Creative Energy holds annual meetingCreative Energy Inc. held its second annual meeting at the North Dakota Farmers Union Conference Center in Jamestown on March 13. Board President Gregory Kessel welcomed patrons and introduced the board of directors, Bob Kuylen, Jeff Mitchell, James Trautman, Tim Neva and Daryl Zarak.
Creative Energy Inc. held its second annual meeting at the North Dakota Farmers Union Conference Center in Jamestown on March 13.
Board President Gregory Kessel welcomed patrons and introduced the board of directors, Bob Kuylen, Jeff Mitchell, James Trautman, Tim Neva and Daryl Zarak.
Brian Peterson of Hennen and Associates gave the audit report. Sales for 2011 were reported at $16.3 million up approximately $400,000 from last year. Cost of sales was at $14.7 million, leaving a gross margin of $1.6 million. Expenses were about $2 million, an increase of approximately $425,000 from 2010. Local net loss was calculated at $394,181 and net savings at $28,086. Total assets were $8.2 million in 2011 compared to $7.5 million in 2010.
Peterson noted that patrons’ ownership is at 60.45 percent.
“Your cooperative is about 2 percent above the average,” Peterson said.
He said that local net loss is substantially higher than last year, but that is the result of making adjustments by decreasing debt reduction.
Manager Galen Teichert thanked his assistant manager, Gary Webb, and the staff of Creative Energy for working along with him this past year.
Board directors’ terms that expired were Mitchell and Zarak. Both were nominated and re-elected.
North Dakota Farmers Union Outreach Coordinator Terri Lang gave an update of NDFU activities and new opportunities for members to get involved in the organization.
“NDFU recognized the value in establishing cooperatives over 70 years ago, and continues to find ways to support locally owned cooperatives,” Lang said.
Patrons ate a meal prepared and served by Jamestown College. Several co-op gift certificates were given as door prizes throughout the meeting.