Board's Eye View

Board of Directors: 2010-11 Treasurer's Report

Posted on Sun, Oct 23, 2011 @ 01:21 PM

Sue Kastensen 

Treasurer VFC Board of Directors

With record sales and our third consecutive profitable year, June 30th brought us to the end of another great financial year for the Viroqua Food Co-op (VFC). Sales increased by 12.1%, or $541K, to bring us to the $5M mark. Despite continued recessionary trends, the VFC has experienced an average annual increase in sales of 12% for the past four fiscal years!

Net Income for FY 2010-2011 was $78K; only $3K less than the prior year. Gross Profit was up $232K over the prior year at $1,974K. Overall expenses for this fiscal year exceeded budget by $104K or 5.8%. As a result of the VFC’s continued great performance, our negative Retained Earnings balance moved in a positive direction for the third consecutive year, from ($296K) to ($256K). 

Our ownership grew this year by 7.6%; we now have 2,789 active owners! Sales to owners exceeded $3.6M for the year, representing 74.5% of total income. While this percentage is typical of our store, the greater co-op community strives to reach 50% owner sales. Community support also continues through strong interest in our Class C Series 1 stock. Stock purchases exceeded $90K during FY 2010-2011.

The VFC Board of Directors would like to thank our owners and our community for supporting the continued success of our Cooperative as we move forward together.

Balance Sheet FY 2010 - 2011

Current Assets  
Total Checking/Savings $301,649
Total Accounts Receivable $3,798
Total Other Current Assets $273,179
Total Current Assets $578,626
Total Fixed Assets $1,287,750
Total Other Assets $269,858 
TOTAL ASSETS $2,136,234
LIABILITIES & EQUITY  
Liabilities  
Current Liabilities  
Total Accounts Payable $216,663
Total Other Current Liabilities $66,821
Total Current Liabilities $283,484
Total Long Term Liabilities $1,132,116
Total Liabilities $1,415,600
Equity  
VFC Equity and Stock $815,738
Membership Stocks $160,727
Retained Earnings -$255,831
Total Equity $720,634
TOTAL LIABILITIES & EQUITY $2,136,234

Income Statement FY 2010 - 2011

Income  
Grocery Sales $2,132,979
Bulk Sales $539,421
Produce Sales $791,221
Wellness Sales $483,133
Deli Sales $1,072,509
TOTAL INCOME $5,019,263
Cost of Goods $3,045,323
Gross Profit $1,973,940
Expense  
Depreciation $104,692
Personnel $1,261,087
Occupancy $167,443
Operating $117,665 
Marketing $55,094
Administration $74,608
Member Discounts $47,625
Governance $32,241
TOTAL EXPENSE $1,860,455
Net Ordinary Income $113,485 
Total Other Income $50,249
Interest Expense  $77,959
Income Taxes $8,000
Net Other Income -$35,709
NET INCOME $77.776

viroqua food coop sales vs profitability

viroqua food coop expenses

viroqua food coop income

Success in the Numbers FY 2010 - 2011

  • We gained 197 new owners, bringing our total ownership to 2,789
  • We had total annual sales of $5 million showing 12.1% growth over 2009-10
  • 74.5% of sales came from our growing ownership
  • Donations made to our community $4,892
  • Our purchases from local vendors totaled $496,166
  • VFC staff received over $1.2 million in wages and benefits
  • Overall Employee Survey score 4.24% (out of 5) shows high level of workplace satisfaction
  • Staff turnover was reduced by 47% from FY 2009-10
  • Owner discounts totaled $47,625
  • Net income amounted to $77,776 to be applied to debt reduction, necessary repairs and other expenses

 

Want the Full Report? annual-report-2010-11  Download it here!