Senior housing cooperatives are owned and controlled by the member-owners themselves. They establish policies and rules for the cooperative that they believe are in their own best interests, both individually and as a community.
All members have an equal interest in the success of the cooperative. They enjoy an equal voice within the cooperative on a one-member-share/one-vote basis, are equally able to contribute to the well-being of the cooperative and enjoy the same chance to contribute.
Members elect a board of directors from amongst themselves to oversee and govern the operations of the cooperative. The board may, and often does, hire a management company to assist in day-to-day operations.
Member committees assist the board and contribute to the life of the cooperative in such areas as:
- Budget and finance
- Building and grounds
- Marketing and publicity
- Cooperative library
- Social events and activities
Members are encouraged to participate in areas where they have an interest or expertise. No one is required to serve, but when choosing cooperative living you should plan to participate in a way that is right for you. Cooperatives depend on the involvement of their members to thrive.