Why become a member of the Farmers Cooperative Elevator Company? There are two types of members that make up our cooperative, Voting and Non-Voting. The different between the two is one has the privilege of voting at the annual stockholder's meeting which is held each February and the other does not. Voting privileges can be used for election of directors, by-law changes, or any other situations requiring a vote from the membership. To become a voting member, you must be a producer of agricultural products. If you do not qualify for voting membership, don.t worry, you still benefit as a non-voting member as well thru earnings you receive thru dividend checks we pay out each year at our annual stockholders meeting, depending on how our fiscal year turns out for the coop. Each member earns two 50 dollar shares of stock, you do not purchase your shares, but earn them thru your business you do with the coop. The Farmers Cooperative Elevator Company has been fortunate enough to be able to pay back to our members a percent of the coop.s earnings for many years now. The amount that is paid back to the membership each year is determined after the fiscal year end audit. The amount of your dividend check will be determined also by the amount of business that you do with the coop.
How do I become a member of the Farmers Cooperative Elevator Company?
To become a member, you must first fill out the necessary paperwork. There are two membership application forms, one for Voting and one for Non-Voting, as I described above. There is also a Charge Account Agreement that will need to be filled out and returned along with the membership application. Once all the necessary forms have been filled out and returned, it will go to the Board of Directors, in which they will determine the status of your application for membership whether it is voting or non-voting.
Brad Scheer (Controller)