What does a membership entail?

Potomac Heights Cooperative Housing is an incorporated, non-profit cooperative, consisting of an association of members who individually enjoy membership in the cooperative and the perpetual use rights to one of the 484 dwellings that are exclusively owned by the corporation. All members are the joint owners of the corporation, each having an equal share in its ownership, a voice in the election of the corporation's Board of Directors, and the right to participate in the decisions on how the community is operated. In addition, the Cooperative members are responsible for payment of the corporation's expenses and assessments.

Membership in the Cooperative is evidenced by a Membership Certificate. The occupancy of a dwelling takes place under the terms and conditions of a Member's Mutual Residency Contract. The members of the Cooperative insist on the strict enforcement of the contract provisions and other Rules and Regulations, which they have established to ensure that they will continue to live peaceably in a good community that will improve and perpetuate itself.

In addition to the dwellings, the mutual ownership interests of the members include an equal share of the corporation's 140 acres of land, utilities, such as deep wells, Cooperative Office, Maintenance Shop areas and common-use facilities, such as the Community Building and Swimming Pool.

Organization

The members of the cooperative are a formally organized Cooperative.

The members of the Cooperative meet annually to elect a Board of Directors whose duties are to manage the corporation. From its eight members, the Board elects the corporate officers; i.e., President, Vice President, Secretary, Treasurer, and the committee chairpersons who have functional management responsibilities in the areas of Public Relations/Recreation, Special Projects/Long Term Planning, Water & Sewer, and Buildings & Grounds. The daily operations of the corporation are handled by a hired Manager who supervises the Cooperative Office staff, the Maintenance Department personnel, and the Water and Sewer Department personnel and operations.

To assure effective financial management and controls, a certified public accounting firm annually audits and certifies the books and financial records.

Membership

Membership in the cooperative is recorded on a Membership Certificate that is given to each new member. The Membership Certificate represents one share and ownership interest in the corporation, as well as membership in the Cooperative. It gives each member a voice in the election of officers and in determining how the community will be operated. Membership rights are fully set forth in the Cooperative's By-Laws.

Mutual Residency Contract

As a member of the cooperative, each member's relationship to the corporation will be contractual. Members will receive the Perpetual Use Rights to a dwelling and be assured of peaceable occupancy in exchange for their agreement to undertake certain responsibilities as a member and comply with the Cooperative's Rules and Regulations. The contract is known as the Mutual Residency Contract and applicants should read it carefully before becoming a member.