I use the term rebate instead of formal term patronage allocation because rebate means more to people and is shorter.
Year Purchases Rebate Rebate Rebate Pay out Current Coop
Apr 1-Mar 31 paid out rate rate Share Holding
2008/09 $1,241.89 $65.82 $32.91 5.30% 2.50% $29.32
2009/10 $2,155.55 $109.93 $59.00 5.10% 2.74% $95.14
2010/11 $1,823.96 $85.73 $47.13 4.70% 2.58% $138.01
2011/12 $2,138.11 $90.60 $49.85 4.20% 2.31% $183.31
2012/13 $1,054.99 $44.84 $27.00 4.25% 2.56% $203.49
The pay out rate also includes GST rebates (HST in past years) which boosts the overall pay out percentage a bit.
The total rebate rate is slightly higher this year than last year but an change this year is the split between common and preferred shares. In the past the split was 50/50 in the rebate and the common shares were paid out right away. This year the split is 55/45 common/preferred. This means the pay out this year was $2.24 higher than it would have been with the past split.
At the 2.5% range the rebate pay out from Coop is one of the better loyalty programs out there other than the coffee programs. In three years, when we start to get the rebate of the preferred shares, the amount rebated will rise.
Changing from the truck to the car has saved us close to $1000 a year in fuel. In the past we drove a pickup, now we drive a four door sedan. I do not think we are driving many fewer kilometers it is just an indication of how much we saved moving to a more fuel efficient vehicle. We went from about 1800 litres bought at Co-op to about 900 litres a year. I think this may under estimate the savings because we are not buying much fuel at Costco any longer.
Our first refund voucher was for $32.91 but we lost it. Since then it has been noted as part of our ownership of Peninsula Co-op, I am not sure how to get it paid out. I wonder how many of the patronage allocations have not been redeemed each year? I wonder what happens if someone dies and no one informs the Co-op? What is someone moves and forgets to inform the Co-op? How are long term unredeemed patronage allocations accounted for?
I have never seen any financial returns for the Co-op. I do not know how much revenue it has and how large the retained earnings are, especially the ones that have been issued as patronage allocations. I wonder about this because I think at a certain point Peninsula Co-op will become large enough that de-mutualizing will make financial sense for the members.
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