Obligations communautaires : le lexique Community bonds: the lexicon

Les termes The terms

Community bond

A debt instrument an organization issues to its community: the subscriber lends the organization a sum, and the organization commits in writing to repay it. The capital stays a debt owed by the organization to the person — not a gift.

Voir aussi See also : capital , interet , echeance

Principal

The lent sum itself, separate from any compensation. Repaying principal means returning that sum; it does not depend on the financed project's success unless the issuance terms say so in writing.

Voir aussi See also : obligation communautaire , interet

Interest

The agreed compensation for the use of the principal over the term of the loan, set out in the issuance terms. An issuance may carry interest, carry none, or defer it: that is a documented issuer choice, not a property of the instrument.

Voir aussi See also : capital , echeance

Maturity

The date on which the principal becomes repayable under the terms. Maturity bounds the commitment on both sides: it states when the organization must be able to repay, and when the person can expect their sum back.

Voir aussi See also : capital , obligation communautaire

Qui est qui Who is who

Issuer

The organization issuing the bonds and carrying the repayment obligation. It — and its board — sets the terms and answers for them.

Subscriber

The person or organization that subscribes to the issuance and becomes a creditor. "Investor" is common usage but suggests ownership: a community bond confers no share of equity and no voting right.

Board of directors

The body that authorizes the issuance and bears responsibility for it. No page, this one included, stands in for its decision or that of the advisers it retains.

Ce que ce n'est pas What it is not

Quatre confusions courantes. Chacune est énoncée d'abord telle qu'on la suppose, puis corrigée. Four common confusions. Each is stated first as it is assumed, then corrected.

• A donation

  Ce que c'est What that is A donation leaves the giver's hands for good and may give rise to a tax receipt.

  Une obligation communautaire A community bond A community bond is a loan: the sum stays owed to the person and must be repaid under the terms. A loan is not treated as a donation; the applicable rules belong to the tax authorities cited in the sources.

• A bank loan

  Ce que c'est What that is A bank loan comes from a single institutional lender with its own security requirements.

  Une obligation communautaire A community bond A community-bond issuance addresses many people in the community on terms the organization publishes. That moves the work: less negotiation with one lender, more preparation, documentation and ongoing reporting to many creditors.

• A share

  Ce que c'est What that is A share confers a portion of equity and, depending on the legal form, a voting right.

  Une obligation communautaire A community bond A community bond confers neither ownership nor a vote. The person is a creditor, not a member or shareholder; the organization's governance is unchanged by the issuance.

• Crowdfunding checkout

  Ce que c'est What that is A crowdfunding campaign settles in a few clicks on a platform, often for a token reward, and ends on the campaign date.

  Une obligation communautaire A community bond A community bond creates a written commitment lasting to maturity, with a register of creditors and reporting obligations that begin the day it closes. Payment is not the end of the process: it is the start of the relationship.

Vérifier par vous-même Check for yourself

Les définitions ci-dessus décrivent un usage courant. Pour le texte officiel et les autorités compétentes, la page des ressources réunit les sources primaires, avec la date à laquelle chacune a été vérifiée. The definitions above describe common usage. For the official text and the responsible authorities, the resources page gathers the primary sources, each with the date it was last checked.