Financial Performance

Emergency Fund (formerly known as Operating Reserve)

The ICC will always maintain an Emergency Fund with a floor of three months budgeted expenses. Three months of expenses will be calculated as follows: Current Year Total Budgeted Expenses / 12 * 3.

The Emergency Fund ceiling will be five months budgeted expenses. Five months of expenses will be calculated as follows: Current Year Total Budgeted Expenses / 12 * 5.

As of March 12, 2023:  Floor: $853,771 Ceiling: $1,422,951 Balance: $42,500

Expansion Fund (formerly known as Development Designated Cash)

The ICC will maintain an expansion fund to build up cash reserves to be used as equity in the purchase or construction of land and/or facilities that will increase the number of members served. If ICC experiences losses that reduce the number of members it can serve, the Expansion Fund may be used to recover some, or all the capacity lost.

Capital Replacement Reserve

The Capital Replacement Reserve is to be used to replace specific equipment when its useful life has ended. Reserve funds may not be used to repair equipment.

Capital Investment Fund (formerly known as Maintenance Designated Cash)

The Capital Investment Fund is available to cover exceptionally large or urgent renovation projects. The ICC (Geoff) has a very long list of renovations to complete at our houses. Each year the Major Maintenance Budget must absorb cost overruns and urgent repairs that mean that planned projects have to be bumped into future years. For the last 4 years ICC spent most of the major maintenance budget on Escher House. That meant planned projects at other houses had to take a back seat. The point of the Capital Investment Fund is to reduce the amount of the budget that is taken up by large or urgent projects so planned projects are less likely to be deferred.

2020-21 Total: $52,376
2021-22 Total: $72,324
2022-23 Total: $62,960

Source: Board Presentation (link)
Note: does not include how many scholarships given or which houses.

Opt-in Contribution: $874.69

Member Scholarships: $675

Source: Rent Manager (General Ledger)
Note: doesn’t include merch sales, individuals donated, individuals scholarshiped (lol)