Happy New Year Belfast Co-op owners and community!
2021 was difficult on so many levels, so much heartbreak and tragedy, but we did it! We made it through and emerged stronger than ever.
2022 is going to be an exciting year for the Belfast Co-op and our community! We have so many plans and projects that we have been working on for the past five years that we will finally be able to bring to fruition. We have so many opportunities to bring our neighbors and friends into the cooperative model and show them that there is a mutually beneficial, radical alternative to business-as-usual. When you shop at a co-op, you are buying into a better world: a democratic food system that makes the planet a more equitable and sustainable place for all.
In 2021 we added 636 new co-op owners, 70 of which paid their full equity and became fully vested! Our sales were just shy of $11 million, an all-time high and up 14% from the previous 12 months. That’s outstanding! We are currently undergoing a full financial audit and do not have finalized financials for the fiscal year, however, I am confident that our net income will be significant and that we will be issuing a patronage dividend again this year.
Due to outstanding performance by our workers and overwhelming support from our community, we enter 2022 in the best cash position we have been in our 45-year history with over $1.4 million in cash. Our total equity and our total assets are at their highest point in our history totaling nearly $2 million and over $2.75 million respectively! Conversely, our long-term liabilities and debts are at their lowest point since 1999. All of that financial performance points to a thriving co-op that is prepared to take the next step in its evolution.
We are here so that everyone will always have reliable, safe access to good local food. Thank you for your ongoing support. As we look forward to 2022, let’s work together to ensure that our co-op will be here and remain relevant for decades to come.
Belfast Co-op General Manager