The Capitol Hill Cooperative Hsg Assoc

“The organization is managed by a third party management company hired by the board of directors”

“When buying into the cooperative, an individual acquires a cooperative interest evidenced by a membership certificate and a possessory interest in a specific unit, as evidenced by a proprietary lease. The individual is then a cooperative member ("member") with one vote in the cooperative. The purchase price for a unit consists of an initial payment ("purchase payment"). The purchase payment is 5% of the member's imputed area median income determined in accordance with the regulatory and operating agreement, adjusted for size of the unit and the income of the member. This initial payment is held in an escrow account (the "share transfer account"). The member is required to pay monthly carrying charges based on 30% of the member's area median income.”

“Directors-the affairs of the cooperative shall be governed by a board of directors composed of at least five persons and no more than nine, all of whom shall be at least eighteen years old and members of the cooperative. In no case may more than one person per household serve on the board of directors at the same time.”

“The board of directors shall have all the powers and duties necessary for the proper administration of affairs of the cooperative, subject to the oversight of dcha and the new community trust pursuant to the r&o agreement, and may do all such acts and things as are not prohibited by applicable law, the r&o agreement, or the bylasw and as are not by law or the bylaws directed to be exercised and done by the members or committees. Members of the board of directors shall stand in a fiduciary relationship to the cooperative and shall perform their duties in a manner they reasonably believe to be in the best interest of the cooperative.”

“Draft sent to management company for review and tie out of financial information for accuracy. Additionally, draft sent to cooperative board for review of financial information for reliability.”

“All directors are required to sign the code of conduct policy, which has been approved by the current board and is in effect. That policy includes a clause on conflict of interest”

“The organization's governing documents and policies are available for public inspection at the organization's office during regular business hours upon request.”

“Document retention and destruction policies are those maintained by our management company.”

“Contract salaries: program service expenses 485,041. Management and general expenses 0. Fundraising expenses 0. Total expenses 485,041.”

“Tenure credit activity -27,446. Change in share price deposits -48,102.”