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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
expenditures made by ProGold for the facility. Mr. Stofferahn has no control
over these factors. Based on this reality, no risks arise from the Cooperative’s
compensation policies and practices that are reasonably likely to have a
material adverse effect on its business operations.
13
Summary Executive Compensation Table
The following table sets forth,
for the last two calendar years, the dollar value of all compensation awarded
to, earned by or paid to Mr. Stofferahn.
All Other
Salary
Compensation
Total
Name and Principal Position
Year
($)
($) (1)
($)
Scott Stofferahn, Executive
Vice President**
2022
183,136
19,559
202,695
2021
173,986
21,734
195,720
____________________________________
** Mr. Stofferahn commenced his
employment on October 15, 2012.
(1) All Other Compensation is comprised of premiums paid for
life and disability insurance, company contributions to the 401(k) plan and
reimbursements from the health reimbursement account.
Director Compensation
The Cooperative reimburses our
directors for expenses incurred in connection with board service. The
Cooperative’s directors are paid $
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
21,734
195,720
____________________________________
** Mr. Stofferahn commenced his
employment on October 15, 2012.
(1) All Other Compensation is comprised of premiums paid for
life and disability insurance, company contributions to the 401(k) plan and
reimbursements from the health reimbursement account.
Director Compensation
The Cooperative reimburses our
directors for expenses incurred in connection with board service. The
Cooperative’s directors are paid $150 per month and the Chairperson is paid $375
per month. In addition, directors and the Chairperson receive a per diem of:
$300 per meeting they attend when the meeting
plus their travel time exceeds 4 hours;
$150 per meeting they attend when the meeting
plus their travel time is more than 2 but less than 4 hours;
$100 per meeting they attend when the meeting
plus their travel time is more than 1 but less than 2 hours.
The following table sets forth
for the year ending December 31, 2022 the dollar value of all cash and non-cash
compensation paid to individuals serving as directors of the Cooperative during
fiscal year 2022.
Fees
Earn
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
when the meeting
plus their travel time is more than 2 but less than 4 hours;
$100 per meeting they attend when the meeting
plus their travel time is more than 1 but less than 2 hours.
The following table sets forth
for the year ending December 31, 2022 the dollar value of all cash and non-cash
compensation paid to individuals serving as directors of the Cooperative during
fiscal year 2022.
Fees
Earned or
Paid in
Name
Cash
Total
Blane Benedict
2,550
2,550
David Benedict *
950
950
Richard Bot
3,900
3,900
Mark Harless
7,900
7,900
Matt Hasbargen
4,450
4,450
Scott Jetvig
3,050
3,050
Brett Johnson
4,650
4,650
Chris Johnson
2,550
2,550
Brady Koehl
2,650
2,650
Byron Koehl *
850
850
Nicolas A. Pyle *
950
950
Larry Vipond
3,450
3,450
David Benedict, Byron Ko
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
bargen
4,450
4,450
Scott Jetvig
3,050
3,050
Brett Johnson
4,650
4,650
Chris Johnson
2,550
2,550
Brady Koehl
2,650
2,650
Byron Koehl *
850
850
Nicolas A. Pyle *
950
950
Larry Vipond
3,450
3,450
David Benedict, Byron Koehl, and Nicholas A Pyle retired
effective after the 2022 Annual Member Meeting.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth,
as of March 7, 2023 the number of Units beneficially owned and the percent so
owned by (1) each of our directors as of such date, (2) Scott
Stofferahn, our Executive Vice President (our Named Executive
Officer) and (3) all of our Directors and the Named Executive Officer as a
group. The number of Units owned by each person are those beneficially owned, as
determined under the rules of the SEC, and such information is
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
7, 2023 the number of Units beneficially owned and the percent so
owned by (1) each of our directors as of such date, (2) Scott
Stofferahn, our Executive Vice President (our Named Executive
Officer) and (3) all of our Directors and the Named Executive Officer as a
group. The number of Units owned by each person are those beneficially owned, as
determined under the rules of the SEC, and such information is not necessarily
indicative of beneficial ownership for any other purpose. Under such rules,
beneficial ownership includes any Units as to which a person has sole or shared
voting power or investment power and any Units which the person has the right to
acquire within 60 days through the exercise of any option, warrant or right,
through conversion of any security or pursuant to the automatic termination of a
power of attorney or revocation of a trust, discretionary account or similar
arrangement. The applicable percentage ownership is based on 15,490,480 Units
outstanding held by 1,480 members. Each member of the Cooperative is allowed to
cast one vote at any meeting of the members, regardless of the number of Units
actually held by that member.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
through the exercise of any option, warrant or right,
through conversion of any security or pursuant to the automatic termination of a
power of attorney or revocation of a trust, discretionary account or similar
arrangement. The applicable percentage ownership is based on 15,490,480 Units
outstanding held by 1,480 members. Each member of the Cooperative is allowed to
cast one vote at any meeting of the members, regardless of the number of Units
actually held by that member. Some of our directors hold their Units through
more than one entity which allows those directors to cast a vote for each one of
those members. The address of each director and our Named Executive Officer is
1002 Main Avenue W, Suite 5, West Fargo, ND 58078.
14
Amount and
Nature of
Beneficial
Ownership
Number of
Number
of
Membership
Percentage
Name of Beneficial Owner
Units
(1)
Votes (2)
of Class
Benedict, Blane
40,000
0.26 %
Bot, Richard
204,700
(3)
1.32 %
Harless, Mark
58,000
0.37 %
Hasbargen,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
58078.
14
Amount and
Nature of
Beneficial
Ownership
Number of
Number
of
Membership
Percentage
Name of Beneficial Owner
Units
(1)
Votes (2)
of Class
Benedict, Blane
40,000
0.26 %
Bot, Richard
204,700
(3)
1.32 %
Harless, Mark
58,000
0.37 %
Hasbargen, Matt
8,000
(4)
0.05 %
Jetvig, Scott
30,000
0.19 %
Johnson, Brett
25,000
0.16 %
Johnson, Chris
31,000
(5)
0.20 %
Koehl, Brady
9,000
(6)
0.06 %
Vipond, Larry
77,000
(7)
0.50 %
Stofferahn, Scott
16,667
(8)
0.11 %
All directors and executive
officers as a group (10 people)
499,367
3.22 %
(1)
Membership interests are measured Units which equal the
holder’s proportionate financial right but not
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
%
Koehl, Brady
9,000
(6)
0.06 %
Vipond, Larry
77,000
(7)
0.50 %
Stofferahn, Scott
16,667
(8)
0.11 %
All directors and executive
officers as a group (10 people)
499,367
3.22 %
(1)
Membership interests are measured Units which equal the
holder’s proportionate financial right but not a governance
right.
(2)
Voting rights are based on one member one vote. Each
person or entity that holds units is a member for voting purposes. Some
officers and directors own their units through multiple entities resulting
in multiple membership votes.
(3)
Includes 102,350 Units owned directly by Mr. Bot’s
Revocable Living Trust and 102,350 Units owned by Mr. Bot’s spouse’s
Revocable Living Trust.
(4)
Included 8,000 Units owned by Matthew Hasbargen Farm LLC
of which Mr. Hasbargen is President.
(5)
Includes 21,000 Units owned by C and S Farms, Chris
Johnson, President and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
(3)
Includes 102,350 Units owned directly by Mr. Bot’s
Revocable Living Trust and 102,350 Units owned by Mr. Bot’s spouse’s
Revocable Living Trust.
(4)
Included 8,000 Units owned by Matthew Hasbargen Farm LLC
of which Mr. Hasbargen is President.
(5)
Includes 21,000 Units owned by C and S Farms, Chris
Johnson, President and 10,000 Units owned by Mr. Johnson’s
spouse.
(6)
Includes 4,000 Units held by Mr. Koehl and 5,000 Units
owned by FTW LLP of which Mr. Koehl is a 2.3% owner.
(7)
Includes 8,000 Units held by Mr. Vipond and 69,000 Units
owned by Vipond Farms of which Mr. Vipond is a 20% owner.
