Minutes of the Toledo Natural Food Coop Board of Directors

August 16, 2011

 

Call to Order: A regular meeting of the Toledo Natural Food Coop Board of Directors was held at the Sylvania Branch Public Library on August 16, 2011. The meeting convened at 6:00 p.m., President Sam Rodriguez presiding, and John Klear, secretary.

 

Members in Attendance: Sam Rodriguez, John Klear, Shawn Stein, Sandor Halasz, Mike Kelly, Nancy Sloan, Robert Bower

 

Approval of minutes: Motion was made by Sandor Halasz, and seconded, to approve the minutes of the July 19, 2011 meeting. Motion carried.

 

New Board member: Motion was made by John Starr, and seconded, to approve Nancy Sloan as a member of the Board of Directors. Motion carried.

 

Reports

 

General Manager: attached. Mike Kelly also offered that the manager at Huntington Bank offered to open a line of credit for the Coop.

           

President: Sam Rodriguez shared an analysis of the Coop's finances broken down by monthly, weekly, and daily averages of incoming and outgoing money. He also provided the Board with updates regarding the ongoing search for a new location. No location has been decided upon and negotiations continue with all prospective landlords.

 

Treasurer: The unresolved discrepancies in the balance sheet remain a work in progress. There has been no action regarding the Jackson loan.

 

Adjournment: The meeting was adjourned at 8:00 p.m.

 

Addendum: Motion was made by Sam Rodriguez, and seconded, by email on August 19, 2011 that Toledo Natural Food Coop borrow funds from and pledge collateral to Huntington Bank, and appoint Sam Rodriguez, President, and John Starr, Treasurer, as authorized signers on behalf of Toledo Natural Food Coop. Motion carried.

 

Respectfully submitted by:

 

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John Klear, Secretary

 

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