The total dollars of local equity retired to CCFE members in the current fiscal year will equal 10% of the local earnings from the previous fiscal year, as well as 100% of the equity retirements received from our investment in other cooperatives.
Retirement of equity will be reviewed in December, February and August of each fiscal year.
Estates will receive first priority of the total dollars availabe for local equity retirement. All estate requests are to be forwarded to the Administration Department - Attn: Sandy Refsland
Any remaining dollars for equity retirements will be distributed to the oldest members based on their birth dates.
The cash portion of the local earnings for the current fiscal year will be 40%. The cash portion of the regional earnings for the current fiscal year will match the percentage paid by the regional cooperatives.
This policy is subject to change at the discretion of the Board of Directors so that it is deemed fair and equitable to all of the members of CCFE.
The equity retirement/estate request will be processed upon approval by the Board of Directors.
CREDIT AND DISCOUNT POLICY
Credit worthy customers will be extended convenience credit and receive a discount if the policy provisions are met.
To qualify for credit, a customer must complete a credit application, available at the Business Office in Renville and provide credit references.
Statements are mailed at the end of each month. A 5% discount will be allowed on the statement balance if it is paid by the 10th of the following month.
Accounts are due at the end of the month following the month in which the purchases were made.
Accounts that remain unpaid by the end of the following month in which the purchases are made will be considered PAST DUE. Management will review account status to determine if additional credit will be extended.
"PAST DUE" accounts will incur a finance charge of 1.5% per month of 18% annual percentage rate.
Credit worthy patrons of CCFE who apply plant food in the fall are eligible for the deferred terms shown below. The discount allowed is dependent upon when the payment is made.
| IF PAID BY: |
THE DISCOUNT IS: |
|
October 10th
|
10 |
|
November 10th
|
9 |
|
December 10th
|
8 |
|
January 10th
|
7 |
|
February 10th
|
6 |
|
March 10th
|
5 |
|
Net is due March 31
|
|
