, you will also see the Member Position and Permissions section, which allows you to add or change the permissions available to you.

Member's Current StockWatcher Duties

If you have been assigned stocks on the StockWatcher Assignments page, those stocks will be listed here. You can go directly to the Prepare StockWatcher report, or to check StockWatcher Assignments

 

Personal Information

This includes name, email, SSN, Partner Entity, Entity Name, and options for marking a custodial account.

The check-box for Foreign Partner has been replaced with the more full-featured "Partner Entity" and "Entity Name" fields. The default option for this menu is individual, since most club members are individual members.

In addition to Individual, you can also choose:

  • Corporation
  • Estate of deceased partner
  • Elligible Foreign Entity / Foreign Partner
  • Trust
  • S-Corp

If an entity other than Individual is selected and a name is entered in the Entity Name field, the entity name will be used on Withdrawal Reports and on Federal and state tax documents. The partner's first and last name will be used on most other myICLUB.com reports, such as the Member Status Report.

Additionally, We have added the ability to select the account as a custodial accoun. Currently the options available are UGMA and UTMA, both normally used for minors. If you select one of these options, you must also select a Custodian. The selected custodian must already be listed on the People page of the club, either as a regular member, or under the Visitors section.

Our system does not track member ages, so when the minor passes the age of majority, the treasurer or other officer must manually change the Custodial Account drop-down from UGMA or UTMA, to Not Applicable.

A note on Trusts:

If any partners in the club are trusts, then the partnership will not be able to opt out of the IRS's Partnership Audit Regime. In case of an audit of the club's books, the Partnership Audit Regime rules allows the IRS to collect penalties or past liabilities from current partners instead of from those who were partners when the tax liabilities were generated. In order to protect current partners from any past mistakes that may have been committed by former partners, many investment clubs opt out of the Partnership Audit Regime on their annual IRS tax returns. However, partnerships with trusts as members are not permitted to opt out of the Partnership Audit Regime.

A note on foreign partners:

A foreign partner (as defined in Section 1446(e)) is any partner who is not a U.S. person, as defined in Section 7701(a)(30). As such, a foreign person includes a nonresident alien individual, foreign corporation, foreign partnership, foreign trust or estate, or a foreign organization described in section 501(c). A partnership must determine if any partner is a foreign partner subject to Section 1446.  
Partnerships with foreign partners are generally required to make Section 1446 withholding payments. If a partnership has taxable income that is allocable to a foreign partner, the partnership must report and pay a withholding tax under IRC Section 1446. This withholding must be paid regardless of foreign partners’ ultimate U.S. tax liability and whether or not the partnership makes any distributions during the year.
The myICLUB.com accounting site and the myICLUB.com Tax Printer do not support foreign partner withholding or reporting, so clubs with foreign partners must manually prepare required forms that accompany withholding tax payments and annual tax returns. U.S.-based clubs with Canadian partners may refer to this document for assistance in complying with IRS reporting regulations.

Permanent Address

Space to fill in your mailing address, as well as a link to form 8822-B, which needs to be sent to the IRS when a new treasurer is selected for the club.

 

Contact Information

Includes space for two personal phone numbers, an Emergency Contact name, and Emergency phone number

Member Position and Permissions

The Role: drop-down menu is cosmetic, and does not automatically add or remove permissions.

Manage Treasurer Duties

Record accounting information / receive renearenewal notices - This covers entering any transactions, and indicates that the member will receive renewal notices for myICLUB.com

Manage Club Details and Members

  • Modify club name and settings - Settings include using time based earnings distribution, how to handle year end allocations, etc.
  • Invite and eject members - Controls whether someone can send an invitation, or make someone inactive
  • Edit member profiles and permissions - Controls whether someone can see and edit these options for another member

Manage Voting, StockWatchers and Watch List

  • Create and delete ballots - This gives you the ability to create ballots on the Voting page
  • Edit Watch List and StockWatcher assignments - This allows you to
    • Clear the Watch List.
    • Change the date of any stock on the Watch List.
    • Reassign the stock on the Watch List to another member.

Manage/Access Message Board

  • Access membership discussions - Controls if a member can see the full text of a message posted on a message board
  • Post to message boards - Controls the ability to post to all club message boards
  • Delete messages posted by others - Controls if a member can delete a posted message from another club member
  • Create and delete message boards - Controls the ability to add or remove message boards

Manage/Access File Storage

  • Upload files - Controls if a member can add files to the file storage section.
  • Delete files - Controls if a member can remove files from the file storage section, that other members have uploaded. (All members can delete files that they personally have uploaded.)
  • Create and delete folders - Controls if a member can add or remove a folder in the File Storage section.
  • Make files public - Allows you to select files to show on the club's public file storage page. This public page can be accessed by anyone that you give the link to.

Manage Calendar

Create, edit and delete events - This allows you to add/edit/remove events from the club Calendar page. Note that this only applies to events created by club members. Portfolio events such as dividend information, and Global events from ICLUBcentral can be hidden, but not edited.