Since liquidated, the developers of Leisure World built a number of planned communities and sold housing units in them. The company had nothing to do with the operation of the community or provision of services.
The mutual corporations
Each owner in Leisure World is a member of one of three housing corporations, which make policy governing operation of dwelling units. The structure breaks down as follows:
United Laguna Hills Mutual (6,323 cooperative units).
Third Laguna Hills Mutual (6,102 condominium units).
Laguna Hills Mutual No. 50 “The Towers” (311 condominium units).
Golden Rain Foundation
Each owner in Leisure World is a resident member of the foundation, which holds in trust commonly owned community facilities such as golf courses, clubhouses, swimming pools, etc., and sets policies for their operation.
Professional Community Management Inc.
The property management firm provides required community services. For the mutual corporations, the company provides external maintenance of dwelling units and grounds upkeep; for the Golden Rain Foundation, it operates the jointly owned facilities (clubhouses, golf courses, pools, etc.), security gates and patrols, recreation and education activities, bus services and street maintenance. For the entire community, the firm is in charge of budgeting, accounting, billing and controller’s functions, service desk, purchasing, supplies and equipment maintenance.
Source: Leisure World