1) It is expected that houses whose fiscal years begin after June 30 must have their annual budgets submitted to the Board no later than June 30. Budgets will be submitted in the standard spreadsheet format. When creating the budget, house treasurers will review the budget at least once with the Finance Coordinator or MCC Treasurer before it is submitted to the Finance Committee for review. Houses which do not submit a budget at this time will be charged a $15/month late fee.

2) If a house budget is late, an informational letter will be sent by the Finance Coordinator to the tardy house informing the house members of the fine, and background on the importance of having the budget done. This letter is to be posted in the house and read aloud at the next house meeting by the house treasurer. This letter shall inform members specifically of the following:

a. There will be a 5% increase in room charges effective until an approved budget is in place.

b. At the direction of the Board, under Management Concerns action, house billings may be prepared (including the increase in 2a) and monthly member payments may be collected by the MCC Finance Coordinator, beginning with the 2nd month in the house's budget year. This set-up could remain in place until the month following final approval of the budget by the Board.

c. That the issue will be brought to the attention of the Board and that a management concerns action will be discussed at the next Board meeting.

d. If the house budget is more than six (6) weeks late, the Board may appoint a person or group of people to draft a budget for the house. In the interim, the Board may adopt an interim budget with an increase of more than five percent (5%) but less than eight percent (8%).

3) All house budgets will be reviewed by the Finance Committee. The house treasurer will be invited to sit in on the meeting. If the Finance Committee and the house treasurer agree, the Finance Committee will recommend approval of the budget to the MCC Board. If there are differences of opinion on the necessity of changes, this group will meet over the next month to try and work out an agreement. Even when this process is in progress, the actions stated in number two (2) above may be taken.

4) If the Finance Committee and the house treasurer are unable to agree on a budget, the Individual Issues Committee will be asked to mediate the issue, using the MCC Grievance procedure. This group will attempt to get the sides to agree.

5) MCC Involvement in House Finances (Board passed: 4/7/96) a) That the Board give the Finance Committee the power to approve house budgets. Only budgets from new houses or from houses that have been under phase two or three of management concerns in the most recent fiscal year need go before the BOD.

b) That the Finance Committee be made available to review house books, in particular pointing out any budgetary or cash flow problems, or poor performance on any part of the treasurers and staff people, if the service is requested by any house member or by the Ad-Hoc Committee for a house under phase two of management concerns.

c) The house may appeal any of the sanctions outlined in this policy to the MCC Board.

House payments to MCC are due on the 1st business day of the month or via mail with a postmark of the 1st business day of the month. Late payments will be fined according to the following schedule when part or all of the monthly payment is paid after the above deadline, prorated by the amount of the payment outstanding:

Late Payment Fines: [Houses with 1-10 Members (AV, SO, & SY): $2.50 Fine Per Day; $25.00 Maximum Fine] [Houses with 11-20 Members (AU, FR, HY, & OF): $5.00 Fine Per Day; $50.00 Maximum Fine] [Houses with 21+ Members (AM, IN, LO, & PH): $7.50 Fine Per Day; $75.00 Maximum Fine]

The MCC Board can waive late payment fines upon appeal by the house within the 10-day period following when the payment was due. To schedule an appeal, the house treasurer or other house member must call the MCC President or MCC Finance Coordinator. If an appeal is requested, the Finance Coordinator will delay billing of the fine until the matter has been resolved. No fines will be levied if a house is under Management Concerns for being in debt to MCC.

Fines will generally not be waived due to late member payments, unless the house currently has no treasurer and the MCC Board has been made aware of that fact ahead of time. If a house payment check bounces, the house will be billed for all associated fees and service charges.

When a house has been assessed a fine due to such things as a late mid-month billing or late Treasurer's report, a member of the Coordinating Committee shall attend a house meeting or dinner, to personally inform the house that they have been fined and why, and to encourage and suggest ways of rectifying the situation. The Finance Coordinator is responsible for informing the Coordinating Committee about fines.

Items to Consider: Presentation strategy, sufficient education of officer to relay message and answer questions effectively, and effect upon treasurer's credibility, house confidence.

6/15/88 Board increases member deposits to $150 effective this date for all new members and all contract renewals passes. There shall be no decrease in deposit for summer only members.

6/29/88 Board formalizes waiving $10 NASCO membership fee for summer only members. (NASCO agrees to this). This will begin in the summer of 1989.

