SAVE THE DATE: GGC FINAL Annual Meeting Set for THURSDAY, MARCH 19th

Golden Growers Cooperative will hold its FINAL Annual Members Meeting on Thursday, March 19th at the Doubletree Conference Center, 825 E Beaton Drive, West Fargo, ND. Members will have the opportunity to elect Directors to serve on the Golden Growers Board. Current directors up for re-election for 3-year terms are: Brady Koehl, Hancock, MN (At-Large Director); Nick Pyle, Casselton, ND (Central District); and Richard Bot, Minneota, MN (South District).

Any member in good standing is eligible to be nominated as an At-Large Director or as a Director in the district where the member is registered. If you are interested and want more information about district elections, visit our website at www.goldengrowers.com or contact us at 701-281-0468 or scotts@goldengrowers.com.

2026 will be Golden Growers LAST Annual Meeting
As you are aware, Cargill will purchase Golden Growers interest in ProGold LLC for $81 million with payment to be issued within 30 days of the end of the lease (December 31, 2026). Final equity distributions to members in the first few months of 2027, the Cooperative will dissolve in late May of that year. Accordingly, there will be no Director elections in 2027 and therefore, no need for an annual member meeting. Although the 2026 elections are for 3-year terms, no Director will serve beyond the date of dissolution.

Annual Meeting Speaker – Bill Patrie
Bill Patrie was the Rural Development Director for the ND Association of Rural Electric Cooperatives and was intimately involved in plans to build the ProGold corn milling plant AND the organization of the Northern Corn Processors Cooperative (ultimately re-named Golden Growers Cooperative). Bill also served as the Secretary for the original steering committee for the cooperative. We thought it would be worthwhile to invite Bill to discuss what occurred in those early days for GGC and ProGold. He will also share his thoughts on the importance of what was accomplished over the thirty plus years of our organization.

Carl Larson – NDSU Agribusiness Award Recipient

At the NDSU Harvest Bowl Banquet, Carl Larson was recognized for his agri-business contributions to the state and region. Carl’s many accomplishments include serving on the original steering committee for Northern Corn Processors Cooperative and the Golden Growers Board. Carl also served as Chairman of Golden Growers Cooperative from 2001 through 2007. While at NDSU, Carl met Ellen, a partnership that is still strong after 64 years.

Upon graduating from NDSU in 1962, Carl returned to the farm where he and Ellen raised small grains and started an accounting and tax preparation business. Carl partnered in acquiring the First State Bank of LaMoure. (1973). Carl and his brother Rodney founded Larson Grain Company of LaMoure (1981). Carl and a small investor group acquired Gooseneck Implement in the Minot area (2003).

Golden Growers congratulates Carl on his well-deserved recognition for a career of significant achievements. We also thank Carl for the thirteen years of leadership he provided to Golden Growers as an original steering committee member, as an elected board member, and as Chairman of our board.

Charitable Donation of GGC Units Policy

At their June meeting, the GGC Board of Directors approved a policy to allow charitable donation of GGC Units.

To allow the charitable donation and to avoid likely administrative issues, GGC will accommodate the donation to a charitable institution if the donation coincides with the listing of the donated units for sale with FNC Securities at the time of donation. In other words, GGC units may not be transferred to a charitable organization without a simultaneous listing with FNC Ag Stock.

Donations of units to a charitable requires the following:
1) The GGC Member donating must obtain the appropriate form directly from Golden Growers, downloaded from the GGC website (here) or from FNC Securities;
2) The member must obtain the contact information and Tax ID for the charitable institution and enter it on the form.
3) Submit the form to FNC Ag Stock to list units to be donated for sale;
4) At the conclusion of the sale, the member must hold either NO units or a minimum of 4,000 units and the charitable organization will hold NO units.

The charitable organization will be responsible for issuing a statement to the member related to the donation.

GGC Board Approves Distribution of $0.23/bushel

On September 11th, the Golden Growers Board of Directors approved a distribution of $3,562,810 or $0.23/Unit to members of record as of October 1, 2025. In combination with the February and June distributions, a total of $7,745,240 has been issued to members in 2025.

