November 21, 1990
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 54-90
RE: Proposed New Dues Schedule
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As you know, over the past several weeks we have been
reviewing the formula that has been used for several years to
compute Institute dues for UIT sponsor members.. John Van
Heuvalen of Dean Witter has spent a considerable amount of time
analyzing our current dues formula and looking at ways to make it
more equitable.
John is recommending a revised dues formula that would
establish a minimum dues amount of $15,000 and a maximum amount
of 16% of the total dues assessed by the Institute. The
rationale for the minimum dollar amount is based on the fact that
dues for bank trust members has been $15,000 for the past two
years. We believe that regular UIT members should pay dues that
are at least equal to the bank trust members. The 16% maximum is
recommended so that the larger members will pay a more equitable
proportion of the total dues assessed.
We have attached a schedule that shows what each UIT
sponsor-member has been billed in dues for the past three fiscal
years plus the amount for Fiscal Year 1991, using the recommended
change to the formula. We believe the new formula provides an
equitable sharing of our commitment to the Institute.
After your review, please indicate your acceptance or
rejection of the proposed change in the dues formula by signing
the enclosed form and returning it to the Institute. If a
majority of unit investment trust sponsor-members do not approve
the change we will continue to use the formula that is currently
in place. The form should be returned by December 1.
If you have any questions please contact me at 201-902-
6800.
Robert E. Holley
Chairman
UIT Standing Committee
Enc.