On September 17th, the Golden Growers Board of Directors approved a distribution of $2,013,762 to members of record as of October 1, 2020. This distribution retires the remaining portion of 2018 allocated income and a portion of 2019 allocated income. In combination with the February and June distributions, a total of $6,196,692 has been issued to members in 2020.
As previously mentioned, the GGC Board believes it is important to build a reserve during the course of this new lease for several reasons that include likely capital expenditures at the plant, and the potential for Cargill to exercise its option to purchase 50% interest in ProGold. This distribution authorized by the Board will result in a remaining equity credit balance for 2019 of $4,144,807 or $0.27/unit. (Note: This balance does not constitute an outstanding obligation for GGC.)