A charitable trust owns the other half of the company and supports local hospitals. Consumer cooperatives are the only type of cooperative that can exclude patronage refunds from taxable income. Sub Chapter T does not apply to mutual savings banks, mutual insurance companies, or rural electric or telephone cooperatives. It is interesting to note that many of the Section 521 requirements appear to relate back to the Rochdale principles. Many are in the. Overview:Four grocery cooperatives located in small communities in the rural Midwest, including one in aNative Americancommunity that did not end successfully,are studied from inception through opening day. [1] In Italy, the Coop Italia chain formed by many sub-cooperatives controlled 17.7% of the grocery market in 2005. A mixed cooperative is a combination of the two their members may be individual producers as well as local cooperatives. Each member enjoys equal voting rights in a cooperative regardless of the number of shares they own. Many small and medium enterprises operate as cooperatives in various industries, including food, construction, manufacturing, education, and home care industries, among others. To provide the best experiences, we use technologies like cookies to store and/or access device information. Worker Cooperatives . Functions Performed Cooperatives may perform one or more of these functions for members: u Marketing products; u Purchasing supplies; and u Providing services. [3] However, there are many types of consumers' cooperatives, operating in areas such as health care, insurance, housing, utilities and personal finance (including credit unions). The regional cooperative must meet the Section 521 requirements on its producer members and if it has cooperatives as members, the IRS will look through to determine if those cooperatives meet the Section 521 provisions. Most consumer cooperatives have a board of directors elected by and from the membership. Similar early experiments were made in the early 19th century and by 1830 there were several hundred co-operatives. ZjVlNDU3NjViZjAwNWI0ZmFhMWIzZDQ4NTJiMjZhZjkzMmNiYWYxNWUwMzM5 Members get dividend in proportion to their shares held in the cooperative store. States with income tax generally follow the basic provisions of federal tax laws in taxing cooperatives. For example, through MarketPlace: Handwork of India, artisan cooperatives. Many jurisdictions do not give members an option to have someone else vote on their behalf, i.e., proxy voting. In some cases the taxation is immediately passed on to the patron and in some cases the income is taxed at the cooperative level and then the cooperative receives a tax deduction and the member accepts the taxation for that income in a future period of time. The 20% cash patronage rule does not apply to a qualified per-unit retain. This type of consumer cooperative organizes bulk purchases (of food, tools, recreation equipment, etc.) OWIyNjAyMjEzMThkODg3ODJlZjFmMzUxNDM2N2Q1Yjg5ZGY0ZDJhNWZiMTlm Date of Publication:2oo2 Consumer cooperatives are organizations that are actually owned by the consumers who choose to be members of the cooperative venture. For that reason, even Section 521 cooperatives often have some taxable income. comprising one or more residential buildings. Retailers' cooperatives are a form of purchasing cooperative. Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the view of the U.S. Department of Agriculture. Cash patronage refunds are always qualified. . In Switzerland, the two largest supermarket chains Coop and Migros are both co-operatives and are among the countrys largest employers. [13] In addition, because a consumer cooperative is owned by the users of a good or service as opposed to the producers of that good or service, the same sorts of labor issues may arise between the workers and the cooperative as would appear in any other company. 11. iii. In smaller consumer cooperatives, members often volunteer to run the cooperative, and are governed by a one member one vote system. Bylaws, Portland Food Co-op is in Oregon. Patronage refunds are profit distribution made to the patron on the basis of business volume. NGRlZmUwY2JmN2YxZDZiMWU1Y2Q1N2FhMmFiZmE2MmVhM2U2ODQ5YTNlYWMz Written by a lawyerwho runs Black Dog Co-Op Law, a firm that advises cooperatives on legal issues. to gain a separate legal identity and better satisfy the more significant requirements of their membership base. NDc3MGQ5YjBhMzM3NDFjYWI5NDZlZDczNzVhMTQxM2M3YzNlYmMzNGE3NTJk -----BEGIN REPORT----- A worker-owned cooperative is a business that is commonly owned and managed by its workers. Share redemption is handled by the cooperative rather than via any negotiations between members. Many advocates of the formation of consumer cooperativesfrom a variety of political perspectiveshave seen them as integral to the achievement of wider social goals. [2] Known as cooperative retail societies or retail