by Anya Firszt, General Manager
Hello dear Owners,
December, the last month of 2022. This month there are more than a few holidays and events to celebrate. Hanukkah, Christmas, Kwanzaa, Boxing Day, New Year’s Eve, and of course, the Solstice.
The Co-ophas been stocking up on items to help you with your holiday feasts and gift-giving list. You’ll find a wide selection of baking and cooking ingredients and supplies to spread joy and good cheer with your friends and family.
FY22 Patronage
Cooperative Principle 3: Members’ Economic Participation
“Members contribute equally to, and democratically control, the capital of the cooperative. This benefits members in proportion to the business they conduct with the cooperative rather than on the capital invested.”
Fiscal Year 2022 (FY22) ran July 5, 2021-July 3, 2022, and was a profitable year. We had income of $1.1 million more than we had budgeted for. This surplus allowed us to continue to operate on a sound financial basis, pay our staff a profit share (totaling $363,538), and now to return a portion of the profit to Owners. We greatly appreciate your help in making it a successful year for your Co-op!
Per bylaw 6.5, your Board of Directors has voted to allocate part of the surplus, or profit, as a patronage refund, a portion of which will be distributed as a store credit. On January 16th, the 17,072 Owners who have purchased at least $510 worth of eligible goods from the Co-op in the last fiscal year will receive a store credit. For every $1000 spent, an Owner will receive $3.91 in store credit. For example, an Owner that spent $4,752 at the Co-op in the last fiscal year will receive a store credit of $18.58.
This year’s refund is a combination of 80% retained patronage equity, which is money held by the Co-op in each Owner’s name and the rest, 20%, is issued as a store credit. The retained 80% of the total refund that is retained is reinvested in the Co-op and helps to secure our long-term financial health. If at some point in the future the Co-op felt that it no longer needed the retained patronage equity, the Co-op could choose to pay it out to Owners.
For those who have purchased less than $510, their patronage refund would have resulted in a store credit of less than $2. The cost of distributing store credits below $2 would outweigh the benefits.
Those who are being issued a store credit will receive an email or a letter in the mail between January 7th and 14th detailing your refund. Store credits will be available (for Owners receiving one) at the registers starting on January 16th. You may apply the credit towards a purchase, request cash back, or donate it. To ensure that only the primary (or secondary, for household accounts) Owner uses credits, you will be asked to present identification. All patronage store credits must be used by June 18, 2023.
Willy West Self-Checkout Stations Being Installed
After a bit of a delay, Willy West plans to install four self-checkout stations in January 2023 as a pilot project. Depending on their rate of use, we may add a limited number at one or both stores as well. Self-checkout stations will allow customers another option for purchasing their products, speeding up checkout times for all customers and improving traffic flow in our store. This change will not reduce current staff hours; bargaining unit employees who would have worked at a register lane will instead assist customers using the self-checkout stations.
The project will involve removal of two existing checkout lanes and the moving of some others; the store will remain open the whole time. We expect the self-checkout stations to be ready for customer use by the end of January or early February.
FY2022 Annual Report
You can expect to receive our last fiscal year’s annual report in your mailbox or inbox this month.
Dates to think about this month and next
- December 24, stores open until 6:00pm
- December 25, CLOSED
- December 31, New Year’s Eve, regular hours
- January 1, 2023, New Year’s Day, CLOSED
- January 2, 2023, stores open at 10:00am
I hope you all have a wonderful end to 2022.