House Revenue

1. The first priorities of house expenditures are the house mortgage payment, home insurance, taxes, and other loans.  
   
   
2. The remaining revenue each month will be divided into three parts: large project fund, small project fund, and repair fund.
   
   
1. 50% of remaining revenue will be allocated to the large project fund
   
   
2. 25% of remaining revenue will be allocated to the small project fund
   
   
3. 25% of remaining revenue will be allocated to the repair fund
   
   
3. There may be a cap placed on the repair fund.  This cap should be equal to the estimated cost of the full replacement of the house’s largest two utilities or facilities.  This cap should only be used if there is a necessity for supplemental funds for the large or small project funds.
   
   
4. All project proposals should contain a detailed budget.  Projects shall not be approved unless the house has the appropriate funding for a project or is able to set up a realistic payment plan to make the project work.
   
   
5. In the event that the house mortgage or other loans are paid off, the Board of Directors and the Board of Advisors may have a forum on restructuring revenue allocation.  This may include (but is not limited to) rent reduction or investment in new resources.
   
   

Member Accounts

1. Complete record of individual member accounts will be maintained by the Accountant in conjunction with the Treasurer and President.
   
   
2. All payments may be made through direct transfer between bank accounts, checks, or cash.  All checks can be made payable the Marquette Climbers’ Co-Op.
   
   
3. Rent payments for each month will be due before the 1st of that month.  
   
   
4. Rent payments for each month will include base rent for the month, utilities payments for the previous month, house grocery payments, and other outstanding balances.  
   
   
5. Any receipt reimbursements will be deducted from the final rent payment for the month
   
   
6. Rent payments will be posted on the house memo board at least one week prior to the due date.  Members are responsible for checking the board and making the appropriate payment.
   
   

Delinquent Individual Member Accounts

1. All member balances will be posted one week before the due date.  Any members with an outstanding balance over $20 on the 5th of the month will be assigned a late fee of $15.  Fines will be considered revenue for the house.  Fines may be waived on an individual basis with an appeal at the next house meeting and a ⅔ majority vote by all house members.
2. If a member becomes aware of their inability to pay their outstanding balance between the 1st and 10th of the month, they may set up a payment plan with the approval of the treasurer, accountant, and president.  The member must be in good financial standing previous to the request.  The payment plan will be coordinated based on the specific circumstances, but the first payment must be made within two weeks of the request and the balance must be paid in full by the end of the contract period.
   
   
   1. Payment plans must be discussed and voted upon at the next family meeting.
      
      
   2. If the member does not make their scheduled payments, they will be issued a payment failure notice.
      
      
   3. No member who has previously been issued a late payment notice is eligible for a payment plan.
      
      
3. If a member fails to pay their outstanding balance, fines, or does not make a payment on their scheduled payment plan, the member will be issued a late payment notice.  The first payment failure notice is considered a warning and can be remedied by paying in full before the end of the month.
   
   
   1. The second payment failure notice will serve as a Summons and Complaint and the member will have an official hearing at the next family meeting.
      
      
   2. All final decisions regarding financial evictions will be made by the current Board of Directors.
      
      

Financial Reports

1. The accountant and treasurer should prepare and present a financial report for each family meeting.  The report should include current house balance (in each category), remaining balances on any loans, grant information, monthly expenditures, monthly revenue, and member account information.  
   
   
2. At the end of the semester, the accountant and treasurer should prepare a summary of all financial reports from the semester for use by future house members and Boards of Directors.