Do know know what the 7 Cooperative principles are? Maybe you’ve heard of them but unsure of how we apply them daily. Before we explore each one in our latest edition of It’s a Money Thing TM , let’s define what a cooperative is.
A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise, according to the International Cooperative Alliance.
The 7 Cooperative Principles are:
1. Voluntary and open membership
2. Democratic member control
3. Member economic participation
4. Autonomy and independence
5. Education, training and information
6. Cooperation among cooperatives
7. Concern for community
To learn more about these 7 principles, check out the video below:
Credit unions hold fast to those 7 cooperative principles by constantly engaging in dialogue with our members and through conversations and meetings with our staff, board members and community. We are not for profit, not for charity, but for service.
Credit unions have been serving members in the United States for 100 years. We have a rich history, and bright future. Where will we go next?
What principle stood out to you from the video? We’d love to hear your thoughts. Feel free to share them in our comments section below.