Glossary
From Cultivate.Coop
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A - D
- Bond of Association
- Business Plan
- Buying Club
- Buy-In
- This is what members financially contribute to the co-op to become a member. This can be paid immediately or over an extended period of time.
- Consensus
- This is a decision making process in which everyone has to agree on something for it to pass a vote and be decided on. (Unless there are fall back options).
- Co-operator
- This is a member of a cooperative or someone who supports the general cooperative cause/community.
- Credit Union
E - G
- Equity
- Equity is the concept or idea of fairness in economics, particularly as to taxation or welfare economics. See Equity
H - J
K - M
- Majority-Based
- This is a form of decision making in which only more than half (50%) of the members need to vote for a decision for it to pass.
- Member
- Any co-op owner who has economically contributed capital through the purchase of a share.
N - P
- One Member, One Vote
- Members are entitled to one vote each when making decisions and no more despite their rank, level, age, years they’ve been in the co-op, financial commitment, or anything else.
Q - T
- Share
- This is a member's “portion” of the co-op that establishes them as an equal owner. No co-op member can have more than one, they are not transferable for money or anything else, and all are exactly equal.
- Surplus (Profit)
- This is the amount of money that the co-op has made at they end of the year. In a standard business it is referred to as a “profit.” This surplus can be divided up in different ways - depending on the type of co-op. It can be divided up amongst members, invested back into the business, saved for a rainy day, and more. A successful co-op, however, will do a combination of these things.