Here are highlights from the January 2024 Wheatsfield Board of Directors meeting:
The board revised the policy on early payout requests of member loans and preferred shares. This was done with guidance from the co-op’s attorney, and to better align with the terms of the offerings and Wheatsfield’s Articles and Bylaws.
Sales are strong. Rolling YTD sales for July-December are 3.52% over last year.
Dividends for preferred shares were paid during December, by store gift card or check, based on shareholder preference. Some shareholders also chose to donate their dividend back to the co-op.
The board voted to pause exploration of purchasing the Wheatsfield property. Discussion centered on analyzing our knowledge gained while researching purchase options over the last few months, uncertainty about the current volatility in the commercial real estate market, and most importantly, selecting a path that will ensure the financial sustainability of the Co-op.
The co-op is celebrating 50 years in 2024! The Board will be helping out in the store during the kick-off festivities this Saturday, 1/27. Hope to see many of you there!
By Wheatsfield|2024-02-06T18:59:53-06:00February 6th, 2024|Categories: Blog|