October: United Cooperative's Equity Revolvement Month

We celebrate a lot of things in the month of October here in the US. There are more than 120 different things recognized or celebrated during October, according to National Holidays and Observances. While some are well known, like Breast Cancer Awareness Month, others are much more obscure, like Toilet Tank Repair Month. As a cooperative, we historically celebrate October as National Co-op Awareness Month. Nationally, there is a new theme for Co-op Month every year, but at United Cooperative, our local theme has been the same for many years: equity revolvement.

Each year in October, we pay back a portion of the equity our members hold in United Cooperative. This year, as President and CEO, David Cramer, mentioned earlier, that amount is over $7.5 million. Thanks to the commitment your board of directors and our leadership team have to equity revolvement, not only are we keeping up on United Cooperative equity, but we are also honoring our promises to retire previous co-op equities that were converted through mergers and/or acquisitions.

Since 2007, United Cooperative has converted member equity from eleven different co-ops that have become part of the United Cooperative family. Some of these companies had unpaid equity dating back to the 1940s while others were paid up as recent as the early 2000s. Regardless of how old the equities were at the time of merger or acquisition, we have always honored the agreed-upon equity retirement plans.

Over the past 13 years, nearly $26 million worth of member equity from these former co-ops has been paid out, while continuing to pay out newly earned United Cooperative equity on an approximate 10-year rotation.

Join me in thanking your board of directors and leadership team for their commitment to revolving member equity every October. If you decide to celebrate Equity Revolvement Month in a big way, keep in mind, it is also National Liver Awareness Month, so don’t overdo it.

Stay healthy, stay safe, and have a bountiful harvest season.

-Karl Beth, Vice President and Chief Operating Officer

Posted on Oct 01 at 12:01