In case anyone else is interested, I just waited on hold for 20 minutes with the N. American call center to ask the Executive Club folks this same question. When I finally got through the CSR couldn't find the answer and had to put me on hold to go find a manager. Was on hold for 10 more minutes as they tried to figure it out.

The verdict:
Within 3 days of check in, you forfeit the points.
If cancel online, $40.
If call them and cancel, $60.

If all of this information is on ba.com, I wasn't able to find it (did see info on the $40 but none of the other stuff)...