Adopted by the Board July 27, 1988 Amended by the Board May 15, 1989 Amended by the Membership by Budget Adoption May 2, 1991 Amended by the Board May 8, 1991 Amended by the Board April 14, 1993 Amended by the Board December 7, 1994 Amended by the Board January 18, 1995 Amended by the Board November 8, 2006

Over the years MCC members and staff have detected a cycle of financial instability in the houses. To this end MCC has invoked the following policy of matching funds. MCC and MCC houses will set aside the equivalent of two house monthly payments for each house (one half from each house, one half from MCC), putting the money into separate liability accounts, one for each house. Houses will be able to withdraw up to twice as much money out of the account as they have put into the account, up to the amount in the account. This can be done for financial problems including, but not limited to, bad debt, vacancies, and under-budgeting. All withdrawals need to be approved by a vote at a house meeting and by the MCC Board of Directors. MCC will build up its half of these accounts on a scheduled monthly basis which will be accounted for in the MCC budget. Houses will also make monthly payments into their own MCC liability accounts. This expense shall be included in house budgets. If houses wish to build up their reserves in excess of two months worth of house payments, they have the option to do so; however, MCC will not match the additional funds. Houses will be responsible for replenishing the money they have taken out of the account, unless the Board of Directors approves an MCC match for the withdrawn funds. The continuation of matching funds shall be decided at the same time as the decision to approve the houses use of the House Operating Reserve. House Operating Reserve payment amounts will be determined at a rate of one percent of a houses owned house income total. Payment amounts will be adjusted and budgeted for at the beginning of each MCC fiscal year to reflect any change in a houses owned house income amount. Each of the House Operating Reserves shall accrue interest quarterly, based on the percentage of the total MCC reserves package multiplied by the total interest accrued by MCC cash investments during the quarter.

A) Opt-out When a house is presenting their budget to the Finance Committee for the following fiscal year, the house has the opportunity to opt out (totally or partially) of the HDF  this decision must be made by the house (as opposed to the houses Finance Committee Representative) and should be indicated on the house budget. Otherwise, the following applies:

B) Calculating the amount of money to be transferred At the beginning of each fiscal year, the total amount of money that a given house has in all of its bank accounts that is in excess of either $3000 or the houses average MCC payment - whichever is greater  will be calculated by the Finance Coordinator.

C) Transferring that money to the HDF The Finance Coordinator will charge the amount that was calculated in part A to the house on the second MCC invoice of the houses fiscal year. That invoice is paid after the house has had at least a months worth of income (this months worth of income is not part of the calculations in part A). Thus the house will have at least one months worth of income plus an average MCC payment (or $3000 for small houses) in their accounts. The Finance Coordinator will place that money in a funded account, which will be called the House Discretionary Fund.

D) Money is reserved exclusively for the house The amount of money that each house has transferred to the HDF will be kept track of as the transferred money is reserved exclusively for the given houses use. Other houses may not withdraw money from the HDF that they have not previously paid to the HDF. Any interest accrued by the houses discretionary fund will be added to the houses discretionary fund.

E) Money may be withdrawn at the houses discretion At any time, the house may request  in writing or e-mail - money from this fund by telling the MCC Finance Coordinator how much money they require, when they require it by, for what purpose they require it. The Finance Coordinator is required to write and mail a check to the house of the amount and by the time requested (as long as a reasonable amount of time has been given for the Finance Coordinator to respond) unless the purpose stated violates some MCC policy or bylaw, in which case the Finance Coordinator will bring it to the next Finance Committee meeting. The Board grants the Finance Committee the power to decide to give the money to the house anyway, or to deny the money on the grounds that the stated purpose does, indeed, violate MCC policy or bylaw. In any case, the Finance Coordinator will report all HDF activity to the Finance Committee and the Board of Directors.

F) HDF report to House Treasurers The Finance Coordinator will send an HDF report indicating interest earned and total account balances to the house treasurer on a quarterly basis (similar to HOR reports).

A. Treasurer Selection: New house treasurers are selected by the house, and trained by the previous house treasurer and the Finance Coordinator. Training consists of completing two (2) house reports. The Finance Coordinator will notify the house if training is not being completed.

B. Treasurer Report Requirements: House treasurers reports are due within two (2) weeks of the end of the bookkeeping month, except for the first report done by a new treasurer, which is due four (4) weeks after the end of the bookkeeping month. Treasurers reports must contain a complete budget report, list of all current and past members debts to the house at the end of the bookkeeping month, list of all house deposits payable to members, copy of the monthly bank statements for all accounts along with the bank reconciliation(s), and balance sheet, as well as a completed Monthly Treasurers Report form. House bookkeeping is completed using MCCs accounting software.

C. Fines: The house shall be fined for each day a treasurers report is past due. The fine will be two dollars ($2) per day for Avalon, Sofia, and Syntropy, three dollars ($3) per day for Audre Lorde, Friends', Hypatia, and Ofek Shalom, and four dollars and fifty cents ($4.50) per day for Ambrosia, International, Lothlorien, and The Phoenix. Fines may accrue to a maximum of one percent (1%) of one (1) months MCC payment for the house in question. Later treasurers reports will be reported at the next Board meeting by the Finance Coordinator. A treasurer may ask the Finance Coordinator for an extension of up to one (1) week if requested at least four (4) days prior to the deadline.

