Lock-Out Charges Policy



Passed at the GMM on 9 February 1993

1. A lock-out charge for providing key access to unit will be levied as follows:

(a) notification for first occasion

(b) $5 for the second

(c) $10 for third and succeeding occasions

2.. The fee need not be paid at the time the key access is requested, but rather will be billed to the member. Such charges will be treated as arrears if not paid within 15 days of notification.

3. Resident non-members will not be given access except with the specific permission of one of the members in the unit. This permission may be given either in writing or by telephone.

4. Children of members will be allowed access to the family unit unless notification to the contrary is received by the office from the parent or guardian.

5. Record keeping for lockout charges will be based on the number of incidents within a calendar year.

Consolidated up to April 2010 and adopted September 30, 2010.

Investment Policy


Passed July 22, 1980

The purpose of this policy is to set forth the conditions under which Woodsworth Housing Co- operative will engage in investment activity.


  1. The investment of funds must be conducted in a manner that does not risk the financial stability of the Co-operative.
  2. Money earned on investments is to accrue to the benefit of the Co-operative as a whole and may not be allocated to individual members.
  3. No individual involved in the investment activity may profit from the use of Co-operative funds.
  4. No funds should be invested with institutions whose activities knowingly conflict with the goals and principles of the Co-operative Movement, and our investments should be placed in some section of the Co-op movement unless in the opinion of the Finance Committee there are urgent and compelling reasons not to.
  5. The investment fund principal may not be applied to offset ordinary operating expenses.


  1. To maximize the monies earned on surplus working capital and member's deposits within the limitations of the above principles.
  2. To apply money earned towards offsetting inflationary increases.
  3. To provide the property manager with adequate working capital to meet the operating expenses of the Co-operative.
  4. To maintain a reserve fund to meet any unforseen major emergency.


The actual investment will be undertaken by an Investment Sub-committee of the Finance Committee. The structure and guidelines for this committee are set out in Appendix "A".

The Property Manager has the responsibility for the maintenance of minimum balances in the current and savings accounts. The manager has the authority to transfer funds between the savings (demand) and current accounts. Any surplus or shortages in these operating funds must be reported to the

Finance Committee on a regular basis and to the Treasurer in case of emergency. The manager must ensure that current detailed records of all funds and investments are maintained.

The Finance Committee is responsible to the Board of Directors for the development and maintenance of investment policy. The Chair has the authority to convene a special meeting of the Committee to deal with any investment or cash-flow problems that may arise and to make recommendations to the Board of Directors.

It is the Treasurer's responsibility to keep the general membership advised of all investment activity. The Treasurer (or his/her designated representative) must chair all meetings of the Investment Sub- Committee. The Treasurer has the authority to make decisions and give directives in an emergency situation. Other Board members must be advised immediately of any such decisions.

The Board of Directors has the authority to approve or over-rule all investment decisions within the limits of this policy.

The Investment Policy may not be changed without the approval by majority vote of the Membership present at a general meeting.

Any changes in portfolio will be published in the newsletter.


The terms of reference for the Investment Subcommittee of the Woodsworth Housing Co-operative Finance Committee are as follows:

COMPOSITION: The Investment Subcommittee shall be comprised of —

  1. The Treasurer, (Chairman and liaison with the Board of Directors)
  2. Two members appointed from the Finance Committee.
  3. The property manager (co-ordinator, and non-voting member)


  1. Members' last month's housing charges and maintenance deposits
  2. Accumulated operating surplus prior to the mortgage agreement.
  3. Reserves as required by C.M.H.C.
  4. Net operating surplus.

The Investment Subcommittee is to receive reports concerning the current status of investments and consult with its agents regarding changes in investments. The Finance Committee will have the authority to suggest changes in investment policy and have these changes approved by the members.

The monies may be invested in long or short term debts, securities, equities, and mortgages, with due regard to maintaining a portfolio that is flexible in the face of changing market conditions. Not withstanding the foregoing:

  1. No investment will be made or continue to be held unless the Committee carries out appropriate analysts of, and is fully conversant with, the salient characteristics of each investment. In the case of publicly traded bond investments a regular review is required.
  2. No investment will be made in any security that does not comply with the relevant provisions of any legislation governing Co-operative Societies.


