In FY2022, the co-op achieved positive sales growth of 4.2% over the prior year. This was our first year of positive sales growth since FY2017. As was the case in FY2021, in FY2022 we posted a significant operating loss that was offset by other income. In FY2021, the other income was pandemic related stimulus. In FY2022, the other income was the result of the NMTC financing we used to build the Friendship store. NMTC is a federal program designed to encourage economic development in low-income areas. After 7 years, a substantial amount of the original NMTC debt is forgiven (in our case over $3 million). While our profit for the fiscal year was driven by this debt forgiveness and not by operations, we are declaring a patronage refund of $789,569.
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