Share Return Delay: Update
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.
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,
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.
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
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.
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!
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.
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.