, 2022 at the Sleepy Eye Event Center, Sleepy Eye, MN. If you missed it, here are some financial highlights from our fifth fiscal year....."> 2022 Annual Meeting Highlights - Central Region Cooperative

2022 Annual Meeting Highlights

Dec 08, 2022


December 8, 2022
 
Hopefully, you were able to attend our annual meeting which was held December 6, 2022 at the Sleepy Eye Event Center, Sleepy Eye, MN. If you missed it, here are some financial highlights from our fifth fiscal year ended July 31, 2022:
 
    Total Net Sales                                                            $386,555,358
   Gross Margin plus Other Operating Receipts             45,181,614
    Local Net Margin                                                       8,221,896
    Net Income                                                    9,084,002                                                            
 
CRC issued $3,725,000 in cash patronage and $1,242,000 in equity patronage to eligible patrons in November.  For 2022, patronage was 75% in cash and 25% in equity.  The Total Earned patronage amount displayed on the check stub(s) of your patronage check(s) should equal the Box 1 amount of your 1099PATR.  Patronage covered the following products and services purchased between August 1, 2021 and July 31, 2022 (rates are per dollar of patron purchases):
 
                        Grain services (drying and storage)      $.018683                                                             
                        Livestock feed                                           .008249
                        Gasoline and diesel fuels                        .019946
                        Fertilizer                                                     .014261
                        Fertilizer services                                     .151525
                        Chemicals                                                  .022698
                        Seed                                                           .013304
                        LP                                                               .048322
 
CRC also paid patronage on grain purchased from patrons at a rate of $.086474 per bushel.
 
CRC’s by-laws require a patron to earn a minimum of $25 in fiscal year patronage to receive a patronage check.  CRC did not pass back any Section 199A deductions to patrons for 2022.  The deduction amount in Box 6 on your 2022 1099PATR will be $0.
 
CRC issued $1,864,500,000 in equity retirement checks to patrons in December.  CRC retired all remaining River Region Cooperative (RRC) equity issued in 2005, 58.5% of RRC equity issued in 2006 and all equity of legacy RRC customers who reached the age of 80 in 2022.  CRC also retired all remaining outstanding equity of legacy South Central Grain & Energy (SCGE) patrons who reached age 72 or age 71 in 2022. If you did not receive a retirement check and believe you should have, contact your local office; we might not have your correct birth date on file.
 
REMEMBER:  Equity retirement checks are not subject to income tax.  You paid the income tax on your equity in the year it was credited to your account.  Consult your tax advisor.
 
CRC will mail 2022 Forms 1099PATR to patrons the week of January 16th.  Grain customers with a number in Box 3 of their 1099PATR form also received a 2022 Domestic Production Report detailing how the Box 3 number was calculated.

A board seat from District 2 was removed upon the retirement of board member Bruce Froehlich. There was a unanimous consent ballot electing Brian Broderius from District 1 and Steve Lax from District 3, who ran unopposed, to serve another four-year term on the now nine-member board. Special recognition was given to Bruce Froehlich for his eight years of service to the cooperative. 

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