(8)
Includes indirect interest in 16,667 Units owned by Mr.
Stofferahn’s spouse.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE
In accordance with the
Co
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
% owner.
(7)
Includes 8,000 Units held by Mr. Vipond and 69,000 Units
owned by Vipond Farms of which Mr. Vipond is a 20% owner.
(8)
Includes indirect interest in 16,667 Units owned by Mr.
Stofferahn’s spouse.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE
In accordance with the
Cooperative’s Bylaws, only people who are members of the Cooperative or
representatives of members can serve on our Board of Directors. As members of
the Cooperative (or representatives of members), all of our directors have a
contractual patronage relationship with the Cooperative that obligates them to
deliver or contract to deliver corn to the Cooperative for processing. As a
result of this patronage relationship, the Cooperative’s directors, like all
other member of the Cooperative, receive allocations of profit/loss and cash
distributions.
The Cooperative has developed its
own definition of “Independent Director” that takes into account the patronage
relationship that exists between the Cooperative and each director. Under the
Cooperative’s definition, the patronage relationship is not considered for
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
ates them to
deliver or contract to deliver corn to the Cooperative for processing. As a
result of this patronage relationship, the Cooperative’s directors, like all
other member of the Cooperative, receive allocations of profit/loss and cash
distributions.
The Cooperative has developed its
own definition of “Independent Director” that takes into account the patronage
relationship that exists between the Cooperative and each director. Under the
Cooperative’s definition, the patronage relationship is not considered for
purposes of determining “independence.” However, other relevant relationships
between the Cooperative and the directors, and certain family members, are
considered in assessing “independence.” Except with respect to the
patronage relationship that exists, the Cooperative’s
definition is consistent with the definition of an independent director found in
Section 303A.02 of the New York Stock Exchange Listed Company Manual.
Below please find the Cooperative’s definition of an independent director:
A director of the Cooperative
shall be considered an “Independent Director” unless:
The director has a material financial
relationship with the Cooperative (either directly or as a partner,
shareholder or officer of an organization that has a relationship with a
company) other than the patronage relationship that exists
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
with the definition of an independent director found in
Section 303A.02 of the New York Stock Exchange Listed Company Manual.
Below please find the Cooperative’s definition of an independent director:
A director of the Cooperative
shall be considered an “Independent Director” unless:
The director has a material financial
relationship with the Cooperative (either directly or as a partner,
shareholder or officer of an organization that has a relationship with a
company) other than the patronage relationship that exists between the
Cooperative and each of its members.
15
The director is, or has been within the last 3 years, an
employee of the Cooperative; or immediate family member is, or has been
within the last 3 years, an employee, of the Cooperative.
The director has received, or an immediate family member
has received, during any 12-month period within the last 3 years, more
than $120,000 in direct compensation from the Cooperative, other than
director or committee fees and pension or other forms of deferred
compensation for prior service (provided such compensation is not
contingent in any way on continued service).
(i) the director is a current partner or employee of a
firm that
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
of the Cooperative.
The director has received, or an immediate family member
has received, during any 12-month period within the last 3 years, more
than $120,000 in direct compensation from the Cooperative, other than
director or committee fees and pension or other forms of deferred
compensation for prior service (provided such compensation is not
contingent in any way on continued service).
(i) the director is a current partner or employee of a
firm that is the Cooperative’s internal or external auditor; (ii) the
director has an immediate family member who is a current partner of such
firm; (iii) the director has an immediate family member who is a current
employee of such a firm and personally works on the Cooperative’s audits;
or (iv) the director or an immediate family member was, within the last 3
years, a partner or employee of such a firm and personally worked on the
Cooperative’s audit within that timeframe.
The director or an immediate family member is, or has
been within the last 3 years, employed as an executive officer of another
company, or any of the Cooperative’s present executive officers, at the
same time serves
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
on the Cooperative’s audits;
or (iv) the director or an immediate family member was, within the last 3
years, a partner or employee of such a firm and personally worked on the
Cooperative’s audit within that timeframe.
The director or an immediate family member is, or has
been within the last 3 years, employed as an executive officer of another
company, or any of the Cooperative’s present executive officers, at the
same time serves or served on that company’s compensation committee.
The director is a current employee, or an immediate
family member is a current executive officer, of a company that has made
payments to, or received payments from, the Cooperative for property or
services in an amount which, in any of the last 3 fiscal years, exceeds
the greater of $1,000,000 or 2% of such company’s consolidated gross
revenues, other than as a result of such person’s patronage relationship
with the Cooperative.
Based on the above definition, all of our directors are
independent of management and of the Cooperative.
Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The following table presents fees
for professional
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
which, in any of the last 3 fiscal years, exceeds
the greater of $1,000,000 or 2% of such company’s consolidated gross
revenues, other than as a result of such person’s patronage relationship
with the Cooperative.
Based on the above definition, all of our directors are
independent of management and of the Cooperative.
Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The following table presents fees
for professional audit services rendered by Widmer Roel for the audits of the
Cooperative’s annual financial statements for the years ended December 31, 2022
and 2021 and fees, if any, for other services rendered by Widmer Roel during
those periods.
2022
2021
Audit Fees
41,773
36,490
Audit-Related Fees
Tax Fees
All Other Fees
Total
41,773
36,490
Audit Fees. The Audit Fees set forth above include the
aggregate fees billed by Widmer Roel to the Cooperative for audit services
related to the audit of the Cooperative’s annual financial statements and review
of the statements included in the Cooperative’s quarterly reports on Form 10-Q
for fiscal 202
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
2022
2021
Audit Fees
41,773
36,490
Audit-Related Fees
Tax Fees
All Other Fees
Total
41,773
36,490
Audit Fees. The Audit Fees set forth above include the
aggregate fees billed by Widmer Roel to the Cooperative for audit services
related to the audit of the Cooperative’s annual financial statements and review
of the statements included in the Cooperative’s quarterly reports on Form 10-Q
for fiscal 2022 and 2021.
Audit-Related Fees. No
additional Audit-Related Fees were billed by Widmer Roel to the Cooperative for
assurance and related services provided by Widmer Roel related to the
performance of the audit or review of the Cooperative’s financial statements for
fiscal 2022 and 2021.
Tax Fees. No Tax Fees were
billed by Widmer Roel to the Cooperative for professional services rendered by
Widmer Roel for tax compliance, tax advice and tax planning for fiscal 2022 and
2021.
All Other Fees. No Other
Fees were billed by Widmer Roel to the Cooperative for professional services
provided by Widmer Roel to the Cooperative for fiscal 2022 and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
statements for
fiscal 2022 and 2021.
Tax Fees. No Tax Fees were
billed by Widmer Roel to the Cooperative for professional services rendered by
Widmer Roel for tax compliance, tax advice and tax planning for fiscal 2022 and
2021.
All Other Fees. No Other
Fees were billed by Widmer Roel to the Cooperative for professional services
provided by Widmer Roel to the Cooperative for fiscal 2022 and 2021.
The Cooperative’s Audit Committee
pre-approves all professional services provided by Widmer Roel to the
Cooperative. The Audit Committee approved all of the services and the fees
billed for such services to the Cooperative. The Audit Committee makes its
decisions on the approval of services with due consideration given to
maintaining the independence of the principal accountant. None of the hours
expended on the audit of the 2022 financial statements were attributed to work
performed by persons who were not employed full time on a permanent basis by
Widmer Roel.
16
PART IV
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)
Documents filed as part of this
report.
1
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cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
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filing_type:10-K
Text:
isions on the approval of services with due consideration given to
maintaining the independence of the principal accountant. None of the hours
expended on the audit of the 2022 financial statements were attributed to work
performed by persons who were not employed full time on a permanent basis by
Widmer Roel.
16
PART IV
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)
Documents filed as part of this
report.
1.
Financial Statements
Report of Independent Registered
Public Accounting Firm.
Balance Sheets as of December 31, 2022
and 2021.
Statements of Operations and
Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020.
Statements of Changes in Members’
Equity for the Years Ended December 31, 2022, 2021 and 2020.
