President’s Letter

On behalf of the Northern Lakes Cooperative Board, I would like to thank all the members again for their support and patronage this past year. I am pleased to share that all business lines were profitable and contributed to a very strong year for the Coop. The following is just a few key financial components:

 

1. Total year end net income exceeded $573,000.
2. The Coop’s total assets increased to over $12.4 million
3. Total member equity increased to $8.65 million.
4. This year the Coop returned to its members $280,000 in patronage.

 

In closing I would like to note that your Coop has a few major projects underway and a few that were completed during the year. General Manager Mike Covelli will provide greater detail in his GM Report. It has been the Board’s position to make long term investments in both facilities and equipment providing a quality sales and shopping experience for our customers. Also, I would like to thank all the Coop managers and employees for their hard work and dedication this past year.

 

Finally, I would like to thank Cliff Williams, Board Vice President, for his nine years of serving on the Coop’s Board of Directors. It has been a great pleasure serving on the Board with Cliff, he is a true professional in everything he does and a big advocate for our local Coop. Thank You Cliff.

 

Tom Turngren Board President

Northern Lakes Cooperative

Posted 8/14/2025