Word: refundability
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...Coop has pledged not to cut patronage refund rates during the next school year--maybe...
...Board of Directors voted Wednesday to keep paying members 10 cents on the dollar for cash purchases, and 8 cents for charge purchases through July, 1967. The refund is distributed each October...
Under federal tax laws, the Coop's total refund to members can not exceed its profit from their business. And next year, as the Coop starts running and paying for its $1.5 million annex, the profit may dip too low for an 8 and 10 per cent refund, General Manager John G. Morrill said yesterday. But he doubted that the refund would have to be cut by more than one per cent...
...fairly certain, however, that the refund rates will not be going up. The Coop now feels that profits above the 8 and 10 per cent refund should be used first for new facilities, such as the projected Medical School Coop, and for improvements...
...What we want to do now is try to hold the status quo on the patron age refund and not put much money into expansion," Morrill explained. Even so, he admitted, there may have to be serious consideration this March of a one per cent cut in the present refund rate of eight per cent on charge purchases and ten per cent on cash...