Another fiscal year for South Central Coop is complete. We ended up with a loss on local operations, but a small savings after regional patronage is brought into the picture, very similar to last year’s performance. The auditors have completed the financial reports and your board of directors has approved them. As a result, the board has decided not to approve an allocation of patronage for this year, but to strengthen the balance sheet with the small savings going to retained savings. There are several factors involved in the lack of financial success in the current agriculture economy. We realize this is not acceptable and continue to look at all options to weather the current environment.
Even though we are not allocating patronage, we will be passing through Domestic Production Activities Deduction to members that sold us grain in the fiscal year ending August 31st,, 2018. The amount of your deduction is based on the bushels of grain sold in that fiscal year at a rate of 24.593933 cents per bushel.
Find below our Statement of Operations.
Harvest is well under way. We will be doing all that we can to see that it all fits. We are also getting ready for fall fertilizer to start.
“Have a safe and prosperous FALL”.
“THANK YOU FOR YOUR BUSINESS”