PT Food Co-op

The Food Co-op, 414 Kearney Street, Port Townsend, 98368
Port Townsend
Phone: (360) 385-2883

Member Dividends Information

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Dear Food Co-op Members,

We are excited to announce The Food Co-op’s second member dividend distribution!

2016 was a great year, so we’re able to declare a member dividend. The total dividend is $335,045, which is divided between a portion distributed to members and a portion retained by the Co-op. We retain a portion to help secure the future of the Co-op by building up equity for future needs, such as our current expansion or unexpected emergencies. The retained portion is recorded to your member number and may be distributed to you at some time in the future, if the Board decides the Co-op has sufficient surplus of funds.

Last year, in celebration of our first member dividend, the Board decided to distribute 50% and retain 50% of the total dividend. This year, with our upcoming remodel, the Board decided to distribute 20% and retain 80%, so we can build up as much cash as possible, while still giving some back to our members now. We will begin the dividend distribution June 19, 2017.

It’s easy to redeem your dividend. The next time you shop, tell your cashier whether you want to redeem or to donate your dividend. Please note that the last date to redeem these distributed dividends is December 31, 2018. Any dividends not redeemed by then will be considered donated to The Food Co-op per our bylaws.

If you choose to donate your dividend distribution, we’ll pool it with other donated dividends and invest it in the Twin Pines Cooperative Community Fund. Our money will be loaned to co-ops across the country to help them get started or grow, and the interest earned on these loans will come back to us, so we can donate to non-profits in our own community. As our fund grows, the amount we can donate each year will also grow. And this year, thanks to our friends at Frontier Co-op (from whom we buy our spices), every dollar you donate (up to $1,000) to our Twin Pines Cooperative Fund will be matched by another dollar from Frontier.

You’ll notice that the dividends are not large—they averaged $7.48, although some are much smaller and a few are quite a bit larger. It all depends on how much you shop at your Co-op, since your distributed portion equals 0.53% of the total you spent at The Food Co-op in 2016. Member dividends come out of surplus funds and The Food Co-op aims for just a 1-2% profit, to keep our prices as low as possible.

Thank you for supporting your Food Co-op – we couldn’t do it without you!

Sincerely,

Your Food Co-op Board

Monica le Roux, Owen Rowe, Lisa Barclay, Lia Karoura,
David Wayne Johnson, Marty Canaday, and Julie Brown

 

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