Co-ops are businesses, but a cooperative operates solely
for the members' benefit. All co-op businesses run in accordance
with seven basic principles.
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Open and voluntary membership |
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It's important that members voluntarily
choose to become members. Cooperatives are "open
to all persons able to use their services and willing
to accept the responsibilities of membership..." |
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Democratic member control |
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Members ultimately control
their cooperatives. When you attend your credit union's
annual meeting or vote for the board of directors, you're
exercising your member-owner control. |
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Member economic participation |
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"Cooperatives operate so that capital
is the servant, not the master, of the organization." |
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Autonomy and independence |
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While governments determine the legislative
framework within which co-ops function, this principle
asserts that co-ops also have an "essential need
to be autonomous in the same way that enterprises controlled
by capital are..." |
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Education, training,
and information |
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This principle says members
can play their role in the cooperative only when they
understand that role and the co-op. That's one reason,
for example, that your credit union provides you with
this information and other educational tools. |
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Cooperation among cooperatives |
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Those managing a cooperative believe that
co-ops have a unique opportunity to protect and expand
the interests of ordinary people. This kind of one-for-all
and all-for-one idea is unique. Even in areas where they
compete, it's common for credit unions to cooperate on
activities. |
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Concern for community |
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Cooperatives exist primarily for the benefit
of their members. Because of this strong association with
members, they also are often closely and actively tied
to their communities. |
