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Farmer's Co-op Meeting - May 2014

Six of seven board members and 20 others attended the meeting held at 6 pm at the City Hall.  The board consisted of Jim Sloan (President), Geri Aho (Vice President), Andy Lamonte (Treasurer), Jim Stokke (Secretary), Bunny Hanson, and Jim Kangas.  Absent was Donovan Ranta.  The accountant, Tina Rosbacka, was also present.


The meeting started with a discussion of the finances of the Wright Coop Store.  The month of April had been slower overall yet ended with a positive net income.  Tim Bury, store manager, reported that lower April sales are typical for the region.  The three pay periods in April led to higher overall expenses while the other categories remained about average.


The books showed the big item on the Aged Payables was to CPA Heinecke for $2,230.


Mr. Bury explained that the store shrinkage rate had flattened out at 0.4%, a “very acceptable number and much better than the almost 3% it was when I first started tracking it.”  The shrinkage number included both donated items to the food shelf and waste.


The cost of a financial compilation versus a full audit suggested the first would cost from $3,500 to $4,000 and the second about $12,000.  Ms. Rosbacka said “compilation would suffice if members and board agreed.”  She also said that audits are more expensive and generally for bigger organizations.  Audits sample vendors by letters and audit 100% of bank accounts.


Mr. Bury suggested having Mr. Zembrowski of Hibbing doing the inventory again.  The previous year he had done it for $125 and was expected to cost about the same.  The old items continuously carried over in inventory were to be donated or tossed, so they could be written off.  These included overshoes, farm boots, winter footwear, children’s clothes, oil filters, and couple of dozen of other products.


The feed mill revenues took a significant drop.  A board member said they expected the decline when the manager resigned.


The Treasurer’s Report explained that stock shares increased $0.04 due to interest from $250.12 to $250.16 a share.


Board members sought quotes on insurance to see if any money could be saved.  Of the two quotes, there was a difference of about $900, mostly due to differences in coverage.  Don Evans, agent from Grand Rapids, recommended they stay with their current carrier as there was concern about the roof and walls. 

A change in carriers would result in a full inspection that could lead to problems.  The board voted to stay with the current policy.


The Board priced out security cameras, including a monitor, and could get four for $299 or eight for $498.  Mr. Bury said he had talked to a contact and they said digital high resolution imaging was needed for the prosecution of shoplifters.  There were also questions from the members as to where the cameras might go.  The discussion was tabled for a later meeting.


Member Linda Shelton questioned the appointment of Jim Stokke to the board.  Andy Lamont explained that he resigned his position as secretary and was appointed as treasurer whereas Jim Stokke was then appointed secretary.


Mr. Bury said they had just started the propane tank exchange (empty for full) and had already sold five tanks.  The cost of the initial inventory was approximately $258.00.  He was also stocking worms and had plans to get leeches and minnows as well once a state license was obtained.


Members and patrons voted on the dismissal of the entire Farmer’s Coop Board for what one called creating tensions between the Wright Coop Store and the Feed Mill.  See separate article for details.

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