Community Co-op Oil Association Annual Meeting

On Thursday the Community Co-op Oil Association in Faribault held their 91st annual meeting. Just like usual, the annual meeting was well attended by members and owners. What is different about a co-op is the customers that do business with the co-op are also the owners. They can vote for board members (also members) that hire the manager and oversee the operation of the co-op.

Some of the profits of the co-op are returned to the members that did business with the co-op. The rest of the profits are retained by the co-op or reinvested in the business. A new fuel delivery truck may be needed or new tanks and pumps at the c-store. I always think of the wisdom and foresight of the leaders that founded the co-op movement in Minnesota. Farmers and others banded together and formed a co-op or business to supply the products and services that were needed.