by Nancy Gardiner
Northern News Services

NNSL (May 07/97) - The Yellowknife Direct Charge Co-op had its best year ever in 1996, reporting revenues of $15 million. In addition, the co-op successfully paid off its 1993 debt, when the new store opened.

The co-op's annual general meeting was well attended last week, despite the NHL hockey playoffs. About 100 people turned out, including the Yellowknife Youth Choir, which led off the meeting.

Due to the downturn in the economy in Yellowknife and the consequent departure of many long-time residents, the co-op's membership list did not grow significantly, according to the president's report, but revenues still increased by 4.91 per cent. The co-op currently has 1,667 members.

President John Monroe did not attend the meeting, but vice-president John Argue read the president's report to the members in attendance.

The president's report noted that during 1996, the co-op was finally successful in getting registered under the GNWT's Business Incentive Policy, which should give it a competitive edge when bidding for government contracts.

The co-op has expanded its bush-order business to serve some of the exploration and construction camps in the Western and Central Arctic.

As well, co-op members from Rae-Edzo are able to shop at the co-op in Yellowknife now.

In 1996, about $18,000 was donated to local groups, organizations and schools, $5,000 of that in the form of scholarships.

The co-op's cardboard recycling project with the city of Yellowknife resulted in the production of 90 tons of recycled cardboard.

The direction for 1997 includes the planned refinancing of the co-op's mortgage. The board also recently hired a new manager of member and public relations, Margaret Woodley, with a strong mandate to increase membership.

Another change to emerge from the meeting sees the co-op get out of the boat business, and will be selling off the rest of its marine inventory.

Four new people joined the co-op's board of directors. They are: Margaret Bertulli, Larry Babiuk, Mark Needham and Angela Watson.