Rainbow Board Meeting Minutes

 March 18, 2008

Attendees:  Ann Herlihy, Michael Goggans, Barbara Scobee, Joy Adams, Leo Huddleston, Gen Barbour and non board Members Steve Whitlow, Bruce Fraiser, Doc Mendel, Luke Lundemo, Clay Mansell from the Chamber of Commerce and Jo Gibbons with the Red Cross.   

A quorum was present. 

The meeting was called to order at 6:09 pm.

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

Jo Gibbons with the Red Cross gave a brief presentation about first aid kits that she would like to market to Rainbow.  She stated that the kits were a way for the Jackson Red Cross to increase revenue and that she is very interested in putting them in local businesses.

Clay Mansell with the Jackson Chamber of Commerce gave a talk about the Chamber.  He went over the benefits of membership.  The Chamber of Commerce has over 2,200 members and has a web site that has 10,000 hits a week.  He stated that the core level of membership would be $300 per year.

Member’s Input:  There was no member input. 

Manager’s Report:  Steve Whitlow presented the manager’s report.  The highlights of February include smashing an all time record high for membership weekend.  Steve stated that the membership is up 800 members over last year.  The total membership stands at 3571 active members.  He stated that with 29 shopping days Rainbow took in 330,000 in income and that approximately 14,000 shoppers came in the door.          

Financial Report:  Barbara Scobee presented the financial report.  She reviewed the Profit and Loss, Statement of Cash Flows and Balance Sheets.  She stated that the debt to equity ratio has improved and that the gross profit was more than had been projected.  Bruce is to research why payroll expenses went up.  .    

Luke Lundemo:  Luke gave the board updates on the appraisal of the building.  He stated that the building appraised for $595,000.  Bank policy at Trustmark is to only loan 85% of appraised value or purchase price, whichever is lower.  More research will be done regarding this.

An agreement with Tougaloo College will result in a joint Tougaloo-Rainbow sustainable garden.  A job description for a Rainbow garden coordinator has been posted. 

Annual Meeting:  The books that will be door prizes have arrived.  50 sets of  Biodegradeable plates, cups and forks etc. are here.  Ballots are out and in-store voting is proceeding.  Jim Ewing will be asked to do a blessing. 

A management level disaster planning meeting went well. 

There was discussion about the need for customer service improvements.

 The board discussed forming a nominating committee for next years board candidates.

Meeting was adjourned at 7:30

Minutes submitted by Ann Herlihy