President’s Letter

Dear Members

On behalf of the Northern Lakes Cooperative Board and our employees we sincerely thank you again for your continued support of your locally owned and operated Co-op. The Board would also like to thank all the hardworking and dedicated employees who met the tough challenge of working through another year in dealing with the Covid-19 pandemic. Financially the Co-op had another strong year and although GM Mike Covelli will go into greater detail in his report, I would like to just mention a few key points: Over $15 million in total revenues, total bank debt reduced to under $500,000 at fiscal yearend and the Co-op’s Net Savings exceeded $840,000. Also the Board approved a 5.09 % payout in combined Reward Vouchers and Patronage. In closing, the Co-op will continue to look at ways to increase our revenue growth profitably, improve and upgrade our facilities and most important retain, train, hire and compensate all our employees fairly as they made 2020-2021 the successful year it was.

Tom Turngren

Board President

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