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Share Return Delay: Update

September 8, 2021

September 8th Update

All payments have been made to members who moved out during Spring Summer 19 and earlier if we have an address for you. If you have not received your shares refund and you moved out during SS19 or earlier, please reach out to Brian Donovan (financeoffice@icc.coop.)

Fall Winter 19-20 is special in that the pandemic came to town and the schools shut down. Thanks to all of you who lived here then! I have asked for help from several staff members to get through the shares reconciliations timely.

As you probably know, we calculate the net spending for each house to determine whether members in the house will get a rebate (house spent less than members paid) or an assessment (house spent more than members paid). Once that is calculated we divide the rebate/assessment in proportion to the number of days each person lived in each house. Both calculations are more challenging because there were a record number of buyouts, releases and house charges releases. House charges releases impact house income. Buyouts and releases impact the number of members days for each house. We are going to get through it as quickly as we can. It takes time to be accurate. We will work to eliminate any mistakes and get checks out to members as soon as we can.

If you have moved since you completed your share return form, please complete a new one so we have your new address.

If you have questions or concerns please reach out to Brian Donovan at financeoffice@icc.coop.

July 20th Update

Hello Cooperators,

Checks are being processed for members who moved out during SS19 now. We did a double take when we reviewed the net spending for some of the houses. Luther Baker, Nakamura overspent by a lot. We found a couple of transactions that should have been posted for the Fall, but members in those houses have an assessment coming. On the flipside Debs must have been on a starvation diet. Debs members will get a sizeable rebate.

All rebates and assessments should be posted in the next three weeks for members who lived in ICC during SS 19. Checks are being sent out house by house as we finish the posting. If you moved since you last completed a share return form, please fill out another one so we send your check to the right place. https://icc.coop/share-return/ It only takes a few minutes.

We already have the spreadsheet we use for calculating the rebates and assessments set up for FW 19-20. It may take a little longer to verify everyone’s account is correct since many folks left during March because of the pandemic. There were a ton of house charges released and we will need to be sure they were recorded correctly before we can start sending checks. You are welcome to reach out to me directly at financeoffice@icc.coop if you have questions or concerns or just want to vent.

June 2nd Update

Hello Cooperators,

Last week I completed an initial review of member accounts from spring and summer 2019.  There are some problems that require investigation but many fewer than in Fall Winter 18-19.  We also returned shares for remaining members who left ICC during FW 18-19 and those eligible for early share returns because they either never moved in or left the country when they moved out including members that were late submitting their share return forms.  If you have moved since your sent in your share return form please complete a new one with your new address so we send your refund to the right place.  It only takes a couple of minutes: https://icc.coop/share-return/

If you are expecting an early share return (no matter when you moved out) and have not received it, please contact me at financeoffice@icc.coop

I hope to start cutting checks to member who left ICC during SS 19 by the end of June.  Thanks for your patience and please stay in touch if you are waiting on your refund, especially if you left in SS19 or earlier.

Thanks

April 3oth Update

Hello Cooperators,

I am am almost done with FW 18-19 shares refunds.  Many checks need to be written and mailed to Escher members.  Those will be able to go out within a week.  Also I made a small error is calculating the rebate for Ruths House members.  Your rebates will be slightly reduced when I make the correction (sorry about that).  Once the last of the checks go out for FW 18-19.  I will move on to Spring Summer 19. While the short terms tend to have a lot of non standard contracts, Karin tells me that the accounting is more accurate than it was in FW 18-19.  Hopefully that means we will be able to turn calculate the rebates/assessments more quickly than the 6 months it has take to complete FW 18-19. Please feel free to continue to follow up with me, Brian Donovan at financeoffice@icc.coop if you have questions, concerns or want a specific update about your account.

March 31st Update

Members from three of the houses (Debs, Osterweil and Truth) were finally ready for shares refunds by the end of the day Friday March 26. I only got a few checks out on Friday. I finished up these houses on Monday March 29. All of the other houses still have complications to be resolved related to boarders, amenities, and credit card spending.

A brief rant about house budgets…

One of them is payments to amenities. In house budgets all of the other houses decided to chip in a certain amount per month to the amenities account for the house. Please selected a specific dollar amount instead of monthly amount per person from now on. It takes hours to figure out how much $3/month/person works out to considering house switches, non standard contracts and contract releases. Do the math up front, PLEASE. If you have 30 people and want to do $3 per month for FW 21-22, budget $720 ($30x$3×8). That only takes a few seconds to process in the finance office because we do not have to worry about exactly how many people per month lived in the house! Thanks to all the houses that already budget a specific dollar amount to put into the amenities account.

Exactly when boarders start and end and how to handle non-payment also require a fair amount time to work out and finance may still lack documentation to make final decisions when a decision needs to be made. We will get this done, but some thinking about handling boarders better will help future shares processing. I understand that improvements have been made since FW 18-19.

