President’s Letter

On behalf of the Northern Lakes Coop Board I would like to thank all the members for another year of tremendous support. Member support and the hard work of all the dedicated Coop employees contributed to another very successful year! General Manager Mike Covelli and Board Treasurer Dan Rusch will provide a much more detailed report, however I would like to highlight a few key items:

First, total revenue for all the Coop businesses exceeded $17 million, total net profit, including patronage paid to the Coop, was slightly over $748,000.

Second, from that net profit the Coop paid out over $86,000 in Reward Vouchers and $175,000 in Cash Patronage back to its members. In total, those two amounts represent over 33% of the Coop’s net profit being paid back. The Board believes it is important, that whenever financially feasible, patronage should be paid back to all the members that are supporting their local Coop.

Third, I would like to take a moment and recognize Stacey Hessel for her service on the Board the past six years. With her background in Business, Governmental and Public affairs and her passion for Hayward and the surrounding area her expertise and input will be missed. Thank You Stacey.

Tom Turngren

Board President

Posted 8/24/23

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