On Friday, February 3, 2017, the Golden Growers Board of Directors allocated income for the 2016 tax year and approved a distribution of $.143/bushel delivered in 2016.
Traditionally, the Board has issued distributions near $0.20/bushel. This year, however, the Board issued a distribution equal to 30% of allocated income, the amount required to be distributed according to our bylaws.
In January, the ProGold Board of Governors voted to suspend automatic distributions to its partners until such time as a final decision has been made for the use of the plant starting on January 1, 2018. A new lease has not yet been finalized and the ProGold Board of Governors believed it would be prudent to conserve cash if it became necessary to implement alternative plans.
Because of this ProGold decision, the Golden Growers Board decided to limit the February distribution to the minimum required by our bylaws. As this situation evolves, we will continue to keep you informed.