Credit card spending through SBA is on the rise in FW18-19 and presumably still growing today. Since house treasurers are not required to submit receipts for credit card spending to the office, we are not able to investigate situations where houses spent thousands of dollars more than budgeted in a given term. More than one house is over budget by multiple thousands of dollars in FW 18-19. Are credit card receipts stored at houses by treasurers as required? I do not think anything shady is necessarily going on, but some members will be getting big assessments and we will not have specific information about why. Some of the spending may have been meant to be covered using the amenities account, but if we do not have documentation it is getting charged to the main account.

March 4th Update

Hello Cooperators. I managed to correct the mistakes I made in SS18. Some members in Baker and Luther received 2nd checks as a result of the correction. I spent the last two weeks correcting mistakes on member accounts in FW 18-19. There were a surprisingly large number of them. Some of the corrections impact member balances others only impact the amount of the rebate/assessment based on house net spending. I am almost finished with corrections and plan to start cutting checks by March 15th at the latest.

I hope to start cutting checks sooner. I am coming in twice a week now on Friday and Monday to speed up shares processing. Please reach out to me directly if you have questions or concerns or just want to encourage me to hurry up! I appreciate your patience but your impatience motivates me too. Brian Donovan ICC Finance Office. financeoffice@icc.coop

January 28th Update

Not much has changed since December 14th I am sorry to say.

There are still a few stragglers yet to be paid from spring summer 18 (though no fault of their own). Karin also found mistakes I made with Luther and Baker. Some spending for fall in August was charged to members in the summer in each of those houses. That means we will have extra checks for members in those houses (or credits if you are still living in ICC).

I reviewed all of the member accounts for FW 18-19. I verified that all of the house charges releases are accounted for correctly. I still need to verify the Global Reach folks. Then comes confirming the house spending and transfers to amenities for each house. I have not yet begun cutting checks for members who left in FW 18-19. It will probably be a couple more weeks.

Thank you for your patience. You can contact Brian Donovan at financeoffice@icc.coop if you have questions or just want to encourage me to hurry up.

December 14th Update

We still have a few more members who moved out in SS18 to mail checks to and a couple whose checks were sent to the incorrect address. If you have moved since you completed your most recent share return form, please do a new one with the correct address for your refund check. The form only takes a few minutes to complete: https://icc.coop/share-return/

We are about half way through verifying member accounts for accuracy in FW 18-19. There have been fewer corrections that spring summer 18, but this review is important to complete before each member gets a rebate or assessment based on the net spending for their house. In addition to making sure that charges match contract dates, we need to be sure that all house switches, buyouts, Early Share Return’s, and releases (contracts and house charges) are recorded correctly.

At this point we hope to be cutting checks to members who moved out during FW18-19 by the end of the year. Please note that refunds have to be done in order. If you are still in ICC and have been here since FW 18-19 you will see a rebate or assessment for each contract period up to the present as we catch up. Please note that the board charged a special assessment of $100 for members living in ICC during FW 18-19 to make up for the operating deficit that year.

If you have questions, concerns or just want to stay after us to get this work done, you can reach Brian Donovan at financeoffice@icc.coop

November 5th Update

ICC Member Share Return Updated Timeline

On October 30 the first wave of member share refund checks were sent to members of Escher who moved out during Spring Summer 2018. This Friday I will be working on getting checks out to members from as many other houses as we can do.

There are still a few requests from members who moved out since SS18 and are eligible for early share returns that are coming in. These are being processed within two weeks of when I become aware of them.

It seems that I am habitually setting expectation I have been unable to meet. I still have checks to cut for members who moved out during SS18. Sorry about that.

Estimated Timeline

  • Remaining Checks for SS18 – By November 13
  • Start cutting checks for FW 18-19 – By December 3
  • Start cutting checks for SS19 – By December 31.
  • Start cutting checks for FW 19-20 – By January 15
  • Cut checks for SS 20 – By March 31 (on time per the member contract)

October 6th Update

The calculation and distribution of share refunds has taken longer than expected despite having a dedicated person working on catching up. The number of contract releases for FW 20-21, challenges with cash flow, and the sheer number of member share refunds to process all contributed to slow progress.

As of September 29 ICC still needs to process refunds for members who moved out during Spring Summer 2018, Fall Winter 18-19, Spring Summer 2019, Fall Winter 19-20 (normally due October 31, 2020), and Spring Summer 2020 (normally due March 31, 2021). The process for calculating how much each member’s share refund should be includes:

  1. verifying that all member charges are accurately recorded
  2. calculating net spending by each house for each term
  3. identifying the number of days each member lived in the house during the term
  4. applying the net gain/loss for each house to each member in proportion to the number of days each member lived in the house (This could be an assessment if the house overspent or a rebate if the house came in under budget.)
  5. Once this is done the finance office prints checks and mails them to members with a listing of all transactions on the member’s account. Members overseas receive their refunds via paypal.

