Ceres Solutions Cooperative Redeems $44.5M in Patronage and Equity to Farmer-Owners
Indiana-based agriculture and energy cooperative Ceres Solutions is ringing in the New Year by redeeming $33 million in patronage from the 2023 fiscal year earnings. Ceres will also be redeeming $11.5 million of equity that was earned in years 2008-2013.
“It is a cornerstone of the cooperative model to provide returns to farmer-owners whose membership and purchases help the cooperative prosper,” said Ceres Solutions CEO Jeff Troike. “Patronage and equity provide added value to our members for their support and bolster rural economies across Indiana and Michigan where our farmer-owners live, work, and conduct business.”
Farmers become members of the cooperative by completing a membership application and running an active farm operation. The amount of patronage paid back to each member is based upon the volume of business they completed with the cooperative in the fiscal year. For 2023, approximately 5.5% of member business is being paid back.
Redeeming $44.5 million to farmer-owners across Indiana and Michigan will continue to support the vitality of rural communities through local spending, investments and charitable contributions. This give-back represents nearly 65% of the company’s annual earnings.
The cooperative model is much different than a publicly traded or privately owned business. Because Ceres Solutions is farmer-owned and directed, company leadership is empowered to make local decisions with a long-term view, supporting rural communities and providing top-notch service to farmer-owners and customers along the way.
“We look forward to another year of growth and continued dedication to providing a competitive, farmer-owned solution in the marketplace,” Troike said. “The successes of our cooperative are the successes of our farmer-owners and the communities we all call home.”
Farmer-owners of Ceres Solutions Cooperative, Inc. can expect to receive their patronage and equity payments in January 2024.
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