Where Do Your Charges Go?
All members pay the same ICC charges, which include fees for mortgages, tax, maintenance, administration, furniture, socialized utilities, internet, and more. These can broadly be thought of as “rent” or “utilities” charges. This money lets the organization do cool things such as have employees and keep our houses standing.
While ICC charges are voted on by the Board, house charges are voted on by the house and give members more financial autonomy. These charges are voted on at the first house meeting of the term. House charges consist of the food budget, amenities budget, and maintenance budget.
- Food Budget. The members of the house decide how much money per month they want to contribute to food and supplies. “Supplies” includes toilet paper, other paper products, plastic wrap, and other goods that are consumed relatively quickly. If food stewards go over budget, members will be charged the difference. If food stewards go under budget, members will receive a refund.
- Amenities Fund. The amenities fund contains dollars from co-opers of the past to better the lives of co-opers of the future. It can be used for kitchen appliances, furniture, ballpits, other entities that are supposed to last at least a few years. The fund comes from house-level fines, as well as a small monthly addition from each member that is decided when the food budget is decided. Since all co-opers benefit from the amenities fund, it is important that every house votes to contribute something. Amenities purchases must be approved at a house meeting with quorum. A member then purchases the amenity and is reimbursed by the ICC. It is smart to check with the office before using the amenities fund as the ICC sometimes uses “socialized funding” to cover costs instead of having us use house funds.
- Maintenance Fund. Each house decides how much they want to contribute to the maintenance fund each month. This is decided at the first house meeting. In addition, there is a separate landscaping fund that does not come out of house charges that each house is allotted per term. You can find out more info here.
Average house charges used, charges vary from $85-138. Includes food budget, amenities, and maintenance funds.
- Property expenses
- Vacancies and bed debt
- Committee activities
Each house Treasurer is responsible for proposing a house budget, keeping track of house expenses, and communicating the information to the Finance Department. Additionally, house Treasurers are expected to help their housemates with payment plan requests and to help the Finance Department communicate with houses about collecting charges.
Sample House Budgets
Small House Budget
Large House Budget
If you are a member who has spent personal money on the house and need to be reimbursed, please fill out the appropriate form below. Don’t forget to submit a receipt with your request!
How Do I Pay My Charges?
You can pay your charges by going to the Pay Charges button at the upper right-hand of the website.
You can pay through Automated Clearing House (ACH) i.e. bank transfer or through credit card. If you pay through credit card there is a 3% fee.
PayPal is accepted for international member’s initial share and fee payments only. Contact the Finance Department to inquire about saving processing fees by paying per term.
When Do I Pay My Charges?
Charges are always due on the 1st of the month, reminders are sent on the 5th and $15 late fines are assessed on the 6th if their account balance is over $230.50. If a member owes more than $230.50 to the ICC by the 7th of the month they may have eviction proceedings brought against them, unless they have an approved payment plan.
Fees and Fines
New members do not pay deposits, but they do have to pay certain fees. Some of these are refundable, and some of them are not. These fees function under a different set of laws than most rental deposits. New members pay a one-time, non-refundable membership fee of $100.
New members join the ICC by buying “shares” in the organization. This means members are co-owners, and paying for shares is how that happens. Each ICC share has a value of $10. Each contract type requires a different share amount:
- Fall/Winter members must buy 50 shares for $500
- Spring/Summer rooming and Non-Standard members must buy 25 shares for $250
- Boarding-only members must buy 10 shares for $100
- OpsCom approved Non-Standard members must buy 5 shares for $50
- This is the only type of share that is Non-Refundable
These shares are refundable and are returned twice a year based on the end of the contract period with the ICC, not the date you leave, or necessarily the end of your contract. Fall/Winter shares are returned by the end of the following October and Spring/Summer shares are returned by the end of the following March. Please keep in mind we are a cooperative and delays may occur due to labor shortages and staffing changes.
Share Return Delay Notice: April 2019