NEIC Annual Meeting Member Materials

Annual Meeting: April 29

6-8 p.m.

1601 37th Ave. NE,
Columbia Heights

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We hope to see all members at our annual meeting. This will be your first chance to see the completed renovation of our second property at 1601 37th Ave. NE!

A brief program will take place at 7 p.m. Snacks, alcoholic beverages, and non-alcoholic beverages will be served.


Annual Report

Please click here to read the NEIC 2017 Annual Report.


Voting

All NEIC member-owners are invited to vote for our Board of Directors as well as a proposed bylaw change. Online voting is open through noon on April 28; in-person voting will also be available at the Annual Meeting. 

To vote online, you will need the member number provided to you in the annual holdings notification e-mailed to you on April 9. Please read the information below; the link for voting is at the end.

Proposed Bylaw Change
 

BYLAWS OF

NORTHEAST INVESTMENT COOPERATIVE

Adopted March 29, 2012

Revised March 19, 2014; April 15, 2015

Section 11.5. Audit/Financial Review. The Board of Directors shall review all financial statements prepared and presented by the Treasurer at their regular meetings but no less than four times a year. The Board shall, in addition, have the books reviewed at least annually by an certified public accountant. Such audit or review shall be made between the date of the close of the fiscal year and the date of the annual meeting of members, and a report of findings, containing at least a statement of assets and liabilities showing the financial condition of the Cooperative at the close of the fiscal year and a statement of income and expenses for the year, shall be submitted to the members at the annual meeting.
 

Proposed Amendment

Section 11.5. Audit/Financial Review. The Board of Directors shall review all financial statements prepared and presented by the Treasurer at their regular meetings but no less than four times a year. At such time that either the gross revenue of the Cooperative is greater than $500,000.00 in a fiscal year, or the assets under management are greater than $5,000,000.00, the Board shall, review this section 11.5 to ensure adequate controls and compliance with applicable accounting requirements.

Rationale for the Change:

  • Our current organizational size and loan covenants with banks do not yet require formally reviewed or audited financials.

  • Current IRS guidelines require Non-profit organizations to have audited financials beginning at $500,000 in revenue. While cooperatives are not held to this same requirement, it can serve as a guideline for prudent review of controls.

  • Our RFP process found that due to our size, many firms would not want to perform audited financials for NEIC during peak season, but would be willing to perform them out of season.

  • The lowest RFP for reviewed financials was $7,500 vs a 2016 net income of $11,778.77.

  • We have left this section open to further review upon such time the cooperative reaches either the specified revenue or assets.

 

 

2018 Board Candidates

All board candidates have provided the following information.

Tyler Candee


1. Why would you like to serve on the NEIC board of directors?

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NEIC embodies what is special about northeast Minneapolis – people from all walks of life working together to build a community. NEIC’s success is the product of vision and hard work by the boards and members from the past several years. I would like to lend my hands to help continue this good work. I love NE and want to do my part to keep it the best place for all to live, work, and enjoy.

2. What kinds of expertise, interests, skills, or other resources would you bring to your work on the board of directors, or on any of NEIC’s committees?

I have been an attorney for about a dozen years. I’m currently in-house counsel at a Minneapolis-based bank. Prior to that, in private practice, I worked largely on real estate and lending/debtor-creditor matters. I also have professional experience in sales & marketing and in government (federal, state, & local). In all that I do, I am a dogged and creative problem solver and collaborator.

3. Have you served on a board of any other organization? If so, which one(s)?

N/A

4. Please provide any other relevant information.

N/A

Marc Flodquist
 

1. Why would you like to serve on the NEIC board of directors?

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I believe in NEIC as a way for community members to invest in their community and provide a place for local businesses to prosper. I’ve lived in Minneapolis for 5 years and have lived in north east for the past 2 years. I first became a member of NEIC a year ago, and I have been impressed with the co-op’s mission and action in the community. I would like to be part of this mission as it continues to grow.

2. What kinds of expertise, interests, skills, or other resources would you bring to your work on the board of directors, or on any of NEIC’s committees?

I have a strong personal interest in the relationships between the physical and social structures of the community. I have a desire to learn and a respect for the knowledge and skills of the current board members and am willing to work. Professionally I have a Bachelors in Engineering and work in plastics research.

3. Have you served on a board of any other organization? If so, which one(s)?

No

4. Please provide any other relevant information.

N/A


Loren Schirber (incumbent)
 

1. Why would you like to serve on the NEIC board of directors?

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I hope to continue to serve on the NEIC board so I can continue to make new connections, be involved in and learn about commercial real estate redevelopment, and set an example for the rest of the world as to how individuals can cooperatively invest in real estate.

2. What kinds of expertise, interests, skills, or other resources would you bring to your work on the board of directors, or on any of NEIC’s committees?

I am an owner of Castle Building & Remodeling and have a thorough knowledge of building science and renovation costs. I am part-time developer and have a basic understanding of zoning and building codes. I went to school for marketing and entrepreneurship and hope to continue to serve on the marketing & membership committee.

3. Have you served on a board of any other organization? If so, which one(s)?

I have previously served on the boards of the Metro Independent Business Alliance / BuyLocalTwinCities.com, the National Association of the Remodeling Industry, Minnesota Chapter, and the Entrepreneurs Organization (EO) of Minnesota.

4. Please provide any other relevant information.

It has been an honor to serve on the NEIC board for the last five years. I am excited for the future at NEIC and think we can continue to cooperatively reinvent real estate ownership and set an example for others to study and learn from.

 

Please click here to vote.