Financial policies and bylaws – Woodsworth Housing Co-operative

Spending Bylaw #90

Approved by the Board of Directors on August 26, 202
Approved by the members on December 16, 2025 by a 2/3 majority vote

Table of Contents of the Bylaw – PDF below

Purpose of this by-law

The purpose of this Spending By-law is to help the Co-op control and track its spending. It sets out
the rules for how the Co-op’s money is spent and who must give permission for each type of spend-
ing. Ultimate control of spending rests with the membership who must approve the annual budgets
each year.

Repeals
Priority of this By-law and conflict with other by-laws
References to other by-laws
Laws that apply to Woodsworth Co-op
Co-operative Corporations Act and Human Rights Code
Funding program laws
Changing by-laws
Definitions
Authorization of spending
No personal benefit: about conflict of interest
Operating budget
Staffing and Management
Capital budget
Major commitments
Interest on savings
Budget control
Detailed monthly report to the Board
Reporting to members
Emergency expenses
What are emergency expenses
Authorization of un-budgeted emergency expenses
Reporting un-budgeted emergency expenses
Disability accommodation expenses
Fair, open and objective business practices
Consultants for capital contract administration services
Contracts
Management spending
Bids and quotes: rules for all spending except routine or non-discretionary
Expenditures under 1% of total market housing charges budget (TMHC)
Expenditures between 1% and below 2.5% of the TMHC
Expenses of 2.5% of the TMHC or more
Confidentiality Agreement – bids and contracts
Choosing a quote or bid
Signing officers

Attachment A Confidentiality Agreement – Bids and contracts

Finance Committee Policy

Approved by the Board of Directors August 26, 2025
Approved by the members December 16, 2025

This committee policy replaces a 2019-2020 document.

1. Committee Role

The Finance Committee is a committee of the board.

The Finance Committee with the Treasurer discusses, reviews and helps develop recommendations on financial matters. The Treasurer takes recommendations to the Board for discussion. The Board of Directors makes final decisions.

The Organizational Bylaw describes the role of the Board relating to finance and the Finance Committee with the Treasurer will help the Board with these tasks:

Developing and presenting operating and capital budgets
Advising the Board about financial decisions for the co-op within the budget and by-laws
Recommending to the Board about long-term financial planning based on expected future needs of the co-op
Ensuring that the co-op has a current building condition assessment, a current reserve fund study and an asset management plan
Reviewing any recommendations from the auditor and ensuring they are implemented
Reporting to the members on the co-op’s finances, budgets and reserves

The Finance Committee will review the monthly financial reports and report any budget discrepancies or unusual transactions to the board via the treasurer.

The committee may from time to time suggest to the board, via the treasurer, changes to the accounting procedures which could enhance the integrity of the financial reporting.

The committee may be asked by the board to carry out other tasks from time to time.

The committee will assist the Board in adhering to the bylaws and policies that govern finances and spending in Woodsworth. The committee may develop other bylaws and policies.

Committee members are encouraged to expand their knowledge of co-op finances. There are some useful resources on the website of the Agency for Co-operative Housing and our co-op federations offer courses and other learning opportunities.

2. Committee Membership 

Unless the Board decides differently, the committee will not exceed six (6) members.

Only two (2) Board members will be on the committee: the treasurer and one other board member. Up to four (4) other committee members are volunteer Woodsworth members who are appointed by the Board.

The committee will be chaired by the treasurer who will normally schedule the meeting.

The committee will attempt to operate by consensus. If requested by a committee member, the rules of order in the Organizational Bylaw will be followed. If there is a vote, all committee members including the chair will have one vote. A tie vote fails.
The committee will not have the ability to spend any money, authorize any expense, enter into any contract or commit the co-op to any agreement or action, The committee can submit a budget request for the operating budget subject to bylaws and the approval of the Board of Directors.

3. The committee reports to the board

• The committee is expected to meet at least four (4) times a year.
• The treasurer will schedule the meetings as required.
• The committee will write a report to the board after each meeting.

4. Quorum and attendance

The quorum for committee meetings will be 50% of committee members including the chair.

Committee members are responsible for attending all meetings, for being punctual, for performing an equal share of assigned tasks, and for contributing to decision-making.

