Board of Directors
Meeting Minutes
Wednesday, December 18, 2024
EFC Community Room, 1341 W. 26th
Shari Gross called the meeting to order at 5:34pm.
Attending: President -Shari Gross, Vice President - Kevin Schaaf, Treasurer - Colleen Daisley, Secretary - Liz Bugbee; Directors: Derek Golembeski, Amanda Gates, Sarah Parker, Amanda Kleckner, George Kilbert
Staff Personnel: Chief Executive Officer/General Manager - LeAnna Nieratko
Guests: There were no member-owners in attendance.
Review of Last Month’s Minutes: Liz Bugbee
Motion was made by Colleen Daisley to accept the minutes as written. Sarah Parker seconded. Motion passed.
Treasurer's Report: Colleen Daisley
There were 25 new fully paid members and 3 requests for return of investment. Colleen reviewed the minutes from the Finance Committee meeting. The Board officers and LeAnna discussed the P&L report and the effect that the recent winter storm and store closing had on the Co-op’s finances. LeAnna would like to pursue a line of credit with Erie Bank. The Committee recommended that LeAnna move forward with the line of credit, as it is covered under current B1 policy and is a usual and customary business practice. This recommendation was discussed with the full Board and was put to a vote. All Board members approved moving forward with the line of credit.
CEO/GM Reporting: LeAnna Nieratko
CEO/GM Report: LeAnna presented and reviewed the November report. Sales were up both to plan and over last year. Cash on hand did dip below the 10 day threshold as a result of the store closure during the winter storm emergency. Focus now is rebuilding cash on hand through various avenues and protecting against future emergencies by pursuing the line of credit.
Motion was made by Amanda Gates to accept the CEO/GM report. George Kilbert seconded. Motion passed.
B3:Asset Protection: LeAnna reported evidence of compliance with all parts of the policy.
Motion was made by Liz Bugbee to accept the B3 policy review. Amanda Gates seconded. Motion passed.
B1:Financial Condition: LeAnna reported evidence of compliance with all parts of the policy for Q1. She also made note that due to the winter storm and store closures, sections B1.1 (sales growth) and B1.3 (cash balance) may be non-compliant for Q2.
Motion was made by Derek Golembeski to accept the CEO/GM report. Colleen Daisley seconded. Motion passed.
Board Policy Evaluation: Kevin Schaaf
D1 - Unity of Control: Board members reported compliance with all sections of the policy, citing relevant evidence when relevant.
*D2 - Accountability of the CEO/GM***:** Board members reported compliance with all sections of the policy, citing relevant evidence when relevant.
Motion was made by Colleen Daisley to accept the policy review. Sarah Parker seconded. Motion passed.
Board Learning: A document containing policy governance principles was sent out to all Board members for review and will be part of new Board member orientation.
New Business:
Re-form Committees: Committees were formed and rosters can be found on the Drive in the Board Logistical Support folder.
Board Retreat: The Board discussed having the retreat in the Spring rather than the Fall. We will discuss it with Molly from Columinate.
Closure: Next board meeting is January 22 at 5:30pm.
Motion was made by Colleen Daisley to adjourn the meeting. Derek Golembeski seconded. The meeting adjourned at 6:41pm.