Sharing Information

  1. Statement of Values Regarding Information Sharing and Transparency. To enhance accountability, to provide Owners with as much information as they need to effectively participate in the democratic process, to create public trust, to educate communities about cooperatives, to contribute to a knowledge commons, and to encourage replication of Loconomics’ cooperative model, Loconomics will strive to be a transparent business, to share information about how it operates, and to encourage others to use and adapt these Bylaws in establishing other cooperatives.
  2. Sharing These Bylaws. These Bylaws are hereby published with a Creative Commons Attribution-ShareAlike 4.0 License (CC BY-SA 4.0) with the added provision that any organization that uses any portion of these Bylaws as a basis for its own bylaws shall publish its bylaws on that organization’s website, so that the public can access, learn from, and use the bylaws. Per the CC BY-SA 4.0 license, any individual may use, copy, remix, transform, or build upon the material, as long as they distribute their contributions under the same license as the original. For any documents derived from these Bylaws, it is sufficient to give attribution by saying “This document borrows from or is adapted from the Loconomics Cooperative Bylaws.”
  3. Information for Owners. Loconomics shall maintain a webpage on the Platform entitled “Information for Owners” or a similar title. This page shall provide a direct link to:
    1. Articles of Incorporation
    2. Bylaws
    3. Terms of Service
    4. Budget request forms
    5. A listing of any benefits, perks, or services offered specifically for Owners
    6. Meeting agendas, meeting minutes, and, when available, meeting transcripts
    7. Owner discussion forums
    8. Board decisions and resolutions
    9. Policies
    10. Loconomics’ Annual Reports
    11. Other information to assist Owners with maximizing the benefits and opportunities associated with Ownership.
  4. Annual Report. By April 30 of each year, Loconomics shall send each Owner a copy of the Annual Report, consisting of a profit and loss statement, cash flows statement, and balance sheet as of the end of the prior fiscal year, and the Annual Report shall be accompanied by any pertinent report by independent accountants, and if there is no such report from an independent accountant, the President, Secretary, or Treasurer of Loconomics shall certify that the annual report was prepared from the books and records of Loconomics without audit. The Annual Report shall also include a statement of where the names and addresses of current Owners are located.2 In addition, the Annual Report shall include a description of any transactions (payments, loans, guaranties, indemnifications, or advances) valued at more than $1,000 in which any Officer, Director, Staff Trustee, or organization holding appointment power had a direct or indirect financial interest, other than regular compensation of the Officers, Directors, or Staff Trustees.3
  5. Audits. When Loconomics has at least 5,000 Owners or Loconomics’ gross annual income exceeds $2,000,000, Loconomics shall annually engage an independent accountant to audit Loconomics’ financial statements using generally accepted auditing standards.
2. See section 12591 of the California Corporations Code. ↩
3. See section 12592 of the California Corporations Code. ↩

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