Golden Growers Chairman Nick Pyle delivered a compelling reflection of the cooperative’s origins, early challenges, and long-term achievements. He honored the vision and dedication of the founding board members and measured the cooperative’s progress against the ambitious goals set at its inception.

Pyle recounted how ProGold and Golden Growers were born from the collaboration of farm leaders who shared a common dream: to build value-added opportunities for corn producers. Backed by the confidence and expertise of successful cooperatives such as American Crystal, Minn-Dak, and the North Dakota Rural Electric Cooperatives, their effort gained momentum. Following eleven regional meetings held in April 1994, more than 2,200 prospective members contributed seed money to advance the project. By November of that year, after reviewing the prospectus, the majority invested $52.5 million to establish the new cooperative.

Wahpeton, North Dakota, was ultimately selected as the site for the ProGold plant. Construction began in May 1995, and operations commenced in September 1996. Yet, as Pyle noted, “even as the plant rose from the ground, the corn sweetener market was shifting.” Industry capacity had grown by 38% while demand increased by only 4% annually. Prices fell sharply, leading to a $30 million loss in ProGold’s first year and even greater losses projected. To safeguard members’ equity, the board decided in 1997 to lease the plant to Cargill—a move that stabilized finances, retired debt, and eventually allowed member distributions to begin in 2008. As Pyle described it, “the fourteen-year drought since initial investment had finally ended.”

Reflecting on the cooperative’s enduring purpose, Pyle reaffirmed that the founders sought not only to solve a market problem through collective action, but also to create an enterprise that would make employees, farmers, and communities proud. The effort spurred local corn production and attracted additional processing investment across the region. “Because of the dream we planted, interest in producing corn blossomed,” he observed.

Pyle concluded, “We have much to be grateful for. Above all, we are thankful for the loyalty of our members who stood by their cooperative through triumphs and trials.”

Pyle’s entire presentation is available here.

Pat Kautzman, CPA and Tax Partner at Eide Bailly, gave a presentation to help members prepare for the anticipated sale of the Cooperative’s ownership interest in ProGold LLC, expected to take place on January 1, 2027. Because Golden Growers is taxed as a partnership, each member’s share of the taxable gain from the sale will appear on their 2027 Schedule K-1, which should be issued in early 2028.

Kautzman explained that the total gain from the sale will include several tax components, each subject to different tax rates. Portions of the gain will be treated as: Ordinary income; Section 1250 gain (taxed at 25%); and Capital gain (taxed at 0%, 15%, or 20%, depending on income level). The difference between the the final liquidation amount received and each member’s tax basis in their units will determine if they recognize a capital gain or loss.

On September 1, 2009, Golden Growers converted from ND cooperative to a Minnesota Section 308B cooperative. At the time, the tax basis of members’ units were reset to the fair market value, approximately $2.85 per unit. This was a taxable event that may have resulted in a tax gain or loss at that time. Since then, each member’s basis has changed annually, reflecting Golden Growers’ allocated income, losses, and distributions. “If you have not acquired units since the conversion of 2009, the capital account on your Schedule K-1 should be an accurate reflection of your tax basis,” stated Kautzman. “Members who purchased, inherited, or sold units since then will need additional information to calculate the tax basis of their units.”

Kautzman emphasized that each member is responsible for tracking their own tax basis. Neither Golden Growers nor Eide Bailly maintains those records. He advised members to assemble prior Schedule K-1 forms, records of unit purchases and sales, and documentation of any units acquired through gifts or inheritance. Inherited units generally receive a “step-up” in basis to fair market value, while gifted units carry over the donor’s basis.

Using several examples, Kautzman illustrated how members’ tax results could vary widely depending on when and how they acquired their units.

He concluded by encouraging all members to begin recordkeeping now to simplify tax reporting when the sale and liquidation occur. Early preparation, he said, will help ensure accurate filings and reduce surprises at tax time. Members should consult their own tax professionals with questions.

Kautzman’s slide presentation is available here.

On February 2, 2026, after a review of the 2025 end of year financial statements, the Board of Directors allocated income of $6,894,825 to the members of Golden Growers Cooperative. The Board also approved the retirement of a portion of allocated equity credit in an amount of $0.23 per patronized bushel for a total of $3,562,810.

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.

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.