Weavers Way Shuttle, January 2015

by Nancy Pontone, Weavers Way Controller

Last month, the Weavers Way Board announced a $300,000 patronage rebate to eligible member-owners based on profits earned in the fiscal year that ended June 30, 2014.
Now it’s January and the patronage rebate is available! Member-owners can celebrate the New Year by collecting their rebates at any cash register.
The $300,000 will be distributed to member-owners as follows:

• 30 percent in cash. 
• 20 percent credited to the member-owner’s regular equity account. 
• 50 percent credited to the member-owner’s reserve equity account. 

The 30 percent cash portion of the rebate is the largest cash percentage returned in Weavers Way’s history. It is more than the 20 percent required by the IRS and represents $90,000 total.

The amount each member-owner receives is based on the amount of each household’s spending during fiscal 2014 (July 1, 2013-June 30, 2014). Members are eligible for a rebate if their equity payments were current as of Oct. 2, 2014, when the Board authorized the rebate. 
Eligible member-owners will be notified by email of the total amount of their rebate and the amount in each category: cash, regular equity and reserve equity. (Regular equity is returned to owners if and when they leave the Co-op. Reserve equity is returned only if the Co-op is dissolved. Equity helps to keep the Co-op financially strong and is an important part of our overall success.)

There are several ways members can can redeem the cash portion of the rebate at the register:

• Use it toward grocery purchases. 
• Take it in cash.  
• Make a tax-deductible donation to the nonprofit Weavers Way Community Programs. 
• Add it to regular equity. 

Adding to regular equity will get member-owners closer to their $400 membership equity cap. (Regular annual payments will still be due until the full $400 investment is reached.) Member-owners are encouraged to add to their regular equity, even if they have already reached their $400 cap. This is a way to support the Co-op; equity helps keep Weavers Way in sound financial condition.

Whatever way member-owners decide to claim the cash portion of their rebate, they need to come into the Co-op to claim it soon. Patronage rebates are available for a limited period of time. If member-owners do not claim the 30 percent cash portion within the timeframe, Weavers Way must restate the entire amount (100 percent) of the member-owner’s rebate as taxable income and pay taxes on it in 2015! Member-owners lose both the regular and reserve equity portions of their rebate as well as the cash portion. 

So hurry into the Co-op and claim your patronage rebate now!