What’s a Co-op
A cooperative is a business voluntarily owned and controlled by the people who use it — its Shareholders/Owners. It operates for the mutual benefit of all Owners and according to common principles established for cooperatives, which include: Open and Voluntary Membership, Democratic Member Control, Members' Economic Participation, Autonomy and Independence, Education, Training, and Information, Cooperation Among Cooperatives, Concern for Community.
Co-ops are owned and controlled by the people who use them. Profits do not go to a single person or outside organization but stay in the community through dividends or are applied to investments to help the co-op grow as agreed upon by Shareholders/Owners.
No, Abundance Food Co-op is incorporated in New York as a cooperative corporation, which is considered a for-profit organization. While the Co-op is technically for-profit, it is member-owned and democratically-controlled, and it has a strong mission to serve the community and world, just like a non-profit organization.
As of 2001, Abundance Food Co-op is incorporated in New York as a cooperative corporation. Unlike most corporations, Shareholders of the Co-op are community members who are investing in their community through grocery store ownership. Through the one-time purchase a $100 share, an individual becomes a Co-op Shareholder. Shareholders have a say in the business decisions the Co-op makes both through voting in elections and by reaching out to the Board of Directors which is composed of elected Shareholders who have volunteered to represent the whole body of Shareholders. Additionally, the Co-op will return surplus revenue to its Shareholders in proportion to how much they use the Co-op through patronage dividends.
Yes. The co-op is a community resource and while we are not non-profit we can accept gifts. Ways you can do this include: let your cashier know you’d like to add a donation to your total when you check out, buy an additional share for $100 (Shareholders only), or contact us directly to talk about other ways you can help the co-op remain financially sustainable. Gifts to the co-op are not tax deductible.
Becoming a Shareholder
Any shopper can become an Abundance Shareholder by joining the co-op with a one-time equity investment, also known as a share, for $100. This is not a fee, but an investment in ownership stock of the co-op. By joining the co-op, you are pooling your resources with others in our community to provide a strong financial foundation and ensure its success.
- 10% of your total purchase once a month (some products are excluded from the discount, including alcohol, items already on sale and low-margin items)
- Discounts on special orders
- Shareholder-only deals like monthly sales on items throughout the store
- Free use of the Community Room
- Patronage dividend payouts during profitable years
- Vote for candidates to join the Board of Directors
- Vote on bylaw amendments and other items as proposed by the Board of Directors
- Run to be elected to the Board of Directors
- Actively help build a stronger local economy and community
You can become a Shareholder by purchasing a share online or in-store at the register.
Patronage dividends are distributed to Shareholders when the co-op generates surplus revenue. Each individual’s dividend is based on the amount of money spent over the course of a year and usually awarded as a one-time rebate to be used at the co-op. It’s another way we, as a co-op, keep our dollars local.