Investments in fixed income securities should average A+ or better, and none should be rated below B++, as rated by the Canadian Bond Rating Service or the Dominion Bond Rating Service.


  1. BONDS AND DEBENTURES (book value):(a)  Issued or guaranteed by the Government of Canada … NO LIMIT.

    (b)  Issued or guaranteed by the Provincial Governments…a limit of 50% of the total bond holdings provided that such holdings are bonds of the provinces of Ontario, Alberta, or Saskatchewan.

    (c)  Municipal bonds are to be limited to 10% of the total bond holdings

    (d)  Corporate bonds may not exceed 65% of the total bond holdings. The total exposure to any one corporate name, including associations, must not exceed 8% of total bond holdings.

  2. EQUITIES (Canadian, at market value):(a)  Maximum holding of a particular security must not exceed 8% of the total equity holdings. This will include convertible debentures and convertible preferred shares.

    (b)  Maximum holding in any of the TSE major group indices must not exceed the TSE weighting by more than 5%.

  3. MORTGAGES:The fund may be invested in conventional first mortgages that do not exceed 75% of the property value or in insured mortgages at the discretion of the Committee. A minimum of 50% of the outstanding book value of all mortgages shall be invested in renewable term residential mortgages of 5 years or less. The term "insured mortgages" means those insured under the National Housing Act (NHA) or by the Mortgage Insurance Company of Canada (MICC).


Foreign investments will be confined to United States securities and must not exceed a limitation of 10% of total assets or book value.


The asset mix will be delineated under three headings:page4image2944

i)  Equities
– Canadian
– United States

ii)  Fixed Income
– bonds
– mortgages

iii)  Cash Reserves
– including short term items.

Each time the Sub-Committee on Investments meets it will examine the current asset mix and determine whether market conditions warrant any changes. Any recommendations will be presented to the Finance Committee for approval. Details of recommendations approved will be logged in the "ASSET MIX LOG" and remain in force until the Finance Committee approves further changes. In the eventuality of a sudden change in market condition a variance allowance of 15% will be permitted in the asset mix. If a wider variance is required the Subcommittee must seek advice by requesting that the Chairman of the Finance Committee convene an emergency meeting of the Finance Committee.


Consolidated by the By-law Committee – April 2010)


Subsidy By-Law #33


Subsidy By-law 33

Consolidating the Internal Housing Charge Supplement By-law (By-law No. 16, enacted September 16, 1986), the Subsidy By-law (By-law No. 33, enacted September 23, 1993), By-law 48, amending By-law 33, sections A6, Ay and B2.2, By-law No. 52, enacted February 29, 2000 and By-law 53 amending Subsidy By-law 33, enacted September 25, 2000.
Consolidated up to April 2010 and adopted by the members on September 30, 2010.

1. General

1.1 The Co-op’s purpose is to supply housing to its members. The Co-op will provide financial assistance to some of its members in the form of subsidies, as set out in this By-law. The Co-op will participate in a Government Subsidy Program (“Subsidy Program”). In addition, the Co-op will provide additional subsidies funded from an Internal Subsidy Fund (“Subsidy Fund”) in accordance with this By-law.

1.2 In order to offer assistance to those in greatest financial need, subsidies from both the Subsidy Program and the Subsidy Fund will be allocated as follows (assuming households meet the Subsidy Program income criteria for subsidy):

(a) Unconditional: Anyone needing a subsidy of at least $100. per month, provided subsidy resources are available, will be assigned a subsidy on a first come, first serve basis.

(b) Conditional: Anyone needing a subsidy of $50 to $99 may be offered a subsidy, on a first come, first served basis, if one is available, on the understanding that they may, upon being given 60 days notice, be bumped off the subsidy if another member applies who would need a subsidy of $100 or more.

1.3 Where a household is discovered to have falsely or erroneously declared its income, or failed to report a change in income, it shall be required to reimburse the Co-op for any subsidy obtained by it to which it was not entitled, based on the true figures, from the date when it received any excess subsidy. Any such required reimbursement shall be treated as arrears of housing charges until paid.

1.4 When the Board has passed a resolution terminating the occupancy rights of all Members of a household, subsidy to the household shall be ended as of the date that the Co-op regains possession of the unit.

1.5 When members allow a suboccupancy of their units, their entitlement to any housing charge subsidy shall cease when the suboccupancy starts.

