September 9, 2020 – E&I Cooperative Services (E&I) is returning more than $2.3 million to members in the form of patronage refunds.
As a member-owned, non-profit purchasing cooperative, E&I distributes a percentage of its net income at the end of each year to its member institutions. Each member’s annual purchasing activity is used to calculate the amount of their patronage refund.
“Educational institutions were facing considerable budget challenges before the onset of the pandemic. Now many are dealing with massive revenue shortfalls and uncertainty,” said Eric Frank, CEO of E&I. “E&I’s cooperative ownership model puts us in a position to help ease this burden by returning our profits to our members.”
At the end of each year, based on E&I’s audited net income, the Board of Directors determines the total amount available for patronage. For 2019, the Board declared patronage of $2.3 million to members, with 20% to be paid in cash and the balance paid by certificates of equity.
For more information on E&I’s patronage program, and to watch a video explaining this member benefit in more detail, visit www.eandi.org/company/about-us/patronage.
About E&I Cooperative Services
E&I Cooperative Services (E&I) is the only member-owned, non-profit procurement cooperative exclusively focused on serving education. E&I delivers unsurpassed value and an exceptional experience to its members through a broad portfolio of competitively solicited contracts with industry-leading suppliers as well as innovative sourcing solutions. The Cooperative empowers its members to make informed, analytics-driven decisions to capture more spend and optimize their education dollars. For more information, please visit www.eandi.org.
Nicole Katz, Sr. Manager, Marketing Content & Communications
E&I Cooperative Services
631.630.8294 | email@example.com