E A S T V I E W   C O - O P E R A T I V E  A P T S.

Thanks to Eastview’s decades-long commitment to fiscal responsibility it is a debt-free corporation – it does not even hold a mortgage.  This spirit of independence and  self-determination is also expressed by its tradition of member-management finances. With the exception of the legally mandated annual audit, which must be performed  by a certified accountant, all of Eastview’s financial matters are managed in-house.  Share capital, financial statements, investments, annual budget, and taxation are transparently administered by the Board with the approval, and sometimes collaboration, of Eastview’s members.

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Transparency is a vital part of Eastview’s financial management. Each month a financial statement for the previous month  is published in the newsletter. Also, an audited annual financial statement is distributed to the members prior to the AGM.  In addition, the annual budget must be approved by a majority of the members at the AGM in order to be implemented.

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The month-to-month Treasurer’s duties, e.g. disbursing funds for goods and services (both to outside suppliers and to co-op members), collecting monthly maintenance fees, liaising with our bank, drafting the monthly financial statement, etc,, are divided among Eastview’s three Board members. These transactions are published monthly in the newsletter. Expenditures of over $1,000 must be approved by the majority of the members before funds can be disbursed.

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Operating expenses and a reserve fund (for scheduled and emergency repairs and upkeep) are maintained by the modest monthly maintenance fee paid by each member (average, $290). 

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Throughout its history Eastview has managed to keep costs down through the efforts of those members who voluntarily perform maintenance tasks such as vacuuming, lawn care, gardening, window cleaning, etc. either for free or for well below market rates.

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