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Banner year for Kissarvik
Northern News Services
Published Wednesday, May 30, 2012
The store announced its largest refund (or share repurchase) ever given back to its members at the gathering.
Store manager Walter Morey said the total patronage dividend this year is about $480,000.
He said of that, $300,000 will be refunded to Co-op members.
"We're going to split the $300,000 into two payouts," said Morey.
"We're going to make a payout of $150,000 this month and another $150,000 this coming December."
The refund goes into member accounts either to pay off existing debt, or to be used as credit towards future purchases.
The 2012 share repurchase doubled from the $150,000 refunded in 2011.
Morey said both Inns North and the Siniktarvik Hotel have been a big part of the Co-op's success during the past few years.
He said consistent management, solid staff and the strong support of its membership during the past seven years have also helped turn the operation around.
"We've been able to grow our sales every year since we opened our new facility in Rankin.
"We're seeing a lot more people shopping at the Co-op and our membership continues to rise.
"Out of our 12 meetings per year, we have new members for at least 10 or 11 of them.
"We have unlimited membership and anyone can join."
Morey said it's a simple process to become a Co-op member.
He said the $10 investment is paying solid dividends for Rankin members these days.
"This past year, the refund amounted to 10 cents on every $1 a member spent at the Co-op.
"That's a pretty big deal for a $10 membership.
"Most people are excited about our share repurchase this year.
"Occasionally someone may be disappointed it went to pay an old debt, but most people just go ahead and spend it without saying too much."
The Co-op gave away a new Bravo snowmobile during its AGM, and had special guest Mary Nirlungayuk, the vice-president of corporate services for Arctic Co-operatives Ltd. (ACL), brought in for a visit.
And, plans are in the works to renovate the front of the store and add new produce tables, four tills and front gondolas.
Morey said Rankin also has two directors currently on the ACL board.
He said Noah Tiktak is a director representing the Kivalliq region, and Kono Tattuinee is the director at large for Nunavut.
"We also got a visit from department manager of Co-op operations Peter Wilson.
"As well, we had a surplus of $4,000 from the recycling program this past year that saw us get a number of containers of recyclable material out of the community.
"We donated $2,000 of that to the Rankin Inlet Drop-In Centre during our AGM, and we donated the other $2,000 to the Anglican Church building fund.
"The intent of the recycling efforts we made this past year was to benefit local organizations, so we were happy to announce those two donations to aid the church fund and the drop-in centre."
The total number of Rankin Co-op members is 1,465. There are 1,104 active members, and 85 new members have joined in the past year.