The rules of the $5-$1 club are quite simple.
If you see an ace you pay $5 to the person hitting the ace.
If you see someone hitting the basket or above chains (Tops of Innova, flag poles, number plates do NOT count) you pay them a $1.
The only time it is not ok to pay someone is if they are emptying their bag, and its not their first shot. If you are playing casually with another player and it gets hit, its worth $5 to see it and talk about it.
I've paid on aces that I barely have seen, someone will throw it and scream, then I'll pay, though I only saw them tee off. Thats me, some people say that they have to either witness the entire shot, or be on the card (if you did not see it, and you are on the card, you SHOULD PAY (not a must, but only because this is totally optional) or feel shame and ridicule for not ponying up!) in order to get paid.
The bottom line is that typically before each round, I'll ask who is in the "51 Club", and if they don't know I'll explain it, or they say yes or no, and you know where you stand!
Atta boy Drew!