Each month, The Merc Co+op Board of Directors shares the decisions and topics discussed at their most recent meeting, promoting transparency and accountability with co-op owners.
Mark Sprague, Board Member
October Board Report
Mark Sprague, Board Member
On Monday, October 2nd, The Merc Co+op Board of Directors conducted our first “hybrid” meeting in the dining/classroom at the Lawrence store. For over 3 and 1/2 years the board members have met virtually from our homes. With an assist from new technology, we are now able to meet in person while also including those members who need to attend remotely. For a board representing owners from two stores it is important that all board members have access. The new technology provides the flexibility that helps ensure that we have not only a quorum, but also representation for our entire Merc community.
Our first item for discussion was to review the audit report for the past fiscal year that ended June 30th. Claire Ueltzen and Bruce Mayer from Wegner CPAs conducted our audit, as they have for over 12 years. Bruce has as much experience with cooperatives’ financials as anyone else in the country. Both Bruce and Claire met with us remotely to review the audit.
The audit showed the co-op is doing well and is in great financial shape. They also interview staff to determine if we lack sufficient internal controls. The auditors often commend the job that Jason Lovell, our finance director, and his department do, and there were no recommendations for improvement.
While reviewing the balance sheet Bruce noted a number of times that The Merc was outperforming most co-ops with whom they work. The board then voted to accept the report. A condensed version will be shared during our annual meeting in November.
Owner Joy Bunch also met with the board to discuss questions and concerns she had shared with us previously. Meeting in person was helpful in facilitating the discussion. One result was a recommitment by the board to continue to work on communication with owners. Along those lines there will be tabling events during October, which is Owner Appreciation Month. We look forward to meeting with owners and other shoppers at those events to hear both how we are doing and suggestions for how we could be doing better.
About the Board
The Merc Co+op's Board of Directors is comprised of nine co-op owners who are elected by the general ownership and serve a three-year term. Any co-op owner can run for a board position.
The board creates a set of policies to govern themselves and the General Manager, who provides the group with regular reports on store operations. The board delegates all operational matters to the General Manager.
Board Meetings
All co-op owners are invited to attend monthly board meetings. Early in the agenda, the board reserves ten minutes of space to hear from owners who wish to address the board.
Vote September 19 – October 24
The Board of Directors represents all 9,500+ owners and shapes the vision for the co-op while evaluating the current performance of the business through Policy Governance. A strong and successful cooperative depends on a highly functional and effective Board. Your co-op needs your input in guidance and leadership to continue to thrive as a cooperative business.