The 2016 Annual Shareholders Meeting is scheduled for November 17th at 7:00 pm at the Civic Center in Stewartville, MN.
We invite you to come and get the update on your local co-op.
COMMON STOCK & PATRONAGE Q&A
Q: I have been doing business with AAC the last year. Why did I not get a patronage check?
A: All American Co-op pays patronage on several different categories of business including beans, corn, oats, drying & storage, feed, fertilizer, chemicals, seed and agronomy services. Patronage is paid only in the categories that were determined to be profitable during the past fiscal year. So if a patron just did not do business in a category that was not profitable or did enough business in profitable categories to meet the $20.00 minimum patronage, they would not receive a check. In addition, to receive a patronage dividend, we must have a signed patron consent form and W-9 on file. If you think that you have not filled out these forms, please contact the Stewartville office and we can get the forms to you. If you have received patronage from us in the past, we should have these forms on file.
Q: I have been a common stockholder in the past, why am I not on the current list of stockholders?
A: The articles and bylaws of All American Co-op state that if a patron fails to patronize the co-op for a period of twelve consecutive calendar months, they have ceased to be eligible to hold common stock. The co-op reviews its common stock list periodically and transfers the shares of these inactive stockholders to the revolving fund.
Q: How can I get my equities out of All American Co-op?
A: The articles and bylaws state that the Board of Directors shall manage the Cooperative’s equity capital in a way to preserve and build upon the Cooperative’s financial position while also allowing for redemptions of equity as and when the Cooperative has the financial strength to redeem equity. In other words, the Board of Directors makes the decision to pay out any equities. Current policy, if funds are deemed adequate, is to pay out estates and next to pay out the oldest revolving equity outstanding. We are currently working on paying out the 1999 revolving credits.
Q: Can my spouse vote for me at the annual meeting?
A: The articles and bylaws state that there is no voting by proxy. The only one that can vote is the person listed on the common stock. Therefore a spouse cannot vote unless their name is on the share. Some patrons have requested that that their equities be transferred to both spouses names. After board approval, both spouses would be eligible to vote but there would only be one vote between them, since there is only one voting share.