Patrons of Prairie Lakes Co-op share in record $1.8 million cash distributionAbout 1,470 eligible patrons of Prairie Lakes Co-op will share in a record distribution $1.8 million in cash patronage and equity redemptions during 2009 based on business they’ve conducted with the company.
About 1,470 eligible patrons of Prairie Lakes Co-op will share in a record distribution $1.8 million in cash patronage and equity redemptions during 2009 based on business they’ve conducted with the company.
“We’re extremely proud that Prairie Lakes Co-op can provide this size of a return to our member owners,” said Brad Manderchied, general manager. “The ability to provide a return on their investment, as well as reinvest in the future of a business they own, is one of the great advantages of being associated with a cooperative like Prairie Lakes Co-op on the local level, as well as the CHS Inc. system.”
During 2009, Prairie Lakes Co-op will allocate a total $4.7 million in patronage dividends to its eligible customers based on business done September 1, 2007 to August 31, 2008, of which $1.8 million will be distributed in cash in the month of February.
CHS expects to return up to $343 million during 2009 in cash patronage, equity redemptions and preferred stock to 1,200 eligible companies and more than 35,000 producers in 48 states. This will mark the largest distribution to owners ever made by a U.S. cooperative and a fifth consecutive record by CHS.
CHS’s net income for its fiscal year ending August 31, 2008 was $803 million. Patronage is based on business done with CHS during fiscal 2008, while equity redemptions and preferred stock represent retirement of ownership in CHS earned in past years.
If they have not already done so, Individuals who have reached age 70 and representatives of the estates of deceased members are encouraged to contact Darla Schwendwmann at (320) 239-2226 and request redemption of their equity. CHS makes equity redemptions to eligible individual direct members throughout the year, based on attaining age 70 or estate retirements, but potentially eligible individuals must initiate contact.
Prairie Lakes Co-op (prairielakescoop.com), a division of CHS, provides products and services in the agronomy, energy, and grain markets to meet the needs of its patrons.
It has locations in the communities of Cyrus, Hoffman, Elrosa, Lowry, Long Prairie, Park Rapids, Glenwood and Starbuck, creating relationships with customers in agronomy inputs, propane, fuel and grain marketing.