Read a letter from the Board President about the rate change. 1. Why is the rate increasing for Magnet Membership?
As Magnet is a volunteer and non-profit organization, member rates are the main source of revenue to drive the success of the group. The rate increase is part of a larger initiative of Magnet to help serve our members more effectively by offering a wider variety of event types and member benefits.
By increasing the rate for 2015, members will have access to more member-only events and opportunities that advance their careers and development. We want to bring you MORE in 2015.
2. What was the membership cost before?
$50.00 a year.
3. Why should I pay more for a Magnet Membership?
The short answer is that your membership will offer you more benefits in the coming year. Just attending 3 events a year as a member will cover the costs of membership.
For a bit more detailed answer, let's look at a few key areas that will benefit you directly:
Magnet has always offered some form of discount to members who attend our events. It's a membership benefit we feel very proud of. However, we think we can do better.
Right now if you're a member of Magnet, you might save about $10-$20 on a single event, which at the current membership rate is a pretty good deal. However, savings aside, you're still spending something to attend that event (on average, $30) and that event cost is contributing to the overall cost for you to be a Magnet member. It's this cost we believe detracts some Magnet members from attending events and therefore is in need of attention.
By raising membership rates it affords us the ability to actually eliminate or substantially discount a member's cost to attend an event. We plan to make the pricing difference between members and non-members to attend an event more substantial, in favor of the Magnet member. We expect to keep your overall cost down while still offering you a membership that will pay for itself after you attend just three events.
If you use the "Bring a Guest" membership feature it will actually pay for itself in half that time. Additional savings can be had if you choose to partake in the other member benefits outlined on our website. (LINK TO MEMBER BENEFITS PAGE).
Magnet has had some amazing events throughout its ten-year history. Most new members of Magnet are surprised that we have regular events focused on social, community involvement, and professional development. But, we believe this is an area we can improve. We want to offer Magnet members an even wider variety of events that provide amazing professional and personal development and key connections in the area.
In anticipation of the change, Magnet has already started broadening our efforts in this department. For example, Magnet is spearheading Madison's portion of a state-wide week of events in April of 2015, dedicated to young professionals called YP Week. It's the first of its kind in the country, and being a Magnet member puts you right in the front row.
Better Networking Opportunities
The improved events draw more talented people in Madison. For members, this translates to better connections with other young professional leaders in our community.
Finally, it's worth mentioning that if you're a student, we are offering a special membership price of $30/yr.
4. What are the costs of other young professional groups in Madison?
Similar organizations in the Madison area range from $125/yr - $350/yr.
5. If I renew by December 31, 2014 can I take advantage of the current rate?
Yes. Memberships purchased before December 31, 2014 will be available at the current rate of $50.00. All memberships are valid for one calendar year from the date of purchase and receive the same features and benefits as memberships purchased before or after the December deadline.
It's worth noting, if you are a student, we recommend waiting to purchase your membership until after January 1, 2015, as your membership cost will go down to $30/yr instead of the current $50/yr rate.
6. What are the different options for Magnet Membership in 2015?
Magnet is going to offer three membership types:
Student Memberships ($30/yr)
- Same benefits as professional membership, but discounted for students
- Students must provide a valid student ID from an accredited educational institution
Professional Membership ($120/yr)
- Access to member-only events
- Discounted or free admission to all Magnet events
- "Bring a Guest" benefit that allows you to bring a guest of your choosing to any Magnet event for free (or at the same discounted member rate)
- 1 year subscription to Madison Magazine ($20 value)
- Club 201 (Madison Symphony) discounted tickets
- Free/Discounted Admission to Madison Museum of Contemporary Art (MMoCA) Events
- Discount on Madison Club membership
Corporate Membership ($350/yr)
- Same benefits as professional membership
- Good for three (3) transferrable memberships
- The Magnet membership is in the company name, not an individual’s name. This means that the company may choose to allow any of their employees to attend Magnet events.
- Each of the three memberships under the company name, may also utilize the "Bring a Guest" benefit for a total of six (6) attendees as part of the corporate membership
7. How do I sign up or renew my Magnet Membership?
You can signup or renew your membership on the Magnet website:
You may also join or renew in person at any of the Magnet events.
8. How does the "Bring a Guest" membership benefit work?
Bring a Guest allows any Magnet member to bring a guest of their choosing to a Magnet event for free (or at the same discounted attendance rate as the member). There are no limitations on who you choose to bring. It could be a friend, relative, or co-worker. You may choose a different person for each Magnet event, and your guest will not be limited in the number events they are allowed to attend with you. You are, however, required to attend the event with your guest.
9. Where does Magnet spend its money?
Magnet is a volunteer-run and non-profit organization. The Magnet Board of Directors, committee chair members, and committee members are all volunteers and therefore do not get paid a salary of any kind. Magnet has, from time-to-time, hired temporary contractors to aide our volunteers in various administrative tasks. In those cases, the engagement is for a limited term. Beyond the aforementioned costs and other operational costs, the remainders of the funds are solely dedicated to our events and the fulfillment of benefits to our members.