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FY19 Annual Report

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FY19 Annual Report Growing good things together FY19 Annual Report Yo u’r e In Celebration vited! Dinner Annual 2019 Meeting All co-op owners are invited to attend our Annual Meeting & Celebration Dinner for a night of good conversation, food, and fun! Come learn more about your co-op and join in the discussion about where we've been and where we're going. Food and art are both expressions of culture with stories to tell. The co-op incorporates art into its operations in many ways from supporting local arts events to holding art shows in the cafe to including local art in the store decor. This year we are trying something new: presenting our annual meeting reports in a more artistic format with the support of Easthampton artist Gabriel Harrell. Gabriel is a Bread & Puppet Theatre artist (as well as Bread & Puppet Board Member) and founder of The Rural Academy Theatre in Easthampton. This year, with their expertise and support we are turning our Annual Meeting presentation into a performance including an illustrated hand-cranked rolling scroll "stage", puppetry, and kazoos! Come to our Annual Meeting & Celebration Dinner prepared for some good food and a bit of puppetry theatre fun. Keep in mind while Gabriel is a pro at this, it will be our first time live performing the annual reports. Friday, December 6, 2019 • 5:30–9pm Mill 180 Park 180 Pleasant Street, Easthampton, MA Food by Mill 180 Park • Cash Bar • Live Music Tickets are just $5 and are available at the Customer Service desk Evening Agenda 5:30 Mingle, eat, drink, and see our Annual Report presentation Questions & Answers 7:00 Introduction of Board members and candidates 7:10 Expedition Easthampton performance Questions & Answers Final call for ballots to elect board members 8:00 Adjourn meeting Dessert until 9pm Growing good things together In this Annual Report, we are informing River Valley Co-op owners about the results of our work over the last fiscal year, which ended June 30, 2019. Our mission is to create a just marketplace that nourishes the community. Because our co-op has a triple bottom line, this report is more than an annual financial statement. It includes information on the three P’s vital to River Valley Co-op: People, Planet, and Profit. Thank you for your attention to your cooperative’s business! President's Report ................................2 Economic Accessibility in Giving Back............................................ 31 Co-op Shopping & Ownership ......... 23 Treasurer's Report ................................3 Be a Co-op Green Scout .................... 32 Grow Food Northampton .................. 24 General Manager's Report ..................6 Testifying at the State House .......... 34 Co-op Staff ............................................ 25 Working at the Co-op Community Workshops & Looking Ahead ................................. 12 Plastics Update ................................... 26 & Picnic Presentations ...................... 35 Paying it Forward ................................ 14 My Trip to Ecuador with Board of Directors Election Equal Exchange .................................... 28 & Candidate Statements .................. 36 Thank You, Co-op Lenders!............... 15 Cooperation Among Financial Trends Local Food by the Numbers ............. 16 Cooperatives ........................................ 29 & FY19 Results ..................................... 40 Expedition Easthampton Austin Miller Financial Statements ......................... 41 Update .................................................... 18 Co-op Hero Awards ............................. 30 New Positions at the Co-op ............. 21 1 Eleven Years Strong President's Report by Steve Bruner As I write this letter, two months Ah, the Capital Campaign. Wow! Over $5 Million in before our Annual Meeting, I can 300+ individual co-op owner loans!! Thanks to an imagine what it might feel like to be a outstanding effort from Board, staff, and co-op owner talk-show host taping a show just hours before a volunteers, we connected with a large number of our scheduled big event, to be aired after the event. owners, person-to-person. Our conversations with Between early October and early December, our you were gratifying and helpful. We heard about what Management and Board of Directors will have made you appreciated about our co-op, as well as areas progress on finalizing details surrounding the plans where you felt we could improve. Just as valuable as for Expedition Easthampton, the construction of our the owners who made loans were the many owners second store. How much progress? We’ll find out at who said, “I’m not in a position to lend the co-op the Annual Meeting. money right now, but I love the co-op and am totally As we approach go-time, it’s important to supportive of the Easthampton project.” Right on, and recognize how deliberate and thorough a process this thanks! has been. Planning for a second store began back That brings us to this fall. While the when