ANNUAL2022REPORT
Asystem.strong local food system includes many stakeholders: well-fed communities, thriving farmers and producers, efficient distribution, empowered workers, and thriving co-ops. A part of this is a successful Lexington Co-op. When the co-op succeeds, the community benefits.
Strong Community Partnerships
A key strategic priority in 2022 was to strengthen our partnerships with local organizations that also work to build strong equitable local food systems.
Local Farmers and Producers
As staffing capacity grew, co-op services expanded. 2022 highlights included our Thanksgiving preorder program and the reopening of the salad bar. In 2023 we expect to reopen our hot bars and introduce sliced deli meats. Rising inflation made us grateful for our national partnership with other co-ops through NCG, which helped us offer deeper discounts on Field Day items, local items and Buy One Get One deals.
We look forward to even more partnerships in 2023. Partnerships with Slow Roll Buffalo on the Harvest Roll tour of urban farms and with Buffalo Niagara Medical Campus on the Food is Medicine project are already underway as of this writing.
GeneralTimSincerely,BartlettManager OF STAYS LOCA A letter from the General Manager
Welcome to the co-op’s 2022 annual report. All of the results in this report are created by you; by your patronage, participation, and generosity. Thank you! I encourage you to review this report and celebrate the progress achieved towards our vision of a strong equitable local food
The generosity of the Buffalo community is no secret. The co-op’s Change for Change program leveraged that generosity into more than $147,000 in donations to organizations including Feed Buffalo, FeedMore WNY, and the African Heritage Food Co-op. This program is the co-op at its finest: a little generosity on your part adds up to an amazing impact.
Localcategories.foodis
As we look ahead to 2023 and beyond, we are excited for the potential of our new team and committed to deepening our partnerships with community groups, farmers and producers to bring you the best local and sustainable food while working to build a strong, equitable food system. Whether you are an owner, supplier, staff member, or customer, we thank you for your part in furthering this vision.
Staff & Customer Experiences
2022 was a banner year for co-op producers. Perennial co-op favorite, Top Seedz was awarded the prestigious 43 North Grand Prize, which has allowed them to grow beyond local distribution. Local brands like Singer Farms cherry juice, BreadHive, and Gro-Op basil continue to be best sellers in their
more sustainable, more secure, and more delicious than food shipped from elsewhere. When you choose local at the co-op, you support local farms and eat better. In 2022 we added the inspiring Providence Farm Collective as both a supplier and Change for Change recipient. In all, the co-op purchased over $2.6 million in products from local farmers and producers this year.
Our partnership with Field and Fork Network helps low income, low access communities access the good food they need. Through the Double Up Food Bucks program, SNAP customers saved over $108,000 on fresh produce at the co-op in 2022.
In the wake of the race-based terrorist attack on our Black community in May, the work to make local food more accessible and equitable is more important than ever.
The hard work of co-op staff continues to be a key driver of co-op success. The staff turnover in the first year of the pandemic led to many new faces as we began 2022; new staff and leaders who needed training and time. By the end of the year, these “new” faces were performing at the high level you have come to expect, and co-op profitability followed.
I look forward to seeing you at the annual meeting!
BoardPatrickSincerely,FinanPresident
I’m also excited to share that we started a new board member training program. We’re prepared to welcome our new directors and get them integrated into the organization quickly.
As member-owners of the Lexington Co-op Markets, we’re part of a special community. We’re united by our love of local, sustainable, and organic food, by our Western New York roots, and by our mutual respect for each other. When I return to Buffalo a er a trip, my first stop is o en the Co-op, and every time I walk through the doors I feel like I’m home.
priority for the board this year has been elections. Our elections committee worked hard for you to increase the number of candidates so you can ensure you have a high-functioning and diverse board. I’m happy to report that we have a record 15 candidates this year! With so many great candidates and 5 open board seats, we want to ensure that we have a record voting turn out too. Please vote! And please encourage your friends and neighbors who are member-owners to vote. Our new board members will serve three-year terms and will be shaping our Co-op for years to come. There hasn’t been a more important election in years.
