RANKIN INLET - The Kissarvik Co-op capped off a banner year with its annual general assembly in Rankin Inlet this past week.

Kissarvik announced a $100,000 patronage dividend at its 2010 meeting.

The first $50,000 will stay in the Co-op, being reinvested and added to members' share capital.

The other $50,000 will be returned to Co-op members as a share repurchase, which customers will see as a credit in their charge accounts.

If a customer owes money on their account, their share of the repurchase will be applied against their balance.

If no money is owing, it will show as a credit balance on their account.

The announcement marked the first time in more than 15 years the Kissarvik Co-op has been able to return such a dividend to its customers.

Store manager Walter Morey said the announcement is the latest chapter in the ongoing story of recovery at the Rankin Co-op. He said the Co-op was rebuilt about six years ago and, from that point on, things have been looking up.

"We've been working away at eliminating the deficit that was there from previous years," said Morey.

"This fiscal year we finally eliminated the deficit and we're now into a surplus.

"So, it certainly has everyone feeling good about what's been accomplished during the past six years."

Morey said the Kissarvik Co-op eliminated the more than $600,000 remaining in its deficit this past year.

He said that was in addition to the patronage dividend, paying all its taxes, and placing another $25,000 in a statutory reserve.

"It's been a very prosperous year for our Co-op, and we're finally seeing the results of all the investment put into our operation about six years ago.

"The Atuqtuarvik Corp. played a major role in our recovery here, as well.

"The Corp. did a large equity investment with us, and hold our mortgage under very favourable financing terms.

"Without that, our success story wouldn't have been possible, and Atuqtuarvik has a stable investment in us, so it's a win-win situation."