- 13 - FINANCES 1) An admission fee is levied when membership of the Club commences. All categories of members (Full Members, Overseas Members, Evening Members, Daughters & Sons) are required to pay the same one-off admission fee, which is invoiced to each new member upon acceptance of his application. Payment is due within 30 days. 2) The Club’s fiscal year runs from Januar 1 through December 31. Annual subscription fees are levied for each fiscal year and invoiced at the start of each year. Invoices are payable within 30 days. Where membership is granted during the course of a fiscal year, proportional subscription fees are levied to cover the remainder of the current fiscal year. Annual subscription fees cannot be paid by credit card. 3) The Committee of the CLUB BAUR AU LAC sets both the admission fee and the annual subscription fee per member and fiscal year. Pursuant to a court decision by the Swiss Federal Tax Administration (FTA), sales tax (value-added tax) is payable on the admission fee and the annual subscription fees. 4) Overseas Members (whose permanent domicile is outside Switzerland), Evening Members (who attend the Club only after 6:00 p.m.) and Daughters & Sons (aged 25 – 30 years and with at least one parent who is a member) pay a reduced
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