Statements of Cash Flows for the Years
Ended December 31, 2022, 2021 and 2020.
Notes to the Financial Statements.
2.
Financial Statement Schedules
Not applicable.
3.
Exhibits.
Exhibit No.
Exhibit Description
2.1
Articles of Merger of Golden Growers Cooperative
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cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
0.
Statements of Changes in Members’
Equity for the Years Ended December 31, 2022, 2021 and 2020.
Statements of Cash Flows for the Years
Ended December 31, 2022, 2021 and 2020.
Notes to the Financial Statements.
2.
Financial Statement Schedules
Not applicable.
3.
Exhibits.
Exhibit No.
Exhibit Description
2.1
Articles of Merger of Golden Growers Cooperative and
Golden Growers Cooperative is incorporated by reference to Exhibit 2.1
from the Cooperative’s Registration Statement on Form 10 filed April 30,
2010.
2.2
Certificate of Conversion of Golden Growers Cooperative
is incorporated by reference to Exhibit 2.2 from the Cooperative’s
Registration Statement on Form 10 filed April 30, 2010.
3.1
Amended and Restated Articles of Organization of Golden
Growers Cooperative is incorporated by reference to Exhibit 3.1 from the
Cooperative’s Registration Statement on Form 10 filed April 30, 2010.
3.2
Amended and Restated Bylaws of Golden Growers Cooperative
dated September 1
|
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cik:1489874
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name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
reference to Exhibit 2.2 from the Cooperative’s
Registration Statement on Form 10 filed April 30, 2010.
3.1
Amended and Restated Articles of Organization of Golden
Growers Cooperative is incorporated by reference to Exhibit 3.1 from the
Cooperative’s Registration Statement on Form 10 filed April 30, 2010.
3.2
Amended and Restated Bylaws of Golden Growers Cooperative
dated September 1, 2009 is incorporated by reference to Exhibit 3.2 from
the Cooperative’s Registration Statement on Form 10 filed April 30, 2010.
3.3
Second Amended and Restated Bylaws of Golden Growers
Cooperative dated March 28, 2020 is incorporated by reference to Exhibit
3.2 from the Cooperative’s Form 8-K filed April 2, 2020.
3.4
Third Amended and Restated Bylaws of Golden Growers
Cooperative dated March 24, 2022 is incorporated by reference to Exhibit
3.2 from the Cooperative’s Form 8-K filed March 30, 2022.
4.1
Description of the Registrant
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cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
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filing_type:10-K
Text:
28, 2020 is incorporated by reference to Exhibit
3.2 from the Cooperative’s Form 8-K filed April 2, 2020.
3.4
Third Amended and Restated Bylaws of Golden Growers
Cooperative dated March 24, 2022 is incorporated by reference to Exhibit
3.2 from the Cooperative’s Form 8-K filed March 30, 2022.
4.1
Description of the Registrant’s Securities Registered
Pursuant to Section 12 of the Securities Exchange Act of 1934 filed
herewith.
10.1
Form of Uniform Member Agreement is incorporated by
reference to Exhibit 10.2 from the Cooperative’s Registration Statement on
Form 10 filed April 30, 2010.
10.2
Form of Annual Delivery Agreement is incorporated by
reference to Exhibit 10.3 from the Cooperative’s Registration Statement on
Form 10 filed April 30, 2010.
10.3
ProGold Limited Liability Company Amended and Restated
Member Control Agreement between Golden Growers Cooperative and American
Crystal Sugar Company dated September 1, 2009 is incorporated by reference
|
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The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
Form 10 filed April 30, 2010.
10.2
Form of Annual Delivery Agreement is incorporated by
reference to Exhibit 10.3 from the Cooperative’s Registration Statement on
Form 10 filed April 30, 2010.
10.3
ProGold Limited Liability Company Amended and Restated
Member Control Agreement between Golden Growers Cooperative and American
Crystal Sugar Company dated September 1, 2009 is incorporated by reference
to Exhibit 10.4 from the Cooperative’s Registration Statement on Form 10
filed April 30, 2010.
17
Exhibit No.
Exhibit Description
10.4
Operating Agreement of ProGold Limited Liability Company
is incorporated by reference to Exhibit 10.5 from the Cooperative’s
Registration Statement on Form 10 filed April 30, 2010.
10.5
Amendment to ProGold Limited Liability Company Member
Control Agreement between Golden Growers Cooperative and American Crystal
Sugar Company dated April 4, 2017 is incorporated by reference to Exhibit
10.7 from the Cooperative’s Form 10-Q filed May 12, 2017.
10.6
Second Amended
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cik:1489874
ticker:GGROU
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exchange:
filing_type:10-K
Text:
to Exhibit 10.5 from the Cooperative’s
Registration Statement on Form 10 filed April 30, 2010.
10.5
Amendment to ProGold Limited Liability Company Member
Control Agreement between Golden Growers Cooperative and American Crystal
Sugar Company dated April 4, 2017 is incorporated by reference to Exhibit
10.7 from the Cooperative’s Form 10-Q filed May 12, 2017.
10.6
Second Amended and Restated Grain Services Agreement
between Golden Growers Cooperative and Cargill, Incorporated dated July 1,
2017 is incorporated by reference to Exhibit 10.6 from the Cooperative’s
Form 10-K filed March 9, 2018.
10.7
Second Amended and Restated Corn Supply Agreement between
Golden Growers Cooperative and Cargill, Incorporated dated July 1, 2017 is
incorporated by reference to Exhibit 10.7 from the Cooperative’s Form 10-K
filed March 9, 2018.
10.8
Consent Agreement among Golden Growers Cooperative,
Cargill Incorporated, and American Crystal Sugar Company dated April 4,
2017 is
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
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Text:
.
10.7
Second Amended and Restated Corn Supply Agreement between
Golden Growers Cooperative and Cargill, Incorporated dated July 1, 2017 is
incorporated by reference to Exhibit 10.7 from the Cooperative’s Form 10-K
filed March 9, 2018.
10.8
Consent Agreement among Golden Growers Cooperative,
Cargill Incorporated, and American Crystal Sugar Company dated April 4,
2017 is incorporated by reference to Exhibit 10.1 from the Cooperative’s
Current Report on Form 8-K filed April 10, 2017.
24.1
Power of Attorney (included on the “Signatures” page of
this Annual Report on Form 10-K).
31.1
Certification of Chief Executive Officer and Chief
Financial Officer pursuant to Securities Exchange Act Rule 17 CFR
13a-14(a) filed herewith.
32.1
Certification of Chief Executive Officer and Chief
Financial Officer pursuant to 18 U.S.C. Section 1350 filed herewith.
99.1
Audited Financial Statements of ProGold Limited Liability
Company for the years ended August 31
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
10-K).
31.1
Certification of Chief Executive Officer and Chief
Financial Officer pursuant to Securities Exchange Act Rule 17 CFR
13a-14(a) filed herewith.
32.1
Certification of Chief Executive Officer and Chief
Financial Officer pursuant to 18 U.S.C. Section 1350 filed herewith.
99.1
Audited Financial Statements of ProGold Limited Liability
Company for the years ended August 31, 2022 and August 31, 2021 is
incorporated by reference to Exhibit 99.1 from the Cooperative’s Form 10-Q
filed November 4, 2022.
99.2
Audited Financial Statements of ProGold Limited Liability
Company for the period ended December 31, 2022 filed herewith
101
The following materials from this report, formatted in
iXBRL (Inline Extensible Business Reporting Language) , are filed
herewith: (i) Balance Sheets at December 31, 2022 and December 31, 2021;
(ii) Statements of Operations for the years ended December 31, 2022, 2021
and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
Company for the period ended December 31, 2022 filed herewith
101
The following materials from this report, formatted in
iXBRL (Inline Extensible Business Reporting Language) , are filed
herewith: (i) Balance Sheets at December 31, 2022 and December 31, 2021;
(ii) Statements of Operations for the years ended December 31, 2022, 2021
and 2020; (iii) Statements of Comprehensive Income for the Years Ended
December 31, 2022, 2021 and 2020; (iv) Statement of Changes in Members’
Equity and Comprehensive Income for the years ended December 31, 2022,
2021 and 2020; (v) Statements of Cash Flows for the years ended December
31, 2022, 2021 and 2020; and (vi) Notes to Financial
Statements.
