[HASTINGS, NE December 13, 2022] — The Cooperative Producers, Inc. (CPI) Board of Directors has approved the allocation of $5,000,000 in patronage refunds to member-owners as a result of its fiscal 2022 financial performance. The patronage refunds will be paid out in 50% cash and 50% qualified deferred equity. With the addition of other equity retirements, CPI returned a total of $3,210,000 back to its member-owners in cash, redemptions, and deferred equity during the 2020 fiscal year.
These payments to our member owners are only possible with local profits derived from the business we do with our customers. Fiscal 2022’s local savings of $10.3 million and total savings of $25.7 million continue to put CPI on a path of success and have allowed CPI to maintain and construct facilities to serve our customers.
“The current rate of inflation and higher interest rates will challenge all parts of agriculture. Commodity prices will drive the decisions our customers make for the coming season. CPI will support our farmers and their communities with facilities, service, patronage, and donations.” said Gary Brandt, CEO at Cooperative Producers, Inc. “The Board of Directors’ leadership and the loyalty of our member-owners will continue to allow CPI to invest in facilities and rural Nebraska.”
Patronage payments are calculated based upon the amount of business done by our members during the fiscal year, which began July 1, 2021 and ended June 30, 2022.
