2022: Record Year
What an exciting year we just wrapped up at Town and Country Supply Association. Your board of directors held an audit meeting in March where our auditor presented the financials for our year ending on December 31, 2022. The sales and the local net profit dollars for the year were both new records for your cooperative in a year where we had to continue dealing with extremely high input costs for our growers and a shortage of employees to staff our locations.
We held our 26th Annual Meeting on March 29th this year to present our audited financials to the patron base. We were very pleased with the attendance, which totaled around 140 individuals. Our auditors presented a very positive report to our patrons that emphasized our strong financial position and the fact that we are in a good position to seize opportunities for growth based on this position.
During our fiscal year 2022, your Board of Directors approved a cash patronage payout of $964,000.00 based on 2021 purchases, deceased and retired stock payout of $320,222.06 and a stock revolvement of patronage earned in the fiscal 2000 and 2001 years of $176,089.03. For this new fiscal year that we are in, the board has already approved a cash patronage payout of $1,527,000.00 based on 2022 purchases and a retired stock payout of $332,183.44.
Your board of directors are working hard to get all patrons stock down to a 15-year rotation. They have adopted a program where they are paying off the 2 oldest years of stock each year. Last year, as mentioned above, the stock from 2000 and 2001 was paid out. This year, the Board of Directors is planning on paying out the stock earned from 2002 and 2003. This payout is planned for some time in October.
Your Board of Directors feel very strongly that we need to keep this patronage earned in prior years, as current as possible. The challenge for this program could be the nonqualified stock that we have been receiving from CHS. If they decide not to keep revolving this on a regular basis it will reduce the amount of funds for these revolvements and could put a damper on this program in the future. We are working hard to convince them that it is very important to continue these redemptions to keep the cooperative system strong.
As we move into our new fiscal year, Mother Nature has held us at bay. We have been preparing for these types of spring seasons by building up our rolling stock and employee base to meet the needs of our patrons in as timely a manner as possible. We are continually growing our customer base to maximize the assets that we have built in the past and will continue to look at ways to meet their growing needs.
I would like to thank all the patrons that continue to support your local co-op, as this support is what keeps your co-op strong and able to continue our stock programs so that all patrons can benefit from the cooperative that you have built. If you are not purchasing the full menu of products that your co-op provides, we encourage you to do so. When all divisions are strong, your co-op is stronger.
Wes Burley, General Manager
Want to get in touch with Wes? Contact him at email@example.com or 406.628.6314 Ext 12.