The Farmers Cooperative Elevator Company of Rushford, Houston, Caledonia and Spring Grove held its 108th Annual Meeting of the Stockholders in Rushford on Nov. 17.
Auditor Roger Van Someren of Carlson Highland & Co. LLP reported that the cooperative had record sales of $68.9 million, an increase of nearly 30 percent over the previous year, and record net savings of $2.25 million.
Van Someren told the membership that the co-op is being run efficiently and had excellent operating results. The auditor also reviewed major fixed asset additions, including additional grain weighing, drying and storage facilities in Rushford, and commended the board on working to update plant and equipment to fulfill member needs.
Board President Steve Oian congratulated members on a very successful year and informed them that, “Patronage for the fiscal year ending July 31, 2012, would be paid out 100 percent in cash at the meeting. In addition, the oldest retained equity from previous years would also be retired.”
When added to the Domestic Production Activities Deduction credit, Farmers Cooperative Elevator Company members received $1.7 million in cash and tax benefits. Oian went on to say that the, “Co-op’s board of directors is looking carefully at the rolling stock and equipment to make sure all are operating well and able to keep up with the business.”
General Manager/CEO Todd Rosvold commented on how the Co-op has grown since its start and the many changes that have taken place in agriculture and farm cooperatives. Rosvold went on to say, “Some things have changed at Farmers Cooperative Elevator Company; however, the co-op’s mission of service to members, governance of the business and the dedication of the board and employees in serving members stays the same.”
Rosvold reported that all three divisions – agronomy, feed and grain – “had solid sales and unit volume increases, with grain sales up nearly 50 percent over the previous year.”
Rosvold added that the expansion of the grain facilities in Rushford worked as well or better than planned this fall with short waits for farmers to unload corn and the additional grain storage filled. Rosvold congratulated the board and the division managers and their employees on successful operations. He pointed out that cooperatives are only successful with member participation and thanked them for their business.
The Farmers Cooperative Elevator Company is a co-op business supplying member’s hog, dairy cattle and beef cattle’s nutritional needs, crop nutrient and protection supplies and service and grain marketing service in southeast Minnesota and northeast Iowa. The Board of Directors consists of Steve Oian, President (Rushford), Mike Schroeder, Vice President (Caledonia), Paul Olson (La Crescent), Eric Nelson (Caledonia), Dan Kunst (Winona), Greg Smith (Rushford) and Rick Ruberg (Rushford).