Conserv FS Declares Patronage for FB Members
For the tenth consecutive year, the Conserv FS Board of Directors has declared near record levels of patronage refunds. Consistent with last year’s payout, patronage of $3 million will be paid out for 2018 fiscal year purchases. And again this year’s patronage payout will be paid as 70% cash and 30% Class E preferred stock.
The company’s performance in fiscal year 2018 was strong, along with its balance sheet, which allows the company to pay such a high cash percentage.
“The diversification of our coop has allowed us to manage through tough years in one area while generating strong profits in others,” says John Tuttle, Conserv FS General Manager.
Individual rates of payout are determined by product line and will be similar to last year’s rates.
Individual checks will be processed and cut over the next few weeks and will be distributed in mid- December. A full breakdown of payment rates will be included with the check and members’ individual payment records. Rates may vary for direct transport load deliveries.
In addition to patronage, the board approved $700,000 of stock revolvement, keeping the cooperative on a ten-year cycle, a primary goal of the board. “Keeping the stock of the coop in the hands of active patrons is something we pride ourselves on as a board,” said John Henning, board president. With the cash patronage and stock revolvement, the company will return nearly $2.8 million in cash to the country.
Conserv FS, Inc. is a Federated Cooperative locally owned and controlled, based in Woodstock, Illinois. Conserv proudly serves patrons throughout Northeastern Illinois and Southeastern Wisconsin.