An essential part of a co-op board’s fiduciary duty is the annual external monitoring of their co-op’s finances and financial systems. This Field Guide introduces a process for making important board-level decisions about the two standard types of external monitoring: audits and reviews. Choosing audits or reviews An audit of financial statements is a thorough examination of the cooperative’s financial statements, allowing the auditor [...]
Board president David Woo of Weaver’s Way food co-op in Philadelphia, Penn. said that while the staff treatment policy is part and parcel of all the management limitation policies, he thinks that this particular policy can also function as an example to the greater community. It shows that the co-op values its employees and has high standards for human resources. “Consumer co-ops should be [...]
By Art Sherwood 157 November - December - 2011 There has been much discussion, debate and downright argument about the role of the board in the strategic process of our co-ops. "Isn't that getting into operations? Aren't our hands tied by our governance system? Isn't "strategy" a taboo word to raise in the board room since that is supposed to be the general manager's [...]
By Todd Wallace 150 September - October 2010 Successful reporting is essential to maintaining a positive board-management relationship. A sound process—one that includes the creation of meaningful metrics—is a powerful tool that closes the accountability loop and demonstrates organizational accomplishment. Having these two components in place builds alignment, engagement, and commitment to the accomplishment of the co-op’s long-term goals. A board’s work includes two [...]
