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Culpeper Fanners’ Cooperative Inc. mailed $367,000 in cash refunds to members and patrons on Sept. 15, according to T. E. Gore, executive vice president and general manager. In addition to the cash portion of the refund, $634,000 was allocated to Cooperative patrons and members in patronage refund equity allocations.
The patronage equity portion of the Cooperative’s 1986 refund is the capital provided by the members and users of the Cooperative for financing the Cooperative’s operations. It will be returned to the users of the Cooperative by the direction of its board of directors.
Cooperative President W. A. Spillman Jr. stated that the board has followed an established plan in returning the equity on a revolving fund basis and will mail the 1972 equities in October.
The Cooperative is owned, operated and financed by the 30,000 patrons and 4,500 members who purchase supplies and services from its retail stores in Culpeper, Rappahannock, Remington, Warrenton, Marshall and Maurertown (Shenandoah County).
Gore reported that 1987 sales volume for eight months of operation has exceeded the same period of 1986.
Members of the board of direc
94.2%