Dear New Pi Owners,
At the end of each fiscal year, the New Pi Board of Directors reviews New Pi’s financial performance for the previous 12 months. In years when the Co-op has a financial surplus (when our income exceeds our expenses), the Board can opt to pay a patronage dividend to our owners.
New Pi has paid out a patronage dividend to owners for the past 11 years (since 2004). This was possible because the Co-op experienced growth in sales but was not expanding its facilities during those years. This past year, however, we made significant capital investments – the largest since the opening of the Coralville store in 2000. We established a new Cedar Rapids location to serve our many owners there, as well as a new facility in North Liberty (called The Hub) where we prepare food for all three of our stores. These expenses represent a substantial investment in the Co-op – not only the business we own together, but also our mission to serve and expand the market for locally-produced and organic food. As a result of these investments, New Pi does not have surplus funds this year to issue a patronage dividend.
We’d like to take this opportunity to express our appreciation for all our owners' ongoing support for our community-owned cooperative grocery. We wouldn’t be where we are today without the choice you’ve made to invest in the Co-op and our work for local and organic foods. Thank you and looking forward to our years ahead together!
New Pioneer Food Co-op Board of Directors
Janet Razbadouski (President), Jon Fogarty (Vice President), Caroline Dieterle (Secretary), Henry T. Madden (Treasurer), Jen Knights, Calvin Norris, & Sarah Walz