Duck Soup Coop
Board Minutes ~ November 14, 2004
Present: Peggy James, John Naples, James Neale, Cynthia Nelson, Tania Nezrick, Ruth Peterson, Mary Helen Polensky, Kathy Stelford
The meeting was called to order by Peterson @ 4:33pm
James discussed the budget that was prepared by the finance committee and was to be presented at the General Membership Meeting. It is based on the past year's performance. It reflects a 10% projected growth in sales. It also allows for a loan, which might be needed for a reset and the possibility of more staff hours should that be needed. Some thought was also given to employee's wages.
There is a projected increase in the maintenance budget but there are no immediate problems though the equipment is old.
the following are the printed assumptions for the budget:
Income
DUCK SOUP WILL REALIZE:
10% growth in sales
67% cost of sales (33% gross margin)
Expense
DUCK SOUP WILL:
Assume a $35,000.00 debt load (4 year loan @ 8%)
Maintain 30% of sales as credit card sales
Maintain payroll tax rate of 9%
Maintain Workers' Compensation rate of 4.09 per 100
Experience 10% increase in utilities expense
Experience 25% increase in postage (increased member communication re: reset)
Experience 30% increase in maintenance expense (aging equipment)
Maintain membership in cooperative business organizations
Increase staffing hours (equal to 1/2 time entry level position)
Increase employee wages by way of cost of living and/or merit adjustments
Questions were raised about utility bills and possible use of solar power. It was suggested that solar power is probably not practical at this time since we do not own the building. However, in keeping with our mission, we should probably investigate some of the newer technologies. Nezrick informed the board that she has some solar panels she would donate if we could use them. Nelson offered that environmentally friendly, affordable technology along this line always should be kept in the board's thinking.
Polensky moved and Stelford seconded that we present the budget as prepared to the general membership. The motion passed.
James distributed a list of slogans entered to the slogan contest. She encouraged Board members to consider their favorites for use in advertising and signage.
Four incumbent board members are the only nominations for election.
Naples moved and Nelson seconded a motion to adjourn that passed at 4:55p.m.
Ruth Peterson, secretary