Board of Directors
Meeting Minutes
Wednesday, December 27, 2023
EFC Community Room, 1341 W. 26th
Kevin Schaaf called the meeting to order at 5:32pm.
An executive session was called by LeAnna and was conducted immediately after the meeting was called to order. The session ended at 6:35pm.
Attending: President - Kevin Schaaf, Vice President - Derek Golembeski, Treasurer - Shari Gross , Secretary - Liz Bugbee (attending via Zoom); Directors: Amanda Gates, Wren Holquist , Sarah Parker (attending via Zoom), Colleen Daisley
Staff Personnel: Chief Executive Officer/General Manager - LeAnna Nieratko
Guests: No guests in attendance.
Member Owner Comments: No comments at this time.
Review of Last Month’s Minutes; Liz Bugbee
Motion was made by Colleen Daisley to accept the minutes as written. Wren Holquist seconded. Motion passed.
Treasurer's Report: Shari Gross
The Finance Committee met on 12/18/23 to review the profit and loss statement. LeAnna is beginning to investigate a new accounting firm with more experience with Co-ops to represent EFC. There were 21 new fully paid members and 1 request for return of investment.
Motion was made by Liz Bugbee to accept the Treasurer’s report. Sarah Parker seconded. Motion passed.
CEO/GM Reporting: LeAnna Nieratko
CEO/GM Report: LeAnna presented and reviewed the November report. Sales was up to plan and cash on hand remains at a good level. Can burn was higher than expected due to high labor costs and repair costs.
**B1: Financial Condition:** LeAnna reported evidence of compliance with all parts of the policy with the exception of B1.2. Net income was less than projected in the business plan, and she presented tangible steps to decrease loss going forward.
B2: Asset Protection: LeAnna reported evidence of compliance with all parts of the policy.
Motion was made by Shari Gross to accept the CEO/GM report and policy review. Amanda Gates seconded. Motion passed.
Board Policy Evaluation: Shari Gross
D1: Unity of Control: Board Members reported compliance with all sections of the policy.
D2: Accountability of the CEO/GM: Board Members reported compliance with all sections of the policy.
Motion was made by Derek Golembeski to accept the policy review. Shari Gross seconded. Motion passed.
Board Learning:
Fiduciary Responsibilities of Board Members: Kevin reviewed the three mandated fiduciary responsibilities of Board members: Duty of Care, Loylty, and Obedience.
New Business:
Columinate Gender Equity Project: There will be a presentation by Columinate on 1/9/24 regarding the gender pay gap for those interested in attending.
Accounting Firm Search: Discussed above in the Treasurer's report.
Downtown Store Update: LeAnna informed the board that the EDDC service fee will no longer be provided after January 2024. As a result of this news, LeAnna and the Board have concerns about the future financial viability of of the downtown store and the following motion was made: Whereas sales at the flagship market EFC remain suppressed by the construction and closure of our main entrance and 5th street, and whereas without sufficient service fees the continued operation of the flagship market store is not financially sustainable. Therefore, the Board authorizes/requires the CEO/GM to begin preparations to permanently close the Flagship market store.
The motion was approved unanimously by the Board.
Email/Technology Help: deferred
Closure: Next board meeting is January 24, 2023 at 5:30pm.
Motion was made by Amanda Gates to adjourn the meeting. Derek Golembeski seconded. Meeting adjourned at 7:30pm.