The Board of Directors has approved a patronage refund for 2008 of $2,790,000. The 2008 patronage refund is 1.00% of average member loans held by the Association and 61% of net income. In comparison, the 2007 patronage refund was 52% of net income. The 2008 patronage refund will be paid 100% in cash.
Payment of the patronage refund is contingent upon satisfactory completion of the 2008 audit and the Association's receipt of its 2008 patronage refund from CoBank. Both conditions are expected to be satisfied in March, and payment of the 2008 patronage refund is tentatively scheduled for March 25, 2009.
New this year, payment will be made electronically via ACH for customers who were signed up for electronic funds transfer as of December 31, 2008. The plan for ACH customers is to mail the statement on March 25 (the same date the checks are mailed) and initiate the ACH transaction on March 26. Most ACH customers should receive the funds in their bank account on March 27.
