North Central Farmers Elevator reports 2013 record sales and earnings
North Central Farmers Elevator (NCFE) reported another year of exceptional performance for the fiscal year ending on July 31st, 2013, according to NCFE General Manager, Mike Nickolas.
Patrons attending the annual meeting of members on Tuesday, December 10, 2013, at Father Bormann Hall in Ipswich learned that total sales volume was a record breaking $875 million, with net profitability of $13.3 million. Additionally, NCFE returned $1,794,000 to their member-owners. The checks were distributed at the annual meeting or were mailed to their member-owners in December. The board authorized for the first time to issue nonqualified allocations of $3.2 million and to put $5.5 million into the general reserve to continue to strengthen the cooperative’s balance sheet.
Mark Engelhart from Eide Bailly presented the financial report.
South Dakota Secretary of Agriculture, Lucas Lentsch, was the keynote speaker at the meeting. He told patrons he sees fields of opportunities for young South Dakotans who choose to make their homes here. He summed up by saying, “This state is admired for its intangibles, like respect and perseverance, which continue to be passed down from one generation to the next. Tomorrrow’s competitive advantage will go to those who aren’t afraid to work for it. That is South Dakota, that is you.”
The NCFE Board of Director election results were announced at the meeting. Bryan Bauer of Mina, Rick Osterday of Java, Quentin Larson of Pollock, and Mike Clements of Miller were elected unopposed for three-year terms. Board leadership remains the same for the coming year with Rick Osterday of Java as President, Ken Olson Jr. of Turton as Vice President and Quentin Larson of Pollock as Secretary.