If unable to attend, members should give prior notification to the chair.

If a member misses three (3) consecutive meetings, without giving prior notification or having suitable justification, their position on the committee will be reviewed with sufficient notice to all committee members and they may be asked to resign.

5. Confidentiality, privacy and conflict of interest 

The committee will have access to the monthly financial reports from the treasurer.

The committee members are bound by the articles of the Organizational Bylaw for confidentiality and conflict of interest. Committee members must sign the Confidentiality and Conflict of Interest Agreement within ten (10) days after they become members. A signed copy must be given to the manager. People who fail to do this are automatically removed from the committee.

The committee will keep internal discussion confidential especially if information is shared when discussing impact of proposals.

The confidentiality requirement applies while a committee member as well as when the person no longer has that position or any connection with the co-op.

The committee members must be familiar with human rights and disability legislation. If requested, they will participate in a orientation, presentation or online course.

Emergency Housing Charge Assistance Policy

WOODSWORTH HOUSING CO-OPERATIVE INC.

Emergency Housing Charge Assistance Policy

Approved by the Board of Directors on January 22, 2020 and by the members at the AGM on February 16, 2021.

1. About the policy

This policy sets out the rules and procedures for administering emergency housing charge assistance funds (EHC Assistance Fund).

This is a discretionary fund established by Woodsworth Housing Cooperative (the Co-op) that is intended to give short-term assistance to households experiencing a decrease or loss of income, as determined by the Co-op. The EHC Assistance Fund is managed and allocated by the Co-op’s management, as directed by the Board of Directors. The amount of the EHC Assistance Fund may change on an annual basis.

2. About emergency housing charge assistance

(a) Emergency housing charge assistance for monthly housing charges is to give short term help to households who are experiencing a decrease or loss of income. Assistance is intended for short term use only.

(b) EHC Assistance shall not be granted for a period exceeding (3) three months, and shall not be granted more than once in any (12) twelve month period, starting from the first day of assistance.

(c) This assistance is in the form of credit to the member’s account. The credit can be up to 30% of the member’s housing charge.

(d) The amount could be limited by the amount available in the emergency housing charge assistance budget.

(e) The EHC Assistance Fund is distinct from subsidies administered by CMHC. Applying for EHC Assistance does not place an individual or household on the wait-list for a CMHC housing charge subsidy, and does not equate to a reduction in housing charges for a given household. If the household thinks it may qualify for CMHC subsidy, the household is encouraged to apply immediately.

3. Definition of Terms

(a) “Household” shall mean a person or a group of persons who occupy the same unit and do not have a usual place of residence elsewhere in Canada.

(b) Dependent: someone is considered a child of a member if they would be considered the member’s child under the Ontario Family Law Act.

(c) CMHC means Canada Mortgage and Housing Corporation and The Agency means the Agency for Co-operative Housing that manages the federal government’s cooperative housing programs on behalf of CMHC.

(d) Management means staff appointed as property managers of the Co-op by Woodsworth Housing Co-op’s Board of Directors.

4. Criteria for Eligibility

(a) Applicants must be members of Woodsworth Housing Co-op for a minimum of 12 months before they can apply to the EHC Assistance Fund; and

(b) The household must not currently be receiving CMHC subsidy but the household can be on the waiting list for CMHC while receiving emergency assistance; and

(d) The household must show that it has had a decrease or loss of income that would make it difficult to pay the regular monthly housing charge.

5. Applying for and Administration of Emergency Housing Charge Assistance

(a) Households applying for EHC Assistance must complete the co-op application form for assistance.

(b) All applications for assistance will be processed and approved by the Management on a confidential basis.

(c) As part of an application for EHC Assistance, the household must supply proof of income loss, along with a sworn statement attesting to the veracity and accuracy of the information supplied. Proof of income loss might include, but is not limited to, the following documentation:

(i) Record of Employment for job loss
(ii) Proof of an injury requiring time off work or a WSIB claim resulting in a loss of income
(iii) Letter from employer or union on letterhead in case of strike action

(d) The Management reserves the right to seek further information from applicants regarding income loss if necessary.

(e) Emergency housing charge assistance will be given to households on a first come, first served basis depending on when the completed application form is received by the Management.