D. Late Treasurers Reports: 1) If there is a trained treasurer and the treasurers report is late by five (5) or more weeks, or if there is no trained treasurer and the treasurers report is not completed by the due date, the MCC Finance Coordinator will post notice at the house that she or he plans to step in and do bookkeeping for the house until their treasurers reports are again up-to-date. The Finance Coordinator will begin the bookkeeping seven (7) days after notice is posted. Within this period, the house may appeal this decision as outlined in Paragraph H, Appeals and Exceptions. 2) If the Finance Coordinator must step in and do the bookkeeping for the house, the complete current financial records of the house will be moved to the MCC office, including the checkbook, deposit book, member billings, and bank statements. All vendors and banks where the house has accounts will be notified and asked to send bills or statements to the MCC office. These procedures will be followed until a new house treasurer has been elected, trained, and has completed at least two (2) consecutive monthly treasurers reports on time. The records of the house will be open to inspection by any member of the house during regular MCC office hours or by appointment. The goal of work by MCC staff shall at all times be to re-establish house control of bookkeeping as soon as possible while maintaining the integrity of the books.

E. The Finance Coordinator as a Signer on House Accounts: The Finance Coordinator shall be maintained as a signer on all main house checking accounts. This will facilitate the work necessary in a transition such as outlined in the above section, by, for example, enabling the Finance Coordinator to pay bills for the house as necessary until a new treasurer is elected and trained. The Finance Coordinator shall not transfer any funds without notifying first both the house and the Board; or in an emergency the President and the Treasurer, or other MCC officer if the Treasurer is not available.

F. Management Concerns: When a house falls five (5) weeks behind on treasurers reports, the Finance Coordinator will notify the house of the further provisions of the Treasurers Report policy. At this point, the house automatically goes into Management Concerns Phase II. The MCC Treasurer will gather information on the houses bookkeeping situation and report on progress to the Coordinating Committee and the Board. The MCC Finance Committee will continue to actively work with the house, and solicit other treasurers to act as helpers/advisers/support for the treasurer in the house concerned. The house may request an exception to any step in this process by appealing to the Board of Directors.

G. Bookkeeping Help and Who Pays for It: 1) The bookkeeping for a house that is not completing its reports or does not have a treasurer may be done by the Finance Coordinator. The Finance Coordinator is encouraged to attend house meetings at least once a month to give a report on the progress of the bookkeeping and difficulties with the work, as well as to answer questions on issues affecting the financial health of the house. The Finance Coordinator will complete standard MCC Monthly Treasurers reports by the fifteenth (15th) of the following month at the latest, and will give a copy to the house. 2) If the house has a treasurer who is in training, or a trained treasurer who asks for help, then the house shall pay fifty percent (50%) of all costs for bookkeeping done by MCC on the houses behalf. A house is considered asking for help if the house or house treasurer notifies the Finance Coordinator that they would like for someone to help with the bookkeeping by at least seven (7) days before the appropriate deadlines described in Paragraph D, Late Treasurers Reports. 3) If the house does not meet these requirements, the house shall pay one hundred percent (100%) of all costs for bookkeeping done by MCC on the houses behalf after such point as those guidelines are not being met. 4) When the Finance Coordinator begins the houses bookkeeping, late report fines will stop being accrued, unless a house fails to provide the records necessary for house reports by the fifth (5th) day following the end of the bookkeeping month. The house must provide updated checkbooks and stubs, bank statements, invoices, receipts, deposit books, and billing sheets. 5) The house treasurer is expected to cooperate fully with the Finance Coordinator and keep up-to-date on their progress, and is encouraged to do as much work as they can to help get caught up. 6) If a house has no current budget when the Finance Coordinator steps in, the Finance Committee will, working closely with the house, draft a budget for the house that includes the expected costs for bookkeeping help. The budget may be modified by the house, and must be approved by the house, MCC Finance Committee, and Board, in the usual manner.

H. Appeals and Exceptions: At any time a house treasurer may appeal a decision by the Finance Coordinator to the MCC Treasurer or MCC Coordinating Committee. The house may request an exception to any step in this process by appealing to the Board of Directors. If this written request is presented to the MCC President by the seventh (7th) day following the notification of the house, as outlined in Paragraph D, Late Treasurers Reports, Finance Coordinator involvement will be put on hold until the appeal can be heard and decided on. If the request is received more than seven (7) days after the house received notice, the actual bookkeeping may proceed until an appeal is heard and approved by the Board. Any exception granted must specify the conditions under which the Finance Coordinators involvement is postponed, and the date by which those conditions must be met.