Stofferahn Discusses Timelines for the Coming Year

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Executive VP Stofferahn outlined the anticipated schedule for 2026 and 2027 for members attending the annual meeting which included expected member distributions, legal planning, financial and tax planning, and equity distributions.

Member Distributions: In terms of member distributions, Stofferahn stated that members can anticipate distributions that follow a schedule similar to prior years. The expected schedule would be as follows:

  • June 2026 – Member Distribution to retire equity credits for members of record June 1, 2026
  • October 2026 – Member Distribution to retire equity credits for members of record October 1, 2026

Stofferahn anticipates June and October distributions to be of similar in terms of amounts when compared to the February distribution of $0.23/Unit which also provided for an orderly return of the reserve originally reserved for a long-term joint venture.

  • January 2027 – The Method A delivery incentive payment (for members who delivered in 2026)
  • February 2027 – Required member distribution with a minimum of 30% of 2026 allocated income for members of record February 1, 2027.

Golden Growers will withhold 2026 Method B Agency Fees and ND income tax withholding (for non-ND residents) from this payment. If allocated income is similar to 2026, this could be a little over $0.13/Unit. Here again, the Board has yet to determine an amount.

Equity Distributions: Stofferahn explained that while Golden Growers expects the $81 million dollar payment from Cargill in January, distributions of that equity will not occur until March of 2027. Equity would be issued in two separate payments with a large initial payment and a smaller equity retirement later in March or early April. Quick math ($81M/15,490,480 units) would suggest total equity of around $5.20/Unit. Again, the amount is not yet determined and will depend on operating expenses and any unanticipated claims that may occur.

Continuing Operations: Golden Growers will continue to file quarterly reports and a 2026 annual report with the SEC, General and Private Transfers of Units will continue through 2026, quarterly Board meetings will occur; and 2026 K-1 tax forms will be issued in February of 2027.

Non-Continuing Operations:

  • Annual Delivery Elections – Members will not receive an annual delivery election mailing in October.
  • 2027 Deliveries – There will be no delivery requirements for 2027
  • General Transfers – There will be no future ‘general’ transfers (arms-length sales through FNC Securities) in 2027. Private Transfers (transfers to immediate family members, to include joint members, to trusts, or estates) will continue for a while in 2027.
  • 2027 Annual Meeting/Director Elections – with a pending dissolution of the cooperative, no annual meeting or director elections will occur in 2027.