104
Cover Page Interactive Data File (formatted as Inline
XBRL and contained in Exhibit 101)
Item 16. FORM 10-K SUMMARY
None
18
SIGNATURES
Pursuant to the requirements of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
2022,
2021 and 2020; (v) Statements of Cash Flows for the years ended December
31, 2022, 2021 and 2020; and (vi) Notes to Financial
Statements.
104
Cover Page Interactive Data File (formatted as Inline
XBRL and contained in Exhibit 101)
Item 16. FORM 10-K SUMMARY
None
18
SIGNATURES
Pursuant to the requirements of
Section 13 or 15 of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized, on March 8, 2023.
GOLDEN GROWERS COOPERATIVE
By:
/S/
Scott Stofferahn
Scott Stofferahn
Dated:
March 8, 2023
Power of Attorney
Each person whose signature
appears below appoints Scott Stofferahn as their true and lawful attorney-in
fact and agent, with full power of substitution and resubstitution, for the
undersigned and in the undersigned’s name, place and stead, to perform all acts
and execution of all documents
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
GROWERS COOPERATIVE
By:
/S/
Scott Stofferahn
Scott Stofferahn
Dated:
March 8, 2023
Power of Attorney
Each person whose signature
appears below appoints Scott Stofferahn as their true and lawful attorney-in
fact and agent, with full power of substitution and resubstitution, for the
undersigned and in the undersigned’s name, place and stead, to perform all acts
and execution of all documents which such attorney and agent may deem necessary
or desirable to enable Golden Growers Cooperative to comply with the Securities
Exchange Act of 1934, as amended, and any rules, regulations and requirements of
the Securities and Exchange Commission in respect thereof, in connection with
filing with the Commission the Annual Report on Form 10-K of Golden Growers
Cooperative for the fiscal year ended December 31, 2022 and any and all
amendments and exhibits thereto, and other documents in connection therewith,
including specifically, but without limiting the generality of the foregoing,
power and authority to sign the names of the undersigned to the Form 10-K and to
any instruments and documents filed as part of or in connection with the Form
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
iling with the Commission the Annual Report on Form 10-K of Golden Growers
Cooperative for the fiscal year ended December 31, 2022 and any and all
amendments and exhibits thereto, and other documents in connection therewith,
including specifically, but without limiting the generality of the foregoing,
power and authority to sign the names of the undersigned to the Form 10-K and to
any instruments and documents filed as part of or in connection with the Form
10-K or any amendments thereto; and the undersigned hereby ratify and confirm
all actions taken and documents signed by said attorney and agent as provided
herein.
Pursuant to the requirements of
the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities indicated
and as of March 8, 2023.
/S/ Mark Harless
/S/
Brett Johnson
Mark Harless (Chairperson)
Brett Johnson (Vice Chairperson)
/S/ Blane Benedict
/S/
Richard Bot
Blane Benedict (Director)
Richard Bot (Director)
/S/ Matthew
Hasbargen
/S/
Scott Jetvig
Matthew Has
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
signed below by the
following persons on behalf of the registrant and in the capacities indicated
and as of March 8, 2023.
/S/ Mark Harless
/S/
Brett Johnson
Mark Harless (Chairperson)
Brett Johnson (Vice Chairperson)
/S/ Blane Benedict
/S/
Richard Bot
Blane Benedict (Director)
Richard Bot (Director)
/S/ Matthew
Hasbargen
/S/
Scott Jetvig
Matthew Hasbargen (Director, Secretary)
Scott Jetvig (Director)
/S/ Chris Johnson
/S/
Brady Koehl
Chris Johnson (Director)
Brady Koehl (Director)
/S/ Larry Vipond
Larry Vipond (Director)
/S/ Scott
Stofferahn
Scott Stofferahn (principal executive, financial and
accounting officer)
19
APPENDIX A
INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS
GOLDEN GROWERS COOPERATIVE FINANCIAL STATEMENTS
Report of Independent Registered
Public Accounting Firm (Firm: 729)
A-1
Balance Sheets as of December 31, 2022
and 2021
A-3
Statements
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
Scott
Stofferahn
Scott Stofferahn (principal executive, financial and
accounting officer)
19
APPENDIX A
INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS
GOLDEN GROWERS COOPERATIVE FINANCIAL STATEMENTS
Report of Independent Registered
Public Accounting Firm (Firm: 729)
A-1
Balance Sheets as of December 31, 2022
and 2021
A-3
Statements
of Operations and Comprehensive Income for the Years Ended December 31,
2022, 2021 and 2020
A-4
Statements of Changes in Members’ Equity for the Years
Ended December 31, 2022, 2021, and 2020
A-6
Statements of Cash Flows
for the Years Ended December 31, 2022, 2021 and 2020
A-7
Notes to the Financial Statements
A-8
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Audit Committee, Board of Directors and Members
Golden Growers Cooperative West Fargo, North Dakota
Opinion on the Financial Statements
We have audited the accompanying balance sheets
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
, and 2020
A-6
Statements of Cash Flows
for the Years Ended December 31, 2022, 2021 and 2020
A-7
Notes to the Financial Statements
A-8
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Audit Committee, Board of Directors and Members
Golden Growers Cooperative West Fargo, North Dakota
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Golden
Growers Cooperative as of December 31, 2022 and 2021, and the related
statements of operations, comprehensive income, changes in members’ equity and
cash flows for each of the three years in the period ended December 31, 2022,
and the related notes (collectively referred to as the financial statements). In
our opinion, the financial statements present fairly, in all material respects,
the financial position of Golden Growers Cooperative as of December 31,
2022 and 2021, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2022, in conformity with
accounting principles generally accepted in the United States of America.
Basis
|
YOU are a financial analyst. You are reading a report of a company.
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cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
2,
and the related notes (collectively referred to as the financial statements). In
our opinion, the financial statements present fairly, in all material respects,
the financial position of Golden Growers Cooperative as of December 31,
2022 and 2021, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2022, in conformity with
accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the
Cooperative’s management. Our responsibility is to express an opinion on the
Cooperative’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to
Golden Growers Cooperative in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
States) (“PCAOB”) and are required to be independent with respect to
Golden Growers Cooperative in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Golden Growers Cooperative
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. As part of our audits, we are
required to obtain an understanding of internal control over financial
reporting, but not for the purpose of expressing an opinion on the effectiveness
of the Cooperative’s internal control over financial reporting. Accordingly, we
express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included evaluating the
accounting principles
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
the purpose of expressing an opinion on the effectiveness
of the Cooperative’s internal control over financial reporting. Accordingly, we
express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
A-1
Critical Audit Matters
Critical Audit matters are matters arising from the current
period audit of the financial statements that were communicated or required to
be communicated to the audit committee and that: (1) relate to accounts or
disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgments. We determined that
there are no critical audit matters.
/s/ Widmer Roel PC
We have served as the Cooperative’s auditor since 2008.
Fargo, North Dakota March 8, 2023
A-2
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
the financial statements that were communicated or required to
be communicated to the audit committee and that: (1) relate to accounts or
disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgments. We determined that
there are no critical audit matters.
/s/ Widmer Roel PC
We have served as the Cooperative’s auditor since 2008.
