Rainbow Whole Foods Grocery, Inc.
Board of Directors Meeting
5:31 February 15, 2006
Board Members Present: Luke Lundemo, Barbara Scobee, Karen Parker, Ann Herlihy, John McNeal, Nicole Jenkins
Absent: Amy Breckenridge
Also present: Steve Whitlow, Bruce Fraiser and Catherine McGee. A quorum was present.
Minutes Approved: The minutes of the December Board of Directors meeting were approved. .
Member Input: Catherine McGee made a short presentation about the possibility of ordering canned fish such as organic tuna and salmon. She also mentioned there had been many requests for organic chicken broth. Temporary approval was given to stock the above mentioned items. There was also discussion about past policy regarding meat products at Rainbow. The board will review past policies regarding stock in Rainbow.
Managers Report: Steve Witlow presented the report. Rainbow continues to do well financially. The cafe’ is improving along with the deli items. Supplements and grocery set new records for sales. He said that members day was very successful. Luke mentioned that Steve might consider keeping the store open an hour later when daylight savings time goes back into effect. Steve said that he would check into the numbers and if it would be cost effective. Luke also mentioned that the Rainbow membership reminder cards will be going out soon.
Financial Report: Barbara Scobee distributed several financial reports for the month of January. She reviewed our statement of cash flow, break-even analysis, and profit and loss. She reported that all of the numbers continue to look good. And that since the COG has been trimmed the break-even numbers look good.
There was discussion about the annual membership meeting. The date has been tentatively set for April 24th. A timeline was discussed for having everything in place for the election of Board members. Since the in store ballots must be available at least 9 days in advance of the annual members meeting and include two Saturdays and Sundays they must be ready and available in the store by April 7th. The candidates pictures and information should be submitted at least a week before that. March 28th is the deadline for board member candidates. The announcements of the membership day must be mailed out by March 29th. Discussion of possible venues for the meeting was discussed. Ann is to check with Camp Best of the Fondren Renaissance Foundation to see if the Cedars might be available. A format for the meeting was also discussed. Rainbow will provide two entrees. Ann has agreed to chair this committee.
Committee Reports:
Amy was absent so there was no Café Committee report.
Discussion of the progress of the plaza renovation project continued. Luke reported that there had been several meetings to discuss this project. Steve mentioned that the outside renovation should be completed soon. He is waiting for the glass company to replace the tinted glass and for an estimate about the improved lighting.
Barbara brought up an outstanding bill from May and Company for some forensic accounting. Rainbow is disputing the bill. Barbara feels that Rainbow’s attorney should take care of this. There was discussion about Am-South Bank not producing an amortization schedule for the debt owed. Nicole said that the bank will typically provide customers with payment histories when requested.
A motion was made to adjourn. This motion was seconded and passed.
Meeting adjourned at 7:30 Minutes are submitted by Ann Herlihy