Finances

Payment Rules

ICC accepts checks, money orders, and credit cards (with a 2.5% handling fee). We cannot accept cash. You can place your check in the drop box at your house, come into the ICC office to pay, or drop it off in the ICC office mail slot. Payment is due on the 1st of the month, but you have a 5 day grace period to pay. Late fees are $2/day. Late fees begin on the 6th of each month and will back date to the 1st. This means, if you pay on the 6th, you will receive a $10 late fee. Checks at the house are picked up on the morning of the 6th. There is a $20 fee on all returned or stopped checks. After a returned/stopped check, we will need to accept money orders or cashiers checks only for three months.

If your payment is going to be late, you may submit a payment plan according to the rules. If a payment plan is submitted before midnight on the 5th of the month payment is due and completed as accepted late fees will be waived.

Security Deposit

Please let the Membership Administrator (staff) know when you will be moving out. Your room will be checked out and any room or house damages/cleaning fees will be taken from your deposit. If no charges are taken out, you will receive your full deposit in check or credit card form (your choice). Any credits on your account can be received back along with your deposit.

Pre-payment of Last Month

Everyone makes a prepayment toward their last month's room & board in ICC when signing a contract. The prepayment is equal to one half of room & board for a single during the academic year rounded up to the nearest dollar. When your last month arrives, subtract this amount from your regular monthly payment to determine what your last payment should be. Any credit on your account will be received back along with your remaining security deposit balance.

Missing Receipt Policy

updated 06/23/2006 — passed by BOD on 10/12/2005

There will be a $25 fine to the house and a $25 fine to the person who used the check for each house check written that is turned in without an adequate supporting document or receipt. Both fines will be paid to ICC. The Financial Administrator will notify the house treasurer and trustee of the fine.

Adequate documentation is:

• store receipt
• store receipt of item being reimbursed (if a reimbursement)
• billing statement (ex: cable, newspaper)
• donation acknowledgement (if a donation)
• voided check (for a house check not being used)
• detailed handwritten invoice when buying an item belonging to a member or other individual (describe item: brand, features, condition. Include cost of similar new item if purchased from a store)
• calculation of food payment to members (include dates the member is absent from house)
• OK from Financial Administrator for items not on this list