Pool bonds are responsible for almost all of the funding for the community pools in our country. Without the option of selling memberships, fundraisers created pool bonds that offered equity to future members of each pool. While the pools were considered nonprofits, pool bond owners were able to sell their shares and profit from their ownership.
The sale of bonds was typically a simple process but had strict transferring laws that would often force the sale rather than allow families to pass down their ownership. While unpopular for those purchasing bonds, this allowed pools to bring in more funding.
Financially, pool bonds were extremely beneficial, but the tracking process was time-consuming and resulted in an added staff expense to the already high construction costs.
The ability to raise money through bonds made sense in the beginning. Pools were less common but extremely desirable. However, as the construction of pools has slowed, selling equity in them is no longer necessary. Now, pools search for ways to replace that income in order to fund upkeep and maintenance.
A Replacement For Pool Bonds
As the pool bond preference fades out, swim clubs and pools have begun using a one-time initiation fee to replace the bond payments. Instead of ownership, this fee is placed on new members but is limited to the first membership payment. After the initiation fee, members will only have to pay their monthly or yearly membership dues.
This initiation fee provides additional revenue for pool expenses throughout the season, but it is also easier for pool staff to track and manage.
With memberships in place rather than bond owners, pool staff have more opportunities to find a management software that reduces their responsibilities. This software can manage membership and initiation fee payments, access control to the pool or swim club, and more.
eSoft Planner offers all of these functions to take on the time-consuming and money-draining processes of running an organized facility. To learn more about the benefits of management software, schedule a demo, or sign up to get access to one of our many webinars that cover our software in depth.
If you are interested in making some membership tracking changes, schedule a consulting appointment with me at email@example.com, and we can discuss what options fit your needs!