Word: refundings
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According to Mr. Brown, the patronage refund paid to members by the Coop for the fiscal year ended June 30th, 1970, would have been approximately two percentage points higher if the Coop had maintained its previous practice of disallowing patronage refunds on charge purchases not paid by the end of the billing month. This practice was not maintained because, according to Mr. Brown, the Harvard Trust Company now charges 11/2% per month interest on late payments, and, I suppose, both to deny the patronage refund and allow the bank to charge such a high rate of interest on late payments...
Instead, under the new practice, the patronage refund is allowed on late payments and the bank collects 11/2% per month on such payments. While Mr. Brown emphasizes that the effect of this practice is to increase the number of people "sharing a given number of dollars available for patronage refund," he neglects to mention the significant fact that, as a result of the new procedure, the Harvard Trust Company is now receiving as interest some amount of the patronage refund funds which would previously have remained with the Society and been available for distribution to its members! Therefore, the actual...
...magazine called Foreign Policy father of a New York University student a partial tuition refund Wednesday because the school cancelled class during the Cambodia strike last...
...From the point of view of earnings and patronage refund this has been the worst year in the modern history of the society," Brown said in a letter distributed with the patronage checks, which were available beginning yesterday...
...Coop's financial picture is actually even bleaker than it at first appears. Of the $215,000 available for patronage refunds, about 75 per cent is the result of new accounting practices. Without these adjustments there would have been a very small patronage refund on cash purchases with none at all on charge purchases...