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Kentucky Cooperatives - What Are They & How Do They Work?
Kentucky cooperatives, or co-ops, have been around for quite a while serving people and businesses for the betterment of the community. Cooperatives are Kentucky businesses owned by the individuals who utilize them. Depending on classification, they either supply certain services or foods to those inside the city. Individuals who are a part of a cooperative benefit by helping, not only themselves, but others as well.
They provide necessary components to the economy. For example, farming cooperatives are controlled and owned by the user, typically farmers. Farmers have the ability to join what are known as marketing cooperatives and charge more for the products but less for their marketing, attracting business. Those buying the products benefit on the fact that they are purchasing fresher, healthier products.
Kentucky Cooperatives - Group Classifications
Kentucky Co-ops has sorted out into groups for instance;
- Marketing Cooperatives
- Purchasing Cooperatives
- Service Cooperatives
- Food Cooperatives
Within these classifications you will find more specialized cooperatives in Kentucky such as;
- child care
- credit union
Every of these offers inexpensive alternatives to people who are a part of the cooperative. Members have the option of electing a board of directors. The board of directors handles day to day activities within the cooperative.
Consortium child care cooperatives are also supplied within industrial parks. This can help parents in KY place their child within a daycare that is relatively close to their job in most cases at a cheaper rate than most daycares. Even though it is the businesses who supply the primary funding to start this kind of service, it still revolves back to those that own the daycare electing their own board of directors. It is the owner of the business and its members that supply all the decisions and ultimately choose how it is ran.
A good example of how utility cooperatives can work for their members is Craw-Kan Telephone Cooperative Company. This company delivers telephone service to its members who hold shares within the company and at the end of each and every year each member gets a portion of that profit sharing. This not only entices others to become members and pay their bill on time regularly, but also benefits both the company and those that they provide service to.
Kentucky electric and telephone cooperatives provide their services to people while hearing members voices. The members can voice their concerns and suggest what they want changed as it is them who choose precisely what goes on within that cooperative.
Membership in Kentucky Cooperatives
Members of a Kentucky cooperative have a large list of responsibilities that they must follow. They have to make certain that all of the applicable laws are met and followed by its members. They must appoint or removed directors on an appropriate basis. Members must know what their cooperative offers and acquaint them self with services in order to better serve others. You must be able to meet customer satisfaction in order to run efficiently, effectively and profitably.
There are occasions when cooperatives in Kentucky must decide to combine with other businesses in order to expand their services or dissolve on the grounds that there is not enough supply and demand of their services. The decisive role of the members can be difficult and yet it is crucial that they are knowledgeable and capable of making those decisions.
Cooperatives in Kentucky are an important part of people's everyday lives. By providing services and goods to their members, they are offering a mutually beneficial option. Without cooperatives, nearly 26 million people in America would be without the electric services that these places provide. Over 100 million Americans would be hard pressed to find affordable goods and services and all the net worth that these cooperatives pull in together would be lost.
It really is important to have these in our lives in order to keep things in balance between affordable and quality in our lives. Individuals are brought together in a cooperative group in order to run a business that will provide quality services to those in need while keeping the right to make decisions about their company as a whole. That is what makes Kentucky cooperatives so unique amongst the rest in today's times.