About Us

Co-operative Principles

You have a say

Co-operatives are owned and controlled (usually through a board of directors) by their members. That means:

  • members have a voice in how the co-operative is run, and
  • members share in the profits or benefits of the co-operative.

Credit unions are co-operatives! As an Innovation member, you:

  • elect board members to represent your needs,
  • share our profits, and
  • benefit from products like our No-Fee Bank Account.

Co-operative Principles

  1. Voluntary and Open Membership
    Co-operatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political, or religious discrimination.

  2. Democratic Member Control
    Co-operatives are democratic organizations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights (one member, one vote) and co-operatives at other levels are also organized in a democratic manner.

  3. Member Economic Participation
    Members contribute equitably to, and democratically control, the capital of their co-operative. At least part of that capital is usually the common property of the co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all the following purposes. developing their co-operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co-operative; and supporting other activities approved by the membership.

  4. Autonomy and Independence
    Co-operatives are autonomous, self-help organizations controlled by their members. If they enter to agreements with other organizations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operative autonomy.

  5. Education, Training, and Information
    Co-operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their co-operatives. They inform the general public - particularly young people and opinion leaders - about the nature and benefits of cooperation.

  6. Cooperation among Co-operatives
    Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional, and international structures.

  7. Concern for Community
    Co-operatives work for the sustainable development of their communities through policies approved by their members.