Happy New Year! We began our new fiscal year on April 1 and now are busy compiling the financial results from the year ending 3/31/19. Some of the steps involved include computing our quarterly inventory, recording department transfers, reconciling accounts payable, and in general getting all our accounts up-to-date. The next step is to have our accountants review our books and make sure everything is in order. Once we make all the final adjustments, we will look at our net income and distribute a percentage of any profit back to the membership in the form of your patronage dividends. The amount we’ll distribute is dependent on member purchases during the year, our financial position, and what projects we have on the horizon. We’ll pay out a minimum of 20% of any profit, and whatever we don’t return to the membership, we will retain and reinvest in our co-op.
Finalizing our year-end statements takes a few months, so stay tuned this summer for more news. In the meantime, please feel free to contact me with any questions! I’m always happy to discuss the finances with interested members.
As we move forward it is important to have updated contact information from our owners. If you’ve had changes to your address, phone or email you may update us in writing, with a phone call or stop in and fill out an information change form.
Lucy Georgeff
HR and Finance Manager
finance@springfieldfood.coop
802-885-3361
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