Fargo, North Dakota March 8, 2023
A-2
GOLDEN GROWERS COOPERATIVE
BALANCE SHEETS DECEMBER 31, 2022 AND 2021
(Dollars In Thousands)
2022
2021
ASSETS
Current Assets:
Cash and Cash Equivalents
2,146
1,595
Short-Term
Investments
4,720
4,290
Other Current Assets
308
255
Total Current Assets
7,174
6,140
Long-Term Investments
2,352
1,009
Investment in ProGold LLC
18,333
20,803
Total Assets
27,859
27,952
LIABILITIES AND MEMBERS’
EQUITY
Current Liabilities
Accounts Payable
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
146
1,595
Short-Term
Investments
4,720
4,290
Other Current Assets
308
255
Total Current Assets
7,174
6,140
Long-Term Investments
2,352
1,009
Investment in ProGold LLC
18,333
20,803
Total Assets
27,859
27,952
LIABILITIES AND MEMBERS’
EQUITY
Current Liabilities
Accounts Payable
Accrued Liabilities
205
204
Total Current Liabilities
205
205
Members' Equity:
Members’
Equity
Membership
Units, Authorized 60,000,000 Units, Issued
and
Outstanding
15,490,480 as of December 31, 2022
and
December
31, 2021
27,921
27,747
Accumulated Other
Comprehensive Loss
(267
Total Members’ Equity
27,654
27,747
Total Liabilities and
Members’ Equity
27,859
27,952
See accompanying Report of Independent Registered Public
Accounting
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
Outstanding
15,490,480 as of December 31, 2022
and
December
31, 2021
27,921
27,747
Accumulated Other
Comprehensive Loss
(267
Total Members’ Equity
27,654
27,747
Total Liabilities and
Members’ Equity
27,859
27,952
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-3
GOLDEN GROWERS COOPERATIVE
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Dollars In Thousands)
December 31,
December 31,
December 31,
2022
2021
2020
OPERATIONS
Corn Revenue
107,409
89,565
50,563
Corn Expense
(107,451
(89,605
(50,606
Net Income from ProGold LLC
6,751
8,418
5,936
General & Administrative
Expenses
(537
(485
(500
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
2020
(Dollars In Thousands)
December 31,
December 31,
December 31,
2022
2021
2020
OPERATIONS
Corn Revenue
107,409
89,565
50,563
Corn Expense
(107,451
(89,605
(50,606
Net Income from ProGold LLC
6,751
8,418
5,936
General & Administrative
Expenses
(537
(485
(500
Net Income from Operations
6,172
7,893
5,393
Other Income
508
137
182
Net Income
6,680
8,030
5,575
Weighted Average Shares/Units
Outstanding
15,490,480
15,490,480
15,490,480
Earnings per Share/Membership
Unit
Primary and Fully Diluted
0.43
0.52
0.36
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-4
GOLDEN GROWERS COOPERATIVE
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
480
15,490,480
15,490,480
Earnings per Share/Membership
Unit
Primary and Fully Diluted
0.43
0.52
0.36
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-4
GOLDEN GROWERS COOPERATIVE
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Dollars In Thousands)
December 31,
December 31,
December 31,
2022
2021
2020
COMPREHENSIVE INCOME
Net Income
6,680
8,030
5,575
Unrealized loss on
investments
(267
Comprehensive Income
6,413
8,030
5,575
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-5
GOLDEN GROWERS COOPERATIVE
STATEMENTS OF CHANGES IN MEMBERS’ EQUITY FOR THE
YEARS ENDED DECEMBER 31, 2022, 2021 AND
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
030
5,575
Unrealized loss on
investments
(267
Comprehensive Income
6,413
8,030
5,575
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-5
GOLDEN GROWERS COOPERATIVE
STATEMENTS OF CHANGES IN MEMBERS’ EQUITY FOR THE
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Dollars In Thousands)
Members’
Equity
BALANCE December 31,
2019
26,379
Net income
5,575
Member distributions
(6,196
Unrealized loss on investments
BALANCE December 31, 2020
25,758
Net income
8,030
Member distributions
(6,041
Unrealized loss on
investments
BALANCE December 31,
2021
27,747
Net income
6,680
Member distributions
(6,506
Unrealized loss on investments
(267
BALANCE December 31, 2022
27,654
See accompanying Report of Independent Registered Public
Accounting Firm and Notes
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
, 2020
25,758
Net income
8,030
Member distributions
(6,041
Unrealized loss on
investments
BALANCE December 31,
2021
27,747
Net income
6,680
Member distributions
(6,506
Unrealized loss on investments
(267
BALANCE December 31, 2022
27,654
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-6
GOLDEN GROWERS COOPERATIVE
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED
DECEMBER 31, 2022, 2021 AND 2020
(Dollars In Thousands)
December 31,
December 31,
December 31,
2022
2021
2020
Cash Flows from Operating
Activities
Net Income
6,680
8,030
5,575
Net (Income) from ProGold LLC
(6,751
(8,418
(5,936
Realized (Gain)
Loss - Investments
(286
Changes in assets and
liabilities
Other Current Assets
(53
17
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
)
December 31,
December 31,
December 31,
2022
2021
2020
Cash Flows from Operating
Activities
Net Income
6,680
8,030
5,575
Net (Income) from ProGold LLC
(6,751
(8,418
(5,936
Realized (Gain)
Loss - Investments
(286
Changes in assets and
liabilities
Other Current Assets
(53
17
Accrued
liabilities and payables
(6
Net Cash Used in Operating Activities
(410
(384
(350
Cash Flows from Investing Activities
(Purchase) Sale of investments
(2,039
(116
(154
Investment in
ProGold LLC
(89
Distribution received from ProGold LLC
9,595
4,589
7,019
Net Cash Provided in
Investing Activities
7,467
4,473
6,865
Cash Flows from Financing
Activities
Member
distributions paid
(6,506
(6,041
(6,196
Net Cash Used by Financing
Activities
(6,506
(6,041
(
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-K
Text:
in
ProGold LLC
(89
Distribution received from ProGold LLC
9,595
4,589
7,019
Net Cash Provided in
Investing Activities
7,467
4,473
6,865
Cash Flows from Financing
Activities
Member
distributions paid
(6,506
(6,041
(6,196
Net Cash Used by Financing
Activities
(6,506
(6,041
(6,196
Increase (Decrease) in Cash
and Cash Equivalents
551
(1,952
319
Cash and Cash Equivalents,
Beginning of Year
1,595
3,547
3,228
Cash and Cash Equivalents,
End of Year
2,146
1,595
3,547
Supplemental Schedule of
Non-Cash Financing and Investing Activity
Unrealized Gain (Loss) on Investments
(267
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-7
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 202
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ivalents,
End of Year
2,146
1,595
3,547
Supplemental Schedule of
Non-Cash Financing and Investing Activity
Unrealized Gain (Loss) on Investments
(267
See accompanying Report of Independent Registered Public
Accounting Firm and Notes to the Financial Statements.
A-7
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
NOTE 1 NATURE OF OPERATIONS
Organization - Golden Growers Cooperative was initially
organized as a North Dakota member-owned cooperative incorporated on January 19,
1994 (“GG-ND”). GG-ND and two other partners, one of whom was American Crystal
Sugar Company (“ACSC”) entered into a joint venture that formed ProGold Limited
Liability Company, a Minnesota limited liability company (“ProGold”) which
designed and constructed a corn wet-milling facility in Wahpeton, North Dakota
(the “Facility”). Effective March 1, 2022, Cargill exercised its Option to
purchase a 50% interest in ProGold from American Crystal Sugar. Simultaneously
with the exercise of
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of whom was American Crystal
Sugar Company (“ACSC”) entered into a joint venture that formed ProGold Limited
Liability Company, a Minnesota limited liability company (“ProGold”) which
designed and constructed a corn wet-milling facility in Wahpeton, North Dakota
(the “Facility”). Effective March 1, 2022, Cargill exercised its Option to
purchase a 50% interest in ProGold from American Crystal Sugar. Simultaneously
with the exercise of the Option, the Cooperative, pursuant to the Consent
Agreement, elected to purchase American Crystal’s remaining 1% interest in
ProGold. Under the joint venture, GG-ND (and indirectly its members) had the
right and obligation to deliver corn to be processed at the Facility. In 1997,
the Facility was leased to Cargill Incorporated (“Cargill”) who continues to
operate the Facility. In connection with the Option exercise, ProGold and
Cargill entered into that certain First Amended and Second Amended and Restated
Facility lease, effective March 1, 2022, which extended the term of the Facility
Lease through December 31, 2026.