I thought I was going to be caught up by the end of October. That seems unlikely now, but I will strive to complete the share refunds as quickly as possible.

Estimated timeline for completion as of September 29, 2020:

  • SS 18 Mid October
  • FW 18-19 First week of November
  • SS 19 End of November
  • FW 19-20 End of the year
  • SS 19 March 31, 2021

Please note that all members must complete a share return form here: https://icc.coop/share-return/

Delays may mean that you have moved since you completed your share return form. If you have moved please complete a new form. We will mail checks to the address on the most recent form.

Thank you for choosing ICC. We have not forgotten about you.

Brian Donovan – ICC Finance contractor working to catch up on member share refunds
Members waiting on a share refund may contact Brian directly using financeoffice@icc.coop

September 15th Update

Hello former members – below is our share returns update going into the third week of September:

Early Share Returns

  • COMPLETED the week of September 11th
  • Spring/Summer (SS) 19 and Fall/Winter (FW) 19-20 have gone out.
  • SS 20 and FW 20-21. We will get as many done as we can, but there are a lot of them. They will not be any later than Sept 6.

Regular Shares:

  • SS18 regular share returns currently being worked on with a goal finish date of September 20
  • FW 18-19 by early October
  • SS 19 by the end of October
  • FW 19-20 will be processed by the end of October too (on time).

September 2nd Update

Hello former members – below is our share returns update going into the first week of September:

Early Share Returns

  • Spring/Summer (SS) 19 and Fall/Winter (FW) 19-20 have gone out.
  • SS 20 and FW 20-21. We will get as many done as we can, but there are a lot of them. They will not be any later than Sept 6.

Regular Shares:

  • SS18 regular share returns by September 20
  • FW 18-19 by early October
  • SS 19 by the end of October
  • FW 19-20 will be processed by the end of October too (on time).

July 26th Update

Hello former members – below is our share returns update going into the final week of July:

Early Share Returns:

  • All of the Early Share Returns (ESR’s) through FW18/19 are out.
  • Next, the few Spring/Summer 2019 PayPal ESR’s remaining will be completed this week.
  • And then, we will begin processing ESR’s for Fall/Winter 2019-20.

Finishing Escher’s 17-18 Share Returns:

  • We sent out checks this past week. Again, HUGE thanks for your patience waiting for our completion of this fiscal year.

Spring/Summer 2018 & Fall/Winter 2018-2019:

  • The finance team is really close to completing and mailing out checks related to Spring/Summer for 2018, which now will see checks distributed in mid to late August. Additionally, the finance team will continue processing share returns for Fall/Winter 2018-2019 and we anticipate this work being completed by late August.
  • AND PLEASE NOTE: The ability to mail checks out for these three sets of checks will be less due to processing, and more due to cash flow realities as the ICC completes its major maintenance work this summer and closes on a new Escher House mortgage (including related fees) — both with a drastically reduced occupancy due to COVID-19. **Considering all of this, the ICC will keep you posted on the timing of those coming checks.
  • The ICC has one staff member 100% dedicated to working on share returns with additional support coming from the Dir. of Financial Services and Housing Staff.
  • Emails with questions should be directed to financeoffice@icc.coop and have SHARES in the subject and the ICC now promises a response within 24 generally and 48 hours maximum

Nick Coquillard, General Manager

July 17th Update

Hello former members – below is our share returns update for the week of July 17-24:

  • The ICC has one staff member 100% dedicated to working on share returns with additional support coming from the Dir. of Financial Services of course.
  • Checks for Escher (17-18) have been once more delayed due to a Rent Manager processing issue and all the focus of both Finance staff working on share returns will ensure check writing this coming week.
  • This past week’s focus, in addition to finishing Escher’s returns, turned to ensuring the completion of all Early Share Return requests that were past due from 18-19 and the rest will also be completed this coming week.
  • Meanwhile the finance team continues to address the last few questions related to spring/summer 2018 with checks to be cut by the end of July (originally thought to have been able to be done by mid-July).
  • Thereafter the finance team will continue processing share returns for Fall/Winter 2018-2019 and we anticipate this work being completed by mid-to-late August.
  • Share returns for spring/summer 2019 are estimated to be completed by mid- to-late August.
  • Emails with questions should be directed to iccfinanceoffice@gmail.com and have SHARES in the subject and the ICC now promises a response within 24 generally and 48 hours maximum

Nick Coquillard, General Manager

June 26th Update

Hello former members – below is our share returns update for the week of June 22-26:

  • Checks are being processed and sent for Fall/Winter 2017-2018 for Escher this week (June 22-26).
  • Meanwhile the finance team is addressing the last few questions related to spring/summer 2018 this week and in the coming week (June 28-July 3). Then, checks can be cut in early July.
  • Thereafter the finance team will continue processing share returns for Fall/Winter 2018-2019 and we anticipate this work being completed by early August.
  • Share returns for spring/summer 2019 are estimated to be completed by mid- to late-August.