The board has spent the last year working in concert with Tim to continue to steady the Co-op a er a few unpredictable years, and to prepare the Co-op for a bright future ahead. This year the board worked to fully rewrite the Co-op’s board policy register, which hadn’t been updated wholesale since its creation in the ’90s. This will allow the board to more efficiently evaluate GM performance and allow for more time for high-level discussion and decision making, so we can be great stewards of our
A letter from the Board President
As we grow, we have the opportunity to create a home that’s even more accessible, impactful, and inclusive for everyone. Over the last year as a community, we welcomed 637 new member-owners and kept $13.8m in the local economy. The Double Up Food Bucks program saved EBT customers $86,000 on fresh produce, and the Change for Change program raised over $147,000 for local non-profits.
AnotherCo-op.
Before signing off, I have to give thanks to the incredible team working at the Co-op every day. Thank you for all that you do for the organization! And thanks to all of the member-owners for shopping at the Co-op and participating in building a more vibrant community.
18,406 transactions1,420 participants $108K Saved by participants of Double Up Food Bucks +30% year-over-year Fresh, nutritiouslocal,food on more Buffalo tables Strong and Equitable Local Food System We are grateful and proud to partner with Field and Fork Network on the Double Up Food Bucks program, which increases access to and the affordability of fresh fruits and vegetables for low-income individuals and families. We will continue to build upon this program’s success in 2023 with increased outreach and awareness campaigns focused in low-income, underserved communities and black and brown communities in Buffalo. Our vision is a
Small acts of generosity collectively make a huge impact on frontline organizations in our communities. Local organizations also received 7K in donations from the co-op. 155K Fundraised for OrganizationsNon-profit +34% year-over-year Buffalo Niagara Waterkeeper .............. GObike ........................................... Locust Street Art ............................... Cooperation Buffalo .......................... Friends of Night People ..................... Feed Buffalo ..................................... WNY Crisis Services .......................... PUSH Buffalo ................................... Haven House/Child & Family Services Disaster Recovery Fund (Ukrainian Aid) FeedMore WNY .............................. African Heritage Food Co-op ............. Upstate NY Black & Latino Pride ......... $7,718$7,303$11,717$11,772$11,034$11,160$10,556$15,728$9,427$13,148$12,573$13,509$12,191 Change For Change Recipients African Heritage Food Co-op Concern for Community A founding principle is our
