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
|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|
|LIABILITIES & EQUITY|
|Total Accounts Payable||$216,663|
|Total Other Current Liabilities||$66,821|
|Total Current Liabilities||$283,484|
|Total Long Term Liabilities||$1,132,116|
|VFC Equity and Stock||$815,738|
|TOTAL LIABILITIES & EQUITY||$2,136,234|
Income Statement FY 2010 - 2011
|Cost of Goods||$3,045,323|
|Net Ordinary Income||$113,485|
|Total Other Income||$50,249|
|Net Other Income||-$35,709|
Success in the Numbers FY 2010 - 2011
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