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The Patronage Allocation: for Desjardins Members Only
It's as if money did grow on trees! You can do what you want with it, when you want. Spend it for fun, save it or reinvest it. It's what's different about being a Desjardins member. Quite Simply.
As a financial services cooperative where members are both owners and users, your Desjardins caisse is guided by cooperative values and principles. And you're the first to benefit from it.
» READ ARTICLE
24 January 2006: Bank of Canada raises overnight rate target by 1/4 percentage point to 3 1/2 per cent
OTTAWA—The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 3 3/4 per cent.
» READ ARTICLE
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The Patronage Allocation: for Desjardins Members Only
It's as if money did grow on trees! You can do what you want with it, when you want. Spend it for fun, save it or reinvest it. It's what's different about being a Desjardins member. Quite Simply.
As a financial services cooperative where members are both owners and users, your Desjardins caisse is guided by cooperative values and principles. And you're the first to benefit from it.
Patronage allocations What are patronage allocations?
Patronage allocations are an amount decided on at the annual general meeting and paid to members of a Desjardins caisse at the end of the fiscal year.The money comes from the caisse's surplus earnings and is "returned" to the member-owners. Why pay patronage allocations? As a financial services cooperative, the caisse is guided by cooperative principles, illustrated by the sharing of surplus earnings. The patronage allocation you receive is proportional to your volume of business with the caisse during the year. In other words, the more products and services you use, the more you get paid! Allocation conditionsThere are three prerequisites to a caisse awarding a patronage allocation: - It must have surplus earnings from the previous fiscal year.
These surplus earnings can be compared to the net earnings of a capital stock company, but there is one small difference: the cooperative's goal is not to earn profits for a small number of shareholders. - It must have sufficient capital (equity).
The law requires the caisse to maintain a funding level that guarantees its financial soundness. Before paying patronage allocations, the caisse must first make sure that its own financial needs are met. - Members must decide that it will distribute a portion of the surplus earnings as patronage allocations.
Members attending the caisse's annual general meeting must decide that it will distribute a portion of the surplus earnings as patronage allocations and if required, they decide the terms and conditions of payment. They may also decide to earmark a portion of the dividends for community projects.
Who is entitled?You have to be a member of a caisse to receive patronage allocations. You may become a member by buying a five-dollar share when you open your account. This gives you the right to attend annual general meetings and based on the "one person, one vote" rule, elect officers and participate in other decisions such as the distribution of surplus earnings and, if applicable, patronage allocations. Two types of patronage allocationsThere are two types of patronage allocations: - Individual patronage allocations are an amount paid to each member in proportion to their use of their cooperative's products and services.
- Collective patronage allocations are paid into a fund in order to support local community projects.
Want to know more?If you'd like more information about our Patronage Allocations, just give us a call: Sheila Hayward
514.603.5606 | Eric Cyrenne
514.704.8549 |
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