Should initiation fee be refundable?

[dee6167]

I have a new startup (Private Club) and in the process of securing investors, location is picked out, website up, but Advisory Board can't decide if the membership initiation fee should be refundable. We agreed to pre-register our first 50 founding members. The initiation fee will be applied to annual membership cost ($2,000/yr) when we open, but if we don't for some reason, (death or something else unforeseen) should all or a percentage be refundable? Again, we're a startup and funds are limited, the idea was to use these funds for additional startup expenses and get some leverage with investors and banks. Any suggestions on how to handle this fee?
Thanks

[CAbusinessman]

I've never been a fan of fee's, when I got in I paid a one time membership which was only a couple hundred bucks and they offered a guarantee in 6 months if I haven't made at least a 1000$ they'd write me a check for the difference.

Convinced me further that the company is solid (always check better business bureau though, make sure their members) and it took some of the start-up stress away. Within my first 2 weeks I made that and I haven't left the company yet.