AgGeorgia Farm Credit to Distribute Additional $8 Million to Members
AgGeorgia Farm Credit is pleased to announce a distribution of $8,218,788 to borrowers of the cooperative. Members who held loans with AgGeorgia in 2015 will receive a portion of this payout, with checks expected to be delivered by the last week of June. AgGeorgia’s board already declared a cash dividend of over $15 million in April to members who had loans in 2022. The upcoming distribution brings the total paid to borrowers in 2023 to $23,513,748.
Jack Bentley, Chairman of AgGeorgia’s Board of Directors, said the disbursements mean a great deal to members of the co-op. “So many over the years have told me that their dividend check from AgGeorgia came at just the right time for their family or farm operation,” said Mr. Bentley. “Members have told me that these checks have helped them do everything from putting their children through college to making ends meet in a tough year.”
The June payout consists of surplus revolvement from AgGeorgia’s 2015 Patronage Refunds. Surplus portions were taxable when declared at that time, so no additional income taxes are due on the disbursement. Members with outstanding surplus earned from 2016-2020 will continue to receive surplus checks over the next several years, subject to annual board approval, while AgGeorgia completes its transition to the all-cash patronage plan. Starting with the 2021 refund, patronage refunds are now paid in all-cash rather than a cash/retained surplus split.
2023 marks the 35th consecutive year the cooperative has returned profits to its borrowers, with over $450 million in cash being paid out since 1988.