July, August, September board meetings
Fiscal Year 2020 (FY20) quarter one financials were strong and showed a net profit of $64,000. That’s the third straight quarter of profits, and even better, the third straight quarter of increasing profits. The third quarter of Fiscal Year 2019 (FY19) we managed to squeak out a roughly $8,000 profit (after some heavy losses in the first two quarters), and then in the fourth quarter of the year we ended up with a roughly $48,000 profit. It’s one thing to have profitable quarters, it’s another to have increasing profitability.
At the August Finance Committee meeting we also received our FY19 Audited Financials. Most importantly, there weren’t any significant findings by the auditors. I have to commend the entire accounting staff at the Co-op – a fiscal audit is kind of like a class final – it happens every year, you are meticulously judged and put under a microscope – and in the end the Co-op came out with high marks. Our auditors – Wegner CPAs – work with hundreds of Co-ops across the United States and were very impressed with staff and the turn around. This is our controller, Barney Doyle’s, second audit with the Co-op and he knocked it out of the park.
Kirsten Lindquist won the employee election and is on the ballot for ratification by the general membership. Way to go Kirsten! I want to thank Kirsten, along with the other two employee candidates, Rob and Terrence for their commitment to the cooperative business model and for putting themselves out there to engage with our Co-op in a new way. For the two general-member board seats we have three candidates running, Laura Wright, Joaquin Estrada and Roger. They’re all great candidates and I look forward to seeing who the membership chooses. I’m really happy to see folks running for the Board – and am excited to serve with whomever the membership chooses. Be sure to cast your ballot and include your voice in this democratic process!
On the Ballot
Also, on the ballot this year is a proposed change to bylaws section 4.13(c). We want to provide additional clarity to the “Record” date for voting eligibility. In the past, for written ballots, we’ve used the Annual Membership Meeting as the date of record for valid memberships. Going forward we’d like to use the following language:
The record date for determining the members entitled to vote at a meeting is forty-five (45) days before the date of the meeting. The record date for determining the members entitled to vote via written ballot without a meeting is forty-five (45) days before the start of voting.
Annual Membership Meeting & Gathering:
Join fellow Co-op members, the Management Team and our Board of Directors for a celebration of 46 years strong!
The Annual Membership Meeting & Gathering will take place on Saturday, October 12 from 1-4 pm at the Bayside Community Hall, 2297 Jacoby Creek Rd, Bayside, CA 95524.
You’ll hear about the state of our co-op, learn about our roll-out plan of the member -driven Strategic Plan, meet board candidates, eat some incredible nosh, and celebrate with other Co-op members!
All Co-op members are invited to this free event. Each membership can bring one guest, plus children. Please RSVP at Customer Service, calling (707) 443-6027 ext. 434, or emailing firstname.lastname@example.org.