All right,it’s the New Year,and we’ve been getting lots of calls already asking:What’s going on with patronage?
Thanks for your interest,and here’s more information:
First,our Finance department has to get our year-end books in order,so the Board will have the necessary information to determine whether we did well enough in 2010 to declare patronage refunds. The next Board Meeting is in March,the earliest the Board can make that determination.
Next,we’ve got to wind our way through our first patronage year –we’ve never done this before,so we’re anticipating that refunds in the form of store credit will be available in the summertime. And you’ll be able to request that we send you a check if need be. Then,you’ll have 90 days to claim your patronage refund.
So,if you’ve spent a few hundred bucks as owner here during the last year,you’ll probably be hearing from us. Those of you who are REI members are familiar with this system,but remember,while it’s not going to feel like you’re getting the Big Bucks back,it is a great return on your equity investment in good food. Please visit our Patronage page on our website for more details.
Please do claim and use your patronage refund –it’s better financially for your Co-op and helps us to continue to build equity -if you don’t use it,then all the earnings from your purchases are taxed.
Thanks to all of you for your help in establishing patronage –we’ve wanted to do this for a while and so far it’s been a smooth process. We so appreciate your continued interest and investment in our Co-op! You’ll be hearing from us in more detail this summer.