WEST BEND, IA – MaxYield Cooperative® recently held its 106th annual meeting. Due to continuing COVID-19 restrictions, this year’s meeting and director elections were conducted by mail. During MaxYield’s regular board meeting Wednesday, December 9, nominating committee member Rich Harves from Dickens, IA, reviewed the ballots and announced the results of the election to the board of directors.
Reelected by the membership to MaxYield’s board were Jim Black of Algona in MaxYield’s east region, David Garrelts from Emmetsburg in the central region and Barry Anderson of Greenville in the west region. They will each serve a three-year term. The minutes of MaxYield’s 2019 annual meeting were also approved by the membership.
During the December board meeting, Howard Haas was nominated by the board to continue serving as chairman. David Garrelts and Eric Marchand will continue to serve as vice chairman and secretary/treasurer, respectively.
At the conclusion of MaxYield’s fiscal year ending July 31, 2020, the directors reviewed and approved the cooperative’s financial audit. Each Class A (voting) member received a summary of MaxYield’s financial report in their annual meeting packet that was mailed in November.
MaxYield’s Fiscal Strength Highlighted
MaxYield CEO Keith Heim says that the cooperative had positive local and total savings to report. “Each year presents challenges and opportunities and Fiscal 2020 was no different. I am especially proud of how our team performed and showed grit and resiliency during this COVID-19 pandemic. MaxYield is a solution’s provider and I appreciate the solutions our team brings to our members and clients every day. We also appreciate the support of our members as we transitioned to an annual meeting conducted by mail this year.”
MaxYield Cooperative reported Local Savings from Operations for the 2019-2020 fiscal year of $1,512,243 and pre-tax Total Savings for the cooperative totaled $8.6 million.
“In Fiscal 2020, we achieved the second best total revenue in company history”, Heim said. “Most all revenue areas showed consistency with the past year and remain on upward trend lines. Some areas of note include the second best drying revenue year, solid total energy and feed margins, strong total seed margins and exceptional soybean margins.”
The MaxYield board approved using a portion of this year’s available Section 199A tax deduction internally to mitigate the cooperative’s tax obligation. Heim added that the unused Section 199A tax deduction amount of approximately $1.4 million will be passed through to members for possible use on their individual tax returns.
Heim said that the cooperative maintains a solid balance sheet. “Term debt was reduced by approximately $4.0 million. We maintained adequate working capital levels while spending approximately $13 million on capital expenditures during the fiscal year.”
Member’s equity increased by about $2.65 million in 2020, noted Heim. “MaxYield once again increased retained savings, which now totals nearly $67 million as compared to 1997 when retained savings were ($122,242). The retained savings comparison is a good perspective of the financial improvement at MaxYield over the past 23 years.”
About MaxYield Cooperative
MaxYield Cooperative is a member-owned, diversified agricultural cooperative founded in 1915 and is headquartered in West Bend, IA. The cooperative has 25 locations and three Cenex convenience stores in Iowa. MaxYield also provides grain origination and accounting services for three Iowa feed mills. For more information, visit MaxYield online at www.MaxYieldCoop.com and www.FromTheField.com.