On July 29, 2009
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at the Facility. In 1997,
the Facility was leased to Cargill Incorporated (“Cargill”) who continues to
operate the Facility. In connection with the Option exercise, ProGold and
Cargill entered into that certain First Amended and Second Amended and Restated
Facility lease, effective March 1, 2022, which extended the term of the Facility
Lease through December 31, 2026.
On July 29, 2009 GG-ND formed a wholly owned cooperative
subsidiary in the state of Minnesota (GG-MN), organized under Minnesota Statutes
chapter 308A, solely for the purpose of reincorporating into the state of
Minnesota. On September 1, 2009, GG-ND merged into GG-MN and reincorporated into
the state of Minnesota. Immediately after the merger, GG-MN statutorily
converted into a cooperative association governed under Minnesota Statutes 308B.
As a result of its reincorporation and reorganization Golden Growers North
Dakota, a North Dakota cooperative association historically taxed as a
tax-exempt cooperative under Subchapter T of the Internal Revenue Code, became
Golden Growers Cooperative, a
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, GG-ND merged into GG-MN and reincorporated into
the state of Minnesota. Immediately after the merger, GG-MN statutorily
converted into a cooperative association governed under Minnesota Statutes 308B.
As a result of its reincorporation and reorganization Golden Growers North
Dakota, a North Dakota cooperative association historically taxed as a
tax-exempt cooperative under Subchapter T of the Internal Revenue Code, became
Golden Growers Cooperative, a Minnesota cooperative association governed by
Minnesota Statutes chapter 308B as a cooperative for state law purposes but
taxed as a partnership under Subchapter K of the Internal Review Code for tax
purposes. Golden Growers Cooperative succeeded to the business of Golden Growers
North Dakota and except for changes to the structure and operations as a
result of the reincorporation and statutory conversion, continues to operate the
business of Golden Growers North Dakota.
As part of the Conversion, GG-ND’s members exchanged their
shares of Class A Common Voting Membership Stock and Class B Non-Voting Equity
Stock for identical and equal shares of such stock in GG-MN. Each member’s
single share of Class A Common Voting Membership Stock was redeemed for
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� North Dakota and except for changes to the structure and operations as a
result of the reincorporation and statutory conversion, continues to operate the
business of Golden Growers North Dakota.
As part of the Conversion, GG-ND’s members exchanged their
shares of Class A Common Voting Membership Stock and Class B Non-Voting Equity
Stock for identical and equal shares of such stock in GG-MN. Each member’s
single share of Class A Common Voting Membership Stock was redeemed for $150 and
each member received membership units in GG-MN equal to the number of shares of
Class B Non-Voting Equity Stock each member held in GG-ND prior to the Merger.
Prior to September 1, 2009, ownership of membership stock,
which signified membership in the Cooperative, was restricted to producers of
agricultural products. The ownership of equity stock was restricted to members
of the Cooperative. Preferred stock could be held by persons who were not
members of the Cooperative. At August 31, 2009 and 2008, the Cooperative had
10,000 shares of non-voting, $1,000 par-value preferred stock authorized, of
which none were issued or outstanding. Equity requirements, as determined
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which signified membership in the Cooperative, was restricted to producers of
agricultural products. The ownership of equity stock was restricted to members
of the Cooperative. Preferred stock could be held by persons who were not
members of the Cooperative. At August 31, 2009 and 2008, the Cooperative had
10,000 shares of non-voting, $1,000 par-value preferred stock authorized, of
which none were issued or outstanding. Equity requirements, as determined by the
board of directors, could be retained from amounts due to patrons and credited
to members’ equity in the form of unit retains or allocated patronage.
The Cooperative reserved the right to acquire any of its stock
offered for sale and the right to recall the stock of any member. In the event
this right was exercised, the consideration paid for such stock was 25% of its
book value.
Beginning September 1, 2009, ownership of membership units is
available to any person or entity residing in the United States of America. Net
proceeds or losses will be allocated to members on the basis of their patronage
of the Cooperative.
In connection with the Conversion, the Cooperative changed its fiscal year end to December 31.
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of any member. In the event
this right was exercised, the consideration paid for such stock was 25% of its
book value.
Beginning September 1, 2009, ownership of membership units is
available to any person or entity residing in the United States of America. Net
proceeds or losses will be allocated to members on the basis of their patronage
of the Cooperative.
In connection with the Conversion, the Cooperative changed its fiscal year end to December 31.
A-8
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Significant Accounting Policies:
Investments The Cooperative’s investment in corporate
bonds are held to maturity and recorded at amortized cost. The Cooperative’s
investment in fixed income funds are recorded at fair value. The Cooperative’s
investment in ProGold is recorded at historical cost plus its pro-rata share of
ProGold’s net income and additional paid-in capital less distributions received
from ProGold. Gains and losses are determined using the specific identification
method.
Cash and Cash
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Significant Accounting Policies:
Investments The Cooperative’s investment in corporate
bonds are held to maturity and recorded at amortized cost. The Cooperative’s
investment in fixed income funds are recorded at fair value. The Cooperative’s
investment in ProGold is recorded at historical cost plus its pro-rata share of
ProGold’s net income and additional paid-in capital less distributions received
from ProGold. Gains and losses are determined using the specific identification
method.
Cash and Cash Equivalents The Cooperative considers
all demand accounts and overnight sweep accounts to be cash equivalents. Cash
equivalents do not include money market accounts maintained by the Cooperative’s
investment managers. Cash equivalents do not include any investment with a
stated maturity date, regardless of the term to maturity.
Income
Taxes Golden Growers Cooperative is taxed as a limited liability company under Subchapter K of the Internal Revenue
Code. As such, the Cooperative is generally not subject to income taxes. Instead, net income is reported by its members who will be
responsible for any income taxes which may be due. The Cooperative’s net financial basis in its assets and liabilities exceeded
its tax basis by approximately $7.9
million and $8.
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regardless of the term to maturity.
Income
Taxes Golden Growers Cooperative is taxed as a limited liability company under Subchapter K of the Internal Revenue
Code. As such, the Cooperative is generally not subject to income taxes. Instead, net income is reported by its members who will be
responsible for any income taxes which may be due. The Cooperative’s net financial basis in its assets and liabilities exceeded
its tax basis by approximately $7.9
million and $8.3 million as of December 31, 2022 and 2021, respectively.
Property and Equipment Property and equipment are
stated at cost. Depreciation on assets placed in service is provided using the
straight-line method over estimated useful lives ranging from 5 to 10 years.
Accounting Estimates The preparation of the financial
statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Revenue Recognition Revenue from marketing of members’
corn is recognized as a point in time upon delivery of the corn to the
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5 to 10 years.
Accounting Estimates The preparation of the financial
statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Revenue Recognition Revenue from marketing of members’
corn is recognized as a point in time upon delivery of the corn to the
cooperative.
The Cooperative’s members are contractually obligated to annually deliver corn to the Cooperative
by either Method A or Method B or a combination of both. Under Method A, a member is required to physically deliver corn to the cooperative
and under Method B a member appoints the cooperative as its agent to arrange for the acquisition and delivery of corn on the member’s
behalf. The Cooperative contractually appoints Cargill as its agent to arrange for the delivery of the corn by its members who elect
to deliver corn using Method A and to acquire corn on its behalf for its members who elect to deliver corn using Method B. In exchange
for these services, the Cooperative paid Cargill an annual fee of $60,000,
paid in quarterly
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s the cooperative as its agent to arrange for the acquisition and delivery of corn on the member’s
behalf. The Cooperative contractually appoints Cargill as its agent to arrange for the delivery of the corn by its members who elect
to deliver corn using Method A and to acquire corn on its behalf for its members who elect to deliver corn using Method B. In exchange
for these services, the Cooperative paid Cargill an annual fee of $60,000,
paid in quarterly 4 installments.
