United Cooperative returns cash to its members
As United Cooperative celebrates another profitable year, it does so by sharing profits with members. “It’s the foresight of the board of directors (made up of farmer members), the management and employees of the cooperative to recognize and plan for member-owners’ changing needs and industry trends,” said David Cramer, President and CEO.
United Cooperative responds to changes at the farm gate by investing in strategically positioned assets that support agricultural producers, while at the same time, knowing that each of these investments will provide a financial return to the cooperative and its farmer members.
One way of measuring a cooperative business is by its financial performance. United Cooperative had $767 million in sales in 2019 and recorded $23.2 million in total patronage for its members. Forty percent of those dollars or $9.3 million were distributed in cash in early May, while 60 percent were retained in equity credits. United Cooperative plans to revolve equity credits in October, we will also retire equity credits at age 77 and pay all estates as requested.
“All these dollars circulate into the local economy, and create a better future for United Cooperative members, and the communities where they live. The cash distribution certainly has even a higher significance this year given the economic impact brought on by the coronavirus,” said Cramer.