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GM Musings Damian Tody
GM Musings
Ihope you all are having a good summer so far! I know I have been enjoying the warm weather while spending as much time in the water as possible. I am also happy to announce that patronage refunds are available again. If you have a refund available to you the cashiers will be happy to let you know and we will be sending out emails with your specific information in them.
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The Internal Revenue Code provides a special opportunity for member-owned cooperatives to reduce their taxable income by declaring a patronage rebate allocating a portion of the owner’s purchases back to them at the end of the year. The HCC board of directors decides every year if a rebate is appropriate and how much should be allocated. For fiscal year ending 2021 (Oct. 1, 2020 to Sept. 30, 2021), the board decided to allocate a patronage rebate. Rebates are calculated based on the amount of your purchases during the fiscal year. The total amount being returned as patronage to owners is $115,125.24.
The Co-op has allocated patronage rebates for fiscal years ending 2005, 2007, 2008, 2012-2014, 20172020, and now 2021. We are very excited to again be in the position to be able to pay out rebates. This year the Co-op has set a $1.00 minimum patronage, which means that owners who purchased $56.42 or more in product during the fiscal year qualify for a patronage rebate. The Co-op is again making all patronage rebates available at the register in the form of store credit. There are over 4,000 owners who are eligible to receive a rebate and rebate amounts range from $1.00 to $378.70.
As always, if you would like to receive your patronage rebate in cash you can request that, and a check will be mailed to you. In order for your rebate to remain tax exempt for the Co-op you must redeem it by December 31, 2022. If your rebate is not redeemed by this date, it expires and both the payable amount of your rebate and the retained portion will revert to taxable income for the Co-op.
If you have any questions, please feel free to call 828-693-0505 ext. 104 or email finance@hendersonville.coop.
In Cooperation,
Damian
