Concept

Otter Co-op

Résumé

The Otter Co-op is a consumers' cooperative in Aldergrove, British Columbia, Canada. It placed 37 by revenues on Canada's Top 50 Co-operatives in 2007. Management is divided into seven different departments: Administration Petroleum Animal Feed Hardware & Family Fashions Retail Food Human Resources Credit The General Manager who oversees all departments is hired permanently, not elected like the Board of Directors. Anyone wishing to join the Otter Co-op must fill in an application and pay the

10 lifetime membership fee. Upon acceptance, members will be assigned a membership number as well as a membership card. Memberships can be passed on to anyone of the age of majority. Each dollar spent by a member is totaled and at the end of the year, members are issued a patronage refund of equity, in proportion to this total. The rate of the patronage refund is determined by the finance committee and changes yearly. In fiscal 2007, the Co-op's sales exceeded

98 million and the percentage projected patronage allocation for 2008 was set at 6.97%. Each year, a fixed minimum of purchases is also set and members whose purchases surpass that minimum will be awarded a portion of their refund in cash and the rest allocated to their equity account. Members whose purchases totaled less than that minimum have their entire refund added to their equity account. In 1999, the minimum was set to

295 and any member spending more that year would receive 55% (minus taxes) back in the form of a cheque. Entire equity repayments are made to members who have died, who have turned 69 years of age or who have moved out of the area and are no longer able to make use of the Co-op. Also, no single member may hold more than

25,000 in equity. Any accounts surpassing that limit will receive a cash refund. Dividend The Otter District Farmers' Institute (ODFI) incorporated on November 13, 1922. The twenty-five original members, both men and women, had a mandate to promote agricultural awareness and improve life so that settlement would be permanent and prosperous.

Source officielle

https://en.wikipedia.org/wiki/Otter_Co-op

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