Word: perring
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Dates: during 1960-1969
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...most misunderstood aspects of its whole operation. As a cooperative society, the Coop must pay back to its members all the profits left over from members purchases after taxes and operating expenses. Unless the Coop pays this patronage refund that profit is liable to be taxed up to fifty per cent as it is in any large corporation...
Members account for about 82 per cent of the Coop's sales. Thus 82 per cent of the Coop's profit goes back to the membership at the end of the year. The other 18 per cent gets cut in half by taxes, and the remainder is all the Coop has left for reinvestment and growth. Although the Coop appears to have a lot of money, it really doesn't. There are not large sums hidden away in the vaults of the Harvard Trust. In fact, whenever the Coop has needed to expand in recent years...
...expenses. Although 40 per cent of the Coop's employees are considered permanent, the other 60 per cent turn over every three months. Many students work only part-time or take a sales job to pay for holiday or seasonal expenses. Giving these short-term employees adequate training is extremely difficult. Inadequate training accounts for part of the Coop's shortage rate. Each year the Coop loses 21/2per cent of its sales-about $400,000-in shortages. These losses include not only customer and employee stealing, but also employee errors in marking and charging. If an item costs ten dollars...
...assignment brings them to grips with both the operation and community aspects of their job. The community is interested in employment and the Coop wants and needs good employees. No one is going to get rich working for the Coop, but it does pay the minimum wage of $1.60 per hour, with the average employee wage at $1.95 per hour. For a number of years the Coop has sought employees through Action for Boston Community Development (ABCD), the largest agency in Boston working in the poverty field. While the Coop already employs proportionately more blacks-about seven per cent-than...
Harvard's other rituals are far less memorable. Like getting drunk on sherry for the first time-it's difficult, but it can be done. Or PT-some stalwart son of Harvard thinks you should have thirty hours of physical training per semester. Luckily it's not long before you learn how to trick the attendance man at the IAB into thinking you've been swimming or before you discover how to sneak out through the back door of the soccer courts...