North Central Co-op recently distributed more than $6 million in patronage to its member-owners. Their patronage payout is the result of strategic operations at NCC and the continued loyalty of more than 5,800 local producers across north-central Indiana and regions of Michigan. The patronage was dispersed in both cash and patron equity credits to members.
“As a cooperative, we enjoy the opportunity to share our success with our member-owners. These patronage refunds are a tribute to the loyalty of our owners – the local producers – and our hope is that these, in turn, will support the local communities we serve,” says Mark Tullis, NCC CEO.
The patronage return is determined by members’ supply purchases from the cooperative. In addition to the patronage refund, NCC also redeemed over $1.6 million of patron equity during their 2015 fiscal year including equity of patrons over the age of 80 and revolvement of 2004 and 2005 equity. NCC is on a 10-year equity revolve cycle to its members.
“Providing equity in our business to member-owners is a reflection of a strong member-owned cooperative and ensures they reap the benefits of the company they own, direct and govern,” Tullis adds.