IFC 2020 Financials

Photo by David Mark

Provided is a financial summary for the Iowa Food Cooperative for the fiscal year beginning July 1st, 2019, and ending June 30th, 2020. View the IFC 2020 Annual Review and note from the IFC Treasurer here.

IFC Year Over Year

202020192018201720162015201420132012201120102009
Operational Revenue$748,386.06$579,179.89$539,931.56$478,467.73$496,460.83$424,690.04$386,030.98$271,952.95$186,119.71$200,554.09$136,872.38$47,654.61
Operational Expense$744,439.35$586,937.67$557,252.16$490,249.18$489,495.91$428,455.82$380,207.71$269,787.19$205,849.53$203,702.05$137,663.18$45,795.20
Adjustment$166.63 $6,750.00$887.57-$76.08$8,235.00      
Operations income/expense$4,113.34-$7,757.78-$10,570.60-$10,893.88$6,888.84$4,469.22$5,823.27$2,165.76-$19,729.82-$3,147.96-$790.80$1,859.41
Cumulative Income/Loss-$27,571.00
202020192018201720162015201420132012201120102009
Actual Sales (consumer only.  Not wholesale or retail)$493,235.13$395,563.91$374,999.92$331,669.99$366,241.66$314,717.72$256,833.90$178,105.34$152,255.58$150,298.71$93,065.36$35,944.63
% growth (loss) compared to PY24.7%5.5%13.1%-9.4%16.4%22.5%44.2%17.0%1.3%61.5%158.9%

IFC Profit and Loss

IncomeTotal
   4000 Member Consumer Purchases$493,235.13
   4007 On-site/retail Purchases$25,651.21
   4010 Coop Item Sales$26,510.16
   4020 Annual Fee$5,600.00
   4100 Coop Fees – Producer Member$86,329.02
   4101 Coop Fees – Producer (direct sales)$216.97
   4103 Co-op Fees producers Retail$4,993.72
   4104 Co-op Fees Consumer Retail$4,932.70
   4105 Coop Fees – Consumer Member$89,867.17
   4200 Donations$10,022.91
   4210 Bank Interest$20.95
   4430 Miscellaneous Income$1,006.12
Total Income$748,386.06
Gross Profit$748,386.06
Expenses
   4005 Producer Member Sales$493,435.61
   4008 Producer Retail Sales$27,167.94
   5100 Delivery Day Expense$1,957.62
   5199 Customer Overages and Shortages$907.46
   6000 Advertising/Promotional$2,412.58
      6002 Food (purchased through IFC account)$119.73
   Total 6000 Advertising/Promotional$2,532.31
   6001 Promotional (Food Purchased for Events by check)$19.48
   6003 Items Lost or Damaged by Coop$4,020.84
   6005 Bank Charges$524.06
      6006 Bank Charges – paypal/dwolla fees$7,067.58
      6007 Bank Charges – credit card fees for purchases$3,882.36
   Total 6005 Bank Charges$11,474.00
   6010 Items Purchased for Re-Sale$21,968.88
   6170 Licenses & Permits$306.00
   6180 Insurance$7,445.53
   6185 Postage & Shipping$653.34
   6190 Office & Supplies Expense$1,455.53
   6191 Software Fees$777.00
   6195 Accounting Software Fee$900.77
   6209 Consulting Fee (General)
      6203 Consulting Fee – Internal Accountant$1,343.75
      6204 Consulting Fee – External Software Support$1,600.00
      6210 Consulting Fee – Distribution Support Staff$484.50
   Total 6209 Consulting Fee (General)$3,428.25
   6270 Professional Fees –  Accounting$3,525.00
   6275 Small Tools and Equipment-Non Depreciable$1,387.36
   6278 Depreciation Expense$5,453.98
   6281 Equipment Repair & Maintenance$4,950.85
   6285 Utilities$5,735.19
   6290 Cleaning expenses$334.84
   6295 Meeting Expense$321.00
   6300 Internet and Telephone Expenses$1,810.50
   6350 Rent Expense$23,836.00
   6400 Web Site Hosting$354.04
   6405 Web Site Maintenance$49.00
   6450 Travel
      6451 Travel – Deliveries to Drop Off Sites$3,285.19
   Total 6450 Travel$3,285.19
   6500 Payroll Expenses
      6510 Payroll Expenses-General Manager$13,272.00
      6520 Payroll Expenses-Other$89,881.35
      6610 State unemployment$381.48
      6620 Federal Unemployment$404.92
      6630 FICA/Medicare$1,495.73
      6640 OASDI$6,395.52
      6650 Payroll Processor$1,798.21
   Total 6500 Payroll Expenses$113,629.21
   6900 Volunteer Food Credits$1,050.00
   6910 Donations and Charitable contributions$100.00
Total Expenses$744,272.72
Net Operating Income$4,113.34
Net Income$4,113.34

IFC Balance Sheet Summary

as of June 30th, 2020

2020201920182017201620152014201320122011
ASSETS
   Current Assets
       Cash$56,750.43$16,334.80$10,149.03$23,250.95$40,778.00$25,782.02$26,389.00$15,060.00$10,718.00$28,635.00
      Accounts Receivable$110.67$8,869.68$17,551.03$12,932.70$696.00$3,352.39$906.00$573.00$1,223.00$1,115.00
      prepaid insurance$1,870.72$3,575.25$3,262.95$3,058.66$3,083.00$2,515.04$1,673.00$1,598.00$1,523.00$0.00
   Total Current Assets$58,731.82$28,779.73$30,963.01$39,242.31$44,557.00$31,649.45$28,968.00$17,231.00$13,464.00$29,750.00
   Fixed Assets$14,081.10$8,629.56$13,421.12$16,785.19$21,759.00$20,130.17$9,394.00$8,976.00$3,776.00$3,335.00
   Other Assets$1,500.00$1,500.00$1,500.00$1,500.00$1,500.00$1,500.00$1,500.00
TOTAL ASSETS$74,312.92$38,909.29$45,884.13$57,527.50$67,816.00$53,279.62$39,862.00$26,207.00$17,240.00$33,085.00
LIABILITIES AND EQUITY
   Liabilities
      Current Liabilities
         payables$22,375.19$1,184.90$2,751.96$9,224.73$5,729.00$5,597.81$1,590.00$1,583.00$939.00$554.00
         Accrued Expenses$0.00$0.00$0.00$641.00$0.00$412.00$235.00$242.00$291.00
      Total Current Liabilities$22,375.19$1,184.90$2,751.96$9,224.73$6,370.00$5,597.81$2,002.00$1,818.00$1,181.00$845.00
   Total Liabilities$22,375.19$1,184.90$2,751.96$9,224.73$6,370.00$5,597.81$2,002.00$1,818.00$1,181.00$845.00
   Equity$51,937.73$37,724.39$43,132.17$48,302.77$61,446.00$47,681.81$37,860.00$24,389.00$16,059.00$32,240.00
TOTAL LIABILITIES AND EQUITY$74,312.92$38,909.29$45,884.13$57,527.50$67,816.00$53,279.62$39,862.00$26,207.00$17,240.00$33,085.00

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