Board Meeting AGENDA
Wed., November 16, 7.30 – 9.30 pm
The Co-op: 18 Putnam Ave, Brooklyn
Note-takers – please see link to secretary responsibilities.
Directors Present: Renee, Keith, Christina, Jeannie, Cecile
Coordinator Present: Lauryl
Others in attendance: Alex Still, Ray Jolicoeur , Mira DeJong (Governence), Rachel (ParkSlope Loan), Cecile Arnaud, Matthew Talmage, DK Holland
Any person attending may participate equally in discussions, but only Co-op members/owners may vote on any issues. Member/owners may receive work credit if they attend (allotted 1 time a year).
Next General Meeting is December 21 at the store. Want to be a facilitator, secretary, timekeeper or to propose items for a future GM agenda? Please email email@example.com.
Welcome/Orientation 7:30-7:40 (10 min) (Facilitator)
Welcome and introductions. Brief explanation of the purpose of the General Meeting. Questions welcomed!
Consent Agenda: 7:40-7:45 (5 mins) (Facilitator)
The following will be voted on:
Loan Letters to be sent
Ratify minutes from previous Board meeting –
Nominees for the Board : Elizabeth, Morgan & Cecile
YES= ( x46) Elizabeth & Cecile
Membership and Finance Reports 7:45 – 7:55 (10 min) (Membership; Finance)
Monthly membership report (here)
LInk to Profit & Loss Summary (here):
SEPTEMBER 2016 (30 days/ 22 shopping days) (9/26/16 start of 7 days open)
TOTAL BASKETS 1,269
AVERAGE BASKET TOTAL SALES $38.35
GROSS SALES $50,006.43
GROSS MARGIN* $12,010.24
Average daily total sales $545.92
OCTOBER 2016 (31 days & 31 Shopping Days!!)
TOTAL BASKETS 1785
AVERAGE BASKET TOTAL SALES $36.55
GROSS SALES $67,196.17
GROSS MARGIN* $21,341.92
Average daily total sales $2,070.84
*Note: Gross Margin is Sales minus Cost of Goods Sold. Does not include spoilage. Figures are from Revel.
We have 23 loans totaling $61k. By Jan. 2017, we are due to pay $20,486 in total interest & principal.
Finance is asking that the 2011 notes program lenders extend their loans by one or more years if they are due in 2017 or 2018 and that all of them consider partial or full forgiveness. For the refrigeration loans, finance proposes a 5 quarter delay in principal repayments or forgiveness. For the $12k POS loan where terms were not set, the letter to the sole lender proposes terms to be agreed on. For the three loans of $500 or under (including the two insulation loans), Finance proposes that they be repaid to ease the loan administration burden.
Finance has drafted 15 letters attached your your review (representing 21 of the loans) 2011 notes program lenders extend their loans by one or more years if they are due in 2017 or 2018 and that all of them consider partial or full forgiveness. For the refrigeration loans, finance proposes a 5 quarter delay in principal repayments or forgiveness.
ACTIONS & SUGGESTIONS:
- To add that we have a repayment schedule
- March – Finance to come back with a schedule of payment
- Phone call to be made to major loan
- Financial reporting to be re-looked at?
- Work on finding a new signer
VOTE: Do we agree to submit letters per the proposed plan that finance proposes above?
YES = 8
NO = 0
ABSTAIN = 0
Liaison Updates 7:55-8:00 (5 mins) (Board:Committee Liaisons)
- Finance – Added new member to work on financial analysis
- Merch – All is working on auto pilot / Amy’s has labor law issues / We currently do not carry
- MOM – Ray is in charge of Marketing / Branding / Ray is working more towards working with other committees / Ray is professionally work with start up farms
- Gov – Mira is the only person on Governance and would eventually like to step down / Keith is working to find more members
- IT – Keith is working for additional help
- Design Build – Kale is working on the space and looking to see how make more use of the expansion space / We need more talk about expansion which is tied in with the lease
The Role of A Cooperative Board 8:00-15 (15 mins) (Lauryl)
- Handout: Lauryl came from a convention and has passed out
- handouts that she thought she would find it useful
- Co-op board self assessment tool evaluation form
- Organizational Chart
- The role of a coop board:
-perpetuate itself (recruits new members, trains them)
-serve as the link to members at large & maintain a well-informed membership
-hire/fire & oversee the general manager
ACTIONS & SUGGESTIONS:
- Board to review with new members their roles
- The more members you have engaged at the meetings the more members you have involved in the coop
- With new board members, to have a separate meeting
- Board to add new members to google docs, etc.
