Otter Co-op CEO Jack Nicholson, announced $6.2 million in member reimbursements during this week’s co-operative annual general meeting. (Langley Advance Times files)

Otter Co-op members receive these percentage of their purchases back once a year in patronage reimbursements. This past year, that sum totalled $6.2 million. (Otter Co-op graphic)

Otter Co-op shoppers will be getting a cheque in the mail next month with a patronage reimbursement based on how much they spent in the last fiscal year. (Dan Ferguson/Black Press Media)

It pays – literally – to shop at the Otter Co-op.

Once a year, members of the 101-year-old local retail co-operative receive patronage reimbursements, and this year that’s translating to $6.2 million back in shoppers’ pockets, announced CEO Jack Nicholson.

That compared to $5.9 million returned to members the previous year.

It’s a show of gratitude and appreciation to its more than 50,000 members across Greater Vancouver, Fraser Valley, and B.C. Interior, he said noting the cheques will be mailed out in July.

For the one-time membership fee of $10, members then share in the profits of their local co-op based on the amount they spend.

Members earn six cents a litre on consumer fuel; three per cent on food, liquor, propane, and hospitality purchases; 2.5 per cent on dyed fuel, oil, and grease; two per cent on feed mill purchases; and one per cent on general merchandise and pharmacy purchases.

The reimbursement tally was revealed during a virtual annual general meeting held Wednesday, June 14, and tabulated based on purchases made during the 2022 fiscal year.

“At Otter Co-op, our members are at the heart of everything we do. It is their continued support and trust in our co-operative that enables us to thrive and make a positive impact in our community,” Nicholson told his on-screen audience.

“We are excited to give back to our valued members through this reimbursement, which will both provide them with additional funds to spend as they please and help stimulate the local economy where we live, work and play.”

Other notable highlights from the meeting included Nicholson explaining how the Otter Co-op gave back more than $419,000 in sponsorships and donations to more than 125 local organizations and non-profits during the same fiscal year.

Also confirmed at the meeting was the fact that Charlie Fox, Shannon Todd Booth, and Carlo Bonetti were re-elected by acclamation to the Otter Co-op board for another three-year term.

LAST YEAR: Despite pandemic challenges, 100-year-old Otter Co-op returns millions to members

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READ MORE: Otter Co-op purchases 25 more retail fuel locations

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