Welcome to a stronger sustainable
Voted on in November 2017 by 92% of voters, a Patronage Dividend is a rebate given to SIFC Owners at the end of each fiscal year. Once the year’s profits are calculated, the Board votes on the percentage co-op owners are to receive back in the form of store credit.
Patronage Dividends are just one of the many Ownership Benefits at Sno-Isle Food Co-op. This sustainable system allows our Co-op to thrive alongside our growing community.
2019 Owner Info Update
In order to receive dividends, co-op owners must provide the Co-op with their current information. This includes legal name, mailing address, and phone number. Update your information in-store or online by December 31st.
More about dividends:
Dividend Benefits for Owners
Larger Return on Investment
The more money spent at the co-op is more money given back as Dividends. This makes your shopping at the co-op a continuous owner investment. Yearly dividends are savings that reflect your spending for an entire year!
More Owner Discounts
Dividends have allowed The Co-op to offer a larger variety of owner only
Dividend Benefits for The Co-op
Patronage Dividends is a sustainable method of distributing profits. All Co-ops return profits to owners based on how much they use the services. Previously, our co-op used a 10% monthly discount program, which refunded these profits before we made them. The dividend program allows the board to decide how much to return after the books are closed.
The dollars that we allocate as patronage stay here in the community rather than going to the IRS.
The retained portion of patronage dividends builds financial stability and allows the co-op to continue to grow and thrive.
Frequently Asked Questions
How much will my dividend be?
Every year is different based on recommendations of our CPA as well as the decision of the Board.
How can I increase my dividend?
The more you shop, the more you are eligible to earn in a dividend.
When is Sno-Isle Food Co-op's fiscal year?
Every year our fiscal year runs September - August.
When will I receive my dividends?
Dividends will be allocated each year in February.
How will I receive my dividend?
Dividends will be available through the register as store credit.
How does the dividend program compare to the previous discount program?
For owners: Other co-ops have found that owners experience more savings under the new benefits program (including dividends and owner-only specials) compared to discounts at the register.
For the Co-op: It’s a more sustainable method of distributing profits. Co-ops return profits to owners based on how much they use the services. The discount program returned these profits before we made them. The dividend program allows the board to decide how much to return after the books are closed. Patronage dividends allow the Co-op to realize significant tax savings. The dollars that we allocate as patronage stay here in the community rather than going to the IRS. The retained portion of patronage dividends builds financial stability.
How many other co-ops use dividends to return profits to their owners?
Just about all co-ops use dividends.
Will the Co-op distribute dividends every year?
No. Only in years when the Co-op generates sufficient profits.
How is The Co-op doing? Are we making a profit?
The Co-op is doing great. We continue to enjoy strong support from the community. Our sales have grown steadily and we have been profitable in each of the past twenty years.
Are taxes taken out of my dividend?
No. However, if you use your membership for business purchases, you should consult your accountant.
What can we do as owners to support the Patronage process?
Be an active co-op owner and use your ownership at the register with each transaction to increase your dividend amount.
How is The Co-op different from any other store?
Here are four ways the Co-op is different from other stores…
• You own the Co-op! Our Co-op is democratically owned by community residents, lending accountability and oversight to store operations.
• The Co-op can only be owned by the people who use it. Publicly traded corporations can be owned by anyone.
• The Co-op exists to provide a service, while publicly traded corporations exist to make a profit for their shareholders.
• Our Co-op returns profits based on how much our owners use the service, not how much stock they own.
More questions? Drop us a line using the contact form or Email email@example.com