Chatham Marketplace July Board Meeting
7/27/2016 5:30PM @ Jenny McLaurin’s Shop
Members Present: Sarah D'Amato, Tom Morris, Debbie Cameron, Craig Koleman, David Misenheimer, Jenny McLaurin, and Katie Niver.
Absent: Sasha Konkle
General Manager: David Dellea
Guests: None
Board decisions in bold italics.
1)Reading of the ends.
2)June’s minutes were accepted by all.
3)Finance Report (David M):
A)Finance key numbers:
- Net Profit through 2ndQtr = $41,678 (3.3% of sales).
- Margin through 2ndQtr = 37.2% (meets the target of >36%).
- Personnel (% of sales) through 2ndQtr = 19.7% (meets target of <20%).
B)The Board discussed using a spreadsheet format that highlights the most critical finance numbers to make our review more efficient and focused. David M will share the Finance Highlights with the Board each month after David D or bookkeeper sends out the monthly finance reports.
C)David D reported on coolers being down (dairy cooler, beer cooler, and hot bar), which is resulting in lost sales. Is applying for emergency loan from NCG, max amount of loan from NCG is $125,000. Got quote on new coolers from Hussman; total is $85,000 to replace all coolers and hot bar (rather than the $50,000 initially discussed). Monthly payments after first year would be about $1,900. David D will get more quotes for comparison purposes. The Board supported David D on this task; David D will keep us informed but does not need to request permission to proceed with purchasing equipment and seeking the emergency loan.
D)Next Finance Committee meeting is 8/17/2016. May need to reschedule depending on when finance reports will be available.
4)Ownership Committee (Katie):
A)There was no meeting for July. August meeting is Thursday, 8/11/2016, 6:30 in the café. Katie will help serve turkey legs next Saturday, July 30 (at Mead Day); all are welcome to help. Will do our next Board Meet & Greet in September at First Sunday.
5)GM FYI (David D.):
A)Working on a new Co-op logo
B)Preparing for an all staff meeting in early August
C)Received answer from the ECSC/JLF – same amount but more time to pay. First bill comes due in August. Payments go through one year.
D)Looking at options to replace Miki
E)Hired a front end manager
F)Had several major equipment repair bills in June/early July
G)Sales have slowed for the summer slump
H)Despite cooler and equipment failures excitement ofshoppers as well as staff morale is still at a good level
I)The three month plan has been pushed back some due to major equipment failures
Finance Committee will work with David D on a payment plan for paying back the Long Term Reserve; will take into account upcoming costs for JLF and Emergency Loan for coolers and will bring a recommendation to the Board.
6)GM Reporting (David D.):
A)B1 (Financial Condition and Activities)–Ideas for edits to # 3 were discussed.B1, with edits to # 3 that David D will send out in the next week, was accepted by all.
The Board discussed CBLD costs and agreed to discuss this further at the August Board meeting.
B)B9 (Emergency GM Succession) – B9 was accepted by all with one edit (replace Miki’s name on 2nd page). David D will add specific dates by October.
7)Board business (all):
A)Regular Board meeting nights were moved to 4th Tuesday of the month. Upcoming meeting dates are 8/23, 9/27, 10/25, and 11/29 (to avoid Thanksgiving week). No meeting in December.
B)Policy 3-0 General Manager’s Job –Board reviewed the policy and no changes were needed.
C)Policy 3-1 Delegation to the General Manager - Board reviewed the policy.
D)Sarah noted that work needs to be done on the Grievance policy and offered to make recommendations for addressing the deficiencies. This would affect Policy B-6, Treatment of Staff.
E)Monitoring Summaries Matrix (Reporting Calendar) – Katie will make recommendations for a new schedule.
Adjourn.
Next meeting Tuesday, 8/23/16 @ 5:30pm at Jenny’s store space