What is Ormond Woods Cooperative?
A co-operative is a group of people who form a corporation to provide a service for themselves.
In this case, the service that is provided is housing and the residents of the co-operative are the members of the non-profit corportation. The members elect a Board of Directors to conduct the day-to-day requirements of the corporation and operate the project in a manner that satisfies all the requirements of its Charter, By-laws, Agreements, Rules, Regulations and Resolutions.
Ormond Woods Co-Operative Housing was founded in 1982. At any concurrent time, the co-op serves approximately 100 residents spread through 80 housing units.
Living in a Co-Op presents unique opportunities for members, such as control over one's housing situation according to the rules of democracy, participation in a supportive community and mutual security. However, responsibilities are attached to these advantages, and the decision to live in a co-op should be given considerable forethought.
Principles of Co-Op Housing
- Open and Voluntary Membership: without discrimination for all who can use the service and will accept the responsibilities.
- Democratic Control: meaning one member - one vote, and decisions made by voting majority.
- Return of Surplus to Members: in a way that does not benefit one member over another. Housing Co-Ops operate without the purpose of earning a profit. Surpluses arising out of operations are used to expand, extend or improve services to members.
- Education about Co-operation: means effective democratic control and management.
- Co-operation among Co-operatives: for unity and solidarity are promoted within the co-op housing movement. We are committed to practicing co-operation and making links with other types of co-operatives.