Finances

This video is not an official translation but a summary for board members while we develop formal translations.

What the bylaws say:

...any profits of the Co-operative shall be used for the following reasons and apportioned as agreed by Members at the annual general meeting:

(a) To a general reserve for the continuation and development of the Co-operative;

(b) To paying dividends to Members

(c) To making payment for social, co-operative or community purposes within the community served by the Co-operative.

The board has to decide before every annual general meeting, what any profits could be spent on.

The bylaws say funds should be put into reserves (to make sure the co-op can survive in an emergency) or put into social, co-op or community purposes first before any profits are paid to members.