co-ops in some countries, these cooperative enterprises often appear to function just like any other type of business, operating stores and sometimes even factories . ZTMyMmI1MzU0NTAxMWM0ZTMwMWJjZTgyMDYxNDQyZjc0ODljOWYzYWE2NjE3 Consumer cooperatives utilize the cooperative principle of democratic member control, or one member/one vote. Autonomous association owned and managed democratically by its clients, Finance and approach to capital accumulation, Adams, Frank and Gary Hansen (1993) Putting Democracy To Work: A Practical Guide for Starting and Managing Worker-Owned Businesses, Berrett-Koehler Publishers, Inc, San Francisco, Japanese Consumers' Co-operative Union., 2003, "The Credit Union Movement: Origins and Development 1850 to 1980" by J. Carroll Moody and, PCC (Puget Consumers Cooperative) Natural Markets, Healthcare Co-operatives movement in India, National Cooperative Business Association, "Consumer Co-operatives: Democracy - Development - Employment", https://books.google.com/books?id=4mATAAAAQAAJ, "View the top 300 co-operatives from around the world", "Co-op bookshop to disappear from university campuses", "Food Co-ops and Associates - Co-op Grocer Network", "Consumer Co-op Archives - BC Coop Association", "Memo For Bernie: World's Second Largest Investor, Vanguard, Is Socialist", Coordinating Committee of European Cooperative Associations, Co-operatives UK, the central organisation for all UK co-operative enterprises, ICOS, the Irish Co-operative Organisation Society, German technical consulting for optimization. one housing unit in a property developed by the cooperative. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Some goals may include philanthropic efforts such as paid time off for employees to volunteer in the community, free financial counseling, and education on financial topics (e.g., Biz Kid$[2]). Also sometimes called "employee cooperatives," worker cooperatives are businesses owned and controlled by people who the contribute their labor to the business (typically called "members" or . For example, Swann-Morton is a world-leading manufacturer of surgical blades, scalpels, and handles in the United Kingdom. Different regions around the world offer a variety of legal structures for cooperatives. MjU0OTdjYjVjNmE3MWMwNzcyMDg0YWJjNWQ1MmUifQ== By 1872, it had become known as the Co-operative Wholesale Society (CWS). They believed such a development would bring benefits such as economic democracy and justice, transparency, greater product purity, and financial benefits for consumers. YzMyZTEyMjdmMDE5MDM2Zjk3ZDU2MjI0NTY3MWRhYTFkMTM5MjRlZTkxODM1 Buying Clubs, Retail Outlets, Cooperative Retail Societies, Cooperative Wholesale Societies, Consumer Cooperatives with Links to their Bylaws and Policies, Memorandum of Association and the Rules of Co-operation, Membership Information Booklet including Bylaws, Information about membership, cooperative, and rules, How to Start a Food Co-op: A Guide From the Cooperative Grocers Information Network, Keys to Success for Food Co-op Start Ups in Rural Areas: Four Case Studies. The Section 199A tax deduction has therefore made the payment aspect of the per-unit retain structure much more prevalent. A mixed cooperative is a combination of the two their members may be individual producers as well as local cooperatives. Cooperatives are taxed at the ordinary corporate rate on their taxable income calculated after cash patronage and qualified retained patronage and qualified per-unit retain payments. The board is usually responsible for hiring management and ensuring that the cooperative meets its goals, both financial and otherwise. They share the ownership of the whole property and do not have an ownership right over an individual unit. Marketing The need to meet consumer demands and All credit unions in the United States and Canada are financial cooperatives. One of those goals is to create a better world by working together and by shifting the focus of the business to place people over profit to build a more inclusive economy. Bylaws, Peoples Food Co-op is in Ann Arbor, Michigan. Those tax credits and deductions are often not useful to cooperatives since they severely reduce or eliminate their taxable income by making patronage payments. [clarification needed] These parties keep small but steady sections in prefecture and municipal assemblies. Unlike other kinds of real estate ownership, such as condominiums where individual buyers acquire stratified units in common properties, housing cooperatives are member-based. Through membership fees, direct lending, and other means, cooperative members may supply equity financing, similar to shareholders in a traditional corporation. Non-member profits and earnings not based on the use of the cooperative (such as a gain from the sale of an asset) cannot be distributed as a patronage refund. are popular financial cooperatives owned and managed by members with a common need for financial services, such as deposits and loans. Then, depending upon the terms of the cooperative of how an item may be shared, a member may use these items. Many producers have effective tax rates above 20% and would still be in a negative cash flow position if they received a 20% cash and 80% qualified stock patronage refund. OTQyNjQyMGU0Y2FkMzBmNjliZmFkZmZhYWZjZTJkMjg1Y2QyYTRlMTcxNzM2 For example, many marketing cooperatives do business both at wholesale and retail, and in addition prepare the raw product for the consumer. Cooperatives generally retain non-member and non-patronage income as unallocated retained earnings. