Accepting Applications for Community Mission Fund | $14 Million in Patronage Refunds Announced
AgGeorgia Farm Credit is pleased to announce that over $12.5 million is being paid to borrowers of the cooperative, with checks expected to be delivered by the last week of June. The distribution comes after AgGeorgia’s Board of Directors already declared dividends of over $13.5 million in April, with over $4 million of that paid in cash. In total for 2019, AgGeorgia has now distributed over $16.5 million in cash to the borrowers of the cooperative.
“We are extremely proud to be able to return our profits to our borrowers, particularly after a challenging 2018 for our farmers and much of the state,” said Guy Daughtrey, Chairman of the Board for AgGeorgia Farm Credit. “The board recognizes how important these distributions are to not only our member-borrowers, but also the economies of our rural communities.”
2019 marks the 31st consecutive year the cooperative has returned profits to its borrowers, with over $378 million in cash being paid out since 1988.
The payout is a surplus revolvement from AgGeorgia’s 2009 and 2010 Patronage Refunds, and is divided between qualified and non-qualified surplus. Taxes were paid on the qualified surplus portions when declared in 2009/2010; however no taxes have been paid yet on the non-qualified portion. Borrowers will receive a 1099 in February of next year regarding income taxes due on this portion.
About AgGeorgia Farm Credit
AgGeorgia Farm Credit is a lending cooperative owned by its over 4,500 member-borrowers, proud to have been helping Georgia grow for generations. AgGeorgia provides loans to full-time farmers, part-time farmers, and land buyers alike for land, farms, homes, equipment, livestock and operating expenses, and services such as 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.
