A locally-owned and governed cooperative with 35 northwest Iowa locations is reflecting on the past year.
AgState officials say they are proud to reflect on a successful year, despite facing numerous challenges posed by unpredictable weather, lower commodity prices, and personal losses caused by flooding. They say they persevered together as a cooperative, demonstrating the resilience and strength of their members, employees, and communities.
For the fiscal year, AgState, which has a facility in Alta, says they achieved total sales of $950 million with after-tax earnings of $18.1 million. The Board of Directors approved a patronage distribution of $8.3 million, with $2.5 million paid in cash.
AgState officials say, “As part of our commitment to member success, AgState also utilized the Section 199 tax deduction, available to Cooperatives, passing through $7.5 million in tax benefits to members – equating to 9.75 cents per bushel. Additionally, a revolvement of 2012 preferred stock totaling $2.7 million was approved and issued in late October. This brings the total cash returned to members since AgState’s inception to $23,834,415.”
The annual Board of Directors election concluded at the Annual Meeting on December 5th, welcoming two new directors: Mark Hinkeldey of Alta and Tammy Johnson of the Marcus area. Incumbent directors Steve Recker of Paullina and Jim Wagner of Primghar retained their seats.
Board President David Dean says, “This year tested our resolve, yet it also reminded us of the power of community and shared purpose. As we look forward to the coming year, AgState remains steadfast in its commitment to serving members and supporting their operations with integrity and excellence. We sincerely thank you for your trust and business this past year. Together, we weather all seasons of change.”
(thanks to Community First Broadcasting station KIWA in Sheldon)