132 staff members $15 co-op wide starting wage $20.39 hourlyaveragewage 82% staff eligible for benefits Our goal is to be an Employer of Choice for our diverse community
2 0 2 2 2 0 2 2 Budget 2 0 2 1 2 0 2 0 Sales 2 2 ,4 3 9 ,8 7 $1 2 3 ,3 4 7 ,2 6 1 2 2 ,7 6 0 ,8 4 $4 2 2 ,1 7 8 ,7 2 $3 Cos t of G oods Sold 1 3 ,6 3 2 ,9 4 $3 1 4 ,1 3 7 ,3 2 7 1 3 ,7 0 7 ,6 5 $4 1 3 ,9 7 4 ,8 2 $5 G ros s Profit 8 ,8 0 6 ,9 2 $8 9 ,2 0 9 ,9 3 4 9 ,0 5 3 ,1 9 $0 8 ,2 0 3 ,8 9 $8 % of Sales 3 9 .3 % 3 9 .5 % 3 9 .8 % 3 7 .0 % Opera�ng Expens es 9 ,0 7 2 ,5 9 $5 8 ,7 4 2 ,5 0 $8 8 ,4 6 3 ,0 6 $7 8 ,4 9 1 ,7 1 $2 Incom e (Los s ) from Opera�ons 2 6 5 ,6 6 7 () $ 4 6 7 ,4 2 $6 5 9 0 ,1 2 $3 2 8 7 ,8 1 4 () $ Tot al Ot her Incom e (Expens es ) 6 0 ,4 1 9 () $ 1 8 1 ,9 3 6 () $ 2 ,3 3 4 ,9 0 $8 3 3 4 ,2 6 6 () $ Incom e (los s ) before Incom e Taxes 3 2 6 ,0 8 6 () $ 2 8 5 ,4 9 $0 2 ,9 2 5 ,0 3 $1 1 2 1 ,9 5 2 () $ Prov is ion for Incom e Taxes 8 3 ,9 2 $4 2 1 ,7 7 1 () $ 2 7 4 ,8 0 0 () $ 7 5 ,5 0 $0 Net Incom e (los s ) 2 4 2 ,1 6 2 () $ 2 6 3 ,7 1 $9 2 ,6 5 0 ,2 3 $1 7 5 ,5 0 $0 % o f Sa les 1 1 % 1 1 % 1 1 6 % 1 5 % 2 0 2 2 2 0 2 2 Budget 2 0 2 1 2 0 2 0 Asse ts Current As s et s 3 ,3 9 5 ,7 5 $3 1 ,9 3 6 ,5 9 $6 4 ,6 5 6 ,5 3 $4 2 ,6 9 8 ,0 2 $5 Propert y + Equipm ent 6 ,0 3 6 ,9 6 $3 6 ,3 1 2 ,3 4 $7 4 ,8 1 7 ,5 4 $9 5 ,2 0 3 ,1 2 $8 Deferred Tax As s et 1 1 9 ,0 0 $0 3 6 1 ,0 0 $0 2 7 ,0 0 $0 3 6 1 ,0 0 $0 Inv es t m ent s in Ot her Coopera�v es 3 9 1 ,2 0 $2 3 6 2 ,5 0 $0 3 6 8 ,5 5 $4 3 3 4 ,6 6 $0 Not es Receiv able Les s Current Por�on 5 6 ,6 0 $6 5 8 ,0 0 $0 7 8 ,0 5 $2 1 0 1 ,5 2 $6 Tot al As s et s 9 ,9 9 9 ,5 2 $4 9 ,0 3 0 ,4 4 $3 9 ,9 4 7 ,6 8 $9 8 ,6 9 8 ,3 3 $9 Liabili�e s Current Liabili�es 1 ,7 4 1 ,1 3 $0 1 ,6 1 8 ,9 9 $7 1 ,8 3 7 ,6 8 $8 1 ,6 8 0 ,2 3 $4 Long t erm Debt 3 ,6 7 4 ,3 1 $0 3 ,7 8 0 ,1 1 $0 3 ,0 8 1 ,4 1 $8 4 ,4 0 6 ,0 0 $5 Tot al Liabili�es 5 ,4 1 5 ,4 4 $0 5 ,3 9 9 ,1 0 $7 4 ,9 1 9 ,1 0 $6 6 ,0 8 6 ,2 3 $9 Equity / Ne t Worth Com m on St ock ($ 8 0 par v alue) 1 ,4 9 9 ,6 7 $0 1 ,4 9 7 ,1 5 $9 1 ,4 4 7 ,1 5 $9 1 ,3 8 9 ,6 8 $8 Preferred St ock ($ 1 0 0 par v alue) 1 ,9 0 2 ,0 0 $0 1 ,5 6 0 ,7 5 $0 2 ,0 8 1 ,0 0 $0 2 ,0 8 3 ,0 0 $0 Ret ained Pat ronage 1 ,4 6 0 ,2 3 $0 1 ,5 2 4 ,1 3 $4 1 ,4 6 0 ,6 3 $8 1 ,2 0 8 ,2 4 $2 Ret ained Earnings (2 7 7 ,8 1 6 $) (9 5 0 ,7 0 7 $) 3 9 ,7 8 $6 (2 ,0 6 8 ,8 3 0 $) Tot al Equit y / Net Wort h 4 ,5 8 4 ,0 8 $4 3 ,6 3 1 ,3 3 $6 5 ,0 2 8 ,5 8 $3 2 ,6 1 2 ,1 0 $0 Tot al Liabili�es & Equit y 9 ,9 9 9 ,5 2 $4 9 ,0 3 0 ,4 4 $3 9 ,9 4 7 ,6 8 $9 8 ,6 9 8 ,3 3 $9 I ncome State me nt B alance She e t Financial Statements
$22M In sales $13.8M to local economy $193K owner savings 637 new owners $63K dividends Owners, like you,are the heart of our co-op Strong Local Economy We value a
Thank You for fantasticanotheryear
