Financials | Winter Quarterly 2019
Dividend Rate Increase
At the December 2018 board meeting, the Co-op’s Board of Directors voted to increase the dividend rate paid to C-Share holders on their investment. The rate increased to 2.65% APR at the start of the fiscal fourth quarter on December 23, 2018. The change was made to ensure that the Co-op’s rate remains competitive with the rate offered by local credit unions and banks.
All Co-op members hold a single A-Share, valued at either $25 or $10 depending on when they purchased their membership. Any member of the Co-op can invest in additional B or C-Shares, sold in $10 increments. At the $300 B-Share investment level members become Fair Share members and are eligible to invest in dividend earning C-Shares. Dividends accrue quarterly, and members receive quarterly statements of their accrued earnings. Dividends are paid out annually in April or May, following the Co-op’s fiscal year end. If the amount of the annually accrued dividend is less than $50, the earned dividends accumulate in the member's C-Shares. If the annually accrued dividend is greater than $50, members can to choose to have a check issued or to reinvest the earned dividends.
Because C-Share dividends can be taxable income, members choosing to invest in C-Shares for the first time need to meet with the Co-op’s Membership Coordinator to receive and complete IRS and other documents.
North Coast Co-op has just one membership class and all members have the same rights of membership, regardless of their investment level. We appreciate and rely on every one of our members for their dedication and support of the Co-op. Thank you!
