CHS Board of Directors approves non-qualified equity redemption policy
The CHS Board of Directors has announced revisions to its non-qualified equity redemption policy affecting the company’s eligible cooperative and producer member-owners.
For fiscal 2013 and 2014 the CHS Board authorized the allocation of a portion of patronage for those years as non-qualified equity, specifying that non-qualified equity would not be included in the company’s annual equity redemption program. At its April meeting, the CHS Board approved a resolution further clarifying the role and handling of non-qualified owner equity, specifying that:
- Non-qualified equity, with the exception of that held by liquidated member cooperatives, is not considered permanent capital on the CHS balance sheet.
- Non-qualified equity held by individual eligible producer-members will be managed in the same manner as qualified equity. As such, estates and producer-members who attain age 70 will be eligible to apply for redemption of non-qualified equity.
- CHS will identify the amount of non-qualified equity redeemed annually to eligible producer-members and periodically, at the discretion of the CHS Board, pay a proportionate amount to eligible member cooperatives on a pro-rata basis.
“As a board, ensuring that CHS remains strong and continues to help you grow is always our primary objective,” said CHS Board Chairman David Bielenberg. “We look forward to continuing to deliver on that promise by maintaining a sound balance sheet that enables us to invest in the future; provide quality products, services and market access; and return direct economic value to you.”
SPCC for farms - EPA Finally Published Updated Guidance
Back in June 2014, the President signed into law H.R. 3080, the Water Resources Reform and Development Act (WRRDA) which affects the Spill Prevention Control and Countermeasure (SPCC) rule as it pertain to farms. The EPA just now prepared a 3-page guidance document to interpret what this law means to SPCC. The document is attached and the web link is: http://www.epa.gov/osweroe1/content/spcc/spcc_ag.htm
In a nutshell, the legislation increases the threshold levels for when a farmer will be required to write a SPCC Plan and/or hire a professional engineer (PE). Please see the flow chart on page 2 of the attached document to determine the individual farm criteria. For member farmers that want to write their own plan, the EPA does provide a decent template on their website.
Announcing 2015 CHS H4H Totals
Thanks to the tremendous efforts of our CHS Country Operations business units, this year’s CHS Harvest for Hunger food and funds drive raised a record $550,000 and nearly 270,000 pounds of food for hungry families. More than 4,000 employees from 50 Country Operations business units participated in the 2015 Harvest for Hunger drive held March 1-20.
“I’m extremely proud of our CHS employees, customers and partners who rallied in support of this effort. Every dollar, food item and donation of grain or produce will make a tremendous difference for those families in need.” (Lynden Johnson, Executive Vice President, Country Operations)
CHS Country Operations boosted donations to CHS Harvest for Hunger by more than $320,000 in additional contributions to local communities. Overall, the campaign generated more than $930,000 in cash and grain donations, food donations, and bonus dollars to help our friends and neighbors.
Through our three Cajun Boil & Mouse Race events, our local business unit raised $38,221 and was enhanced by CHS with $22,625 for a grand total of $60,846 raised! $1,000 each will be donated to Manna Pantry in Wray, Rural Communities Resource Center in Yuma, and Washington County Connections in Akron. The remaining funds raised will be donated to Food Bank of the Rockies, which also supports hunger needs in our local communities! “The community support for the H4H Program has been extraordinary, thank you all for your participation in the event,” Mel Domine, Managing Director of CHS in Yuma. “Our Business Unit took the overall lead with this successful program, a reflection of our people in Colorado.”
Thank you to everyone who donated, supported, and partnered with us to fight hunger in our local communities! Click here to view the pictures from our various events.