1.6 Any matter relating to subsidies not dealt with in this By-law shall be determined by the Board, having regard to the Co-op's obligations under any agreements with the funding agency for the Subsidy Program. Where there is any conflict between this By-law and any other By-law of the Co-op or written agreement between the Co-op and any Member, the provisions of this By-law shall govern.

1.7 The Occupancy Guidelines of the Co-operative will govern household size for subsidy households in the same way as they govern household size in unsubsidized households, except as follows:

(a) A household is overhoused for subsidy if it has less than 1 person per bedroom.

(b) An overhoused household will be subsidized as though it were in the most expensive unit in which it would not be overhoused.

(c) When a household becomes overhoused, its subsidy will not change if it promptly applies for relocation to all unit types in which it will not be overhoused and accepts the first such unit offered by the Co-op. If a household is overhoused when this By-law is adopted, its subsidy will not change if within 9 months (before June 25, 2001) it applies for relocation to all unit types in which it will not be overhoused and accepts the first such unit offered by the Co-op after the 9 months. If a household is overhoused by virtue of being one person in a 3 or 4 bedroom unit, the household may relocate to a 2-bedroom apartment unit, but will still be considered overhoused.

(d) The normal relocation fee will not apply.

(e) If an overhoused household does not apply for relocation or does not accept the first unit offered, its subsidy will be adjusted as of two complete months after it became overhoused. If a household is overhoused when this By-law is adopted and does not apply for relocation or does not accept the first unit offered, its subsidy will be adjusted as of nine complete months after this By-law was adopted <after June 25, 2001>.

(f) The board is authorized to adopt a policy to provide to those members who relocate to a smaller unit assistance with the financial costs of the relocation. The board is authorized to exempt members from the strict application of this paragraph 1.7 where it would otherwise cause undue hardship.

1.8 All subsidy households, whether subsidized by the Subsidy Program or the Subsidy Fund, must submit income verification every six months.

2. Internal Subsidy Fund

2.1 Preamble

(a) In most respects, the Subsidy Fund will be administered following the guidelines that the Co-op uses in administering the Subsidy Program. These guidelines are currently outlined in the Non-Profit Housing Administration Manual of the Ministry of Municipal Affairs and Housing.

2.2 Principles

(a) The intent of the Subsidy Fund is to provide a subsidy to those members who are eligible for the Subsidy Program, but for whom there is no space in the Subsidy Program. Members who are granted a subsidy from the Subsidy Fund will be moved to the Subsidy Program as soon as possible.

(b) A subsidy from either the Subsidy Program or the Subsidy Fund may be terminated at any point (including retroactively) if a household or a member of the household has breached the terms of this By-law.

2.3. Administration

(a) This By-law will be administered by a staff person designated by the Board.

(b) Subsidies will be allocated in amounts determined in accordance with the provision of this By-law.

(c) All applications for subsidy will be considered in the strictest confidence.

(d) The Arrears Committee may make recommendations to the Board regarding special allocations from the Subsidy Fund, and the Board, after considering the status of the Subsidy Fund, may agree to the recommendation.

(e) The staff person shall ensure that the total subsidies from the Subsidy Fund allocated during the financial year shall not exceed the amount of the Subsidy Fund.

(f) The staff person shall report monthly to the Board regarding the Subsidy Fund, including:

i) the number of households receiving Internal Subsidy
ii) the monthly expenditures
iii) the amount left in the Subsidy Fund
iv) a projection of the allocations from the Subsidy Fund to the end of the financial year
v) the number on the waiting list.

(g) The Member's file will fully document the application for and any allocation of a subsidy.

(h) Subsidy allocations from the Subsidy Fund will be made by the staff person and approved by the Treasurer.

2.4 Criteria for Eligibility

(a) Applicants must:

i) be members of the Co-op for a minimum of 6 months;
ii) be eligible for the Subsidy Program AND a subsidy from the Subsidy Program is not available. (It is understood that the applicant will be moved over to the Subsidy Program from the Subsidy Fund as soon as possible.)
iii) meet the criteria of the Occupancy Guidelines, as set out in this By-law.

2.5 Application

(a) Applicants must submit a completed application for housing charge assistance form and provide income verification, in the same manner as applicants for the Subsidy Program must.