(f) Households approved to receive EHC Assistance are required to report changes in income within no more than seven (7) days of the change taking effect. If the household is no longer eligible to receive Emergency Assistance, the assistance will be withdrawn at the beginning of the month following the change.

(g) When EHC Assistance is no longer available due to the EHC Assistance Fund being depleted, Management shall notify all members of the Co-op that no further applications will be accepted until the new fiscal year.

(h) Upon being approved for EHC Assistance, the household must sign a form saying that:

(i) it understands that this is temporary assistance for a maximum of three months, and that EHC Assistance does not equal a reduction in housing charges;

(ii) Emergency housing charge assistance is dependent on money being available in the EHC Assistance Fund. That means that the full three (3) months of assistance may not be available. The agreement will have the start date and end date for assistance;

(iii) it understands that any change to the income information submitted in support of the EHC Assistance application must be reported to the Co-op within seven (7) days of the change.

6. Breach of Obligations by Members

The Co-op can end the delivery of EHC Assistance if a household or a member of the household has broken the terms of this policy, or any of the Co-op’s bylaws. In those cases, the Co-op reserves the right to demand repayment of any funds paid out to the household via the EHC Assistance Fund. Circumstances under which a household must pay back the Co-op for housing charge assistance include, but are not limited to situations in which the household:

(a) Declared its income falsely, or
(b) Did not report an increase in income when required by this policy, or (c) Ceased to meet the eligibility requirements as described in this policy.
(c) Ceased to meet the eligibility requirements as described in this policy.

7. Emergency Housing Charge Assistance Annual Budget

The amount of money available for the EHC Assistance Fund each financial year will be budgeted and approved by members in the Operating Budget. Co-op Management shall ensure that the total spent for housing charge emergency assistance does not exceed the budgeted amount of the EHC Assistance Fund.

8. Funding and Oversight

(a) The Co-op management has the discretion to deny any application for EHC Assistance, and are not obligated to provide reasons for denying such an application.

(b) Management will report to the Board of Directors at least once every 30 days on the status of the EHC Assistance Fund. Management reports will not include particulars, such as names and unit numbers of members receiving funds through the EHC Assistance Fund.

This policy replaces the internal subsidy program.

Application and agreement for Emergency Housing Charge Assistance

Housing Charge Subsidy Bylaw #81

Woodsworth signed a new subsidy agreement with CMHC on June 1, 2017. Our
own out-of-date Subsidy Bylaw was repealed at a GMM on Sept 25, 2017.

The members cannot amend the bulk of this bylaw because it is drawn directly
from the agreement with CMHC. All the attachments are copied from the subsidy
agreement that the co-op signed in June 2017.

Approved by the Board of Directors, May 29, 2019 and confirmed by members on June 26, 2019 by a 2/3 majority.

This bylaw #81 is about the government (CMHC) housing charge subsidy program / rent supplement program, administered by The Agency for Co-operative Housing.

2. Eligibility Requirements to Receive Subsidy from CMHC
– 2.4. Burden of Proof
– 2.5. Overhoused Households
– 2.6. Procedures for Overhousing
3. Definition of Household Income
4. Application and Verification Process
5. Sub-Occupancy
6. Appeals
7. Breach of Obligations by Members
8. Privacy and Confidentiality
9. Conflict of Interest

While this bylaw has the application and information on the program regulations and income and calculating finances, the Occupancy Bylaw has Appendix C: Housing Charge Subsidy Terms and Agreement.

Woodsworth’s internal subsidy, now renamed the Emergency Housing Charge Assistance policy (EHC Assistance) is covered by a separate policy.

Investment policy

Passed by the Board of Directors on August 26, 2025
Passed by the members by a majority vote on December 16, 2025

A policy about investing co-op funds.

Table of Contents (PDF attached)

TABLE OF CONTENTS
1. About this Policy ………………………………………………..
2. Introduction ……………………………………………………….
3. Investment Goals ……………………………………………….
4. External Advice …………………………………………………..
5. Asset Mix ……………………………………………………………..
6. Permitted Investments ……………………………………….
7. Prohibited Investments ……………………………………….
8. Socially Responsible Investing ……………………………
9. Reserve Funds ……………………………………………………..
10. Administration …………………………………………………..