by Isabel Spooner-Harvey, Board Member
The Board is thrilled to announce that, thanks to all our loyal Owners and talented management, the Co-op had another profitable fiscal year and is able to share the wealth by providing a patronage refund store credit. The patronage refund store credit rewards Owners who have invested in the Co-op by spending at least $537 over fiscal year 2023. Owners who meet the qualifying criteria have received a letter or email explaining how to redeem this benefit.
For those who have purchased less than $537, their store credit would have been less than $2. The cost of distributing store credits below $2 would unfortunately outweigh the benefits, so the Co-op implemented this threshold. We hope this exhibits fiscal responsibility and empowers Owners to actively participate in our continued growth.
At Willy Street Co-op, “Owner” is not just a title; offering store credits means we can thank Owners for helping make it a successful year for the Co-op. This method of surplus income distribution is the foundation for making our Co-op a community asset whose real bottom line is service to Owners.
In contrast to the business model of big box stores and global chains, shopping at Willy Street Co-op keeps money in our community. Instead of sending profits to a corporate headquarters that might be in an entirely different state, contributing to the ludicrously high pay of a single executive, or issuing dividends to stockholders, we redistribute surplus profit directly back to Owners who live and work right here in the Madison area.
You can choose to reinvest that profit back into the Co-op by using it as a store credit, ask for it as cash back at the Customer Service desk, or donate it to the Double Dollars Fund. Whether you choose to recycle your patronage refund back into the Co-op, help support others, or put it away for a rainy day, it is entirely up to you. By prioritizing conscious purchasing decisions, Owners contribute to the co-op’s success and keep money circulating in the community.
It is so incredibly affirming to see that the Co-op can be profitable while remaining committed to ethical business practices, providing high-quality, locally sourced products, and minimizing environmental impact. Thank you to all our loyal Owners for making a second consecutive year of patronage refunds possible.