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123 N. Hill St
South Bend, IN 46617

574-287-6724

Board Minutes

Board Meeting Minutes, February 18, 2016

PPC Admin

Attending: Chris, Russ,  Danielle, Tama, Mike, Nick, Heather, Molly (telecommute), Greg
Absent: Earl, Eli, Fred, Aubrea

Approve minutes from January 21 meeting
minutes approved

Member-owner input opportunity
no member-owners brought topics for discussion

General Manager Update
GM requests a board policy on handling requests for refunds from member-owners who leave the coop
by-laws (3.6 termination of member-ownership status; 9.4 redemption of capital certificates): board has discretion to decide based on financial standing of the Coop, and whether to apply a discounted refund
Treasurer reports that current financial status of the Coop mitigates against ability to refund the cost of membership
Nick offered to write a standard letter for responding to requests under these circumstances
reciprocal membership with Maple City Market: can an SB resident who is a member-owner of Maple City become a Purple Porch membre-owner, and vice versa?
Maple City Market seems open to to develop an agreement with PPC
by-laws 3,8 state that Member-Ownership and any equity or other capital contribution paid by a Member-Owner is not transferable.  Does that mean that membership cannot be transferred from one person to another, or that membership to one Coop cannot be transferred to another?
Co-ops should help other co-ops
Greg will talk to the Maple City GM about developing a policy
PPC membership costs $200; Maple City membership costs $100
consensus that a person who moves to PPC from Maple City should pay the difference
change in insurance provider
new rate for Director and Officer coverage drops from $4000 annually to $1500
workers compensation are going up, but they would have anyway because the number of employees has risen significantly since the last assessment
Greg will be out for a few days and then on limited duty for several more due to minor surgery on Feb 19
Sponsoring WVPE Splendid Table program, and looking into collaborative advertising with Maple City
formed a working group to redesign and reboot Market night
Greg produced a draft of Member-Owner Rights and responsibilities
asking for feedback from board members before next board meeting
the application form for membership refers to rights and responsibilities, but they are not defined anywhere
once approved, a form letter can be sent to current members, and the information can be included as a brochure for new members

  Treasurer: year in review
Fiscal year 2015 financial statements are very close to completion.
P&L FY15 compared to FY14
gross profit up 42%
net income lower, some due to fixed asset depreciation
EBITDA (Earnings before interest, taxes, depreciation, and amortization) is a better reflection of actual cash income, increased over $20,000 from prior year
Balance Sheet
break even compared to prior year
lots of debt demands
total assets are up
current liability close to last year
long term debt shows very slow decrease
overall equity up from prior year 70%
aside from long term debt, status is good but as member-owner loans come due we will have problems
current status looks bad in part because this is a slow time of the year, plus certain annual payments like insurance are due now
in summer, as business picks up we should be in better shape to make payments on loans
member-owner debt
Danielle plans to reach out to people with loans due, she will prepare a communication.  Mike will review it
3 member-owner loans are overdue from last fall
in March, we should be able to shop around banks to refinance mortgage
if required, we may have to get an external financial audit

Fund raising efforts
need to decide on one or two ideas to focus on
Polyfaces video
costs $350
could show at St Mary’s or IUSB, approach Sustainability Offices
Mike to check availability and cost of Debartolo Performing Arts Center
currently we are gaining about 2 new members each week
discussion about the purpose of showing the movie: raising awareness or fundraising?  Big impact on ticket prices.
new RV sources
First Friday Oktoberfest will be an opportunity
board volunteers could support a one time fund raising event
cookbook
could be a fun community activity
too many downsides, need to order ahead of sales; lots of hours required to assemble the document and arrange for printing
farm to table dinner
easy to organize
July / August timeframe so produce is available
consensus is to go forward with this idea
need a committee to prepare analysis for next board meeting

2019 expansion (Nick)
long term strategic plan
consider physical expansion of building, add a second floor
this year begin to plan, work on debt
next year look for funding, talk to builders
following year, begin work

Board members bios / pictures on PPC web site (Molly)
Tama suggests pictures on walls of store with short bio statements
could put pictures both on web site and in store
Greg can take pictures
each member can provide a short bio, Russ can provide 4 or 5 questions for each person to answer

new insurance requires board signatures; document passed around and signed

9. Russ asks if there is a committee to meet with neighborhood groups or other groups to discuss PPC.  Surprised that people in his Sunnymede neighborhood are unaware of the store
10. Chris asks that board members submit agenda items early enough that he can get the agenda organized and sent out early before the next meeting
meeting ends