Mission: Our primary mission is to foster unity, peaceful coexistence, and mutual understanding while benefiting all members. We aim to mobilize human, material, and financial resources to support and encourage both lending and saving among our members. The organization’s purpose is to implement a rotational 12-month savings plan for each member. This plan will help members accumulate funds by the end of each year, allowing them to address unexpected financial needs and prepare for the upcoming year’s financial journey.
Membership
Community Based Group Savings Club, LLC will file taxes annually and, if required, make payments to the IRS in accordance with Section 199A of the IRS Code, which pertains to the Qualified Business Income Deduction. The amount of tax owed will be based on the interest generated each year.
 
Membership Requirements: Membership is open to anyone interested in the organization's activities and committed to being an active participant. To become a member, individuals must meet the following criteria:
A. Be 18 years of age or older.
B. Complete the membership application form.
C. Be willing to participate in the loan program.
Membership Registration and Shares:
Each member is required to pay an annual registration fee of $30 per share, with each share priced at $400 per month. For example, if a member registers for five shares, they will pay a total of $150 ($30 registration fee per share + $400 x 5 shares). A member registering for one share will pay $30.
The annual registration fee for both new and existing members is allocated to cover the organization’s operational expenses. Each membership circle is limited to 150 members, and registration will close once this limit is reached each year.
Registration is open from January 1st to February 28th each year. Members who fail to register within this period will be considered late and will incur a non-refundable late registration fee of $15. Early registration is available from the last two weeks of December through January of the following year.
Membership Termination and Suspension:
Members may resign and return to the organization at their discretion, provided they are in good standing. Upon resignation, a member will receive their accumulated savings but will forfeit any benefits. If a member withdraws their shares before completing the 12-month cycle, they will not be eligible for any annual benefits.
To qualify for benefits at the end of the cycle, all members must complete the full 12-month term and certify that all loan payments are made.
Loan Application
 The organization reserves the right to terminate any member who fails to comply with the bylaws and constitution. Such a member will forfeit eligibility for any benefits.
Loan Application and Disbursement:
Loan applications will be accepted from February 15 to September 15 each year, for both members and non-members, or until funds are depleted. No loans will be issued outside this period unless there is an emergency. In such cases, the administration will determine the interest rate and loan duration.
Applicants must complete a loan application and submit all required documentation. Applications will be reviewed by the administration and approved by the president before disbursement. Members have the option to increase their savings by borrowing multiple times.
Loans will be available only to qualified individuals. Loans to members will carry an interest rate of 10%, while non-members will be charged 15%. Members must borrow a minimum of $1,000 to be eligible for interest at the end of the circle. Borrowing is not mandatory; however, members who do not take out a loan will not be eligible for any interest at the end of the circle.
Section III: Loan: Any non-member seeking a loan must have a member co-sign the application. The co-signer will be held accountable for the loan if it is not repaid on time or at all. In such cases, the loan amount, including any late charges, will be deducted from the co-signer's account.
If a member borrows a loan and fails to repay it before the distribution period, the outstanding amount will be deducted from the member’s account, or the member will forfeit eligibility for any interest.
   Any member who shall recommend more than 3 persons to borrow loan and the loan is paid in full shall earn a 2% bonus for his/her recommendation at the end of the circle.
Late charges on loan 
Any member who fails to repay their loan according to the agreed terms will incur a one-time late fee of 10% on the outstanding amount. Non-members who default will be charged a one-time late fee of 15% on the remaining balance.
The organization reserves the right to take legal action, including filing a lawsuit, against anyone who does not comply with the organization’s loan policies and agreements.
 
Payments and Deposits
The organization’s account is held with Wells Fargo Bank. The account requires the signatures of two authorized signatories: Zaye McClain, Treasurer, and Alphonso Ninneh, Club President. They can be reached at the following numbers:
•Alphonso Ninneh: 443-301-7165
•Zaye McClain: 443-518-6201
All payments to the club should be made by check or money order payable to “Community Based Group Savings, LLC.” After making a deposit, please take a picture of the deposit slip and send it to the contact numbers listed above. Payments are also accepted via Zelle and Cash App.