A Member’s financial obligation to their House is the House Charge which is defined by their House Budget and may be adjusted by fines and credits issued by their House.
A Member’s financial obligation to the SHC is the Assessment defined by the SHC Budget and may be adjusted by fines and credits issued by the SHC.
Full payments are due on the first of the month. A charge equaling 5% of an outstanding balance will be given to those who have a balance of over $100 on the 5th of the month. Late fines will be considered revenue for the Corporation that corresponds to the fine. A fine may only be waived on two conditions:
Payments to the SHC cannot be made in cash.
All checks should be made payable to: MSU Student Housing Cooperative, Inc.
Any person who presents a check that is dishonored will no longer be allowed to pay with checks.
The SHC shall post Member payments received at the SHC office within five days.
The SHC shall answer questions regarding Member account balances in a timely manner.
New Section of Code: To Be Written
Every month, a House is responsible for paying the SHC a monthly portion of Assessment assuming maximum occupancy according to House Occupancy.
The SHC will send a final Member Account Charge Sheet to the House Treasurer at least three days prior to the start of each month for posting conspicuously in the House. This sheet will show all charges and payments for that month, as well as the balance due for each Member for the upcoming month.
The SHC will deduct Assessments and other charges payable to the SHC from the Member payments received, and deposit the remainder to the House checking account.
Each House is to maintain money to be designated House Reserve. This amount is to be equal to $100 per member according to House Occupancy.
The purpose of the House Reserve is to prevent checks from bouncing. Accordingly, this money may be spent during the contract period, but must be replenished before the contract period ends.
Any surplus or deficit will be added to or subtracted from the accounts of the Members who contributed to the surplus or deficit in proportion to their time under contract for that period. Monthly transfers to the House’s checking account will be reduced by the amount of the surplus refunded to non-returning members.
3.05.07 – HOUSE VACANCY RESERVE FUNDING & USE
3.05.08 – House Savings Plan
SHC may only use its net savings in the following ways:
3.12.01 – HOUSE ROUTINE MAINTENANCE BUDGET
The SHC Member Share shall be equal to one month of Single Assessment at the date of contract signing. Members in good standing shall have their shares returned to them, provided that no charges have been incurred as a result of other policies.
3.16.01 – DELINQUENT MEMBER ACCOUNTS
3.16.02 – BAD DEBT PURCHASING POLICY
3.16.03 – OUTSTANDING BALANCE BETWEEN CONTRACTS