Fee Deferral Program During the COVID 19 Pandemic

Release Date: 
May 11, 2020

Finance Committee Proposal Adopted by GHI Board of Directors re: Fee Deferrals at GHI in a Time of Covid-19

Many of our members are experiencing income loss and other financial stresses during this pandemic. GHI should make strong efforts to help members who are temporarily affected, as long as such help does not cause any loss in the long run to GHI members as a whole. That is, a plan must be made whereby the financial help given to some members will have little or no negative impact on other members.

 

The following Emergency Fee Deferral program will be a substantial help to many of our members, though not all. It provides for up to 4 months of deferred payment of coop fees. A repayment plan will be worked out with the GHI Finance Department; commencement of the repayment will not be required prior to January 2021.

 

Any member may apply for the fee deferral program by submitting the following to the GHI Finance Office:

  1. Documentation of a strong adverse financial effect on them as a result of the COVID-19 situation.
  2. A standard form stating their desire to participate, signed by all members on the MOC.  It will also note that all deferrals must be fully repaid if a new share loan is made, or the unit is sold, or a new person is added to the MOC (the payoff conditions).

 

This documentation is to be submitted by email or US mail. After GHI Staff reviews the documentation, and in some cases has a conversation with the member about their documentation, the member will have almost all of their coop fees temporarily deferred. Specifically, the members can choose the amount of the monthly deferral.  A unit is limited to a total of 4 months in coop fee deferrals.