How important is the community management corporation in NC? How does the NC benefit from community management corporations? These are the things we will tackle below.
What Is a Community Management Corporation In NC?
It is a corporation established by the law to serve the community. It is formed by private citizens from the community with a common interest in the development and progress of the community.
A community management corporation in NC is motivated by freedom, equality, and the common good. In terms of structure, it is similar to a for-profit corporation.
However, it does not have any shareholders and is by a board of directors. This board is people from the community who have an interest in seeing that the community develops well.
The members are elected by the stakeholders of the community to serve for a specific period. They may also be re-elected for subsequent terms.
To operate legally, a community management corporation must have an initial capitalization fund. It is coming from its members or other people who are willing to support it financially.
It must be to address short-term expenses such as rent and utilities. Or any other expenses that during the formation of the agency.
The capitalization fund may also to address occasional expenses that may occur as a result of normal operations or unforeseen circumstances.
The community management corporation in NC has many powers and responsibilities. These include:
Raise funds through donations, grants, contributions, and sponsorships
- To acquire property through purchase or lease
- Acquire equipment either by purchase or lease
- Recruit employees
- To carry out any activities appropriate for the furtherance of its corporate purposes
What Is Its Purpose?
The purpose of this organization is twofold:
- First, it renders service to its members one way or another. So through projects that will benefit them as well as their immediate environment.
- Second, it helps in developing and improving their communities at large through projects that will improve their infrastructure. Also, their social welfare programs such as health care and education.
What Are Advantages Of Having Community Management?
The community management corporation in NC has many advantages. These include:
- It is self-supporting. Because it does not have any shareholders, it does not require any funding from the government. It means that it will be able to achieve its objectives without depending on the government for financial support.
And at the same time, it will be able to maintain its independence.
- It is more flexible. Because of its independence, it can operate without much interference from other people or institutions. Thus it can more easily initiate and implement projects that are in line with its mission and vision.
- It promotes unity among community members. If a person joins the corporation, they become part of a team that is working towards the same goal of improving their community as a whole.
This team spirit makes every member feel responsible for the welfare of each other.
- Also, it makes them feel responsible for the welfare of their community even if they are not members of the management team. They will work extra hard to ensure that their community grows and develops at a very fast rate.