DUCK SOUP COOP

Board Minutes

November 13, 2005

Present: Peggy James, John Naples, Cynthia Nelson, Tania Nezrick, Ruth Peterson, Mary Helen Polensky, Kathy Stelford

Other members attending: Judy Krajewski, Loreen Stravers

President Stelford called the meeting to order at 4:37 p.m. Naples moved and Polensky seconded a motion that the minutes be approved as circulated. The motion passed.

Manager’s Report

James reported that the Finance Committee (James, Naples and Nelson) worked on the presented budget. This year there was an 8.6 % increase over the projected increase so the assumption of a 5% increase in sales seems to be quite conservative. The other general assumption is a 33% realized margin.

Other assumptions include

no increase in relative percentage of sales paid by credit/debit card
payment of all accounts payable as COD or within terms
increase of wage expense to accommodate addition of one half-time stocker position and cost of living increases for all current employees
marked increase in utility expenses due to projections regarding availability/cost of natural gas
opening of $25,000.00 line of credit at 10% interest rate to finance store reset
purchase of new produce coolers, shelving, counters, flooring and POS system
continuation of $20.00 annual membership fee rate
no significant change in number of active memberships
no dividend income from Frontier Natural Products (currently our only cooperative membership)

Naples moved approval of the proposed budget on behalf of the committee. The motion carried.

The agenda was affirmed as circulated.

James showed a possible reset plan for possible completion in 2006. If the sales continue, perhaps as much as 30 – 50% might be available from cash on hand to finance the reset. Currently the “grab and go” grosses about $500.00 a week.

Nelson moved and Polensky seconded a motion to adjourn. Motion passed.

Ruth Peterson

Secretary

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