On behalf of the Northern Lakes Cooperative 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 yearend financial statement. The following is just a few key financial components:
- Total yearend net income from all sources exceeded $1.9 million.
- Yearend total patron equity increased to over $8.2 million.
- The Coop distributed, in late July, $450,000 in patronage to Coop members, with $180,000 paid in cash.
- The Coop also distributed, at the same time, over $90,000 in Reward Vouchers that can be used at any Coop business.
In closing I would like to note that the Coop is currently in the process of a few major projects that will help prepare the Coop to grow our lines of businesses profitably. General Manager Mike Covelli will provide all the detail in the General Manager Report. Also a big thank you to all the Coop managers and employees for all their hard work and dedication to the success of the Coop. Finally, Board Member Wendy Williamson has served on the Board for nine years and under our Bylaws is termed out of running again this year. She has always been a champion for the Coop and an excellent board member. Thank You Wendy!
Tom Turngren, Board President
Northern Lakes Cooperative
Posted 8/16/24