|
| |
About
your Co-op
Want
to know more about how the Co-operative system works?
Click on the links below for more information
What is a Co-op? ◊
How does the Co-op
work? ◊ Who runs the
Co-op?
Co-op
A Good Investment
◊
Co-op Products
What is a Co-op?
A Co-op is
a business- with a difference! The difference is that the Co-op is
locally-owned and controlled by its members and is characterized by
various membership benefits.
Members Are Owners
Anyone can apply for a Peace Country Co-op membership. It simply
involves filling out an application to purchase shares in the Co-op.
The investment is small only $10.00 but the benefits are large. One
becomes a Co-op member-owner upon approval of membership by the Board of
Directors.
A Peace Country Co-op membership will be mutually beneficial to the
member-owner and the Co-op. To gain the most from a Peace Country Co-op
membership, members are encouraged to support their Co-op through the
purchase of goods and services, in order to make their Co-op a viable
business. In turn, the Co-op has a commitment to its member-owners to
remain competitive and operate efficiently.
Guided By Members
A unique feature of your Co-op is that it is locally-controlled.
The Co-op's one member-one vote system, opens up exciting opportunities
for members to participate in the decision-making of the Co-op. Members
are encouraged to attend and participate in the Co-op's annual meeting
The Peace Country Co-op's Board of Directors is elected by its
members. The Board oversees the operation of the Co-op, and direct it’s
progress. They are also responsible for communicating with Co-op
members to ensure that their needs are met.
Co-op members can also have direct input by serving on committees, or
by offering suggestions to the Board of Directors, General Manager and
staff.
Savings Returned to Members
On the surface the Co-op looks very much like any other local
business. However, unlike other businesses, any savings generated by the
Co-op are returned to member-owners, proportionate to the amount
purchased from the Co-op during the year. These member savings
accumulate as equity in each member's share account, so the more a
member supports the Co-op, the greater his or her equity can become. At
the discretion of Peace Country Co-op's Board of Directors, a percentage
of a members' equity will be returned to the member in the form of a
cash refund. In any case, the money stays in the community to be used
and reinvested.
Please click
here for a printable version of this information |
How does the Co-op
work?
Co-operatives
are guided by seven internationally recognized principles, very similar
to those adopted by a small group of progressive thinkers who formed one
of the world's first co-operatives in Rochdale, England in 1844:
1. Voluntary and Open Membership
Co-operatives are voluntary organizations, open to all persons able
to use their services and willing to accept the responsibilities of
membership, without gender, social, racial, political, or religious
discrimination.
2. Democratic Member Control
Co-operatives are democratic organizations controlled by their
members, who actively participate in setting their policies and making
decisions. Men and women serving as elected representatives are
accountable to the membership. In primary co-operatives members have
equal voting rights (one member, one vote), and co-operatives at other
levels are also organized in a democratic manner.
3. Member Economic Participation
Members contribute equitably to, and democratically control, the
capital of their co-operative. At least part of the capital is usually
the common property of the co-operative. Members usually receive limited
compensation, if any, on capital subscribed as a condition of
membership. Members allocate surpluses for any of the following
purposes: developing their co-operative, possibly by setting up
reserves, part of which at least would be indivisible; benefiting
members in proportion to their transactions with the co-operative; and
supporting other activities approved by the membership.
4. Autonomy and Independence
Co-operatives are autonomous, self-help organizations controlled by
their members. If they enter into agreements with other organizations,
including governments, or raise capital from external sources, they do
so on terms that ensure democratic control by their members and maintain
their co-operative autonomy.
5. Education, Training and Information
Co-operatives provide education and training for their members,
elected representatives, managers, and employees so they can contribute
effectively to the development of their co-operatives. They inform the
general public-particularly young people and opinion leaders-about the
nature and benefits of co-operation.
6. Co-operation Among Co-operatives
Co-operatives serve their members most effectively and strengthen the
co-operative movement by working together through local, national,
regional, and international structures.
