Reconciling members and friends (waiting list)

At least one adult member of every household that moves in to Old Grace Housing Co-operative must purchase $50 member share. In addition they must buy a specific number of unit shares (the number of shares that they have to purchase varies according to the the size of the unit and whether or not there was a provincial loan attached to the construction of the unit under the Manitoba government’s affordable housing program.) The total of $50 memberships shows up in the monthly Brydges consolidated balance sheet In the Equity section as “3-Current Surplus(Deficit) 3105 Member Shares — Individual.” (Please note that this memo only addresses the tracking of the $50 Member Share, it does not address the unit contribution shares.)

In addition, every person who wishes to move into the Co-op must pay $50 to be a friend of the co-op. This shows up in the balance sheet a current liability: “2-Other funds-2165 Friends of Old Grace.”

These two liabilities are balanced by the following current asset: 1044 Operating Account – Escrow: (This is the amount in OGHC’s Community Builder Account at ACU.)

OGHC’s Membership Committee keeps a listing of all current Members and Friends.

Brydges also has a listing of Members and Friends.

During the course of any year the following things can happen.

  1. A new person will be come a Friend of Old Grace Housing Co-operative. People join by filling out an online form. Brydges us automatically emailed a copy of the form. The person then either pays $50 to OGHC electronically or by cheque. That money is deposited in the community builder account. Their name appears on the monthly statement beside the deposit. OGHC sends a copy of each monthly statement to Brydges .
  2. A person decides that they wish to be cease to be Friend (in other words no longer on the waiting list). OGHC submits a cheque requisition form to Brydges. OGHC then transfer the amount that needs to be reimbursed from the Community Builder Account to the Operating Account. Brydges issues a cheque to the person who is ceasing to be a Friend.
  3. A vacancy occurs and a Friend becomes a member. In this case, there is no need for any transaction. However, the individual is transferred from one list to another.
  4. A Member moves out but wishes to continue to remain a Friend. There is no transaction, but the person is switched from one list to the other.
  5. A Member moves out and does not wish to become a Friend. When this happens, OGHC issues a cheque requisition form to Brydges asking that the member be reimbursed for their $50 share. (If more than one member the amount of the requisition will be higher.) OGHC will also transfer $50 (or the appropriate amount) from the Community Builder Account to the Operating Account. Brydges will pay the $50 to the member from the operating account.

There can be other slight variations on these transactions (for example a member of a household turning 18 and taking out a membership), but these are the common ones that will occur.

Reconciling the membership list and the friends list.

During the course of the year OGHC is supplying Brydges with information needed to keep these lists up to date. (Brydges receives copies of applications become a friend, and can track payment, Brydges receives cheque requisition forms when members of friends leave, and is informed when departing members wish to transfer for the Friends list.

At the beginning of each year, OGHC also provides a copy of the Friends List and the Membership List as of December 31 of the previous year. This can be checked against the Brydges Membership and Friends List. 

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