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All income revenue streams for the member connect in this module: payments for performances, licensing fees, royalties, dues, commissions, overrides, sponsorships, loans, grants, donations, etc. Each transaction is linked to the contractual agreement, pre-use license, or EULA related to it for quick reference, and all parties within these agreements are linked to it as well. The intention behind this is to create as transparent environment as possible for transactions to occur honestly and completely, creating a much needed aura of trust and teamwork, so that the buying and selling of services and creative works is not a distraction to the higher purpose of making music.
Expenses are tallied and recorded in the same way as income, with appropriate tax reporting done and any other legalities accounted for. Tax preparation is automated and automatic using the latest tax preparation software versions for any given year.
Enrollments into MGN health care plans, insurance policies, retirement accounts, stock portfolios, etc. are all kept track of within this module. MGN capitalizes on the strength of numbers in the community to negotiate health, auto and property insurance for its members, as well as retirement account options and MGN and vendor-partner stock portfolios.
With MGN banking partners, members are able to earn credits for using MGN credit and debit cards, with seamless integration into the MGN currency system, so a debit/credit card can also draw from its balances in that realm where applicable. If a member shops at another member's music store, for example, and that music store member accepts MGN credits, the member customer can pay or partially pay for their purchases using their credit/debit card.
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