May 18, 2010 Rainbow Natural Grocery Board Meeting Minutes by Charlotte Lundemo

The meeting started at 6:23pm

Board Members present: Tom Lowe, Charlotte Lundemo, daniel Johnson, Leo Huddleston and Gen Barbour. Also present were, Steve Whitlow, Bruce Frazier and Luke Lundemo.

The board minutes from April 20, 2010 were approved.

Steve Whitlow’s report:

This month was the best April sales results ever, while monthly expenses were well controlled. Storewide inventory was done and adjustments will be minimal. The active membership is down but that could be because the membership list has been cleaned up. Will have a projected budget in the near future.

Bruce Fraser’s Financial Report:

Rainbow is ahead of budget on sales for the year by over $130,000. Expenses have been kept within 2% of budgeted amounts. This puts us in a situation where we need to find capital improvement projects to keep taxes down. By the end of the fiscal year we would ideally hope to spend $20,000 to $30,000 with 60-90 day terms. Some suggested projects are a backup generator, improvements to the employee bathroom, a new produce cooler and improvements to the women’s public bathroom.

CEO Report:

The final paperwork was being prepared for our conversion to a true consumer cooperative.

The board approved the articles of incorporation for the Wisconsin corporation, Rainbow Natural Grocery, Inc.

The board approved the certificate of conversion which converts the Wisconsin Rainbow Natural Grocery, Inc. to the Wisconsin Rainbow Natural Grocery Cooperative.

The restated articles of incorporation for Rainbow Natural Grocery Cooperative were approved by the board.

The board approved Luke Lundemo to be the registered agent for Rainbow Natural Grocery Cooperative.

The board approved a resolution for Rainbow Natural Grocery Cooperative to do business in Mississippi.

Board officers signed all the required documents.

Also to be filed are papers dissolving Rainbow Whole Foods, Inc. which was previously approved by the membership at the last annual meeting.

Charlotte will check with the Cedars for scheduling the annual meeting for the first part of October, 2010 or the last Sunday in September, 2010.

There was a motion to add a qualifying statement to the Rainbow’s store wide purchasing criteria to make it clear that we cannot guarantee that all items sold in the store meet all our purchasing criteria. For example, a product may list a corn derived ingredient, but it is not possible to know the corn is not genetically modified. A motion was passed to amend our purchasing criteria statement.

Old Business: More discussion on where to have a party for the Rainbow employees. Also discussed was to pay someone to do a week long summer camp at the Tougaloo garden. Sarah Gentry was mentioned to do this. It would by Monday – Friday form 10am-1pm. Snacks or lunch would be provided. daniel Johnson will talk with Sarah.

The meeting adjourned at 7:48pm.