Construction began on our community in 1960. It was the first major planned retirement community of its type in the nation. The first residents moved in on June 6th, 1962. Today there are approximately 9,000 shareholders and residents who represent nearly one-half the households and one-third of the population of the City of Seal Beach.
The Federal Housing Administration, now called HUD, guaranteed the original 40 year mortgages on the development. Because of this involvement, many fiscal and structural regulations still exist.
The Golden Rain Foundation (GRF), a non-profit corporation, was established as the sponsoring body of our community. The GRF engages primarily and specifically in furnishing community facilities and providing services to housing operated on a cooperative or other basis and to the occupants thereof. The GRF acts as a trustee for the Mutual Corporations who are the "landlords" of the residential property and housing in the community.
Each of the Mutuals has an elected, non-paid Board of Directors. It also elects a representative, or two in the case of the two larger Mutuals, to the GRF Board of Directors. The function of the GRF Board is to set policy and give advice and consent on fiscal matters within the bounds of that policy.
There is a full-time Executive Director on site to implement the directives and polices established by the GRF. The Executive Director supervises a staff of approximately 250 persons who are employed by the GRF in eight departments: Administration, Finance, Mutual Administration, News, Security and Transportation, Community Facilities, Physical Property and Information Technology Services.
The GRF Board operates through the Executive Committee and seven standing committees: Finance, Information Technology Services, Library, Physical Property, Publications, Recreation, and Security, Bus & Traffic. The committees also have an overview function to determine that actions of administration are consistent with the purpose of providing cooperative and community living within our community.