MEMO

TO: Coop Board

FROM: Daniel F. Read

DATE: February 3, 2009

COPY: Wells Eddleman

SUBJECT: Minutes of 2/3/09 Meeting

Present: Jeane Bross (JB), Dan Read (DR), Christine Westfall (CW), Tom Harris, Phil Nelson, Wells Eddleman (WE) present via speaker phone

1. Publication of report: DR: Minutes of 09/08 meeting where sale of building was authorized need to be published to membership. Meeting decided DR & CW will finalize, JB to send most recent version as soon as possible. WE will put on website and circulate via Constant Comment. DR we will publish via email only and website, that is reasonable notice. APPROVED BY CONSENSUS. DR will prepare report of sale and payments.

2. Finances: DR we still have approximately $102,000 in trust with DR, plus $2,000 in BB&T account.

3. Vouchers: DR: I am ready to pay, want to make sure Board OK. Discussion, motion CW to pay all vouchers more than $10. Further discussion, motion amended to pay all more than $1. APPROVED BY CONSENSUS.

4. Old debts: Two issues were identified, (1) what about old debts to members, and (2) what about reimbursing nuns and others who forgave debt now that we have money? JB there appear to be about $20,000 in old debts to members which are after the three year statute of limitations. Legal advice is that we do not have to pay these. This was discussed at the last general meeting in April 08 and no promises were made to pay anybody. It was affirmatively voted then NOT to reimburse the Fair Share money. DR we need to notify people who may be owed money and see what they want. Will they forgive debts? JB they may have already been paid. Need to check that out. WE we should pay back nuns since the purpose they gave the money for no longer exists. Later discussion was that we should defer notifying these putative creditors until we have a better idea of what we are going to do with the rest of the money. APPROVED BY CONSENSUS to delay this notification for now.

5. Plan for money: We will have money left over, as much as $70,000, and what are going to do with it? CW would like to support other coop grocery, Durham Central Market. WE said DCM is a for profit store and our articles will not allow us to give them money. TH will check out the legality of giving money to DCM. APPROVED BY CONSENSUS that we need to seek ideas from the membership and put this to a formal vote. To make this happen membership needs to be advised. This will be by a separate call for ideas.

6. Negative vouchers: We have negative vouchers, people who basically borrowed money from the Coop on their voucher accounts. The total is about $144 except for RD. APPROVED BY CONSENSUS to forgive all negative vouchers except for RD.

7. RD: JB we have not heard from her and she only made one payment. Discussion, it was agreed she would not have to pay back NSF charges caused by her mismanagement if she paid what she took by February. February is here and she has not paid, still owes $1,100 (approx.). NSF charges are approximately $1,500 additional. APPROVED BY CONSENSUS that DR will write her a letter–pay what you owe (JB will provide exact numbers) by end of February or we will charge you per agreement the extra money generated by the NSF charges.

Meeting adjourned 8:35 a,.m.

Minutes taken by Daniel Read