Treasurer’s Report – Fall 2024

John Cleary

by John Cleary, Board Treasurer

After many years in a steady but financially uncertain state, the Co-op has entered new territory. Ahead of us is a period of significant growth and change. The successful purchase of Plainfield Hardware was the completion of one phase of the project, but only the beginning of the larger vision for the Co-op. The transformation of the business is well underway and will continue over the next 12 months. One of the driving forces behind the whole relocation project was the need to create a more financially stable Co-op that could survive and thrive in today’s world.

Capital Campaign Isn't Over

The financing plan for the expansion project included loans from the Cooperative Fund of the Northeast, the Vermont Economic Development Authority, the Vermont Community Loan Fund, Seller financing, and the fundraising campaign of community loans and donations. It was a massive effort that enabled the Co-op to purchase the new store, pay off any outstanding bills and provide capital for new equipment and future growth. The larger loans allow interest-only payments for the first 6 months before moving into the full repayment schedule. This provides some time for the Co-op to ramp up sales and re-set the new store to full grocery capacity.

There is a tremendous amount of work going on behind the scenes. A Finance committee has worked to set up new internal systems and business processes. An outside consultant has worked with staff to help merge the financial records of the two businesses. These re-organized charts of accounts will allow for more accurate tracking and reporting of finances and trends.

Cabot Creamery ad

The Co-op projects to reach annual sales of around $3 million in the first several years with a goal of around $4 million by year 10. This increased size will allow significantly more purchasing power and capacity to serve the mission of the organization. We continue to welcome member loans and donations from those looking to support the community in this way. We are stronger together!


Skip to content