Try to define "buying club." Is it a food co-op without a storefront? A stepping stone to a future retail store? A group effort to buy food as cheaply as possible?

The International Year of Cooperatives continues to remind us that cooperatives are a global movement of great impact and even greater potential.

Why does the work of measuring the co-op's accomplishments and telling the co-op's story matter?

Back in April 2010, Willy Street Co-op (Madison, Wis.) launched an owner bond drive to raise money to support the opening of a second retail store, Willy West.

Summary: Our previous articles were on the balance sheet and the income statement. This article covers internal control. There will be a final article on cash management. Our vision for this series is to examine fundamental financial tools and best practices for co-ops that promote overall financial health and regular review and adjustment.

The accounting best practices in this article will differ from the previous two articles since the guidelines are more dependent on your specific co-op's operations. While the specific systems for good internal controls may vary, the areas of your co-op operation that require a good internal control system are the same and are discussed here. A qualified accountant or a risk management specialist can be an important resource for you in analyzing your internal control practices and needs.  

For background to the finance concepts discussed below, see the definitions sidebar at the bottom of this article.{C}

Been called by a new food co-op for advice recently? The number of startup food cooperatives is swelling, and with it, the ranks of cooperative advisors.

Alongside many new cooperatives that are springing up, established food co-ops continue to evolve and deepen their community roots.