How does Wheatsville account for the retained portion of the rebates?
An entry of $208,000 in member equity on our balance sheet represents the retained patronage amount for this year. In a subsidiary ledger, this $208,000 is allocated to individual owner accounts in the proportion their patronage bears to the total qualifying patronage. This retained patronage equity will remain on the books until the co-op is dissolved as an organization or until such time as the board of directors may decide to distribute all or part of it back to the owner accountholders or otherwise allocate it in accordance with legal procedures.
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- How does Wheatsville account for the retained portion of the rebates?
