Perry, GA (PRWEB) July 02, 2014
AgGeorgia Farm Credit customers throughout the state recently received a welcomed envelope in their mailboxes. Last week the agricultural cooperative mailed out checks totaling nearly $7.5 million to their members. When added to the $2.7 million in cash sent to members earlier this year, AgGeorgia has paid out more than $10 million in cash in 2014 alone.
Adding to the good news for AgGeorgia members is the fact that no income taxes are due on the disbursement of nearly $7.5 million. The recent payout was a surplus revolvement from the Association’s 2003 and 2004 Patronage Refunds, and taxes were paid on this portion at that time.
AgGeorgia CEO Jack Drew noted the refunds distinguish Farm Credit in the marketplace and benefit the farming community. “Like other lenders, Farm Credit charges competitive interest rates on its loans,” said Drew. “Unlike other lenders, Farm Credit returns its profits to its patrons, thereby reducing their effective cost of borrowing. That’s one of the benefits of doing business with your Farm Credit cooperative.”
Bobby Miller, Vice Chair of the AgGeorgia Board of Directors, expressed his pride in the disbursement on behalf of the Board. “We are proud to be able to revolve this surplus from 2003 and 2004. Our present capital position allows us to do this without adversely affecting the Association. AgGeorgia is, and will continue to be, a strong financial institution that can continue to meet the financial needs of the agriculture community in the territory we serve.”