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. A per-unit retain is an deduction of an amount of equity from a unit of commodity marketed. Profits from non-member business cannot be distributed as patronage under the general provisions of Sub-Chapter. Housing cooperatives usually emerge in areas where the cost of housing is high. Larger consumer cooperative have employees, and members usually vote for a board to run the enterprise. Marketing The need to meet consumer demands and To keep learning and advancing your career, the following resources will be helpful: Navigate the business world confidently by understanding various forms of business structure and their implications on borrowing, A free, comprehensive best practices guide to advance your financial modeling skills, Get Certified for Commercial Banking (CBCA). have fewer members with particular needs, for example, community or amateur sporting associations. Cooperatives can also return a portion of their profits as dividends on investment. examined for purchasing cooperatives owned and controlled by independent retailers or farm supply cooperatives. A cooperative, or co-op, is an organization owned and controlled by the people who use the products or services the business produces. NDBmODAzN2QzODI0ZjdjMmUyNzEzOWVmMTZiOGI0OGU3Yjg1ODZhMjM4Nzg2 cooperative, organization owned by and operated for the benefit of those using its services. Most consumer cooperatives hold regular membership meetings (often once a year). All cooperatives except Section 521 cooperatives must include non-member income in their taxable income. Historically, most agricultural cooperatives distributed patronage in combinations of cash and qualified stock. Alternatively, they may be members of cooperative unions.[4]. Workers cooperatives were originally sparked by "critical reaction to industrial capitalism and the excesses of the industrial revolution." The first successful co-operative was the Rochdale Society of Equitable Pioneers, established in England in 1844. Information about membership, cooperative, and rules, Canon Co-op is in Colorado and runs a tool lending library. That non-qualified redemption becomes taxable income for the patron in the redemption year. In 2020 its retail stores closed and its online store was sold to Booktopia.[18]. Bylaws, Syracuse Real Food Co-op is in New York. Pooling cooperative therefore do not have patronage and cannot make retained patronage distributions (stock patronage). The ICA Group, technical advice for cooperative start-ups in the USA. The tax deduction are based on the minimum of 20% of qualified income or 50% of W-2 wages. The members must agree to abide by the rules and make timely contributions. Every member of the cooperative has an equal voice, regardless of how many shares they own. A cooperative is a member-owned entity that seeks to meet its members' social, economic, and cultural needs. Cooperatives play a critical role in building community wealth for several key reasons: They often provide quality goods and services to areas that have been shunned by traditional businesses because they are deemed less profitable markets. ZDk5ODYwMTk2ZjRkMjI5YzliMjEzMTZiNTM0ZTc2YjdjNzVmZTFkNjYwNTVj Author: Joel Dahlgren Outdoor retailer Mountain Equipment Co-op (MEC) in Canada was one of that country's major consumer cooperatives. Consumers' cooperatives can differ greatly in start up and also in how the co-op is run but to be true to the consumers' cooperative form of business the enterprise should follow the Rochdale Principles. Interested individuals can become members by purchasing shares in the housing cooperative. Overview: A legal primer that was developed by Cooperative Development Services, a partner in Food Co-Op 500. at 125,000 in 2012. Non-qualified patronage distributions cannot be deducted in the year they are issued but the cooperative can deduct the redemption of non-qualified stock. Patronage refunds can be in the form of cash or equity. Shareholders pool their financial resources together. A consumer cooperative is owned by the people that purchase its goods and services, while a producer cooperative is owned by the employees that work at the cooperative. