Cooperative Elevator Co. held its 102nd annual stockholders meeting March 24, 2017 at the Franklin Inn in Bad Axe. The purpose of the meeting was to elect three individuals to the board of directors, report financial information for the year ended January 31, 2017 and to hear updates from the various departments. The keynote speaker was Jeff Brandenburg from CliftonLarsonAllen.
Jeff gave an update on the current state of the agriculture economy. Incumbents Joel Fritz of Pigeon, Dan Volmering of Ruth and Bryce Kundinger of Sebewaing were re-elected as directors for three-year terms.
The company realized net margins of $6,372,009 on sales of $187,792,735. The profits will be returned to patrons in the form of a patronage dividend based on the volume of business done during the fiscal year. Forty percent of the dividend in the amount $1,183,000 will be paid in cash on September 29, 2017.
The balance of the dividend will be in the form of an allocation. The Cooperative Elevator Co. board of directors also authorized a back year allocated patronage revolvement of $2,544,038 which was paid March 15, 2017.
The back year revolvement combined with the patronage dividend which will be paid in September represents $3.72 million dollars which will be returned in cash to members in 2017.
Cooperative Elevator Co. was incorporated November 15, 1915. It was organized by farmers and it has remained farmer owned for over 100 years. In unity there is strength.
