March 16,
2010 Rainbow Natural Grocery Board Meeting Minutes by Charlotte Lundemo
Charlotte
Lundemo took minutes for the meeting. The meeting started at 6:15pm
Board
Members present: Irene Jones, Leo Huddleston, Tom Lowe, Charlotte Lundemo &
daniel Johnson. Also present were, Steve Whitlow,
Bruce Frazier and Luke Lundemo.
The board
minutes from February 16, 2009 were approved.
Steve
Whitlow’s report: On Member’s Day, Friday, February 19 we set a new sales
record breaking $17,000 for the first time ever. Overall February sales beat
last year by 11%. Rainbow completed payments to Eileen Shaffer, the Chapter 11
Attorney. The Café sales are up 14% and have an all time low in expenses. After
making an inventory adjustment, the Café posted a prfit for the first time in
about four years. March sales are looking really good so far.
Bruce
Fraser’s Financial Report: Rainbow had a profitable February. After a string of
good months, our current asset to liability ratio has improved to 1.59. Our
debt to equity ratio has improved to 1.26. In relation to our budget for the
fiscal year starting in August, we are $65,000 ahead of projections in sales
and about even in expenses. We projected gross profit % to be 37.5% and so far
it has been 38.3%.
CEO Report:
May 30 is the deadline restructuring for the company. Eileen Schaeffer, our
chapter 11 lawyer, and our tax CPAs say there should
be no problem changing over to a consumer co-operative. The next step is to go
see to Secretary of State to establish that we’re on good standing and it’s ok
to do this change. Luke was appointed by the board to be the registered agent
in MS. Concerning the
New Business:
There was
no old or new business.
The meeting
adjourned at 7:43pm.