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. A new approach to cooperative understanding, University of Wisconsin Center for Cooperatives, Brazda&Schediwy (ed.) The income from a retail . Religious, charitable and civic institutions owned and operated for the benefit of their members fall under Section 501. Board of Directors responsibilities. The distribution of profits is usually known as a patronage dividend. As mutually owned businesses, each member of a society has a shareholding equal to the sum they paid in when they joined. That made it logical to shift the tax to the patrons lower tax rate immediately rather than park the tax payment with the cooperative until the time of equity retirement. The cooperative increases efficiency in purchasing supplies or providing services. [citation needed], Where a for-profit enterprise will treat the difference between cost (including labor etc.) Advertisement Previous Advertisement Cooperation among cooperative. Membership Terms and Conditions. I have done substantial research and simulations involving represented cooperatives and have research illustrating the fact that non-qualified distribution maximize the members return from the cooperative. Governance including Articles and Bylaws, Board of Directors. Profits may be distributed to members or used to advance the cooperatives goals. . 2020-41595-30123 from the USDA National Institute of Food and Agriculture. Cooperatives qualify for some tax deductions and credits similar to other businesses. MDUyZDA2NDIyNzYxMTVkZWU1ODk2ODI4ZTA1MGE4NTFkMjdiMGNkMzIwMGJj New members who join must share a common need with other members. Section 521 cooperatives are often exempt from SEC security registration laws. Section 521 cooperatives (which are discussed in a later section) must distribute profits to non-members but are also allowed to deduct that non-member profit distribution. M2VjNzg2ZGU5ODRlYzgwMDFjMDgwY2E1MWIxYTM4Y2RmYWI3YzI0ZTI1NDkz The ultimate effect is that the member pays taxes on the profits represented by the non-qualified distribution but the timing of the tax effect differs from that of qualified stock where the patron is taxed upon receiving the stock. The cooperative can allocate all of a portion of its Section 199A tax deduction to the patrons. This site uses Akismet to reduce spam. High School Cooperative Syllabus/Lesson Plans, Comparison of Tax and Timing of Tax on Cooperative and Patron from Qualified and Non-qualified Stock Patronage, For simplicity a 21% tax rate is assumed for both the cooperative and patron, 85% of the capital stock must be owned by producers who market or purchase from the cooperative in the current year (85% stock owned by active producers), Dividends on capital stock are limited to 8%, Must conduct at least 50% of its marketing business with members and 50% of supply business with members and total marketing and supply business with non-members cannot exceed 15%, Must treat non-members the same as members for patronage, pricing and pool payments (pay patronage to non-members). Learn how your comment data is processed. An incorporated cooperative operates independently and can enter into contracts as a separate legal entity in many parts of the world, similar to corporations. Patronage refunds related to purchases of personal living or family items are not taxable income to the patron. A Section 521 cooperative is allowed to deduct all of the capital stock dividends it receives from other cooperatives as long as it distributes those dividends to its patrons. NWI0ZTI1NjkwOTI1MTMyNDRjYTI3YzJiMDBlODlmOWFjNjA0YjY4ZjU1Y2M4 There are many ways to categorize cooperatives. Any sale will depend on demand and the exchange value agreed to between the selling and the purchasing parties. Cooperatives (co-ops) for consumers are groups of people who band together in order to create a service, or to save money through volume buying. Date of Publication: 2008 There are many types of consumers' cooperative. More than 760 million people around the world are a part of the cooperative movement. as individual producers or processors may find certain costs too prohibitive. Cooperatives are usually subject to all other taxes on the same basis of other businesses. Retained patronage refunds (stock patronage) can be either qualified or non-qualified. Where payments are made, they are based on the members engagement with the cooperative activities. However, it's important to know that there are different types of co-ops with different . Cooperatives pay taxes on non-member profits and any undistributed member profits at the general corporate rate. A non-qualified stock patronage refund is tax deductible to the cooperative and tax deductible to the member in the year it is redeemed. 