cooperative | Members | Join the Co-op FAQ

Co-op Member FAQ

Contents


Who can own Southern States common stock?
In order to be eligible to purchase Southern States membership stock, you must be a producer of agricultural products for market. This cooperative has been organized under a "one-member", "one vote" structure. Members own at least one share of common stock. Once a member of Southern States you are entitled to several benefits. Members are entitled to one vote in the Cooperative and are eligible to hold a seat on the Board of Directors. Financial benefits include receiving dividends on the stock and a refund of the cooperative's earnings if its financial condition permits distribution of such earnings and the Board of Directors declares them to be paid. Your patronage refund is based upon your volume of purchases from the cooperative during the year.

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What is the difference between Southern States common stock and a Member Cooperative common stock?

Member Cooperatives are stores that are affiliated with Southern States but owned locally by their respective stockholders and have an independent Board of Directors. Individual Member Cooperatives offer several different types of stock and it is necessary to contact your local cooperative for further details. You may be a stockholder in both Southern States and a Member Cooperative.

Southern States Cooperative and its affiliated Member Cooperatives are cooperatives. Therefore, the common stock is not publicly traded on the open stock markets. (E.g., New York Stock or American Stock Exchange). All common stock has a fixed par value per share (or face value) which does not change. Southern States Cooperative dividend checks are not issued for less than $10.00. Therefore, dividends will accumulate in the patron's account until the $10.00 threshold is met.

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How do I become a member?

Complete the membership application, take to your local Southern States Store and pay $1 membership fee.

Co-op Membership Application

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Stocks Currently Offered

- 6% Non-Cumulative Common Capital Stock ($1.00 par value)

Membership stock issued by Southern States Cooperative and affiliated Member Cooperatives. It has a fixed 6% annual dividend paid April 30th for Member Cooperatives and June 30th for Southern States Cooperative of each year providing the respective Board of Directors elects to do so. This is voting stock and may be held by producers of agricultural products for market only.

- 6% Cumulative Preferred Capital Stock ($1.00 par value)

Membership stock issued by affiliated Member Cooperatives only. It has a fixed 6% annual dividend paid April 30th of each year providing the individual Cooperative's Board of Directors elects to do so. This is voting stock and may be held by producers of agricultural products for market only. Each member is entitled to only one vote regardless of the number of shares owned.

Historical Outstanding Stocks no longer being issued

- 6% Cumulative Preferred Capital Stock ($100.00 par value)s

Investment stock issued by Southern States Cooperative only. It has a fixed 6% annual dividend paid June 30 (3%) and January 1 (3%) of each year provided the Board of Directors elects to do so. This is a non-voting stock and may be held by anyone.

- 6% Cumulative Preferred Capital Stock ($10.00 par value)

Investment stock issued by affiliated Member Cooperatives only. It has a fixed 6% annual dividend paid April 30th of each year providing the Cooperative's Board of Directors elects to do so. This is a non-voting stock and may be held by anyone.

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Why did I receive a 1099?

In order to comply with IRS regulations, if a member or patron receives a tax reportable check during the current year, a 1099 tax form will be generated.

1099-DIV is generated when:

  • Dividend issued is greater than $9.99.
  • Dividend issued with a non-verified FED ID and Federal Tax was withheld.
  • Redeemed/reissued dividends greater than $9.99.

1099-PATR is generated when:

  • 40/60%-split refund is issued and the 40% cash portion is cashed.
  • 40/60%-split refund is issued and the 40% cash portion is cashed and Federal Tax was withheld.
  • Revolvement of 100% of a prior year's patronage refund allocation (assumes the 40% refund check was not cashed).
  • Redemption of a member account when the original 40% check was not endorsed and cashed in the year of issuance.
  • Reissue of a revolvement or redemption check when the original 40% check was not endorsed and cashed in the year of issuance.
  • 100% refund (patronage refund in the amount of $5.00 through $9.99) was issued and Federal Tax was withheld.

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When are dividends paid?

Dividends are paid when declared by the Board of Directors. If you hold stock in a local cooperative, the dividends are issued on April 30th. If you hold Southern States stock, dividends are issued bi-annually on January 31st and June 30th

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What is my stock worth?

Your stock is worth the stated par value on the certificate.

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What is the value of my account?

To determine the complete value of your account, please contact the Patronage Department.

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How do I change the address of my equity account?

Please contact your local Southern States store and advise them of your address change. You will need to include the full name as it appears on your equity account; previous address; current address; and your Social Security Number and/or Federal Identification Number.

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How do I change the name on my equity account?

In general, ownership is not transferable. If however, the name on your account is in error, please contact the Patronage Department for further information.

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What if I have a stock certificate not listed?

There could be outstanding stock certificates that may have resulted from an acquisition or merger. Please contact the Patronage Department for further specific details.

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What if I have a check that is stale dated?

The appropriate action depends on the type of check that has been issued. Please contact the Patronage Department for further instructions.

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Who Do I Contact for More Information?

Please Contact Action@sscoop.com, or please call our Patronage Department toll free 800-419-2690, Monday through Friday, 8:00 AM to 4:30 PM EST.

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The information on this web site is not intended to be used, and cannot be used or considered as tax advice, and should not be relied upon for purposes of promoting, marketing or recommending to another party, any financial transaction or tax related matter. Please consult a financial or legal professional for advice or recommendations.

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