Coop Announces 9.9% Rebate; Return Is Highest in History

In what will be good news for students who racked up heavy book bills last year, the Harvard Coop recently announced a 9.9 percent rebate for 1983-84, the highest refund in its 102-year history.

This year's rate-I percent higher than last year's-means the Coop will return almost $2.5 million to card-holding members, the highest total amount in its history, said General Manager James A. Argeros.

Students can claim their checks, which apply to purchases made between July 1, 1983 and June 30, 1984, from the cashier's office at the Harvard Square store.

To compute what percent rebate to offer members, the Coop called in auditors to total its 1983-84 profits. The directors of the Harvard Cooperative Society then decided what percentage of profit to return to members. Argeros said this year's rebate represents a 100% return on the eligible profit from member sales.

For members who here not kept up with their Coop bills, Argeros said checks may or may not be held back, depending on how much overdue the payments are. The cashier's office, will not automatically credit the checks in the balance due, but will deal with each student individually.

Argeros says the rebate feature has been a significant factor in the increasing patronage of the Coop. "As the rebate increases, so does the membership. We didn't have over 100,000 members a few years ago when the rebate was lower." Argeros said.

Since 1975, the rebate has jumped 2.4 percent from 7.5 percent.

But the degree to which the rebate affects shopping habits appears to vary from student to student.

"I usually just get my books and stationery here," said Gregory M. Dayton '87. "Other stuff seems more expensive here because I just see the prices, but I don't think of the rebate."

Megan E. Grether '87 said the rebate does help her decide to shop at the Coop. "I do think about it, but I mainly shop here because of the convenience. I'm just lazy but I can justify it because of the rebate."

For members who fail to pick up their checks, the cashier's office will hold the checks until the December and then will start mailing them.

"The reason that we don't mail them out directly is to avoid a tremendous expense," said Argeros. "It's also safer for them to come in and get them because we require identification, which we can't do through the mail."

Upon request, checks can be had he has buy of the six Harvard Coop locations for pick-up or mailed to a student's address at an earlier date if necessary. Graduates or students taking time off can obtain their checks in this way. The cashier's office will make three attempts to reach the owner of an unclaimed check and will, hold the checks for three years.

"One way or another," said Argeros, "we get the checks into people's hands." The few checks which are never claimed, however, do not return to the Coop but become the property of the state, he said.

Around for 50 Years

The present rebate system has been in operation for "at least 50 to 60 years," said Argeros. He explained that members cannot receive the rebate in the form of a direct discount on goods because the percentage cannot be determined until after the purchases for a particular period have been accounted and profits determined.

Argeros said the Coop is the oldest and largest college cooperative in the country and offers its members the highest rebates, "more than Yale's or Stanford's."

The Coop serves all Harvard University students, employees and alumni, as well as those of MIT. Tufts, Lesley, Emmanuel and the New England College of Pharmacy.