2021 Patronage Dividends Now Available
by Anne Carter – General Manager
The Board of Directors determines whether or not the Co-op pays a dividend each year based on profitability and the need to retain capital to ensure the Co-op’s future success. Based on profitable sales in 2021, the Board of Directors is distributing a portion of those profits as a patronage dividend. To maintain the Co-op’s viability and prospects for expansion, the Board is retaining 80% of the profits and distributing 20% to owners in the form of a patronage dividend.
Dividends are paid to owners based on annual patronage, so the amount of the dividend is determined by how much the owner purchased from the Co-op in the given year. Eligible owners have owner accounts in good standing with total annual purchases in 2021 totaling a minimum of $300 – the minimum dollar value determined by the Board of Directors.
The total amount being distributed to owners is $23,593. The lowest dividend is $2.07, and the highest dividend is $128.52. Patronage dividends celebrate Cooperative Principle #3 – Member Economic Participation. The more you shop at the Co-op, the higher the patronage dividend.
Patronage dividends will be available beginning October 22, 2022 as a store credit on eligible owner accounts. Owners with valid contact information on file will be contacted via letter and/or email if a patronage dividend was earned based on their 2021 purchases. Owners will have four options to use their dividend:
Apply the dividend as a store credit to any purchase.
Redeem the dividend for a gift card.
Donate the dividend to MFC's Cooperative Community Fund.
Donate the dividend to the current month's Positive Change recipient.
Dividends must be used by January 22, 2023, after which any remaining funds will be donated to MFC's Cooperative Community Fund. Patronage dividends are just one of the many benefits of ownership. Owners save an additional 10% off Co+op Deals every day and receive monthly owner-only coupons. Just in time for the holiday season, all owners will receive a 10% off coupon good on any single purchase in November.
Thank you for shopping with us and supporting the Co-op! We’re grateful for the opportunity to serve you and our cooperative community.