Peg Nolan

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}

Can you tell me in 10 minutes what the best practices for finance are that I can use at my co-op?" This question has been repeatedly asked of us in our respective work with co-op finance managers a

Manager Compensation PDF Version (324Kb)

Note: This article contains charts that are not pictured here. You can download a pdf of the article at the end of this page.

Cooperative Grocer 2000 Retail Operations Survey

Statistical Summary of Income Statement, Balance Sheet, and Ratios

This is the second annual Cooperative Grocer Human Resources (HR) Survey report.