New Vision Co-op announces $1.7 million cash payment to members at annual meeting
About 300 members and guests of New Vision Co-op gathered in the Worthington Auditorium Dec. 14 for their 17th annual membership meeting.
They learned that New Vision’s total sales were $357,834,004 and annual net income was $7,806,361.
That’s according to CPA Todd Glynn, New Vision Co-op’s independent auditor from Meriwether, Wilson & Company, Des Moines, who provided New Vision Co-op’s financial report for the year ending Aug. 31, 2015.
Glynn reported that $1.7 million was paid as cash patronage to the members, $1.7 million was allocated as equity to the members and $4.4 million was retained by the company.
New Vision Chairman James Eigenberg announced the following 2015 patronage rates:
Corn, 3.59 cents
Beans, 8.78 cents
The total 2015 net income allocated to members was $3,399,376.
The New Vision Co-op Board of Directors approved a 50-percent cash payment that totaled $1,699,688 to the members on Dec. 14 and allocated the remaining 50 percent of net income to members’ equity.
Eigenberg introduced the following candidates on the 2015 ballot: Mark Overgaard, District 1, Chad Wieneke, District 2, Kevin Schaefer, District 3, Kelly Dunkelberger, vice chairman and Danny Smith, District 4.
Chairman Eigenberg called for a motion to approve the ballot as presented. A motion was made and seconded to cast a unanimous ballot as presented. The motion carried, and the new directors will serve a three-year term.
Eigenberg announced that $3.5 million of equity was retired with payments issued to approximately 5,600 owners of Hills-Beaver Creek Co-op, Wilmont-Adrian Co-op, Jeffers Farmers Co-op Elevator, Windom Co-op Elevator Co and Consolidated Co-op prior to the annual meeting.
These payments will be mailed to recipients who did not attend the annual meeting.
Eigenberg reported that the total cash returned to members in cash patronage, equity retirement and estates during the 2015 calendar year was $5.5 million.
Since 1998 New Vision Co-op has returned a total of $36.5 million in cash to its members and equity holders.