15 years ago, $12.5 million was a number smashing the record books. Today, that number is $100 million and we’re still ecstatic to have your partnership pay in such a significant way. On March 11 – a day known as Patronage Day – our member-owners will receive their portion of a record-breaking $100 million being returned to them in patronage.
Celebrating 15 years and an overwhelming $500 million dollars of total patronage ‘pay back’ is a key value of your partnership with this cooperative, and one way we acknowledge members who have exhibited hard work, tenacity and commitment to agriculture and rural living.
“2019 presented farmers with some very difficult challenges,” says GreenStone President and CEO Dave Armstrong. “A patronage check is not a fix for the situations members encountered last year, but it does signify our long-term commitment to providing dependable services at a competitive rate – and to do so, responsibly.
“It is our way of showing our deep appreciation for American agriculture, and our gratitude for our members and their ongoing support.”
When we set out on the unprecedented journey of returning earnings to members, the vision was to maintain and increase both the dollar value and the percentage of net income returned, while ensuring a strong capital position in order to also offer competitive rates and a consistent, strong supply of credit. Looking at today’s economic condition in many agricultural segments, that capital continues to be the foundation of GreenStone’s ability to stand together with our members and partner through the challenges.
These attributes contribute to the core strength of GreenStone, and we believe our members deserve to share in GreenStone’s continued success – the success they helped to grow.
And this year, that vision started years ago is in full view. GreenStone will not only return a record dollar amount, over 20 percent more than the $82 million returned last year, the $100 million also represents the largest ratio of net income being returned – nearly 50 percent of your cooperative’s 2019 net income will be coming right back to you, our members. That’s an important climb from the 20 percent share at the start.
In addition to hosting the Patronage Day celebration you are invited to, and handing out patronage checks to members, each GreenStone branch will also be paying appreciation forward with donations to charities. Customers will have the opportunity to vote for the charity aligned with their passion to receive a share of $20,000 earmarked for this Member Grown Outreach initiative.
GreenStone’s cooperative partnership has produced rewards for both the company and for our members, and we are excited to extend our partnership to helping organizations in our local communities as well.
As we work with our members through the extended downturn in the agricultural commodity markets, we remain impressed with the tenacity, determination and resilience our members continually express. Your dedication, non-stop drive, and commitment is showcased through the success of your cooperative. The record-level of patronage is a direct result of that partnership and reflects our commitment to do all we can to support our members.
Please join us on Patronage Day, March 11!
We will celebrate our members and provide a personal thank you to customers as we distribute checks at each GreenStone branch. Patronage notification letters will be sent to all eligible members in mid-February.
To view the article in the online 2020 Winter Partners Magazine, click here.