2019 Sustainable Economies Law Center Stand out and gain a competitive edge as a commercial banker, loan officer or credit analyst with advanced knowledge, real-world analysis skills, and career confidence. Producers and processing co-ops produce, process, and market the goods and services of their members. Section 501 of the IRS code deals with not-for-profit corporations. How our co-op works (links to member meetings, annual election, board of trustees, and policy governance), Davis Food Co-op is in California. NmZiYmRkOWE0MWQ5Y2E3OGEwMjBhMWIwNTJlMWZlMTYyMTBlYzVhMjYwZWU4 ZTVhNTYzMWM4NTM3Zjg2YTVkNDM0YWZjNTk0MzEwNWE5ZjcyNTk1MjAxNTE2 Cooperatives have been successful in a number of fields, including the processing and marketing of farm products, the purchasing of other kinds of equipment and raw materials, and in the wholesaling, retailing, electric power, credit and banking, and housing industries. In Scandinavia, the national cooperatives Norway, Sweden, and Denmark joined as Coop Norden in January 2002, but separated again in 2008. ZjNjMDgwYzhhODJmMzAxMDMwNjY1MzMyYWRhNDI0MGU2MTkxMzQ4NDUxYWRi equal to the number of shares owned. The basic rationale of Sub-Chapter T and cooperative taxation is that the cooperative is an extension of the patrons who own the cooperative. Cooperative scholars would argue that a better approach would be to retain those profits as non-qualified retained patronage and use the tax deduction in the same manner. The availability of the Section 199A tax deduction has allowed cooperatives to offset that tax effect and has led some cooperatives to retain more member profits as unallocated retained earnings. Sharing Cooperatives are like Retail Consumer Cooperatives, except goods purchased by the Cooperative do not have an end life of being absolutely owned by a member. Since consumer cooperatives are run democratically, they are subject to the same problems typical of democratic government. The board of directors serves as the decision-making organ of the cooperative. In Puerto Rico, several Supermercados Fam Coop operate. NDkzNGYxYThkYWZjNDI1YTRmYmVmY2E0MTI4NDg0OTFkYWNjOGE0MzU3OGRm He tried to form such communities in Orbiston, Scotland and in New Harmony, Indiana in the United States of America, but both communities failed. The IRS used the term patronage dividends but most cooperative scholars prefer the term patronage refund to avoid confusion with a dividend made on the basis of stock ownership. A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise". Currently we are seeing more interest in non-qualified distributions and more agricultural cooperatives are shifting to non-qualified. When cooperatives make payments to the members under the per-unit retain system is it termed a per-unit retain paid in money or PURPIM. ; their structure encourages the sharing of resources among members and a. . . All of the commodity delivered by the patrons are pooled and then processed, packaged and marketed by the cooperative. whose value will not increase. If you believe Wordfence should be allowing you access to this site, please let them know using the steps below so they can investigate why this is happening. The elected representatives are responsible for screening and selecting members who get to occupy housing units in each property developed by the cooperative. via their ownership of half the company. Shareholders pool their financial resources together. Cooperatives may serve their members by offering products, services, and even the sharing of labor and production. to then be purchased by members. Hanover Consumer Cooperative Society, Inc. Other Tax Status Options for a Worker Cooperative, Tax Considerations for Worker Cooperatives, Subchapter T and How Money Flows Through a Cooperative, Sample Disclosure Documents and Membership Agreements, Cartoon Operating Agreement for a Coop LLC, Worker Cooperative Sample Documents and Guidelines, Co-op Bylaws and Other Governance Documents, Worker Cooperatives: Performance and Success Factors, USDA Loan Guarantees for Cooperative Conversions. Here are seven reasons why cooperatives are important to successful poverty reduction. Within three months, they expanded their selection to include tea and tobacco, and they were soon known for providing high quality, unadulterated goods. The treatment of dividends on capital stock is more complex. Because a cooperative that distributed all of its income to members as patronage would not have taxable income, the tax credit calculations allowed the cooperative to calculate patronage income before patronage. Guidelines, governance and bylaws, Carsharing Association, located in Illinois, links to Canadian car sharing cooperatives, The Cooperative Group in the United Kingdom has over 7 million members, and is a diverse range of retail businesses making up over 250 subsidiaries. List of Excel Shortcuts NGY4MjE3NTZjNzE5ZWNmNTQ4MmQwOTA0MGUxMTdjNmFmNjIwYzViMmVmIiwi If the cooperative does not meet any of the requirements for a qualified distribution or chooses not to classify the distribution as qualified it becomes a non-qualified distribution. It ranks as the second largest supermarket chain in Germany and in the top ten cooperative groups in the world.