Frequently Asked Questions: Member Equity Election Results 

The membership voted to approve of the proposed membership fee and payment plan change


Background

Co-opportunity membership shares have been issued for differing amounts over the years, with the last increase in 2013. The Board of Directors has reviewed the existing membership investment levels and has determined that the existing  policy of charging members $300 as the cost of membership is a deterrent to joining and that lowering the investment requirement will attract more new members. 

The Board, along with the Co-op's leadership team, has also reviewed the period of time in which members are able to pay for their membership and has determined that the Co-op's current cash flow and financial condition requires an acceleration of time for payment in full from 12 years to 4 years. 

On Thursday, September 3rd, voting for the approval or disapproval of the proposed change began through an online voting website, Election Runner, in which eligible members with up to date payments were asked to cast their votes online or through paper ballots in stores.


What were the results of the Member Equity Vote Election?

The membership voted to approve the proposal to decrease the total membership cost from $300 to $200 and to accelerate the payment plan from $25 over 12 years to $50 over 4 years. There were 898 participants, with 831 members voting in the approval for this change, and 67 voting in disapproval.

 

How long was the voting period?

Voting opened on Thursday, September 3rd at 12pm and closed on Thursday, September 17th at 11:59am.

 

Who was eligible to vote in this election?

Fully vested members and members who are up to date with their yearly membership equity payments with no overdue fees were able vote. Only eligible voters were sent an email link to vote.

 

When does this change become effective?

This change will become effective on Thursday, October 1, 2020.

 

Does this change affect current Co-opportunity members?

Yes, if you are a current member, either fully vested or on a payment plan, your membership share obligation will be reduced to $200. If you still have annual payments to make, these will be $50/year (instead of $25/year) until the full $200 investment is reached. This change will become effective for your next payment.

 

What if I already invested over $200 to be a member at the Co-op?

If the change goes through, members who have already paid the current full investment of $300 (or have paid over $200) will be issued a Co-op gift card for the excess amount over $200. Alternatively, members can donate the difference to our 501(c)(3) Cooperative Community Fund to support organizations dedicated to improving social, agricultural, and environmental issues. Members who invested over $200 will receive an email with information about reimbursement options.

 

What if I became a member when the joining fee was $100?

If your original investment was $100, this change will not affect your membership status. While no increase in equity will be required, your voluntary equity increase is greatly appreciated. All checks can be made payable to Co-opportunity Market (Attn: Finance) and sent to the Santa Monica location at 1525 Broadway, Santa Monica, CA 90404. As a thank you for your equity increase of $100, a $20 credit will be automatically added to your account and available for you at the register.

 

When is my next payment due?

If you are unsure when your next payment is due, no problem! Please e-mail our Membership Coordinator, Emma Hankinson at membership@coopportunity.com to find out when your payment is due.

What are we voting for?

We are asking members to vote on changes to owner equity, which proposes to decrease the cost of membership from $300 to $200. 

 

If members vote for this change, will the change effect current Co-opportunity members?

Yes, if you are a current member, either fully vested or on a payment plan, your membership share obligation will be reduced to $200. If you still have annual payments to make, these will be $50/year (instead of $25/year) until the full $200 investment is reached. This change will become effective for your next payment.

 

What if I became a member when the joining fee was $100?

If your original investment was $100, this change will not effect your membership status. While no increase in equity will be required, your voluntary equity increase is greatly appreciated. All checks can be made payable to Co-opportunity Market (Attn: Finance) and sent to the Santa Monica location at 1525 Broadway, Santa Monica, CA 90404. As a thank you for your equity increase of $100, a $20 credit will be automatically added to your account and available for you at the register.

 

What if I already invested over $200 to be a member at the Co-op?

If the change goes through, members who have already paid the current full investment of $300 (or have paid over $200) will be issued a Co-op gift card for the excess amount over $200. Alternatively, members can donate the difference to our 501(c)(3) Cooperative Community Fund to support organizations dedicated to improving social, agricultural and environmental issues.

 

Who can vote?

Fully vested members and members who are up to date with their yearly membership equity payments with no overdue fees can vote. Only eligible voters will be sent an email link to vote.

 

How do I cast my vote?

The voting link will be sent from Election Runner to the email on file at Co-opportunity. Simply click the link and select your answer. Each link is valid for one vote.

 

What if Co-opportunity does not have my e-mail to send me a voting link or I do not receive a link to vote?

If we do not have your email address on file, no problem! Send an email to membership@coopportunity.com with your full name, and we will add you to the voting list if you are eligible. Alternatively, we will have paper ballots with instructions in both our Santa Monica and Culver City stores from Thursday, September 3 to Thursday, September 17. Paper ballots can be turned into the black boxes in stores- located near the elevators in Culver City, and at the front of the store in Santa Monica.

 

How long will voting be open for?

Voting will begin on Thursday, September 3rd at 12pm and will remain open until Thursday, September 17th at 11:59am.

 

When will we be given the results of the election?

Results will be emailed to members and posted on our website on Friday, September 18, 2020.

 

Questions? 

Email membership@coopportunity.com or call Emma Hankinson, Membership Coordinator, at (310) 451-8902 ext. 292.

 

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