Patronage Refunds Are Here!

By Jennifer Kennelly, Director of Finance

Patronage checks for the fiscal year ending June 30, 2011 were issued November 10, 2011. We are pleased to announce that the Co-op made a net profit before taxes and patronage of 6.8%.

Member purchases totaled almost 50% of total sales and the Co-op declared a patronage dividend of $1,017,754. The Board of Directors set this year’s cash distribution at 60%.

Individual patronage checks are a refund on profit relative to your member purchases when your equity was current. Due to the cost of printing checks and postage, patronage refund checks less than $2.00 were not be issued. Patronage checks were issued to over 6,230 members (an increase of almost 30% over last year’s 4,800 member checks). The average check was almost $98 and over 4 cents of every dollar eligible members spent was returned to them in cash.

Per IRS regulations, patronage refund checks are only valid for 90 days! Please cash your check before February 10, 2012. This year, uncashed checks will be donated to support the local food system. More information is included with your check. This information also offers suggestions on how to donate your check or use it to make an equity payment.