Member Quiz
In his annual meeting presentation, Executive VP Stofferahn prepared a quiz about aspects of Golden Growers Cooperative. Below are some of those questions along with the answers.
When was the first Golden Growers member meeting?
April 1994
How much capital was raised from members in the 1994?
$54 million
What was the cost per share in 1994?
$3.45/share which included $0.10/share seed money followed by another $3.35 capital contribution.
When did GGC convert from a ND Cooperative to a MN 308B Cooperative?
September 1, 2009.
What was the tax basis of GGC Units at the time of conversion?
The value of the cooperative was appraised at the time of conversion with a taxable value of $2.85/unit. The conversion was a taxable event which resulted in a tax loss for some and a tax gain for others depending on what the member paid for shares.
What are the characteristics of a MN 308B Cooperative?
Under the 308B statute, the cooperative is accounted for and taxed as a partnership, but is governed as a cooperative (one member, one vote).
Who were the original owners of ProGold LLC?
Golden Growers with 49% interest; American Crystal Sugar 46% interest; MinnDak Cooperative 5% interest
When did Cargill first lease the ProGold plant from ProGold LLC?
November 1, 1997. The lease was a 10 year and two month lease agreement.
When did GGC and Cargill become 50/50 partners in ProGold LLC?
February 1st, 2022
Do all GGC members have a delivery requirement?
Yes. Either through the Method A pool (delivery of corn to the ProGold plant) or the Method B pool (Golden Growers secures and delivers corn for the member for an agency fee).
Can I change my method of delivery during the year?
No. A member may not change delivery methods once the delivery year begins. Each fall, members have an opportunity to change delivery for the coming year.
How many membership units are outstanding?
15,490,480 Units
What is Cargill going to pay for GGC’s interest in ProGold LLC within 30 days of December 31, 2026?
$81 million
Can I sell my units to my unrelated neighbor?
No. Arms-length transfers (sales) must occur through our qualified matching service, FNC Ag Stock, LLC.
What was the LEAST paid for GGC shares/units?
According to Golden Growers records, the least paid was $0.75/share in March 2001.
What was the MOST paid for GGC shares/units?
The most paid for shares was $6.25/unit in August 2013.
How many office Locations has GGC occupied?
4 – Downtown Fargo (101 10th St N), South Fargo (4838 Rocking Horse Circle) Downtown Fargo (112 Roberts Street), West Fargo (1002 Main Ave W)
How many individuals have served as GGC Board Chair?
7 – Pat Benedict, Carl Larson, Harvey Pyle, Jason Medhaug, Mark Harless, Brett Johnson, and Nick Pyle
How many individuals have served as GGC Executive Vice President?
2 – Mark Dillon and Scott Stofferahn
