FARMINGTON — At the annual meeting, Tuesday, Feb. 4, 19 stockholders of the Farmington Farmers’ Union re-elected two Directors and approved a historic 14% Trade Allowance. Shareholders in the Farmers’ Union receive a patronage dividend check based on the amount of purchases done in the calendar year.
In 2019 for each dollar spent at the Farmington Farmers’ Union, shareholders will receive $.14 back in the form of a check. The percentage paid out is suggested by the Farmers’ Union Board of Directors, and then is voted in by the shareholders at the annual meeting.
Lance Bean, CPA for the Farmington Farmers’ Union, stated that the Farmington Farmers’ Union had a much better year in 2019 compared to 2018. Total sales up, cost of goods down, gross profit up 39.84% compared to 35.85% in 2018, and general operating expenses down $6,000. He also noted the Farmington Farmers’ Union had spent and paid for over $75,000 in capital improvements with no current debt.
In other business, two Directors were re-elected to three-year terms on the board of Directors: Incumbents David Archer of Chesterville and Rupert Pratt of Strong. Jeffrey Wright of Farmington was also elected by the stockholders as Clerk again for the fifth consecutive time. Director Craig Jordan was re-elected as President of the Board of Directors and David Archer was re-elected as Vice-President. The Annual Meeting was held at the Trinity United Methodist Church, 612 Farmington Falls Road.
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