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Share Return Delay: Update

November 5, 2020

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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