Board report summary for October, November and December board meetings.
Annual Membership Meeting
We had a great turn out at the Annual Membership Meeting in October, with over 120 attendees, as compared to 100 last year. Our board president Leah Stamper reminded all in attendance that our cooperative is more than a grocer—we're an institution committed to our values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of our founding members, we believe in the ethical values of honesty, openness, social responsibility and caring for others. A special thanks to Roger for emceeing the event, as well as all the Co-op staff who helped organize and run the event.
Fiscal Year 2017 Audit
In November, the Finance Committee met with Wegner CPAs, auditors who work with over two hundred co-ops, a third of which are food co-ops, to discuss the audit of Fiscal Year 2017 (April 2016-March 2017). Overall, at the close of Fiscal Year 2017, there were more assets than liabilities. There was also plenty of cash to pay bills. It was the conclusion of Wegner CPAs from the audit that the Co-op is in good standing financially to take on a large project, such as the Eureka store remodel.
As reflected in the audited financials, the Co-op ended Fiscal Year 2017 with a net profit loss of $12,358. Contrasting this with Fiscal Year 2016 (April 2015-March 2016), which showed a net profit of $532,524, it's clear Fiscal Year 2017 wasn't as profitable as the previous year. Without a positive net profit due to health care expenses costing higher than expected and money spent replacing failing equipment, the board has decided there will be no patronage refund disbursed this year. It should be noted that the Finance Committee continues to recommend to the board a 2% dividend payout for C-share members.
Eureka Store Remodel
One of the ways the Co-op is positioning itself to increase profits is the Eureka store remodel. The board has been presented feasibility studies, proformas, evaluations and more, all of which point to increased profits and healthier financials. But the Eureka store remodel goes beyond the financial benefit to our members. It will provide healthy, convenient and reasonably priced prepared foods options, with an emphasis on local, organic ingredients and responsible packaging. The entire store will receive a revamp, including product movement, lighting improvements, and much more (see page 21-24 for more details).
Earth Action Committee
Earth Action Committee (EAC) continues to discuss the Arcata parking lot. EAC is looking at ways our parking lot can be more bike and pedestrian friendly, and how we can decrease our reliance on automobile transportation, and better utilize our current space. This may not sound incredibly exciting, but the EAC is coming up with some amazing ideas, and working to improve something we all interact with when we visit the Arcata store.
Please Join Us
Members are encouraged to attend board meetings, which are held the first Thursday of every month at 6pm, at the Ten Pin Building on the south corner of K and 8th Street in Arcata. Agendas are posted one week prior to the meeting and can be found in both stores, requested at Customer Service or read online along with past board meeting minutes.