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Rankin Co-op has good year Store to refund about $200,000 to members
Darrell Greer
Northern News Services
Published Tuesday, June 4, 2013
KANGIQLINIQ/RANKIN INLET
The Kissarvik Co-op posted its fourth-straight year of paying refunds back to its members during the store's annual general meeting in Rankin Inlet this past month.
Kissarvik Co-op general manager Walter Morey has worked hard with local Co-op board members to make many improvements to the operation during the past eight years. - Darrell Greer/NNSL photo
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The Co-op's total patronage was about $273,000, which means a cash payout to its members of $200,000 paid in two instalments.
The first half was issued this past week on May 28, while the second will be paid sometime during December.
Store general manager Walter Morey said the refund is based on how much a Co-op member spends in the store during the fiscal year.
He said a member's share capital has to accumulate to a minimum of $100 before they're eligible for a payout.
"This year, the payout was about 6.8 per cent of a member's purchases," said Morey.
"So, if you spent $10,000 in the store during this past year, you'd get a gross allocation of about $700.
"There would be about $90 in tax paid on your behalf, so you'd get a refund of approximately $610."
"From that amount, about $526 would be paid out as a credit to your account, split in two payments."
Morey said he doesn't know of any other store in Rankin that refunds any part of a customer's purchase.
He said people in Rankin work hard for their money and have every right to spend it wherever they choose, but a 6.8 per cent refund is better than nothing at all.
"When you're buying an item that's $2.29 here or $2.29 at another store, why not buy it where you'll have some of it returned at the end of the year?
"We have between 1,800 to 2,000 members on the books, but there's only 787 members who actually shopped at the Co-op this past year.
"Some members may have moved to another community, and we may even have some still on our books who passed away."
Morey said the Co-op's two Rankin hotels remain profitable, but not as profitable as in previous years.
He said the hotel business, in general, has slowed and there's increased competition in Rankin.
"We've had a number of new hotels built in Rankin recently and, if something should skip a beat, somebody could lose a pile of money.
"I just hope it's not us.
"You've got to get your occupancy level to a certain rate in order to make money.
"There's certain expenses you just can't get away from."
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