Five Star Cooperative Shares $3.6 Million in Profits with Members, Bolstering Local Economies
Oct 25, 2023
Five Star Cooperative (New Hampton, IA) proudly announces a profitable fiscal year 2023, as it shares its success with its dedicated members and reinvests in the local economies. A patronage of $3,584,871 has been extended to our valued owners, solidifying their commitment to enhancing the well-being of their members.
Five Star Cooperative proudly serves members residing across 14 counties in North Iowa, where this substantial injection of funds bolsters local economies and uplifts the communities they serve.
This substantial distribution includes $1.2 million in immediate cash payouts, reinforcing their unwavering support for their members. Additionally, $2.3 million will be allocated as owner equity, fostering a sense of shared ownership and investment in the cooperative's continued prosperity. Notably, in August, they disbursed $1.7 million in deferred dividends and payments to individuals who are no longer actively farming or have reached the age of 85, exemplifying their inclusive approach to benefit all members.
Tom Shatek, Chairman of the Five Star Board of Directors, sums up their mission: "The Five Star Board of Directors feel it is important to pay dividends, both current and deferred, whenever possible. Some years are better than others. 2023 was a good year, so we felt the Coop should pay back a meaningful amount to its valued members. Thank you for you for your past, present, and future business."
Patronage allocations are determined by the board of directors at the close of each fiscal year, predicated on the amount spent by each owner throughout the year. As a member-owned business, they prioritize the well-being of their members over financial gains for investors, exemplifying their dedication to their members’ success.
Five Star Cooperative is a proud farmer-owned agricultural cooperative spanning across 14 counties with 18 locations in North Iowa that provides agronomy, feed, grain, energy, and retail products and services to their members and customers. They have been empowering farmers in their pursuit of yielding success since 1889. Visit www.fivestarcoop.com for more information. Follow Five Star Coop on social media for the latest happenings. Facebook X YouTube LinkedIn
Five Star Cooperative proudly serves members residing across 14 counties in North Iowa, where this substantial injection of funds bolsters local economies and uplifts the communities they serve.
This substantial distribution includes $1.2 million in immediate cash payouts, reinforcing their unwavering support for their members. Additionally, $2.3 million will be allocated as owner equity, fostering a sense of shared ownership and investment in the cooperative's continued prosperity. Notably, in August, they disbursed $1.7 million in deferred dividends and payments to individuals who are no longer actively farming or have reached the age of 85, exemplifying their inclusive approach to benefit all members.
Tom Shatek, Chairman of the Five Star Board of Directors, sums up their mission: "The Five Star Board of Directors feel it is important to pay dividends, both current and deferred, whenever possible. Some years are better than others. 2023 was a good year, so we felt the Coop should pay back a meaningful amount to its valued members. Thank you for you for your past, present, and future business."
Patronage allocations are determined by the board of directors at the close of each fiscal year, predicated on the amount spent by each owner throughout the year. As a member-owned business, they prioritize the well-being of their members over financial gains for investors, exemplifying their dedication to their members’ success.
Five Star Cooperative is a proud farmer-owned agricultural cooperative spanning across 14 counties with 18 locations in North Iowa that provides agronomy, feed, grain, energy, and retail products and services to their members and customers. They have been empowering farmers in their pursuit of yielding success since 1889. Visit www.fivestarcoop.com for more information. Follow Five Star Coop on social media for the latest happenings. Facebook X YouTube LinkedIn