From General Manager Nick Coquillard, June 25, 2020:

Thank you for your patience while we complete this work. If you are concerned and frustrated, this is 100% understood.

We have been short-staffed in the finance department for about two years despite two full hiring processes (one that didn’t produce a qualified candidate and one where an offered candidate backed out the night before the position was supposed to start in March). Then, with the pandemic, the ICC has not been able to process another search. Therefore the ICC has hired a former student housing co-op executive director to work 100% on processing share returns in support of the department and we are making progress.

The ICC will also need to decide if we wants to continue offering so many contracts and so much flexibility in contracting, including the relative ease members have to replace or end or a contract compared to the housing industry.

It’s important to understand that every different contract type (and we have more than 10 larger categories and many other variations of those categories) and every move in and out and within the ICC requires special adjustments — in addition to if the member was issued fines, received scholarships, left and returned to a house and many other factors that gets calculated into finalizing share returns and if a house gets assessed or receives a rebate.

If the ICC continues with this huge range of contract options, the members will have to understand that there is a cost to that in staff and processing time particularly. We will all review these questions this Summer and Fall/Winter.

I wish you health and safety in these times.
Nick, GM

June 3rd Update

Thank you all for your patience on updates as we’ve been working to support our members during the pandemic.

The ICC, last month, temporarily hired Brian Donovan to support the Finance Dept. and focus 100% of his time on completing all share returns due — and we have finally been making major progress. Here is the update from Brian:

I (Brian) have been working on SS18.
I have been through Baker, Black Elk, Debs, (Gregory was closed), Lester, Linder, and Luther looking for any contract irregularities or other problems that may need correcting.
They mostly look good. Most checks are complete.
There are a couple more reports (house spending and house charges cancellations) to review before checks can start to be cut.
I estimate checks will be ready to go out for Exiting Members by mid June.
Karin has been working on finishing FW17-18.
Escher is the only house remaining to have the checks cut.

Karin will finish that by the end of THIS week, and then help finalize all of SS18 returns.

Brian is also working on the rest of the houses, completing these by today (June 1) for a final review and working on Escher this week.

Submitted by GM Nick Coquillard
on behalf of Brian Donovan and Karin Keim in the ICC Finance Dept.

February 13th Update

Final checks for the Fall/Winter 17-18 term going out this week.

Our team of finance staff, another director, the General Manager and several Member Assistants are working together daily on Spring/Summer 2018 and Fall/Winter 18-19 with more specific updates being provided next week.

Live Remarkably & Cooperatively,
Nick

February 3rd Update
Members of the Finance Department, GM Nick and Mem. Svs. Coord. Patti, along with several members, are working on Spring/Summer ’18 AND Fall/Winter ’18-’19 Share Returns at the same time.  Specifically we are finalizing several questions per house and I aim to have a much more detailed update and check writing timeline later this week.

January 2020 Update

I apologize for the delay in share returns and I am personally assisting in daily share returns work.
I will post updates each day there is progress in this location.
Today’s Update:

All 2017-18 Fall/Winter checks are in process or sent out besides Escher which I and the finance team are finishing processing and I’ll provide updates in the next few days.
Also in the next few days will a full update from me regarding all outstanding shares.

Thank you for your patience – I am truly sorry for the delay.
-General Manager Nick Coquillard, Jan. 27, 2020

November Update

We are finalizing the Fall/Winter 2017-2018 house closings and share returns. We anticipate beginning to mail out share return checks the end of this month. We continue processing early share returns as quickly as possible. We will begin Spring/Summer 2018 next.

August Update

We are currently working through the details of the Fall/Winter 2017/2018 member files and staff members have been added to help with the process.  As we finish each house, we will be mailing refund/share return checks.  We are also working through the Early Share Returns as quickly as we can.  Don’t forget to keep us updated with your current address by filling out a new Share Return Form if you move!

July Update

We have mailed all SS2017 checks now, if we have a current address.  Now we are working on FW17/18 to verify charges and expenses and to review individual accounts to look for discrepancies.

June Update

We have mailed all of the Spring/Summer 2017 checks (if we have a share return form) except for Escher. We are getting the final answers to questions so that we can mail Escher this week.

We have started working on Fall/Winter 2017-18, but checks won’t be written until at least 7/31/19, depending on how many discrepancies we find and how many share return forms are missing.

Please make sure you’ve filled out the Share Return form to reduce any further delays or lost checks.

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