A cooperative is a business. In many ways, they're like any other business; but in several important ways they're unique and different.
- Are owned and democratically controlled by their members-the people who use the co-op’s services or buy its goods-not by outside investors
- Co-op members elect their board of directors from within the membership
- United voluntarily to meet their common economic goals for their mutual benefit
- All of the profits of the coop are returned to its members annually in proportion to their purchases from Central.
CENTRAL’S COOPERATIVE ATTRIBUTES
- Capital is provided by members based upon their purchases from the cooperative
- Profits distributed based upon the members purchases from the cooperative relative to all other members
- 100% of profits distributed as patronage earnings for the year less amount held back for contingencies, reasonable reserves, and capital expenditures
- Rebates (profits) paid out annually in October for fiscal year ending July
- Effective with fiscal year 2011 rebates will be paid quarterly in advance at 50% of the previous year’s rebate % with the balance paid in October
- Open to all persons able to use their services and willing to accept the responsibilities of membership
- Central is controlled by their members, who participate in setting policies and making decisions.
- Provide education and training for their members