Member‐Owner: A “member‐owner” is a person who has monetarily invested in the Co‐op. The primary member‐owner is considered to be the main contact within the “household.” A “household” is a group of persons (including children) residing at the same address who live together as a unit.
Orientation and Volunteer Requirements: All new members must complete a new membership orientation according to specific terms as set by the Board. Each household unit must volunteer a minimum of eight (8) hours during each calendar year according to specific terms set by the Board. Additional details about orientation and volunteer requirements will be explained in the Member‐Owner Handbook.
Member‐Ownership Share and Payment Option: Member‐owners are encouraged to invest as their means allow. The membership investment is set at $200 for a one‐time investment per household. This can be invested as a single payment or may be paid with the payment plan laid out below. Members who are able to contribute their full $200 equity up front are strongly encouraged to do so.
Member‐owners can begin investing at any level of $25 or higher. Half of the total member equity ($100) is due by December 31st of that year, and the remaining half is due by December 31st of the following year according to the schedule below. SPFC will send invoices to partially invested member‐owners at the end of each year.
To pay via Paypal, use the link on our website: southphillyfoodcoop.org and either 1.) mail your application to our post office address or 2.) email a signed copy of your application to email@example.com. Member‐owner status will not be granted until the online transaction is completed and verified and your signed application is received. When using Paypal, please use the name, address and email address of the Primary member‐owner listed on the application.
|Date first contribution made||1⁄2 equity ($100) due by||Total equity ($200) due by|
|Before Oct 31, 2012||December 31, 2012||December 31, 2013|
|November 1, 2012 to October 31, 2013||December 31, 2013||December 31, 2014|
When making installment payments, include the name of the primary shareholder and member‐owner # with your payment.
Limit to Member Investment: Any total capital contribution you make to SPFC beyond the member investment amount will not be considered member investment, but will be handled as a gift donation. Donations are happily and graciously accepted. Refunds: Following termination of membership, a member share may be redeemed, upon written request, within ninety (90) days after an equivalent amount of funds has been provided by a new or existing member. Redemption of member shares shall be subject to being offset by amounts otherwise owed to SPFC by the redeeming Shareholding member.
Transfer of Membership: Memberships are non‐transferable.
Contact us with questions at firstname.lastname@example.org
or P.O. Box 31506, Philadelphia PA 19147, or 215‐839‐8213