- At December GM meeting, have the board meet early to review board expectations and maybe create it as a party. Christina to coordinate with POP.
Staff Retention & Support 8:15-8:30 (15 min.) (Store Coordinator -Lauryl)
- -Empower staff to fulfill job description -hiring/training new staff (within the 60hrs/week bounds set by board)
- @Board look at the cash flow statement and membership updates over the next three months
- Store’s Monthly Payroll costs since adding more staff in Spring (info from cash flow sheet) have been as follows: Feb. 2,316; March 3,875 ; April 2,272; May 1,222; June 2,154; July 2,596; August 2,421; Sept. 2,943
- OR an average of $2,474/month payroll over the last 8 months. In February 2016, our Ending Cash Balance was $23,734 & it has steadily improved since adding more staff capacity to $56,918 in September.
- Having more staffing has enabled us to do the following things:
- -Open 7 days/week
- -Compost system overhaul (“it look SO good and clean & organized” -Dara, Master Composter @ BBG)
- -Bethel Church soup kitchen relationship
- -Shift Leader training
- -Produce set up/closing procedure streamline to reduce waste
- -Better stocking practices/more consistency
- -Better feedback/on the ground reports to buyers about inventory levels
- -Better quality control on the shopping floor
- -Follow up communications w/ members re: missed shifts & make ups
- -Stronger food safety compliance
- -Membership responsiveness; being a presence in the store that can solve basic membership issues & sign up members on the spot more capably than general members
- -Membership email response-quicker reply time
- -Identifying inconsistencies in cash amounts
- -Working w/ Board to improve cash handling procedures
- -Product mix expansion & continuing to improve buying practices/support Merch committee
- -save $ through logging more accurately returns, shorts & mispicks to vendors
- -Receiving coverage for non-shopping hours
QUESTIONS & ANSWERS:
- Are we saying that there are not enough members doing the job? No, we need store coordinators to help get members involved
- What did the board vote for a new store coordinators? 60 hours / week with only Shannon & Angelica
- What is Lauryl asking for? We need more people to train people. The current people cannot fulfill the 60 hours per week.
- Renee feels that we should have less people so that we have better communication. Why hire more when we would want someone to stay?
- Why is the Heirarchy needed? Suggest to introduce a person under a trial period.
- Justifying numbers : What is going to happen? What are we actively expecting for adding new coordinators
- Benefits? Should we be paying benefits?
- How many people is Lauryl asking to hire? 2 more
The argument that the low pay is not a valuable job is not felt to be a valid argument
ACTIONS & SUGGESTIONS:
- We need to come back with answers
- Additional conversation should happen with committees (Gov., POP, Finance) & board. To discuss comments above and discuss membership numbers. Lauryl to coordinate
- Having consistent staff is wonderful
- Staffing has been consistent and there is a spread sheet
Staff & Member Labor Coverage sheet – current hours
Security Measures Updates (Christina)
- Locks have been changed
- Codes need to be changed
- Security Cameras
- 3rd Camera – add to back room / Design Build to fix/ RENE to coordinate
- Footage reviewed – Tim Hamilton to review
- Governance to look into new insurance
- Insurance currently does not cover theft of cash.
- Dan from Design Build installed
- Deposit Procedure
- Deposit to be made by store coordinator & store member
- Working out procedures
Lease: 8:45 – 8:55 (5 mins) Keith
- Keith is in discussion with Keysha.
- Collymores have received a certified check
- Next month Agenda: Terms of the lease
- PSFC loan committee suggests we still have team looking for new locations should our lease be terminated early.
- Finance has successfully submitted rent via certified mail
- SUGGESTIONS: Have a committee to work issues of the lease / Ask PSFC to help
Bike Rack 9:15 – 9:25 (10 mins) (Notetaker)
- Labor: We want to look at number increase and member increase / we have 60 members not working consistently (20%) / To get more enforcement / Chad is working on this
Closing 9:25 – 9:30 (5 min) (Notetaker)
Board review/approval: Board reviews votes at the end of each mtg
Agenda Items for Next Month
- Nick Wong (firstname.lastname@example.org) would like to propose trike-based deliveries. He can not attend today’s meeting. If there’s interest, contact me via e-mail and I can research and draft up a proposal for next meeting.
- Terms of the Lease
- Hiring of New Store Coordinators?