April 16, 2014 was a historic day for Alger Delta Cooperative as the board of directors approved paying out, or retiring, patronage capital in the amount of $379,122. This equals the total unretired margins from1965-1976.
Alger Delta’s last Patronage Capital retirement was for fiscal year 1964 – fifty years ago! The board has reviewed and accepted management’s proposal to retire 22 years of capital credits over the next four years, thereby achieving a 30 year retirement rotation by 2017. Alger Delta can retire this Patronage Capital without impairing the financial condition of the cooperative, raising rates, or reducing equity below 30 percent. The amount proposed equals about 26 percent of 2013 margins.
