Bird Island, Minnesota (December 4, 2018) – Central Region Cooperative (CRC) detailed its fiscal year ending 7/31/2018 financial results and elected three directors, at its first annual meeting held on Tuesday afternoon, December 4th.
More than 100 patrons/members/employees attended the meeting held at the Bird Island Ballroom in Bird Island, MN. The meeting featured a review of CRC’s audit by Jacob Holm, CPA with CarlsonSV, and a management presentation highlighting operational results at Central Region Cooperative.
Jacob Holm reported on fiscal year 2018 financials, which included sales of $243,143,337 and net savings of $4,365,038. Total cash distributed at the annual meeting was $1,961,888, which included 100% cash dividends of $837,092 and retired member equity of $1,124,796.
In addition to the cash distributed at the annual meeting, $127,476 of estates were distributed by CRC in fiscal year 2018.
Incumbent directors, Brian Broderius, representing District 1 and Bruce Froehlich, representing District 2, were re-elected to the ten member board and will serve four year terms. There was a unanimous consent ballot electing Steve Lax, who ran unopposed in District 3, to serve another four-year term on the board.
Larry Dean, President of the cooperative board of directors, thanked the patron/members for their trust, commitment and business awarded to CRC. Dean complimented and thanked the employees of CRC stating, “The employees at Central Region are the drivers of success at the cooperative.”