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Farm Events: |
Farm News: United Coop Celebrates Coop MonthcommentsPosted: 10.25.2011
October is cooperative month, and United Cooperative, based in Beaver Dam with locations throughout south central Wisconsin, is celebrating by mailing almost 11,000 stock revolvement checks this week to patron members totaling nearly $3.2 million.
Cooperatives are businesses organized by people to provide needed goods and services. They are owned by the people who use their services and provide economic benefits to their members.
United Cooperative’s profit is returned as patronage refunds to customers (members) in proportion to their cooperative purchases. For 2010, United Cooperative’s total patronage refund was $8.9 million. Forty percent of the patronage refund, more than $3.6 million, was paid in cash in April, 2011, with the balance allocated to the members as stock. The stock is then revolved back to the members, in future years, through a plan set by the board of directors. At United Cooperative, the stock revolvement checks are mailed in October.
“In addition to mailing nearly 11,000 stock revolvement checks totaling almost $3.2 million, we also paid $400,000 this year for age 77 requests and estate settlements,” commented David Cramer, United Cooperative president and chief executive officer. “That means United Cooperative’s total stock revolvement, year-to-date, is nearly $3.6 million.”
“What’s even more exciting about our patronage refunds, which are distributed in April, and our stock revolvement checks in October is that our customers, in turn, use this money to buy goods in their local communities, creating economic activity in rural Wisconsin,” added Cramer.
One in every four people in the U. S. belongs to a cooperative; there are more than 29,000 cooperatives in the United States with Americans holding 350 million cooperative memberships. Many cooperatives are household names: Land O’Lakes, Ocean Spray, Sunkist, ACE Hardware, and the Associated Press.
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