William
G Mellon, III Secretary
Sunday
January 11, 2009
The following minutes have been accepted and approved by the Board of Directors of Phoenix Earth Food Cooperative at their meeting on
Minutes
for Co-Op Board of Directors meeting,
held on January 8, 2009 at the West Toledo Branch Library
Attending:
Dave Finet
Abby Youngs, General Manager
Yvonne Goodwin, President
William Watkins, Vice President
Lisa Blake, Treasurer
William Mellon, Secretary
Tammy Brandner, Volunteer Coordinator
Halasz Sandor
Karl Richardson
Nancy Pickens
John Klear
Absent:
None
Meeting Minutes:
1. Meeting opened at 7:08 PM.
2. Manager's Report (Abby)
3. Discussion of 2009 budget, presented by Dave Finet.
a. NCGA’s approval to extend the loan repayment period from 6 to 12 months is weighed as a major factor in determining if the co-op will remain open. If the period is not extended, it is likely the store will not have sufficient funds to maintain operations.
b. Dave presented three feasible 2009 budget projections, base on an estimated $1489.55 daily sales, the last of which yields the most beneficial results:
i. 30% Gross Margin, with NCGA loan extension;
ii. 32% GM without extension;
iii. and 32% GM with extension.
4. Setting up a membership meeting to set up an equity membership.
a. Member meeting for equity vote to be held on the 18th or 21st, time not yet determined.
b. Leah is currently compiling a data sheet of equity pledges.
c. Clarification: Equity money would fund store costs and functions.
5. Meeting details discussed, brief:
a. Will food be coordinated as a potluck;
b. Should location be close proximity to co-op, or choose what is known to be available;
c. Informing the membership of the reasons for the switch to equity.
6. Meeting adjourned at 8:45.
7. Next meeting to be held on Monday the 12th of January at 6:00 PM.
Phoenix Earth Food Cooperative
1447 W Sylvania Ave.
Toledo, Ohio 43612
P 419.476.3211
F 419.476.2934
info@phoenixcoop.com