WINNIPEG — The cheques are literally in the mail for Red River Co-op members to the tune of $41.1 million.
The Winnipeg-based co-operative is mailing out more than 233,000 cheques totalling $35.7 million in cash for the 2018 fiscal year. The remainder of equity earned stays in members’ equity accounts with Red River Co-op.
“As a cooperative, we are proud to be a different kind of business that shares profits with our members, ensuring the money stays in the communities we serve and enriching those communities,” said Red River Co-op CEO Doug Wiebe.
Members earn 8.18 percent on fuel purchased (9¢/litre based on an average selling price of $1.10/litre in 2018), two percent on food purchased, and five percent on the full price of pharmacy prescriptions.
Members over the age of 65 can apply to have 100 percent of their equity (less their initial membership fee of $5) repaid to them in cash.