The price per bushel paid to the member who elects to deliver corn using Method B is equal to the price per bushel paid by Cargill to
acquire the corn as the Cooperative’s agent. Members who deliver corn under Method A are paid the market price or contracted price
for their corn at the time of delivery. In fiscal year 2022, the Cooperative paid members who deliver corn under Method A an incentive
payment of $.05
per bushel while members who elect Method B to deliver corn pay the Cooperative a $.02
per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. For fiscal year 2023, the Cooperative
will pay a $0.10 per bushel Method A
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the market price or contracted price
for their corn at the time of delivery. In fiscal year 2022, the Cooperative paid members who deliver corn under Method A an incentive
payment of $.05
per bushel while members who elect Method B to deliver corn pay the Cooperative a $.02
per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. For fiscal year 2023, the Cooperative
will pay a $0.10 per bushel Method A incentive payment. The board has the discretion to change the incentive fee and the agency fee based
on the Cooperative’s corn delivery needs. The incentive fee and agency fee are a component of Corn Expense.
With respect to all Method A corn that is delivered, Cargill
reports the purchase price as the product of Method A bushels delivered during a
month and the average purchase price for the month. If at the conclusion of the
year, a Method A member fails to fully satisfy the corn delivery requirement,
Cargill will purchase replacement corn. The member with a Method A shortfall will be responsible for a
purchased corn fee payable to Cargill and an agency fee determined by the Board
of Directors for all bushels needed to complete their annual Method A delivery
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the purchase price as the product of Method A bushels delivered during a
month and the average purchase price for the month. If at the conclusion of the
year, a Method A member fails to fully satisfy the corn delivery requirement,
Cargill will purchase replacement corn. The member with a Method A shortfall will be responsible for a
purchased corn fee payable to Cargill and an agency fee determined by the Board
of Directors for all bushels needed to complete their annual Method A delivery.
A-9
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
The Cooperative shall notify Cargill of the number of Method B
bushels to be purchased during the quarter. Cargill will certify to the
Cooperative that it has purchased the necessary Method B bushels. Method B corn
revenue will be determined to be equal to the price paid. The Cooperative has
determined Corn Expense for Method B deliveries based on the average quarterly
cost per bushel paid by Cargill to the Cooperative’s members for Method A
quarterly deliveries.
Concentrations - Several times during the year, the
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ushels to be purchased during the quarter. Cargill will certify to the
Cooperative that it has purchased the necessary Method B bushels. Method B corn
revenue will be determined to be equal to the price paid. The Cooperative has
determined Corn Expense for Method B deliveries based on the average quarterly
cost per bushel paid by Cargill to the Cooperative’s members for Method A
quarterly deliveries.
Concentrations - Several times during the year, the
Cooperative maintained a cash balance in excess of the Federal Deposit Insurance
Corporation (“FDIC”) limits. At December 31, 2022, the Cooperative’s cash
balance exceeded the FDIC insurance limits by approximately $1.9 million.
Fair Value Measurements - The Cooperative has determined
the fair value of certain assets and liabilities in accordance with the
provisions of Accounting Standards Codification (“ASC”) 820-10, which provides a
framework for measuring fair value under generally accepted accounting
principles.
ASC 820-10 defines fair value as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly
transaction
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The Cooperative has determined
the fair value of certain assets and liabilities in accordance with the
provisions of Accounting Standards Codification (“ASC”) 820-10, which provides a
framework for measuring fair value under generally accepted accounting
principles.
ASC 820-10 defines fair value as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date. ASC 820-10
requires that valuation techniques maximize the use of observable inputs and
minimize the use of unobservable inputs. ASC 820-10 also establishes a fair
value hierarchy, which prioritizes the valuation inputs into three broad levels.
Level 1 inputs consist of quoted prices in active markets for
identical assets or liabilities that the reporting entity has the ability to
access at the measurement date. Level 2 inputs are inputs other than quoted
prices included within Level 1 that are observable for the related asset or
liability. Level 3 inputs are unobservable inputs related to the asset or
liability.
A-10
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANC
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broad levels.
Level 1 inputs consist of quoted prices in active markets for
identical assets or liabilities that the reporting entity has the ability to
access at the measurement date. Level 2 inputs are inputs other than quoted
prices included within Level 1 that are observable for the related asset or
liability. Level 3 inputs are unobservable inputs related to the asset or
liability.
A-10
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
NOTE 3 PROGOLD LIMITED LIABILITY COMPANY
For the years 2020 and 2021 and the first two months of 2022,
the Cooperative had a 49% ownership interest in ProGold LLC. For the last ten
months of 2022, the Cooperative had a 50% ownership interest in ProGold LLC.
Following is summary financial information for ProGold LLC:
December 31,
(In Thousands)
2022
2021
2020
Current Assets
223
4,873
216
Long-Term Assets
36,475
43,320
39,700
Total Assets
36,698
48,193
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a 49% ownership interest in ProGold LLC. For the last ten
months of 2022, the Cooperative had a 50% ownership interest in ProGold LLC.
Following is summary financial information for ProGold LLC:
December 31,
(In Thousands)
2022
2021
2020
Current Assets
223
4,873
216
Long-Term Assets
36,475
43,320
39,700
Total Assets
36,698
48,193
39,916
Current Liabilities
31
3,903
3,106
Long-Term Liabilities
1,833
2,167
Total
Liabilities
31
5,736
5,273
Members’ Equity
36,667
42,457
34,643
Total Liabilities and
Members’ Equity
36,698
48,193
39,916
Rent Revenue on Operating
Lease
17,468
21,045
16,293
Expenses
3,919
3,865
4,179
Net Income
13,549
17,180
12,114
NOTE 4 INVESTMENTS
The Cooperative has determined fair value of its investments
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42,457
34,643
Total Liabilities and
Members’ Equity
36,698
48,193
39,916
Rent Revenue on Operating
Lease
17,468
21,045
16,293
Expenses
3,919
3,865
4,179
Net Income
13,549
17,180
12,114
NOTE 4 INVESTMENTS
The Cooperative has determined fair value of its investments
based on Level 2 inputs.
December 31, 2022:
Level 1
Level 2
Level 3
Total
Corporate Bonds - Held to
Maturity
4,461
4,461
Fixed Income Funds
2,453
2,453
Money Market & CD’s
75
75
6,989
6,989
December 31, 2021:
Corporate Bonds - Held to
Maturity
2,227
2,227
Fixed Income Funds
2,619
2,619
Money Market & CD’s
448
448
5,294
5,294
A-11
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DE
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,453
Money Market & CD’s
75
75
6,989
6,989
December 31, 2021:
Corporate Bonds - Held to
Maturity
2,227
2,227
Fixed Income Funds
2,619
2,619
Money Market & CD’s
448
448
5,294
5,294
A-11
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
The Cooperative’s investments are as follows as of December 31,
2022 and 2021 (in thousands):
Amortized
Unrealized
Unrealized
Cost
Gains
Losses
Fair Value
December 31, 2022:
Corporate Bonds - Held to Maturity
4,544
(84
4,461
Fixed Income Funds
2,720
(267
2,453
Money Market & CD’s
75
75
7,339
(351
6,989
December 31, 2021:
Corporate Bonds - Held to
Maturity
2,232
41
(46
2,227
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Losses
Fair Value
December 31, 2022:
Corporate Bonds - Held to Maturity
4,544
(84
4,461
Fixed Income Funds
2,720
(267
2,453
Money Market & CD’s
75
75
7,339
(351
6,989
December 31, 2021:
Corporate Bonds - Held to
Maturity
2,232
41
(46
2,227
Fixed Income Funds
2,619
2,619
Money Market & CD’s
448
448
5,299
41
(46
5,294
Corporate bond maturities are as follows as of December 31,
2022 (in thousands):
Net
Carrying
Amount
Fair Value
Due in 1 year or less
2,191
2,171
Due in 2 to 5 years
1,741
1,703
Due in 6 to 10 years
612
587
4,544
4,461
The following table shows the gross unrealized losses and fair
value of the Cooperative’s securities with unrealized losses that are not deemed
to have credit losses, aggregated by investment category
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Net
Carrying
Amount
Fair Value
Due in 1 year or less
2,191
2,171
Due in 2 to 5 years
1,741
1,703
Due in 6 to 10 years
612
587
4,544
4,461
The following table shows the gross unrealized losses and fair
value of the Cooperative’s securities with unrealized losses that are not deemed
to have credit losses, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss position, at
December 31, 2022 and 2021:
Less than
12 Months
More than
12 Months
Unrealized
Unrealized
December 31, 2022:
Fair Value
Losses
Fair Value
Losses
Corporate Bonds - Held to Maturity
3,612
(68
282
(16
Fixed Income Funds
2,453
(267
3,612
(68
2,735
(283
December 31, 2021:
Corporate Bonds - Held to
Maturity
739
(46
The Cooperative has determined that the unrealized losses are
de
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December 31, 2022:
Fair Value
Losses
Fair Value
Losses
Corporate Bonds - Held to Maturity
3,612
(68
282
(16
Fixed Income Funds
2,453
(267
3,612
(68
2,735
(283
December 31, 2021:
Corporate Bonds - Held to
Maturity
739
(46
The Cooperative has determined that the unrealized losses are
deemed to be temporary impairments as of December 31, 2022 and 2021. The
Cooperative believes that the unrealized losses generally are caused by interest
rate increases and increases in the risk premiums required by market
participants rather than an adverse change in cash flows or a fundamental
weakness in the credit quality of the issuer or underlying
assets.