the current store was in its infancy. Thanks aforementioned expansion process was taking place, to the vision of our great-great-board-members (in our hard working and talented staff operated our board years, we are a few generations removed from store and continued to make it better. To be sure, the them), River Valley Co-op’s 25-year plan included success of our co-op goes way beyond our income expansion to additional locations. Upon being statement, but nearly $30 Million in annual sales is elected to the Board four years ago, I learned that the nothing to be shy about, especially when over thirty expansion cogs and wheels were not only greased, percent of those sales flow from over $6.5 million in but starting to turn. The Board viewed expansion local wholesale purchases from our area farmers and as the best way to ensure the sustainability of our food producers. The oodles of noteworthy initiatives business operations and service to our ever growing that our co-op has championed or otherwise cooperative community. And, if done right, it would supported can be found in the pages of this Annual relieve some pressure on the current store, which was Report. Adding the Easthampton store to our co-op beginning to outgrow its home. operations will enable us to do even more for and Between 2015 and 2017, we further educated with our community. ourselves about the expansion process and began Looking ahead, we know we’re in for a wild ride. laying more intentional groundwork. We brought Opening a new store will be no small feat. Fortunately, in outside help to guide us in understanding and our co-op staff is one of our greatest assets, and we analyzing complex financial projections. We surveyed have a skilled and dedicated leadership team that is you, our owners, to get your input on what we should well-positioned to manage the challenge. As well, our prioritize. And, we hired independent experts to do Board of Directors, the co-op owners you’ve elected market analyses. In the true spirit of cooperation, for leadership of our cooperative, is an amazing team we held a board retreat in Burlington, VT, and were for overseeing the development of this important hosted by the leadership team of the Onion River community asset. The River Valley Co-op Board is Co-op. They were on track to open the doors of their the most highly functional board I’ve ever been on. second store in November 2017 and helped us wrap Our directors are thoughtful, diligent, effective, and our heads around our own expansion strategy. motivated by the mission of our co-op – “To create a We explored the feasibility of several different just marketplace that nourishes the community.” sites, and in January of 2018, secured our preferred I can say with confidence that the “State of our site, a former car dealership in Easthampton, with Cooperative Community is Strong”. Thank you for all an exclusive option to purchase the property. Thus you do. We’re growing good things together with River began detailed discussions about the pros and cons Valley Co-op! of this property, and lots … of … due … diligence - site analysis, market analysis, environmental assessments, and zoning & permitting, as well as Total FY19 Sales community outreach, financial projections, building and site design and meetings with city officials, co-op owners, funding partners and contractors. At important junctures, the Board scrutinized decisions and options, and gave our authorization when we felt $29,622,084 it was prudent for our management team to proceed. An increase of 5.59% from FY18 One of those junctures involved authorization for our co-op to borrow money from you, our owners. 2 river valley co•op FY19 ANNUAL REPORT Financial Health Treasurer's Report by Mark Devlin The results for 2019 speak loud further supporting the growth of sustainable land and clear to River Valley Co-op stewardship and food production in our region. successfully delivering on the triple Profit: River Valley Co-op was profitable in 2019 with bottom line of People, Planet and Profit. While much net income before taxes of $280,493 (0.9% of sales, up of the credit belongs to the co-op’s leadership from 0.3% prior year). This profitability, which is the and staff, these results were also driven by the result of both sales growth and operating efficiency cooperative values and the shopping decisions of our improvements, is particularly impressive given the co-op owners. 2019 investments in staff and the early phases of the 2019 DELIVERED ON THE TRIPLE BOTTOM LINE OF expansion project. Sales this year reached a new high of $29.6 million, an increase of 5.59% as compared PEOPLE, PLANET & PROFIT to a 2% increase the prior year. These sales results People: In January of 2019, we increased the minimum truly speak to the excellent work by the store staff wage at River Valley Co-op to $15 per hour, four years everyday to meet our shopper’s needs, as well as the ahead of the Massachusetts legislative requirement values and actions of our co-op owners to support for a $15 minimum wage by 2023.
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