7. Concerns for Community
Co-operatives work for the sustainable development of their communities,
through policies approved by their members.
Please click here for a printable version of this information |
|
Who runs the Co-op?
Everyone has a role to
play. Because the co-op is formed by the members for the members, the
membership, as a whole, guides the Co-op.
Members exercise their
democratic power at annual or special general meetings – which every
member is  urged
to attend – it’s a member’s responsibility. The annual general meeting
is a critically important event in a co-operative society.
It is at this meeting
that the Members elect the Board of Directors from amongst the
membership, choose the auditors, review and approve the financial
statements as well as approve the Board’s and Manager’s reports. The
Annual Meeting is the main event where Members learn about the
well-being of their co-op and its plans for the future.
The Board of Directors
is elected from and by the members to represent their views. Terms are
typically for three years. The Board Members are entrusted with the
stewardship of the Co-op on behalf of the Members – they are required by
law to guide the Co-op in the best interests of the association.
The Board directs the
General Manager of the Co-op by planning the long term vision of the
Co-op as it applies to members’ and the community’s anticipated needs.
The Board also sets the
terms of reference for a variety of committees which generally provide a
liaison between the Board, Management, Members and the Community.
Typical committees include Member Relations Committee, Environment
Committee, Finance Committee, etc.
The Board may also
create ad hoc committees to help with one-time issues such as planning
an expansion, organizing a major anniversary for the co-op, etc. Any
member can be a member of a committee, particularly if they bring a
certain expertise to the group.
The Board is also
responsible for selecting and hiring a General Manager who is
responsible for the day-to-day operations.
The Board typically
meets monthly to discuss matters relating to the affairs and business of
the co-op. Meetings might include, membership application
approvals, equity repayments, planning, etc.
Please
click here for a printable version of this information |
|
CO-OP
A Good Investment
When you become a member-owner of Peace Country Co-op, you are making a
sound business investment in a community organization that provides both
economic and social benefits. Your Co-op is an attractive alternative
to private business because in a co-op, the profits belong to you, the
member-owner. That is why co-ops refer to their profits as 'savings'.
Savings are distributed to each member-owner based on his or her
patronage. The more support a co-op receives, the greater the savings
it can generate for its member-owners.
Here's How It Works
To illustrate how your investment in Peace Country Co-op grows, lets
take a look at one member's transactions with Peace Country Co-op over
one year.
John Doe purchased his $10.00 membership in Peace Country Co-op. (The
initial investment required for membership varies from Co-op to Co-op)
This investment was placed in a special share account for John and he
was given a member number.
Each time John makes a purchase at Peace Country Co-op, he will be asked
to give his membership number. His total purchases from all departments
will be recorded on a patronage record for that membership number. At
the end of the year, it may be totalled up like this:
|
PATRONAGE RECORD |
|
|
|
|
|
|
Name: John Doe |
|
Member #678 |
|
|
|
|
|
Department |
|
Purchases |
|
Food Stores |
|
$10,620.26 |
|
Gas Bars |
|
$2,451.25 |
|
Home Centre |
|
$1,341.54 |
|
Agro |
|
$5,345.79 |
John
made good use of his Co-op, buying quality goods at competitive prices.
At the end of the year, Peace Country Co-op's financial
statement indicated a profit, the earnings from sales were greater then
the operating expenses and the association was successful in its efforts
to produce savings. Peace Country Co-op members share in these savings
in proportion to their purchases at the Co-op.
Lets take a closer look at Johns Patronage record to see how his
portion of the Co-op's savings for one year amounted to $948.42
|
PATRONAGE RECORD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: John Doe |
|
Member #678 |
|
|
|
|
|
|
|
|
|
|
|
|
Department |
|
Purchases |
|
Allocation |
|
Amount |
|
Food Stores, |
|
$10,620.26 |
|
4.80% |
|
$509.77 |
|
Gas Bars |
|
$2,451.25 |
|
4.80% |
|
$117.66 |
|
Home Centre |
|
$1,341.54 |
|
4.80% |
|
$64.39 |
|
Agro |
|
$5,345.79 |
|
4.80% |
|
$256.60 |
|
|
|
|
|
|
|
|
|
TOTALS |
|
$19,758.84 |
|
|
|
$948.42 |
John's total purchases from Peace Country Co-op totalled $19,758.84.
