September 20, 2011

Rainbow Natural Grocery Board Meeting Minutes

Charlotte Lundemo took minutes for the meeting. The meeting started at 6:10pm

Board Members present: Gen Barbour, Tom Lowe, John Goodman, Charlotte Lundemo, Scotta Brady daniel johnson, Irene Jones and Leo Huddleston. Also present were Steve Whitlow, Bruce Frazier and Luke Lundemo.

The board minutes from August 16, 2011 were approved.

Steve Whitlow’s Report: July was the best July ever. We had 8% more shoppers. Membership weekend topped $17,000 each day. The average non-member shopper spends $17. The average membership shopper spends $45.

Irene Jones suggested a customer survey.

John Goodman’s Report: Sales are up about 5%. So far this fiscal year we have tripled net income after taxes. Cash flow has increased by $20,000. The grease trap is to be replaced and depreciated over time - it can’t be written off. We will probably have to pay estimated taxes.

Luke’s Report:
On the loan: Only one piece is missing and that is the building appraisal. Maybe is a week and 1.2 we can close. 
Parking Lot: Luke & Charlotte clean up the parking lot on Sundays and also pick up the alley. 
Prepared Foods Department: The Café had larger losses than can be sustained for the second month in a row. A campaign to get more student diners is in the works.
Rainbow E-News: Subscribers have climbed to over 2,900.
Rainbow-Tougaloo Sustainable Garden had a very successful field day with nearly 100 attending. 
Annual Meeting: The Cedars will be ready for us, chairs and tables are being rented, parking security has been organized. Bruce and Luke will get together for a financial slide show.
Our first collaborative Dinner and a Movie is planned with Mississippi Humanities Council.
Rainbow won “The Spirit of Fondren” award from Fondren Association of Businesses at their annual meeting last week.

A motion was passed to buy back the stock certificate of May Cox by January 1, 2012. The board approved the buy back of John Paul’s stock after the resolution of a tax issue that should not take more than 30 days.

Brian Johnson, the head of economic development in Ridgeland is exploring the idea of Rainbow opening up a store there. There were no immediate plans presented to do so.

The cooking classes presented by Amy Breckenridge are going well.  Amy was selected to be awarded the Walk the Talk Award.

The meeting adjourned at 7:30pm.