Co-op members receive holiday cheer

The Yorkton Co-operative Association Limited Board of Directors has announced a one-time special cash payment to its members.

“Equity management is a core responsibility of the Board of Directors” stated Gene Krepakevich, President of the Board in a release presented at a press conference last week. “We are continually analyzing the strength of the balance sheet, current operations, upcoming projects and cash commitments to make informed decisions regarding our member’s investment in the Co-op.”

“Yorkton Co-op is very strong financially and the Board has been discussing this for a number of months. During this time of year, money tends to become scarce, so we felt this would be a wonderful time of year to make this special payment.”

Krepakevich said the payment recognizes the support members have given in helping the co-op build its business through the years.

The special one-time payment will see more than 12,000 members receive cheques that will total $2,065,708. This total represents 10 per cent of the current equity balance that members own in Yorkton Co-op and this will reduce that liability of the retail.

The timing of the payout was also targeted with cheques sent out last week just ahead of the holiday season.

Bruce Thurston, general manager at Yorkton Co-op said supporting members is just part of a commitment to the community which has seen the business provide donations to a numbers of projects including $50,000 to the community clubhouse, and $100,000 to Anne Portnuff Theatre refurbishing along with some 200 smaller donations to projects and organization.

Yorkton Co-op is a retail co-operative that has proudly served the Parkland Region for more than 77 years. Today, Yorkton Co-op serves more than 19,800 members — and many more customers — in Kamsack, Dubuc, Rhein, Theodore and Ebenezer where it operates food stores, agro centres, gas bars and cardlocks.

Since 2010, Yorkton Co-op has returned more than $20 million to its members in cash back and equity, while contributing over $1 million to community organizations and initiatives.