Clearbrook Elevator holds annual meeting

The Clearbrook Elevator Association annual meeting was held in the banquet room at the Clearbrook Community Center. Patrons were treated to a noon lunch with the meeting starting at 1:00 p.m. 

President Scott Fawver opened the meeting and called for old business and there was none to discuss.

Les Westrum gave his report on activities at the elevator. “The seed tender was well received by the farmers. They are doing more at the Ag Building to spruce it up. They have put tin on one side. They are planting flowers on the west side that Kris Emmel has put a lot of work into. They put in new computers in December and the bugs are all gone now. They have added WiFi to the basement where the honey press is located. The grain business continues to grow. They are looking at adding a 40 thousand bushel grain bin this year. The feed side is holding its own. They had a surplus of oil and now there is none left. North Central Feed of Gonvick took the rest and they are adding it to their feed for hogs. 

The United States Department of Agriculture (USDA) has posed a challenge with the new rule of ‘Livestock Food’ from ‘Livestock Feed’. Trucks have to be clean of mud and if there is an oil drip the load can be rejected. This is especially important in-house.”

Dean Birkeland, from Carlson, Highland & Company LLP from Fergus Falls presented the financial report. He stated both years 2017 and 2016 were fairly consistent and very comparable. Total assets for the elevator association in 2017 was $1,247,453 compared to $1,310,736 in 2016. That number included investments in other cooperatives at $149,129 for CHS, Land O Lakes and other regional cooperatives. He said that it was good to see the long term aging going down by almost $24,000. 

The Gross Margin which includes the sales and cost of sales was $479,650 compared to 2016 with $487,488. Both years were very comparable. The ending cash and cash equivalents was $258,876 for 2017 and $240,293 for 2016. “The unallocated reserve was $431,706 which is a nice build up to have,” stated Birkeland. It has a positive impact on the coop. They would be able to absorb any losses that could come up in the future. 

Birkeland stated that the Statements of Operations had an average year compared to other years.  2017 was $3,141,105, 2016 $3,177,334 and 2015 $2,931,885.

Kris Emmel had the books in very good order for the auditors to their job.

President Fawver went on to the election of officers. The slate that the nominating committee had selected was passed. Taking Mike Nordlund’s  position on the board was Richard Kroening. Other members include Greg Erickson, Dave Engebretson, Scott Fawver and Mark Strandberg.