With this payment, Golden Growers has issued payments to members totaling $153,729 or 285% of original investment in the ProGold plant.

2026 Board Elections

At the 2026 Annual Meeting, GGC members will elect Directors from the Central and South Districts and one At-Large Director. Nick Pyle (Central District), Richard Bot (South District), and Brady Koehl (At-Large Director) are all eligible for re-election. Despite the pending dissolution of GGC in 2027, director elections will be for 3-year terms.

Members who may be interested should contact the Golden Growers office or review election and nomination information on our website.

2026 Annual Delivery Election

Each year, Members have the opportunity to change their method of delivery by submitting a revised Annual Delivery Agreement (ADA). This is your only opportunity to change your method of delivery for the coming year

You should have already received your Annual Delivery Election letter with the ADA form on the back page. If you intend to change your delivery method, return the form no later than December 10th.

Only members intending to change their delivery method need to respond. Members who deliver directly to the plant through the Method A pool have a $0.07/bushel advantage over members participating in the Method B pool.
In 2025, 24.33% of bushels are to be delivered directly to the plant through the Method A pool.

Remember, once a decision is made for participation in the Method A or B pools, a member may not change during the delivery year.

Note: Based on GGC’s vote to dissolve the cooperative in early 2027, members will not have delivery obligations for the 2027 calendar year.

Nicolas ‘Nick’ Pyle elected Chairman of Golden Growers Cooperative

Immediately after the 2025 annual meeting, the GGC board elected Nick Pyle as Chairman. Mr. Pyle most recently served as Vice-Chairman. Nick served as a director from 2010 through 2022. He previously served as Secretary from March 2013 to March 2015, and Chaired the Audit Committee from March 2015 to March 2022. After departing the board in 2022, Pyle returned was elected again in 2023.

He has been farming since 2002 near Casselton, North Dakota. Mr. Pyle serves as a director of McIntyre-Pyle, Inc. Mr. Pyle is President and serves as a director of Unity Seed Company, a member of Global Soy Genetics LLC and Director of McIntyre Farms Partnership. Mr. Pyle holds a Bachelor of Science in Business degree in finance from the University of Minnesota Carlson School of Management.

Nick’s broad experience on the Golden Growers board combined with his education and management experience makes him an outstanding leader to guide the Cooperative through it’s final years.

Other Officers Elected:
First Vice-Chair – David Kragnes Second Vice-Chair – Brady Koehl
Secretary – Blane Benedict Treasurer – Larry Vipond

GGC Board Approves Distribution of $0.23/Unit

On June 13th, the Golden Growers Board of Directors approved a $0.23/Unit distribution of $3,562,810 to members of record as of June 1, 2025.

This distribution will retire a portion of remaining 2022 and 2023 allocated income. With this distribution, the remaining equity credit balance is $3,599,091 or $0.23/bushel. This balance is useful in determining per Unit basis levels and does not constitute an outstanding obligation for GGC.

GGC has issued payments to members totaling $150,165,868 or 278% of members’ original investment in GGC.

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

Resolution approved, Directors Elected, Brett Johnson and Matt Hasbargen are recognized.

The resolution outlining a plan of liquidation and dissolution for Golden Growers Cooperative was approved by members who submitted ballots for the annual meeting. The final vote was an overwhelming 349 members voting yes and only 2 members voting no.

Also, David Kragnes was re-elected as a Director for the North District, Chris Johnson was elected as a Director for the Central District, and Glenn Johnson was elected as an At-large Director.

In advance of his presentation of financial statements, Brady Koehl thanked Brett Johnson and Matt Hasbargen for their service to the cooperative. “As the youngest member of the Board, I can say that I was fortunate to have been mentored by these two gentlemen. They are both very thoughtful and decent people who have been excellent representatives for our cooperative.” Stofferahn also offered his appreciation. “Brett and Matt’s service on the board mirror my own twelve years as Executive Vice President. It’s been a pleasure to work with these smart and dedicated board members.”