Chatham Village is a cooperative corporation owned by the Village residents. While cooperative ownership is often confused with condominium ownership, in most comparisons, cooperative ownership provides members with more services and benefits than either condominiums or single family houses.
Chatham Village Homes, Inc. holds one title for all of the property, including lands and buildings. Each member owns a certificate of membership in the corporation with the value of the certificate reflective of the market value of the member’s house or apartment. Each membership is entitled to one vote in corporate matters. It is these membership certificates that individuals buy or sell when memberships are purchased.
Cooperative membership offers a host of advantages compared to condominiums or single family homes. These advantages range from social and community involvement to financial and tax savings to services and personal convenience.
Advantages of a Cooperative
- Encourages members to participate in the affairs of the corporation and community.
- Offers many financial benefits to members at lower costs than comparable single family homes or condominiums.
- Allows members to deduct their share of mortgage interest and local property taxes from their federal income tax.
- Provides a monthly carrying charge that is more comprehensive than a typical condominium maintenance charge.
As a not-for-profit Corporation, Chatham Village Homes, Inc. conducts its affairs in accordance with a detailed set of bylaws. An elected Board of Directors and full-time, on-site manager and staff ensure that the Village runs effectively. Following is a description of each group's basic responsibilities and functions.
Board of Directors
- Residents elect a five-member Board of Directors comprised of members.
- The Board of Directors meets monthly to review and set policy for the affairs of Chatham Village.
- Board members chair committees on which other members can serve.
Chatham Village Management
- A full-time Manager and an assistant handle day-to-day Chatham Village operations from an on-site office.
- A full-time staff handles maintenance of buildings and grounds.
Member Communication - Members are kept abreast of decisions, issues, and news through:
- A monthly newsletter called the Chatham Village Times
- A monthly mailing of board meeting minutes
- An annual members meeting
- Periodic topic-specific meetings
- The Chatham Village website