June 19, 2017
AgGeorgia Farm Credit is pleased to announce that checks totaling $13,066,825 are being mailed to its membership. Members should have all received their checks by the last week of June. The distribution comes after AgGeorgia has already declared dividends of over $11 million in April, $3.35 million of which were paid in cash. In total, AgGeorgia has now distributed over $16.4 million in cash in 2017 to the members of the cooperative.
The upcoming payout is a surplus revolvement from AgGeorgia’s 2007 Patronage Refunds, and is divided between qualified and non-qualified surplus. Taxes were paid on the qualified surplus portion when declared in 2007, however no taxes have been paid yet on the non-qualified portion. Members will receive a 1099 in February of next year regarding income taxes on this portion.
This marks the 29th consecutive year the cooperative has returned profits to its members, with over $344 million in cash being paid out since 1988.
“We are pleased that we are able to share these proceeds with our members because of our strong capital position,” said AgGeorgia CEO Jack Drew. “We understand that farming is a proud, but challenging profession, and it is exciting to know that these checks go into the pockets of our borrowers and shared by all of our stockholders.”
AgGeorgia Farm Credit is an agricultural lending cooperative owned by its over 4,000 member-borrowers, proud to have been helping Georgia grow for generations. AgGeorgia provides farm loans for land, equipment, livestock and production; rural home mortgages, and services such as crop insurance and leasing. AgGeorgia Farm Credit has 20 branches serving 79 counties in Georgia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America.
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“We understand that farming is a proud, but challenging profession, and it is exciting to know that these checks go into the pockets of our borrowers and shared by all of our stockholders.”-AgGeorgia CEO Jack Drew