Fiscal Year 2022 (FY22) ran July 5, 2021-July 3, 2022, and was a profitable year. We had income of  $1.1 million more than we had budgeted for. This surplus allowed us to continue to operate on a sound financial basis, pay our staff a profit share (totaling $363,538), and now to return a portion of the profit to Owners. We greatly appreciate your help in making it a successful year for your Co-op!

Per bylaw 6.5, your Board of Directors has voted to allocate part of the surplus, or profit, as a patronage refund, a portion of which will be distributed as a store credit. On January 16th, the 17,072 Owners who have purchased at least $510 worth of eligible goods from the Co-op in the last fiscal year will receive a store credit. For every $1,000 spent, an Owner will receive $3.91 in store credit. For example, an Owner that spent $4,752 at the Co-op in the last fiscal year will receive a store credit of $18.58.

This year’s refund is a combination of 80% retained patronage equity, which is money held by the Co-op in each Owner’s name and the rest, 20%, is issued as a store credit. The retained 80% of the total refund that is retained is reinvested in the Co-op and helps to secure our long-term financial health. If at some point in the future the Co-op felt that it no longer needed the retained patronage equity, the Co-op could choose to pay it out to Owners.

For those who have purchased less than $510, their patronage refund would have resulted in a store credit of less than $2. The cost of distributing store credits below $2 would outweigh the benefits.

Those who are being issued a store credit will receive an email or a letter in the mail between January 7th and 14th detailing your refund. Store credits will be available (for Owners receiving one) at the registers starting on January 16th. You may apply the credit towards a purchase, request cash back, or donate it. To ensure that only the primary (or secondary, for household accounts) Owner uses credits, you will be asked to present identification. All patronage store credits must be used by June 18, 2023.

FAQ

I didn’t get a email or letter notifying me about my store credit, but I think I am eligible for one.

There are a number of reasons why you may not have received a patronage refund store credit:

• You purchased fewer than $510 of eligible goods during fiscal year 2022 (July 5, 2021 – July 3, 2022).
• We don’t have your current email address or home address. (You don’t need to have received a letter or email to access your store credit, if you have one. Customer Service can tell you or the cashier will inform you at checkout.)
• You were not a Willy Street Co-op Owner during fiscal year 2022 (July 5, 2021 – July 3, 2022).

Still think you should be receiving a patronage refund store credit, or want to find out what your purchase totals were for fiscal year 2022? Email or call our Owner Records Administrator. Email: ora@willystreet.coop Phone: (608) 251-0884 ext. 734

How much did the Co-op make last fiscal year in total and how much was profit?

Gross sales for FY22 were $60,549,431, and $1,172,892 of that was profit.

How many Owners will receive a store credit?

A total of 17,072 Owners will receive a store credit.

Do I have to buy something or can I just get my store credit as cash?

You can get your store credit as cash if you prefer! Just give a cashier your Owner number, show your photo ID, and they’ll give you your store credit in cash.

Can I donate my store credit?

Yes—just let your cashier know that you’d like to donate it to Double Dollars.

Do I need to use all of my store credit at one time?

Yes, but you can choose the transaction to which you’d like to apply it, as long as it’s by June 18, 2023.

How are my purchases recorded?

In order to record your purchase, the cashier asks—before each transaction—for your Owner number. They will then confirm your name on the account before ringing up your items. All merchandise rung through after that point is recorded by our register system.

What purchases don’t count toward calculation of my store credit?

Any Community Room class and rental fees, e-commerce fees, equity payments, donations, newspapers, event tickets, bus passes, postage, and items sold at cost for community benefit.

Do sale items count toward my store credit?

Yes, except for the few items listed above. Sale items are credited only at the sale price.

What happens if I don’t use my store credit?

By law, if your credit isn’t used by June 18, 2023, the Co-op must record the amount of your store credit and retained patronage equity as income and pay the necessary taxes on that amount; your refund is officially forfeited if this happens.

Do I have to pay income taxes on the store credit?

No, store credits are not taxable income unless your purchases were for purposes other than personal use; if this is the case for you, please consult your tax adviser.

Why did the Co-op decide on a $2 minimum for store credit distribution?

The Board and management agreed to apply a minimum $2 store credit as a cut-off point to this and future patronage refunds because the costs associated with distributing a store credit as small as this would outweigh the benefits.

What can I do to make sure I receive my store credit in years when it’s distributed?

To be informed of your store credit and all cooperative news, it is important to keep your current mailing information up-to-date with us. If you have a store credit due, the register system will alert the cashier. They will ask if you’d like to use the credit with that transaction, or save it to be used at a later date.