Celebrating a Profitable Year with Patronage Dividends
We are thrilled to announce that Middlebury Natural Foods Co-op (MNFC) had a profitable year! As a result, we will be issuing patronage dividend checks in late August for our fiscal year ended March 31, 2024. This is the 9th consecutive year the Co-op has sent dividend checks since members voted to start this system.
As member-owners of the Co-op, its profits belong to you. Patronage dividends are how the Co-op’s profits are equitably shared among members. The patronage dividend is a powerful reminder of the uniqueness of the co-operative grocery model, and what can be achieved when individuals work together as a community.
This year, the total patronage amount is $710,032. The Co-op will reinvest 55% back into the business for maintenance and other short and long-term projects – this becomes part of what we collectively own as member-owners. The remaining 45% will be returned to you – the owners of our grocery store. That’s $319,514 being returned directly to 5,591 of our member-owners!
How big of a check can you expect?
How much you receive is based on how much money you’ve spent at the Co-op during the previous fiscal year (April 1, 2023 – March 31, 2024). Refunds amounting to less than $5 will not be issued, as the cost of processing them exceeds the check value – so not everyone will receive a check. These smaller amounts, totaling $3,517, will instead be donated to our local food shelves, HOPE and CVOEO, where they make a meaningful impact on the well-being of our community. Checks that are left uncashed after 180 days are also donated.
Finally, remember that you can use your dividend to purchase groceries at the Co-op! Just present your endorsed check to the cashier at checkout, and they will deduct the amount from your total.
Thank you for being an essential part of our Co-op community!
