Profitable, debt-free and looking to a bright future.
Shareholders and directors of the Clallam Cooperative Association, Inc. celebrated a profitable 2010 and final payment of the building’s mortgage at the 76th annual shareholders meeting on Jan. 24.
Gary Smith, president of Clallam Cooperative Association, Inc., ceremonially and literally burns The Co-op’s mortgage at the 76th annual shareholders meeting on Jan. 24, as (from left) trustee Alan Millet, general manager Mike Youngquist and vice president Gene Adolphsen look on. Submitted photo
The Co-op had paid the mortgage down in the past, only to borrow again for projects such as the new gas stations, the convenience store and interior remodels, bringing the amount back up several hundreds of thousands of dollars, said Kim Beus, advertising/merchandising representative for the Co-op.
This is the first time in the history of the store that the company is completely debt-free, she said.
The annual shareholders and directors meeting reviews the business and provides direction for the future. The meeting included the election of three directors to the board: Gary Smith, president; Ted Larson, trustee; and Larry Klahn, secretary-treasurer.
Shareholders and employees were presented with the annual reports. They celebrated with the ceremonial burning of the mortgage, music from western band the “Old Sidekicks” and refreshments.
