Membership is extended to Accredited Investors (as defined in Regulation D of The Securities Act of 1933) with sufficient net worth to be in a position to provide investment capital to promising companies. Members should have the business acumen to mentor the management of these new businesses and be willing and able to participate in NBA activities, such as screening and organization management. There is no obligation for a member to make any investment of capital or time, and the decision to do either will be completely voluntary by the member.
Members are encouraged to bring qualified investment opportunities to the NBA. The Membership Committee screens prospective members for qualifications.
The NBA permits a minority of its members to be service providers, such as attorneys, accountants, financial advisors and consultants. In addition, corporate members or corporate sponsors are permitted to send representatives to meetings. Members may bring a limited number of guests they believe are appropriate attendees as prospective members or persons who may contribute to the working of the NBA.
For many years, the active membership of the NBA has fluctuated between 40 and 55 — a substantial group. The membership is a diverse group of successful business men and women including former company CEO's (both public and private), venture capitalists, attorneys, private business owners, inventors, CFO's, real estate executives, and many other business management professionals.
The NBA believes that the vast management expertise and network members bring to promising companies is as important as their financial support. Often NBA members assume direct company responsibilities (i.e. Board of Directors, interim management role) concurrent with their investment in the company. Members have also been crucial in facilitating a quality flow of prospective deals to the NBA.
Cost of Membership
There is a one-time $575 initiation fee for the first year. Thereafter, the annual fee is $500. For every business dinner meeting a member attends, $40 is collected. This contribution, as well as the financial support provided by the NBA Corporate Sponsors, is used by the NBA to cover administrative costs, clerical staff, rental space, and the like. None of the NBA committee members are paid for their time, though they are reimbursed for their out-of-pocket costs.