Maple River Coop Annual Meeting Update
Apr 24, 2020
April 2020
Maple River Coop Annual Meeting Update
Dear Patron,
Since we are not able to meet in person at this time due to CDC requirements regarding the COVID-19 situation, the Maple River Coop Annual Meeting that would normally take place in April, has been postponed to a later date. We want to ensure that our patrons, directors, and staff stay healthy and safe during this time. A notice for the meeting will be sent out once its safe to hold the meeting open to the public.
Enclosed are copies of the condensed FY2019 financials for the coop and MRGA, LLC. Overall, Maple River Grain & Agronomy, LLC had a great year considering current industry trends and tough fall conditions. The MRGA, LLC board voted on a 40% cash allocation, or $1.2 million distribution, to Maple River Coop and AGP, Grain Ltd. Net Income for Maple River Grain & Agronomy, LLC was reported at $3,020,439.36 for FY2019.
Maple River Coop received a cash portion of $855,600.00 from Maple River Grain & Agronomy, LLC’s FY2019 allocation, based off $2.1 million. Net Income for the coop after distribution was reported at $2,195,269.73. The Maple River Coop board of directors voted to retire the remaining balance of the 2006 allocation year and to payout a 30% cash dividend, 70% revolving for the 2019 allocation year. The distribution checks are enclosed.
We will have company updates to present at the annual meeting. We look forward to sharing with you our successes and outlook for 2020. With the spring planting season ahead, we want to wish all of our patrons a prosperous year. We are here to serve you so please let us know if there is anything we can do to help! If there are any questions regarding the financials or distribution process, please give our office a call at 701-347-4465. Patronage questions can be directed to Emily at Ext 1005 or email at: eneels@maplerivergrain.com.
Regards,
Alex Richard
Maple River Coop Manager
arichard@maplerivergrain.com