Credit Union and Cooperative Patronage Refunds - Filene ...

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Filene Research Institute Deeply embedded in the credit union tradition is an ongoing search for better ways to understand and serve credit union members. Open inquiry, the free flow of ideas, and debate are essential parts of the true democratic process. The Filene Research Institute is a 501(c)(3) not-for-profit research organization dedicated to scientific and thoughtful analysis about issues affecting the future of consumer finance. Through independent research and innovation programs the Institute examines issues vital to the future of credit unions. Ideas grow through thoughtful and scientific analysis of toppriority consumer, public policy, and credit union competitive issues. Researchers are given considerable latitude in their exploration and studies of these high-priority issues. Progress is the constant replacing of the best there is with something still better! — Edward A. Filene The Institute is governed by an Administrative Board made up of the credit union industry’s top leaders. Research topics and priorities are set by the Research Council, a select group of credit union CEOs, and the Filene Research Fellows, a blue ribbon panel of academic experts. Innovation programs are developed in part by Filene i 3 , an assembly of credit union executives screened for entrepreneurial competencies. The name of the Institute honors Edward A. Filene, the “father of the U.S. credit union movement.” Filene was an innovative leader who relied on insightful research and analysis when encouraging credit union development. Since its founding in 1989, the Institute has worked with over one hundred academic institutions and published hundreds of research studies. The entire research library is available online at www.filene.org. iii
Acknowledgments We appreciate and are grateful for the time that Brian Prunty from CoVantage Credit Union, Dennis Hanson from Dow Chemical Employees’ Credit Union, and Tim Mislansky from Wright-Patt Credit Union spent with us to discuss each of their credit union’s use of patronage refunds. We would like to extend a special thank-you to Callahan & Associates, in particular Nick Connors. Nick is a senior industry analyst and provided critical data for this project. iv
Page 1 and 2: Credit Union and Cooperative Patron
Page 3: Copyright © 2011 by Filene Researc
Page 7 and 8: List of Figures 1. Average of 27 Cr
Page 9 and 10: What Are the Credit Union Implicati
Page 11 and 12: Introduction There are many ways in
Page 13 and 14: to us is a philosophical gulf betwe
Page 15 and 16: CHAPTER 1 Patronage Refunds Are Mor
Page 17 and 18: activities with their credit union
Page 19 and 20: members standing on the basis of ow
Page 21 and 22: epayment, and/or if the asset is on
Page 23 and 24: If the co-op’s earnings are not d
Page 25 and 26: principles. When we discuss other c
Page 27 and 28: A recent post to the Filene Researc
Page 29 and 30: Our response to the blog post quest
Page 31 and 32: The subject of this chapter is a th
Page 33 and 34: CHAPTER 4 Tax Differences between C
Page 35 and 36: Figure 2: Contrast Statutes Governi
Page 37 and 38: Patronage earnings that are allocat
Page 39 and 40: When rural electric cooperatives ar
Page 41 and 42: CHAPTER 5 Use of Patronage Refunds
Page 43 and 44: Figure 4: Present Value of Patronag
Page 45 and 46: y row 9). All in all, this is a ver
Page 47 and 48: Badgerland, all of this association
Page 49 and 50: AgGeorgia’s members probably expe
Page 51 and 52: All three credit unions use their p
Page 53 and 54: The capital accumulated through ear
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As we visited with Hanson, it was d
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on share deposits is not a patronag
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Patronage Refunds: A Differentiator
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Figure 6: Potential Tax Effects of
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ather than later, particularly if t
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of the cooperative were deducting t
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Patronage Refunds and Capital M ana
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Appendix Exhibit A: 2007 Newsletter
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Due to careful planning and prudent
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Think of how much more you, and oth
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contrast, the 27 credit unions paid
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to redemptions. Think Diamond Walnu
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