Annual Meeting Q&A

Thank you owners for gathering with us at our 2024 Annual Meeting, and for being so engaged with your questions! We answered a few during the meeting, but due to time constraints, could not respond to all. Please find answers to the remaining questions below, which were thoughtfully considered by our Leadership Team and Board of Directors.

“Why don’t the Co-ops carry the filters for the stainless compost containers they used to sell? Would love to see sustainability come back into focus at the Co-ops. E.g. promotion of bringing reusable containers + buying bulk.” 

We carry replacement filters at Wedge Lyndale and compost containers, bags and re-useable containers at both locations. We encourage folks to bring in their own containers for stocking up on bulk items and were delighted to see so many during our last Bulk Sale in October.

“Where will the co-ops expand?” 

We have not identified a location for an additional Wedge retail location. Any site we select will need to be close enough that 5 – 15% of our current shoppers will be served by the location. Additionally, an additional site has to be capable of producing enough sales to cover the expense of acquiring and building out the site. West or North of the current locations makes the most sense to draw current shoppers, but we have not yet limited our geography.

“During the meeting have photo + contact info of speaker. Builds relationship. Many of us miss the education/cooking classes/community speakers of earlier years. Can we find time + space to return to more customer education?” 

Great feedback! We will have photos and information about speakers displayed in the future.  Unfortunately we no longer have any classroom or teaching space for holding classes. We miss doing them! In 2025, look for information about community events where there will be opportunities to learn, celebrate, collaborate, and meet.

“Please tell us your plan for reducing/minimizing the use of plastic, especially in the delis where the choice of materials is 100% local + alternatives exist. Thank you!”

Thank you for your question! We’re committed to finding ways to reduce plastic use wherever possible, and we are always on the lookout for new sustainable packaging solutions. Currently, for our hot bar and chef case items, we use compostable packaging to minimize environmental impact, as these items are packaged fresh and consumed quickly.  For grab-and-go items, which require a longer shelf life, we use plastic packaging to ensure product quality and safety, as these materials help prevent spoilage and maintain freshness.

In the deli, we have implemented a variety of sustainable options:

• Compostable containers for hot bar and chef case offerings and made to order sandwiches, wraps and bowls.
• Paper wraps for bakery items where it’s feasible
• Recyclable materials whenever possible

We appreciate your feedback and share your goal of reducing plastic wherever we can safely and practically do so. Your continued support encourages us to keep moving forward on this path toward a more sustainable future. 

“What is the long-range plan to reduce plastic packaging? I realize the co-ops do bulk + recycling, but I cringe every time I buy a sandwich in a plastic container, given the 603 billion plastic particles in the ocean. It’s probably an industry issue, but in the future, what are the alternatives? How is the industry seeing this, long-term? Thank God for Evan Healy + Weleda, and those who use glass. Aside from the expense, I hope they don’t ever cave.”

Thank you for sharing your thoughts! We completely understand your concerns about plastic packaging and the environmental impact. Reducing plastic waste is a priority for us, and we’re continuously exploring sustainable alternatives, especially where we can still maintain the freshness and quality of our products. The use of plastic containers for packaged sandwiches helps keep the product fresh and safe for customers who need a quick grab-and-go option. However, customers can always opt for a fresh-made sandwich at our made-to-order station, where we use compostable packaging. This way, we can offer a sustainable option for those who have the time.

In the long term, we’re closely watching and exploring new materials in food packaging. Industry innovators are testing materials like bio-based plastics, algae-based packaging, and advanced compostable materials that could offer durable, eco-friendly alternatives. Some of these alternatives are promising but still face challenges in durability, food safety, and cost at scale. One way the co-op is working to reduce the impact of plastic waste on our environment is to recycle as much of it as possible. Between our two stores, over 30,000 pounds of plastic wrap was recycled in fiscal year 2024. We recycle all the plastic wrap used to ship products to our stores and encourage our community to drop off their household plastic waste as well. We partner with an amazing local company called Merrick, Inc. to recycle plastic waste. It is locally processed to be used for products like Trex Decking.

We also appreciate brands like Evan Healy and Weleda who continue using glass. Their commitment gives us hope, and we’re constantly learning from suppliers who prioritize sustainability without compromising product quality. Reducing plastic waste is an industry-wide challenge, and we’re committed to doing our part. Thank you for being invested in our journey toward a more sustainable future—your feedback is essential in helping us make these decisions and in pushing for alternatives that better align with our environmental values.

“I would like to see a bakery come back to the coop – a great space for it is in small parking lot – really miss our bakery.”
 

We miss our fresh-baked Wedge breads as well! While there is currently no room for a full-service bakery in our Lyndale store, the return of an organic scratch bakery is something we will always consider when planning future expansions of the co-op. In the meantime, we feel that local partners Rose St. and Baker’s Field provide incredibly high-quality, locally made artisan bread for every occasion.

“With an average cash balance of more than 10 million, why was interest income only $314K? Interest rates have been over 5% for a while – so it should be closer to $500K or more. What is in the ‘other income and & expense line’ and why has it been declining the past few years?” 

We have established a minimum cash on hand amount that we will not invest. In the course of business we can have fluctuations of $2m-$4m in cash in a given week. Cash in excess of our minimum is invested in a laddered approach with no expiration date greater than 24 months, so we have different interest rates we are receiving on our different instruments. Our CFO Deb Kermeen has done a great job of maximizing our returns while minimizing our risks through her cash management approach.

Net interest income $314k compares with FY23 net interest income of $75k and $62k in FY22. TCCP maintains investment accounts with a laddered portfolio of certificates of deposit and U.S. Treasury notes. During FY24 the rates on those securities ranged from 2.5% to 5.1% depending on the purchase date and maturity. We are currently earning an average rate of 4.1%. TCCP’s $10 million in cash and investments includes $3 million of operating cash necessary to meet day to day business and liquidity needs. The operating cash earns bank credit that the bank applies to bank fees – it is not reflected in interest income. Other income of $393k includes CPW cross-docking fees and other miscellaneous income such as curbside delivery and patronage from NCG and other co-ops. Historically it also included certain CPW delivery fees on customer orders. Delivery fees on orders are included in CPW sales income beginning in FY22.

“Why do we have locks on the bathrooms at the Wedge? Who do we deny access to? Is it meant to shame people? Could we vote on this policy?” 

We added codes to the doors to address safety and theft concerns. No one is denied access to the bathrooms. No one has expressed shame or concern with having to ask for the code. Operational policies are established by management and store leadership and are not subject to membership votes. If there are specific concerns or issues that this practice has caused, please bring them to the Store Director’s attention so we can address them.  

“Can you offer things and food stuffs related to the interests of people of different religious faiths? Can you partner with cooking schools in different countries or states of Mexico?” 

Absolutely! We offer seasonal and religious food products for several different faiths. If you are not finding what you are looking for, please reach out to our Director of Purchasing and let her know what you are looking for. Our local food community has many chefs and instructors from a wide variety of cultural backgrounds, and we’re fortunate to have some of the best immigrant chefs and food makers right here in the Twin Cities. Those are the relationships we seek for partnerships.