Past Members

19 past ICC members who moved out before Fall 2025 owe a collective $31,684.62. Four of those members are in active repayment.

Current Members

As of 2/28/2026, we had 23 members with outstanding ICC charges for a total of about $16,000. Approximately half of the outstanding charges are from members on payment plans.

The ICC maintains 6 reserve funds: our Emergency Fund, A.K. Stevens Expansion Fund, Luther & Joan Buchele Sustainability Fund, Capital Replacement Reserves, Capital Investment Fund, and the Alumni Fund. You can read more about our reserves policies here.

Current Reserve Balances are accurate as of February 28th, 2026. This is updated roughly every 3 months.

Audited Reserve Balances are accurate as of April 30, 2025. This is updated each year after we complete our annual financial audit, typically in September.

Reserve Fund	Current Balance (2/28/2026)
Emergency Fund	$516,010
A.K. Stevens Expansion Fund	$289,476
L&J Buchele Sustainability Fund	$7,380
Capital Replacement Reserves	$0
Capital Investment Fund	$3,300
Alumni Fund	$26,285

Reserve Fund	Audited Balance (4/30/2025)
Emergency Fund	$499,748
A.K. Stevens Expansion Fund	$209,319
L&J Buchele Sustainability Fund	$0
Capital Replacement Reserves	$35,239
Capital Investment Fund	$48,531
Alumni Fund	$40,546

SBA EIDL Loan

This loan is through the Small Business Administration, taken out during the pandemic as part of the pandemic relief aid given to small businesses. Instead of having a balloon payment, this loan is broken out into equal monthly payments over 30 years – similar to a conventional mortgage. We also have a very favorable interest rate of only 2.75%, with a starting loan principal of $2 million. The loan will be paid off in 2051.

At current interest rates, we earn more in interest by investing the money rather than paying our debt off faster than required. We increased the amount we borrowed on this loan in 2022, from $1 million to $2 million, in order to have extra cash on hand when we refinanced the Comerica loan in July 2025 (see next section).

Our payments on this loan are $8,731 / month (or about $21 per member per month)

Comerica Loan

The ICC has a mortgage loan with Comerica secured by Escher House. This was initiated in 2013. In 2020, ICC added $1.4M to this loan to increase our cash flow and be able to pay bills and send out share returns that we were behind on. Prior to 2020, the ICC was already in a precarious financial position, so this was necessary to maintain operations.

After the addition, the loan balance was about $2.8 million, with a 3.17% interest rate, with a 5 year term from 2020-2025, amortized over 25 years. What that means is that instead of payments being made equally each month to pay it off in in 5 years, our payments were lower, as if the loan were stretched out over 25 years, then it had a “balloon payment” due at the end of the loan term (July 2025). The balloon payment due in July 2025 was about $2.45 million.

In July, we had three options:

1. Pay the entire amount due, which we didn’t have the cash on hand to do (not really an option),
2. Refinance the loan, where we take out a new loan to cover the amount owed for the balloon payment, or
3. A mixture of the two options, where we put some money towards the loan balance and refinance the remaining portion.

Since we didn’t have sufficient cash on hand to pay the whole balance and interest rates were high, the best option was to pay what we could afford to ($1.1 million) towards the principal and refinance the remaining $1.35 million at 6.45% interest. With a lower principal (the amount of money loaned to us), the interest charged will be lower (since it’s a percentage based on the total amount we owe), saving us money over just refinancing the whole amount. The refinanced loan has the same structure, where the loan is spread across 25 years, but it has a 5 year term with another big balloon payment due in 2030, and we’ll need to make the same decision again (pay off, refinance, or reduce the loan). Without significant increases in revenue or decreases in expenses, we will likely have to refinance the entire balance in 2030 ($1.22 million).

Our payments for this loan are roughly $9,160 / month (or about $22/member per month).

MLK Scholarships

This was the first year piloting the guaranteed $40/month scholarship for Income Qualifying student members!

Spring/Summer 2025:

We received 30 applications and awarded scholarships to 24 of those members. The applicants not awarded scholarship were primarily members who were enrolled in spring/summer classes and received grants that exceeded their tuition and housing costs for the term, and were not eligible for the IQP guaranteed minimum scholarship. 9 applicants received $40/month, 7 applicants received $150/month, and 8 applicants received the maximum award of $260/month.

Fall/Winter 2025-26: Switched to sliding scale instead of tiered $40/$150/$260 awards.

# Applications Received: 67 prior to deadline, 6 after deadline

Over 80% of applicants were IQP-eligible, about 60% in-state, and about 60% undergraduates.

The median award for all applicants was $76/month; the median for IQP-eligible applicants was $85.50/month, and the median for non-IQP-eligible applicants was $54/month.

The median out-of-state applicant award was approximately $90/month, while the median in-state applicant award was $54/month. Most in-state IQP-eligible applicants received sufficient funding from their university that they received only the guaranteed minimum award.

Bridge Scholarships

Spring/Summer & Fall/Winter 2025-26: As of 3/5/2026, we have received 9 Bridge scholarship applications, and awarded a scholarship to 7 of those applicants. The median award so far is $500.

Solidarity Scholarships

FinCom awarded 11 Solidarity Scholarships in Spring/Summer. In Fall, we received only 3 applications and awarded scholarships to all three. FinCom then made the decision to transfer administration of the Solidarity Scholarship to the Diversity and Justice Committee, and winter term applications will be awarded this month (March 2026).