[17]. How to Start a Food Co-op: A Guide From the Cooperative Grocers Information Network The Co-operative Group is by far the largest of these businesses, itself having over 4,500 outlets and operating the collective buying group.[15]. In its process of expansion, it merged with the Valencia-based cooperative Consum, but the merger dissolved in 2005. A look through procedure is used to determine the Section 521 status of a regional cooperative. ODllNDM1NGY3YzAyYTUwMGNiMjAzN2QxOGIxZDc2YjVjOTBlZGMwODUxMTIy [14], One of the world's largest consumer co-operative federations operates in the UK as The Co-op, which operates over 5,500 branches of 'Co-op' branded business including Co-op Food (the UK's sixth largest supermarket chain), Co-op Funeralcare, Co-op Travel, Co-op Legal Services, and Co-op Electrical. NGIwZjhjMzA5YjlkZGMxZmMwNjRiY2YyZWQzN2QxYWFmZmYyOTM4ZmUzMTU4 In order for a cooperative to make a qualified patronage distribution (cash or stock) it must be. Dollars) in April, 2003. Cooperatives are taxed on any remaining income, including non-member income, non-patronage income and member income not distributed as patronage, at the regular corporate rate. Articles and Bylaws. Cooperatives are sometimes allowed to allocate unused tax credits to their members similar to the way it allocates patronage refund. A Section 521 cooperative must also maintain records of patronage and equity and not maintain excessive levels of financial reserves (unallocated equity). In product sharing cooperatives, a group of consumers form a cooperative to purchase higher priced items like cars and power tools. (2) the member must receive written notice of allocation, (3) at least 20% of the total distribution must be in the form of cash and. In recent years, tax deductions including the Domestic Production Activities Deduction (DPAD) and Section 199A have been available to marketing cooperatives. and valuable when shareholders wish to exercise their collective voting power jointly. of the whole property and do not have an ownership right over an individual unit. Cash patronage is therefore tax deductible to the cooperative and taxable income to the patron in the year it is distributed. document.write(new Date().getFullYear()) All rights reserved. All of those organizations are taxed under separate special sections of the IRS code. Consumers cooperatives deduct patronage refunds in a similar fashion as do farmer-owned cooperatives. A consumers' co-operative is an enterprise owned by consumers and managed democratically and that aims at fulfilling the needs and aspirations of its members. Some goals may include philanthropic efforts such as paid time off for employees to volunteer in the community, free financial counseling, and education on financial topics (e.g., Biz Kid$, of their members. To lower costs for purchasing insurance or work materials, platform cooperatives can also adopt aspects of the purchasing cooperative model. After the Spanish crisis of 2008, Eroski sold several of its supermarkets and hypermarkets. Credit unions range from small community-owned banks to large entities across the world. This became the basis for the development and growth of the modern cooperative movement. Consumer cooperative means a cooperative the majority of the votes of which are held by consumers, or, in the case of a cooperative which provides residential dwelling units, the majority of the votes of which are held by consumers and the majority of members of which do not have the right of possession or occupancy of dwelling units they . The elected representatives are responsible for screening and selecting members who get to occupy housing units in each property developed by the cooperative. Each cooperative member has equal voting rights, regardless of the number of shares they own or their role in the organization. The PURPIM structure was once unique to specialty crop pooling payments. These may come in the form of cooperative wholesale societies, through which consumers' cooperatives collectively purchase goods at wholesale prices and, in some cases, own factories. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? It leverages their buying power, allowing them to reduce the cost of services and products associated with a specific property. - studystoph.com An incorporated cooperative operates independently and can. It also owned Australian Geographic. The major tax advantage of Section 521 is that those cooperatives can deduct patronage paid to non-members and can deduct dividends paid on capital stock. MjMxNDEzZGRhNjNhZGQ1MTkwODk2NjgxMjY4ODlkZDQ5MGJmNzI2NjVmNzk1 Financial institutions can finance cooperatives similar to how they would finance other types of corporations. MTI2M2FlOTc3MmU1ZjBmZWNiZWJiNzM0NmRlMDhlYWU5NjhmZTliNmFiN2U1
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