His share of the savings generated, at 4.8%, would be $948.42.
John's share account now looks like this:
|
PATRONAGE RECORD |
|
|
|
|
|
|
|
|
Name: John Doe |
|
Member #678 |
|
|
|
|
|
|
Date |
Debit |
Credit |
Balance |
|
Day 1 Joined Co-op |
|
$10.00 |
$10.00 |
|
Year One Patronage Refund |
$948.42 |
$958.42 |
John's initial investment of $10.00 has grown as a result of his
patronage of Peace Country Co-op.
In evaluating the financial status of their association, the Board of
Directors, who have been democratically elected by John and his fellow
members, have decided to pay out a portion of share capital to the
members in cash.
For example, Peace Country Co-op's Equity Policy (reviewed on an annual
basis) indicates that members with up to $7,500 in equity will receive
40% of the current years patronage allocation in cash. (Members with
$7,501 to $10,000 receive 60% in cash and Members with over $10,000 in
equity receive 80% of the current years allocation in cash) John Doe
can then expect to receive a cheque or for 40% of $948.42
or $379.37. In essence, Peace Country Co-op is repurchasing
those shares from John Doe. The balance in John Doe's share account is
now $579.05 calculated as follows:
|
Name: John Doe |
|
Member #678 |
|
|
|
|
|
|
Date |
Debit |
Credit |
Balance |
|
Day 1 Joined Co-op |
|
$10.00 |
$10.00 |
|
Year One Patronage Refund |
$948.42 |
$958.42 |
|
|
|
|
|
|
Cheque Issued |
$379.37 |
|
$579.05 |
It Is Still John's Money
If
John should move away and be unable to make further use of his Co-op;
when he reaches the retirement age of 65; or he should pass away, his
shares or equity in the association will be repaid.
It's Up To The Members
John will continue to accumulate equity in his Co-op as long as he
and his fellow members continue to support their Co-op as fully as
possible. Member support is what makes a co-operative successful and
generate savings for its members.
Together, Peace Country Co-op members make Co-op a good investment!
Please click here for a printable version of this information |
|
Co-op Products
Great
value and uncompromising quality - for all tastes and budgets!
Peace
Country Co-op has its "private label" brands that offer quality
at competitive prices. But at Peace Country Co-op, there's more to our
brands than a price/quality relationship. Co-op was the first to
introduce its own brands to its members because it meant we could
deliver the same quality as national brands at a better price. Peace
Country Co-op has always offered a 100 percent satisfaction guarantee,
no questions asked.
 |
Our Harmonie brand offers a long, proven tradition of
value-priced products without compromising quality. In fact,
Harmonie is our most popular choice for budget-wise shopping
that delivers consistent quality and value - as good for your
budget as they are for your family. |
 |
Choose our Co-op and Co-op Gold brands for premium quality in a
wide selection of grocery products. Completely backed by our 100
percent satisfaction guarantee and tested in our laboratory
(like all our Co-op brands), Co-op and Co-op Gold are our most
popular brands with members. |
 |
Country Morning is the brand Co-op shoppers turn to for
ready-to-cook frozen boxed meats, deli products and farm fresh
eggs. All our Country Morning products say 'delicious' at
prices you can afford. Backed by our 100 percent satisfaction
guarantee, Country Morning is a choice Co-op members can trust. |
Please click here for a printable version of this information |
|
If
you would like to become a member of the Peace Country Co-op, or have
any further questions please drop by the store, phone us at (780)
624-1096 or email
info@peacecountryco-op.com |
|
