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Hi Deas,
I think Sue (I think we met in California many years ago (2000?) when I was looking at Diesel 60 # 1C1 which was in the process of being restored ?) and others hit the nail on the head when speaking about the "Fiduciary" duties of the BoD and the need for specialist advice.
I worked as a trustee for a large ($3bn) pension fund for a number of years, and we always needed to consider if everything we did was in the best interests of our scheme members. On the one hand you can't ask members about every single decision, but also you have to make sure that you minimise risk to members funds (in our case their pension!). I think someone else said that they thought the BoD did not associate the $200k with the membership. If that is the case, it almost seems to me that there are two "businesses", one a members club which produces magazines for members, much like the LINK club in the UK, PLUS a model making business which, apart from subsidising the club magazine (if Mikes figures are correct), is independent of the members club.
Just my £0.02p
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