On September 14th, the Golden Growers Board of Directors approved a distribution of $2,168,667 to members of record as of October 1, 2017. This distribution is to be issued no later than October 15th. Total 2017 allocated income was $7,366,209. With this distribution a total of $6,552,471 of 2016 equity credit has been retired.
Your Golden Growers Board has determined that it is necessary to build a reserve during the course of this lease. The Cooperative evaluated revenue and cash flows for the current year through the end of the new lease, including the potential for reduced distributions from ProGold LLC due to payments ProGold must make for infrastructure maintenance and certain capital improvements under the lease. The Cooperative also considered its potential purchase and payment obligations under the Consent Agreement dated April 4, 2017.
The distribution authorized by the Board will result in a remaining equity credit balance for 2016 of $813,738 or $0.0525 per bushel delivered in 2016.