Farmers Cooperative Elevator Co.’s 2020 Annual Meeting was held at 3 p.m. on June 18 at the Main Office in Hemingford. Chairman Chris Cullan called the meeting to order and Secretary Derek Ginn read the notice of the Meeting. Minutes from last year’s Meeting were approved.
Chief Financial Officer Brandi Burke reported on the financials of the Cooperative. Net saving for the year totaled $1,548,740 and Patronage redemptions that will be paid to Patrons totaled $422,116 with 40% paid out in cash and 60% in equity.
Chris Cullan then gave the Chairman’s report where he commented on the number of regular meetings and special meetings as well as reporting that Associate Paul Winter completed the Director Certification Program through the Nebraska Cooperative Council.
Chairman Cullan went on to report that $11,094,500 was approved for capital projects and equipment including new grain storage in Hemingford, a grain dryer, and liquid fertilizer tanks. Also $43,339.00 of estates was requested and approved by the board. In addition to the estates $482,565.00 was approved for equity redemption which was earned in 2008. Cullan commented that the Cooperative redeems equity by the age of the equity instead of the age of the patron. This allows the equity to mature at a faster rate and return cash to the patrons sooner.
President and CEO Bart Moseman then gave the Manager’s Report where he talked of the many challenges the past fiscal year. Agronomy tank farm failure in Hemingford last spring, cool and wet growing season that led to lighter test weight crops were the main highlights. Moseman also reported the new additions of facilities and equipment including the 919,000-bushel concrete grain storage tank, grain dryer, feed trailer, liquid trailer, and payloader. Debt was increased to fund these additional assets.
Filling in for John Prochazka, Cullan gave the nominating committee and election report. The nominating committee consisting of Seth Terrell, Todd Porch, John Prochazka and Chris Cullan nominated Paul Winter and Jon Fuschser were as candidates for the director positions. Ballots were mailed out to stockholders. The results from the ballots confirmed the election of Paul Winter to his first three-year term and Jon Fuchser to his second three-year term as Directors.