By Crystal Howerton
Approximately 81 members and employees of Northeast Missouri Cooperative Services attended the annual board meeting at the Knights of Columbus Hall in Edina on March 3, 2008. Upon greeting those present, Board President Larry Clark invited Carl Dodd to give the invocation, followed by the meal catered by Noland’s Catering, Macon, MO.
Immediately after the approval of the 2007 annual meeting minutes, President Clark invited Board member Harold Beech to direct the election of two new board members. Having no nominations from the floor, candidates Carl Dodd and Darrell Shultz were accepted by acclamation. They will fill the positions of Tom Shively and Ruey Douglas.
Controller Dannie Dale came forward to read the balance sheets and statement of operations. Total assets for 2007 were $3,809,533 compared to 2006 at $3,632,931, which indicated an increase of $176,000 over last year. Current liabilities in 2007 were $924,794, down from last year’s $1,031,771, mainly due to the timing in the accounts payable area, according to Dale.
"The members’ equity section of it shows this year $2,772,639 to the previous year of 2,489,060," said Dale. "This indicates an increase in the members’ equity." Sales in 2007 were $7,675,526 to the previous year of $7,049,016, which is up about $626,000, or an 8.9% increase in sales. Cost of sales this year were $6,668,277 to the previous year of $6,188,534, which indicates an increase in cost of sales of $480,000 or 7.8% over the previous year.
"As you can see, our costs are going up every year," added Dale. "Gross operating income, after the cost of sales and other income, we’re at $1,529,228 to $1,318,018 the previous year, which is a slight increase." Operating expenses this year were $1,175,549 compared to last year’s $1,152,582, an increase of $22,967 or a 2% increase in expenses. "So we’re holding our expenses pretty tight…"
Patronage income, which is paid by suppliers, was $166,103 in 2007, up from $77,268 in 2006. Net savings were $453,726 this year compared to $169,190 last year, a significant increase over last year. "Overall, the Co-op had a real good year," concluded Dale, "and are looking forward to another in 2008."
President Clark presented the president’s report, thanking everyone for making the bottom line "what it is". "It has been a good year financially, due to increase probably. The co-op is doing very well, today. You have a very good, soundly financial and well-operated co-op."
Manager Larry Klocke said, "Your co-op has done a good
job year this year and that is the reason the checks are at the door. They are made possible by your good business with us, for which I thank you. Total patronage distributed this year was $300,600, of which 35% or $104,847 is in cash, the checks that you received today. In addition to this, we will pay out $26,759 in retirement to the people that have reached 65 years of age. In the 2006-07 year, we spent $240,000 in major purchases, including property and equipment."
Prior to adjournment, appreciation plaques were presented to the retiring board members and door prizes were awarded.