Where Do Your Charges Go?
ICC Charges are voted on by the Board of Directors every February. The majority of members pay the same baseline Central Charge, 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.
Escher, King, and Baker have slightly higher charges due to availability of singles, square footage, etc.
While ICC Charges are voted on by the Board of Directors, house charges are voted on by the house and give members more financial autonomy. House members decide on which expenses shall be shared and covered by the house that term. If house spending goes over budget, members will be charged an assessment and if spending is under budget, members will receive a rebate. These charges typically include:
- Food and Supplies. Such as ingredients for planned meals as well as staples for personal consumption. Supplies include toilet paper, plastic wrap, paint, lightbulbs, cleaning supplies, and other goods that are consumed relatively quickly.
- Miscellaneous. Such as streaming content (Netflix, Hulu, etc.), periodicals, and social events.
- Amenities. Members can choose to contribute to their house Amenities Fund as a part of their house charges. In addition to their monthly contribution, these funds are filled through missed work fines set at the house level. To use the House Amenities Fund, a house votes on the purchase with the requirement being it must last more than a couple of years, e.g., kitchen gadget, massage chair, or ballpit.
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 half of current central campus F/W charges. If a member owes more than half of current central campus F/W charges 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 5 shares for $50
- 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