State of the Co-op—Remodel
The remodel project at Willy East will happen—to what extent still remains an unknown. I reported last month that I would select an ad hoc committee comprised of Board and Finance Committee members, staff, and Owners at-large. The purpose of this committee is to help me define the scope of the remodel at East in relation to all Owner needs, as well as the known (and anticipated) changes in the competitive grocery market in and around Madison. I felt we were getting caught in the details of the plan and needed to put the remodel into a larger context. That ad hoc group has been selected and their work has started.
The committee’s final recommendation to the Board of Directors will include several pieces supporting our strategic growth; these pieces are direction on the scope of the remodel at East, direction on a potential third retail site, and guidelines for how this work will need to be accomplished.
I also reported last month that I anticipate Owners—you—will be asked to approve additional funds in excess of the already approved $2 million for the East remodel project. I believe this project needs to include more than originally thought at the onset of the project, but not so much that we limit our options. See last month’s report for reasons why the scope of this project has increased. We are closing in on what that will look like, again keeping in mind the bigger Co-op picture.
Once the Board accepts or refines the ad hoc committee recommendation, next steps will be identified and you will be informed. Stay tuned.
Annual Meeting and Party (AMP)
Mark your calendar… Thursday, July 11th. The Co-op’s Annual Meeting and Party has blended into the opening night of the four-day La Fête de Marquette. La Fête is arguably Madison’s most exciting musical event. Our night (7/11) will feature Zydeco superstar CJ Chenier and the Jimi Hendrix of Malian Blues, Vieux Farka Touré. We’ll add, for your non-stop enjoyment, Mama DigDown’s Brass Band roaming the grounds and electronic music in the big tent. We guarantee you’ll love every moment, and did we mention? Dinner and drinks are on us but get your tickets beforehand.
FEED Kitchens fundraising update
Owners have thus far donated $7,000 to the FEED Kitchens project, and you have until June 16th for every dollar donated to be matched by the Co-op up to $10,000—bringing our total potential contribution to $30,000. Please consider donating to the project if you have not already done so. For more information on the FEED Kitchens project, contact Ellen Barnard, Project Chair, at email@example.com and be sure to read the article on page 20 of this Reader.
If you are receiving a newsletter, chances are you are an active Owner. However, an annual spring-cleaning project for the Co-op is to abandon equity of non-active Owners per State Statute. First, the Co-op identifies Owners that are not current for at least three years—not current or non-active status occurs because an Owner has not made a purchase in the past 12 months and either the Fair Share is paid in full or the required installment payments have not been made. Secondly, Owners are notified (direct mail and public notice) of their status, and they have three options—decide to renew their Ownership (which is my sincere hope), request to be paid their current equity investment, or do nothing and unclaimed funds will be dedicated to charitable purposes. Non-active Owners have until June 30th, 2013 to take action. Abandoned equity is currently the pool of monies that funds the Community Reinvestment Program.