AgChoice earnings support AgChoice’s patronage program as well as many other initiatives for the benefit of its customers. AgChoice’s patronage model allows the organization to build capital and be profitable while providing a mechanism to return profits over time to its customer-owners.
The AgChoice Board of Directors strongly supports sharing the Association’s financial success with its stockholders. “As an Association, we want to make sure we continue to grow larger and stronger with long-term sustainability and are proud to have our customer-owners share in Association profits,” said Dennis Spangler, chairman of the Board and owner and operator of Harmony Springs Farm in New Berlin, Pa. “We know that the impact of AgChoice’s patronage goes beyond the $17.0 million returned to our customer-owners. These dollars have a significant multiplier effect, substantially contributing to rural economies throughout our service territory helping to grow our families, businesses and rural communities.”
Paying patronage to AgChoice customers has been an integral part of AgChoice’s way of doing business since it was created in 1999. AgChoice has paid patronage to customer-owners every year since then, distributing $210.6 million in cash.
In addition to paying patronage, AgChoice continues to build on programs that benefit its customer-owners and recognizes the importance of sharing knowledge and information so operations can be more successful. As a result, it developed a Knowledge Center to provide customers with new resources, tools and educational opportunities to help enhance business and management skills. Furthermore, the Association also offers business consulting, transition/succession planning, credit life insurance,