(b) The application will be reviewed, and written notice of the decision will be delivered to the applicant within 30 days of receipt by the office.

2.6 Appeal Procedure

(a) The applicant may, in the case of a rejection, appeal in writing to the Board of Directors for a final decision. Such an appeal must be made within one month of the date of the rejection letter.

2.7 Calculation of Subsidy

(a) Subsidies from the Subsidy Fund will be calculated in accordance with the procedures used for the Subsidy Program.

2.8 Waiting List

(a) If a member applies for a subsidy from the Subsidy Fund and there are no funds available, or the staff person responsible believes that adding this member will jeopardize the amount of money available for those already being subsidized, the member will be placed on a waiting list.

(b) Priority for allocation of the Subsidy Fund shall be based on the date of initial receipt of application.

(c) The list will be updated at least annually to verify that those members on the list are still interested in applying for the Subsidy Fund.

2.9 Calculation of the Subsidy Fund

(a) The amount of money available for the Subsidy Fund each financial year will be:

i) any amount budgeted in the annual Operating Budget; and
ii) the amount of interest earned on the Internal Subsidy Reserve in the previous financial year.

Consolidated up to April 2010 and adopted by the members on September 30, 2010.

Spending By-Law #47



Approved by the Membership, May 1979 and Approved by the Board of Directors, September 1979, as the Spending Policy. Amended at the General Members Meeting on May 8, 1997, as The Spending By-law # 47.  Consolidated up to April 2010 and adopted by the members on September 30, 2010.

Ultimate control of spending rests with the Membership who must approve the annual budget each year. At the same time, staff, committees and the Board of Directors must have sufficient flexibility to manage the Co-operative. This policy outlines how spending control is to be achieved.


Prior to the beginning of each fiscal year, an operation budget for the year will be presented to a General Meeting. The Members have the right to question and, if necessary, alter the budget. Once approved by the General Meeting, the budget authorizes staff, committees and the Board of Directors to incur expenses according to the provisions of the following sections.

During the course of the fiscal year, the Board may revise the budget if necessary. These revisions must be reported to, or approved by a General Meeting as follows:

(a) Any revision in one budget category exceeding $500 must be reported to the next General Meeting;

(b) Any revision to the approved operating budget which results in an overall change of more than ½ of 1% of the total expenses must be reported to the next General Meeting;

(c) Any change in housing charges as a result of revisions to the operating budget must be approved by the Members in a General Meeting.


Routine expenses are those that are incurred by the Co-op automatically and are not the result of a specific purchase or order. They include municipal taxes, utilities (cable TV, electricity, water and sewage), salaries (once the position has been approved), insurance (if the coverage is not being changed), mortgage payments, regular contract preventative maintenance service, etc.

Routine expenses may be approved by the Treasurer to staff designated by the Board of Directors. If a routine expense is over budget it must be reported to the next meeting of the Board of Directors.


Non-routine expenses are those over which the Co-op has control as to when (or if) to incur them. They include equipment purchases, maintenance supplies, office supplies, professional or consulting services, education for staff, Director or Members, membership in other organizations, etc.

A non-routine expense up to $1,000 may be approved by the Treasurer or staff designated by the Board of Directors. If it is unbudgeted, it must be reported to the next meeting for the Board of Directors. Any non-routine expense over $1,000 must be approved by the Board, whether or not it is budgeted and reported to the membership.


Emergency expenses are those that would probably have to be incurred anyway an delay would costs the Co-op more money, risk property damage or endanger personal safety.

Notwithstanding section 1, 2, or 3, an emergency expenditure may be approved by designated staff or members without a maximum. The Board of Directors shall designate the people who can approve emergency expenditures as required. All emergency expenditures must be reported to the next meeting of the Board of Directors and the Membership.


All cheques drawn on a Co-op account must be signed by two of the President, Vice President, Secretary and Treasurer.


No person may approve any purchase or payment that substantially benefits that person.

This policy shall come into effect on the date of the first General meeting that approves an operating budget or such earlier date as the Members may specify. Until that time, the Board of Directors shall continue to have responsibility for any operating expenses.

The Board of Directors shall continue to have responsibility for capital expense until the start of mortgage repayment, and thereafter until a policy on capital spending is adopted by the Members.

Consolidated up to April 2010 and adopted by the members on September 30, 2010.