Equity cheques available this week
By Justin Crann
Strong member support and effective fiscal management has enabled the Moose Jaw Co-op to offer its members an unexpected bonus ‚ÄĒ a second payout this year in the form of an equity payment.
‚ÄúA combination of things have to happen for us to be able to make a special repayment,‚ÄĚ said Janie Dracket, president of the Co-op‚Äôs board of directors. ‚ÄúThe reason we‚Äôre able to make this payment is partially because of the careful management of funds, but also because of excellent member support.‚ÄĚ
The Co-op typically offers its members an annual dividend payment in the spring, but it can offer special reimbursements during particularly strong financial years, said Drackett.
Most of the Co-op‚Äôs more than 16,000 members will be able to collect their cheque at the Co-op Marketplace from Oct. 18 to 20.
In total, there are more than 13,000 cheques available.
The cheques equate to 15 per cent of the Co-op‚Äôs equity, totalling over $1.5 million and bringing the total payouts on the year over $4 million.
‚ÄúNormally, we‚Äôre able to make a cash payment of the one-year allotment,‚ÄĚ she said, ‚ÄúWe‚Äôve only been able to make a special payment once before, four or five years ago.‚ÄĚ
That payment, offered in 2008, was also worth 15 per cent of the Co-op‚Äôs equity, totalling $1.07 million.
This payment is particularly timely, according to Drackett, because it falls in line with the Canadian Co-Operative Association‚Äôs Co-op Week and the United Nations‚Äôs International Year of Co-operatives.
For more information, see an upcoming edition of the Times-Herald.