Providing affordable student housing since 1932

Referendum Passed!

Authors: Julian Tabron and Brian Donovan
Section 1
Background: In the Winter 2022 term, the ICC was granted property tax exemption status from the City of Ann Arbor Tax assessor. The tax assessor for the City expressed concern with shares of the ICC conveying ownership of houses and other assets. The tax assessor stated that we need to remove language in our Articles and Incorporation & Bylaws that refers to members as “owners”. The word “own” must ensure it refers to the ICC as the owner and that benefits are not distributed among members. Distribution of assets or net earnings is in direct violation of non-profit status. Brian Dahlk, a CPA at Wegner CPAs, revues our bylaws and recommends a couple of changes to remove any ambiguity that could be read into the language as currently written. These changes are necessary to ensure we continue to receive property tax exemption for the future. The following changes must be voted on at the Winter Annual Meeting to be enacted.

Section II
Background: ICC GM Brian Donovan presented a review of the ICC Bylaws and Articles of Incorporation to the Board of Directors meeting on 09/23/2022. He recommended the following changes below, because the organizations mentioned in the Articles of Incorporation no longer exist. Therefore, if the ICC were to dissolve and sell its assets, we could not fulfill this requirement in the Articles of Incorporation. The ICC should redetermine which non-profit organizations that we could donate the proceeds to in the near future.

Referendum Proposal