Report from the General Manager
By Emile Amarotico, General Manager
By now you should have received your annual Patronage Dividend check in the mail. Despite a downtick in gross sales last year, your patronage contributed to a Co-op profit again. The total patronage dividend represents approximately 1.8% of the more than $22 million in sales to owners, amounting to over $400,000. The Board of Directors has elected to distribute 40% of this dividend to owners by check and to retain the remaining 60% for future needs. The amount of dividend checks represents approximately 0.7% of owner purchases for the year 2017.
At about this time each year I hear from owners who are concerned with why the Board does not distribute 100% of the dividend. The short answer is that it is a prudent and best practice for most organizations, whether for profit or not, to retain a portion of profits for “a rainy day” and/or for future development.
We've done some research among peer food co-ops in the Western US, and learned that the vast majority do not give patronage dividends at all, either because they do not have profits or are not incorporated as true cooperatives per state or IRS statutes.
Of those co-ops that do provide patronage refunds, most choose only to distribute the 20% IRS required minimum. Ashland Food Co-op on the other hand has consistently returned 40 - 50% of dividends to owners each year. In addition to the 0.7% of owner purchases distributed, owners received an additional 1.7% in coupons and discounts on their purchases during the year.
By the way, we are excited to announce that this will be the last dividend distribution by check. Starting in 2019 dividends will be available as credit at the register. They may be applied towards purchases, and may even cashed out in most instances. Please confirm that your email address is current to receive updates regarding this and other developments.
As always, I welcome your questions at: [email protected]
More Co-op News
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Our November Change for Good Partner: SOESD Indian Education Fund
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The Change for Good program allows our shoppers to round up their total at the register, with the extra change going to support a different local nonprofit each month. The funds collected make a meaningful difference for these organizations and the communities they serve.
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This November, get ready for gatherings with friends and family with big savings on all Field Day products at your co-op. Save on more than 270 Field Day items — from maple syrup to wild-caught tuna to paper towels — from Oct. 30 through Dec. 3. Field Day is our value brand that offers high-quality, delicious food and household products at more affordable prices every day through Co+op Basics, making this savings event even more spectacular. Our lowest prices will be even lower!
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September 15th marks the beginning of Hispanic Heritage Month, a time to recognize and celebrate the contributions, diverse cultures, and rich histories of Americans with ancestry from Spain, Mexico, the Caribbean, and Central and South America.
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Stewardship in Action: Restoring Riparian Areas
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Who is the Rogue River Watershed Council?
Disability Pride Month
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July Change for Good Partner: Peace House
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What is Stream Smart?
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