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What is a Co-op
A Co-op is a buisness- with a difference! The difference is that the Co-op is locally-owned and controlled by its members and is characterized by various membership benifits.
Members Are Owners
Anyone can apply for a Heritage Co-op membership. It simply involves filling out an application to purchase shares in the Co-op. The investment is small only $10.00 but the benefits are large. One becomes a Co-op member-owner upon approval of membership by the Board of Directors.
A Heritage Co-op membership will be mutually beneficial to the member-owner and the Co-op. To gain the most from a Heritage Co-op membership, members are encouraged to support their Co-op through the purchase of goods and services, in order to make their Co-op a viable business. In turn, the Co-op has a commitment to its member-owners to remain competitive and operate efficiently.
Guided By Members
A unique feature of your Co-op is that it is locally-controlled. The Co-op's one member-one vote system, opens up exciting opportunities for members to participate in the decision-making of the Co-op. Members are encouraged to attend and participate in the Co-ops annual meeting
The Heritage Co-op's Board of Directors is elected by its members. The Board oversees the operation of the Co-op, and directs it progress. It is also responsible for communicating with Co-op members to ensure that their needs are met.
Co-op members can also have direct input by serving on committees, or by offering suggestions to the Board of Directors, General Manager and staff.
Savings Returned to Members
On the surface the Co-op looks very much like any other local business. However, unlike other businesses, any savings generated by the Co-op are returned to member-owners, proportionate to the amount purchased from the Co-op during the year. These member savings accumulate as equity in each member's share account, so the more a member supports the Co-op, the greater his or her equity can become. At the discretion of Heritage Co-op's Board of Directors, a percentage of a members's equity will be returned to the member in the form of a cash refund. In any case, the money stays in the community to be used and reinvested.
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