Farm Supply Company gives back over $350,00 to local agricultural community
The agricultural cooperative offers support to farmers in the community
–In celebration of its dedicated customers and strong sales despite the challenges of 2020, Farm Supply Company has distributed over $350,000 in patronage dividends to its loyal members.
As an agricultural cooperative, Farm Supply Company’s profits are returned to its members through annual patronage dividends. Member return rate for 2020 was 5.81%, which was the highest in the cooperative’s history. The cooperative has almost 2,500 members, who are all agricultural producers, most of whom live and operate on the Central Coast. Members include ranchers, farmers and vintners.
In a typical year, the cooperative pays out 30% of the patronage dividend and the remaining balance is paid out as a revolving fund in future years. For the 2020 dividend, the cooperative’s board of directors approved a 40% cash payout in acknowledgment of the challenges faced by our local agricultural community through the ongoing pandemic. The cash portion of the 2020 dividend is $174,000. Combined with the revolving fund of $184,000, that’s more than $350,000 directly invested into the company’s members and the Central Coast’s agricultural community.
“We do not take for granted how lucky we are to be considered an essential business,” said the cooperative’s CEO and President Cara M. Crye. “We open our doors every day, ready to provide exceptional customer service and quality products to our members and customers. We knew we had to do something special for our members, who made our success amid a global pandemic possible. It’s our way of saying thank you, we’re thinking of you and we’re hoping for brighter days ahead.”
The cooperative supports its members and local communities throughout the year with educational clinics and special events like the Great Pumpkin Contest. They’re is also involved in programs that promote youth in agriculture and agricultural education including 4-H and Future Farmers of America, as well as agriculture departments and events for local primary through collegiate schools.
