Rainbow Board Meeting Minutes

December 18, 2007

Attendees: Luke Lundemo, Ann Herlihy, Michael Goggans, Barbara Scobee, Irene Jones, Joy Adams, Leo Huddleston and non board Members Steve Whitlow and Bruce Fraiser.

A quorum was present.

The meeting was called to order at 6:05 pm.

Approval of Minutes: The minutes from the November Board meeting were approved.

Member’s Input: There were no members present and no member’s input.

Manager’s Report: Steve Whitlow presented the manager’s report. The highlights of November that the membership drive was a huge success. 519 members were signed up with a current membership of 3565 members. Steve stated that the average sales per day in November were up over October. Rainbow is having larger sales days with more people shopping and spending more per shopping visit.

Financial Report: Barbara Scobee presented the financial report. She reviewed the Profit and Loss, Statement of Cash Flows and Balance Sheets. There was discussion of the employee bonus plan and how it was decided and implemented. .

Old Business:

Update on lease –The new lease for Rainbow has been signed and returned to Tom Underwood. Rainbow is waiting the signatures on the lease and for it to be returned. There was also some discussion of the progress on the bank loan. Right now everything is in a very preliminary stage.

Ovens – See report by Amy Breckenridge in member input.

Plaza Renovation – This has been tabled until the lease situation is resolved.

The Outreach Committee will meet on the 2^nd Thursday of each month at 6pm. There was no outreach committee report.

Purchasing Criteria was discussed. Several purchasing standards were discovered to be already in place. Several other criteria had a few problems. The board agreed to draft a proposed set of purchasing criteria to give to purchasing managers for review.

Legal structure of Rainbow was tabled. Michael stated that he had contacted someone in the Secretary of State’s office and in the Tax Commissioners office. His opinion is that Rainbow is operating under the wrong legal organization and that Rainbow should consider changing this arrangement. There will be more discussion of this at the next board meeting.

New Business:

There was discussion about utilizing the square footage of Rainbow in a more efficient manner including changing the location of the customer service desk and the cash registers.

Meeting was adjourned at 8:00 pm.

Minutes submitted by Ann Herlihy