Arctic Co-ops return more than $7 million to members in 2014

Delegates vote on a motion at the ACL’s annual general meeting in Winnipeg, held May 4 – 7. (PHOTO COURTESY OF ACL)

Co-ops in Nunavut made $140 million in sales in 2014, its members heard at the Arctic Co-operatives Ltd. annual general meeting in Winnipeg last week.

Of that $140 million, $7.4 million in dividends was returned to Nunavut’s 24 member co-ops, Arctic Co-ops said — with $5.7 million returned in cash.

Thirty of the 32 member co-ops spanning Nunavut, the Northwest Territories and the Yukon met in Winnipeg May 4 to May 7.

Overall, Arctic Co-ops pulled in $182 million in sales in 2014, an increase of 3.2 per cent from the previous year.

The organization also reported net earnings of $10.8 million last year, of which $8 million in a “patronage allocation” was returned to member co-ops. Since 1986, Arctic Co-ops said it returned more than $83 million to its members that way.

Delegates at last week’s AGM also elected a new board of directors. The organization’s current president, Kono Tattuinee of Arviat, was re-elected as president, while Lucassie Arragutainaq was elected as a director representing District 1 (south Baffin).

The Arctic Co-ops organization covers seven districts across the three territories, five of which are in Nunavut.

At the organization’s May AGM, members focused their discussions on northern youth and how to encourage young people to get involved in the co-op system, organizers said.

The meeting also touched on member co-ops’ growing efforts to co-ordinate donations for local breakfast and lunch programs.