Park Slope Co-op Brings Home the Bacon
“Founded in 1973, the Park Slope co-op has grown so dramatically in recent years that it has been forced to limit the number of new members. Its balance sheet is so strong—the co-op paid off its mortgage in January—that general manager and founding member Joe Holtz wonders what to do with more than $500,000 in…
“Founded in 1973, the Park Slope co-op has grown so dramatically in recent years that it has been forced to limit the number of new members. Its balance sheet is so strong—the co-op paid off its mortgage in January—that general manager and founding member Joe Holtz wonders what to do with more than $500,000 in profits. Last year’s revenues were $39 million. If we continue to accumulate cash like this, he says, we’ll have to have a meeting and maybe lower our prices again. — Crain’s
Photo by Peffs
“It’s clear that the place is now profitable and was run correctly” — I think it has always run polically correctly.
Heather, I would save my intense dislike for something that is a detriment to neighborhood. Not waste on something that is positive.
Why doesn’t PSFC give cash grants to the food coop startups in other neighborhoods with some of their $500K fund? Has that been considered? Letting members give their hours to other coops is a good thing but in a recession what’s really needed by these startups to even open their doors is money.
It doesn’t state whether the $500k profit is “accumulated profit” (which i suspect is the case) or last year’s profit.
It’s clear that the place is now profitable and was run correctly. it’s now time for someone else, more visionary, to start mapping out the future while this guy still has reins on the day-to-day operations.
And that’s abbout all i can say in support of this organization.
every time I post a ‘conservative’ comment, like ‘give it back to the shareholders’, someone calls me ‘benson’.
Well… $500,000 in “excess revenue” (you’re not supposed to use the word profit) is not very much — what, 1.3%? Or 4.75 days worth of revenue.
They should make sure they have a 5 or 6 million kicking around in a reserve account before they start counting their chicken.
(Not the mention, they have like 1.5 million members… paying back the dividend would surely be far less than my dividend check from REI last year!)
“there are no shareholders. there are only working members. you cannot own a piece of the coop without working there”
precisely the type of quibbling correction that makes people hate the Co-op. Members ARE shareholders.
Time for them to lower the work timing. Half the time I was there, I was not busy. Plenty of make work…the PC mantra is “there’s ALWAYS something to do..” yeah, like looking around for something to do.
see… that picture just gives me the willies lol. but good for them for being successful.
*rob*
benson — there are no shareholders. there are only working members. you cannot own a piece of the coop without working there.
Heather, I agree. Expansion to other neighborhoods has been proposed from within, but I was told some members of the board are very against it. Lame.