Identify the admission fee that is paid only once by a person to become member of a Not-for-Profit Organisation. (
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Shift 07/06/2023 3:30 PM - 6:30 PM
Correct Answer
Detailed Explanation
Entrance Fees
An entrance fee is a one-time payment made by an individual when joining an organization. Once paid, the individual becomes a member of the organization and is not required to pay this fee again.
How is it different from subscription fee?
This fee is distinct from subscription fees, which are periodic payments made by members to maintain their membership and receive ongoing benefits. Life membership fees typically involve a lump-sum payment that allows an individual to be a member for their entire life.
How is it different from Legacies?
Legacies refer to money or property left to an organization through a will. Therefore, the most appropriate option in the context described is the entrance fee.
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