A-12
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
NOTE 5 INCOME TAXES
The Cooperative follows the provisions of ASC 740-10 related to
accounting for uncertainty in income taxes.
The Cooperative had no unrecognized tax benefits on December
|
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flows or a fundamental
weakness in the credit quality of the issuer or underlying
assets.
A-12
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
NOTE 5 INCOME TAXES
The Cooperative follows the provisions of ASC 740-10 related to
accounting for uncertainty in income taxes.
The Cooperative had no unrecognized tax benefits on December
31, 2022 and 2021. No interest or penalties are recognized in the statements of
operations or in the balance sheets.
The Cooperative recognized no income tax expense for the years
ended December 31, 2022, 2021 and 2020.
NOTE 6 EMPLOYEE BENEFIT PLANS
$0,
$0, and
$1,000, respectively.
In December 2022, the Cooperative approved a resolution to
terminate the plan on March 31, 2023. The process of terminating the plan
includes the purchase of annuities from the assets of the plan to satisfy
payment of vested benefits to participants as prescribed by the Pension Benefit
Guarantee Corporation’s standard termination process. As
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.
NOTE 6 EMPLOYEE BENEFIT PLANS
$0,
$0, and
$1,000, respectively.
In December 2022, the Cooperative approved a resolution to
terminate the plan on March 31, 2023. The process of terminating the plan
includes the purchase of annuities from the assets of the plan to satisfy
payment of vested benefits to participants as prescribed by the Pension Benefit
Guarantee Corporation’s standard termination process. As of December 31, 2022,
the pension plan was funded as required by the funding standards set forth by
the Employee Retirement Income Security Act (ERISA). While there are currently
sufficient funds to purchase annuities for the plan’s two (2) participants to
pay all of the benefits owed under the plan, if conditions worsen, the
Cooperative is liable to pay the difference between the pension assets and the
cost of annuities for participants to cover all benefit liabilities. The
Cooperative anticipates that the process of terminating the plan will conclude
in July 2024.
The Cooperative’s Compensation Committee has the responsibility
of managing the operations and administration of the Cooperative’s retirement plans. The Cooperative has an
investment policy that establishes
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to
pay all of the benefits owed under the plan, if conditions worsen, the
Cooperative is liable to pay the difference between the pension assets and the
cost of annuities for participants to cover all benefit liabilities. The
Cooperative anticipates that the process of terminating the plan will conclude
in July 2024.
The Cooperative’s Compensation Committee has the responsibility
of managing the operations and administration of the Cooperative’s retirement plans. The Cooperative has an
investment policy that establishes target asset allocations to reduce the risk
of large losses. Asset classes are diversified to reduce risk, and equity
exposure is limited to 50% of the total portfolio value. The investment
objective is to achieve a rate of return sufficient to fully fund the pension
obligation of the plan without assuming undue risk through investment vehicles
with no greater than average variability of the markets themselves.
Substantially all of the Plan’s assets consist of Collective
Investment Trusts or Mutual Funds (Fund) and are valued based on Level I or
Level II inputs, as determined from the Fund’s ASC 715-30 footnote included in
the Fund’s audited financial statements. The Fund’s valuation techniques include
market matrix pricing and market inputs,
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ligation of the plan without assuming undue risk through investment vehicles
with no greater than average variability of the markets themselves.
Substantially all of the Plan’s assets consist of Collective
Investment Trusts or Mutual Funds (Fund) and are valued based on Level I or
Level II inputs, as determined from the Fund’s ASC 715-30 footnote included in
the Fund’s audited financial statements. The Fund’s valuation techniques include
market matrix pricing and market inputs, including bench mark yields, reported
trades, broker/dealer quotes and others. There has been no changes in valuation
techniques and inputs in 2022, 2021 and 2020.
The assumptions used in the measurement of the Cooperative’s
benefit obligations are shown below:
2022
2021
Discount Rate
4.50
3.50
Expected Return on Plan Assets
2.91
5.07
Rate of Compensation Increase
n/a
n/a
A-13
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
The following schedule reflects the expected pension benefit
payments during each of the
|
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cik:1489874
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name:Golden Growers Cooperative
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Text:
are shown below:
2022
2021
Discount Rate
4.50
3.50
Expected Return on Plan Assets
2.91
5.07
Rate of Compensation Increase
n/a
n/a
A-13
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
The following schedule reflects the expected pension benefit
payments during each of the next five years and the aggregate for the following
five years (in thousands).
Expected
Benefit
Payments
2023
51
2024
49
2025
49
2026
49
2027
49
2028-2032
237
Total
484
The Cooperative does not expect to contribute to the defined
benefit pension plan during the next fiscal year.
The following schedules provide the components of the Net
Periodic Pension Costs for the periods ended December 31, 2022, 2021 and 2020
(in thousands):
2022
2021
2020
Interest Cost
27
24
25
Expected Return on Plan Assets
(19
(38
(46
Amortization of Net
|
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name:Golden Growers Cooperative
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Text:
Total
484
The Cooperative does not expect to contribute to the defined
benefit pension plan during the next fiscal year.
The following schedules provide the components of the Net
Periodic Pension Costs for the periods ended December 31, 2022, 2021 and 2020
(in thousands):
2022
2021
2020
Interest Cost
27
24
25
Expected Return on Plan Assets
(19
(38
(46
Amortization of Net (Gain)
Loss
Net Periodic Pension Cost
10
(14
(21
A-14
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
The following schedules set forth a reconciliation of the
changes in the plan’s benefit obligation and fair value of assets for the
periods ending December 31, 2022 and 2021 and a statement of the funded status
and amounts recognized in the Balance Sheets and Accumulated Other Comprehensive
Income as of December 31, 2022 and 2021 (in thousands):
December 31,
December 31,
2022
2021
Change in Benefit Obl
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2020
The following schedules set forth a reconciliation of the
changes in the plan’s benefit obligation and fair value of assets for the
periods ending December 31, 2022 and 2021 and a statement of the funded status
and amounts recognized in the Balance Sheets and Accumulated Other Comprehensive
Income as of December 31, 2022 and 2021 (in thousands):
December 31,
December 31,
2022
2021
Change in Benefit Obligation
Obligation at the
Beginning of the Period
718
752
Service Cost
Interest Cost
24
25
Actuarial (Gain) Loss
(51
(4
Benefits Paid
(55
(55
Obligation at the
End of the Period
636
718
Change in Plan Assets
Fair Value at the Beginning of the Period
910
935
Actual Returns on
Plan Assets
(151
30
Employer Contributions
Benefits Paid
(55
(55
Fair Value at the
End of the Period
704
910
Funded Status
Funded Status as of Period Ended
68
193
Net Amount Recognized
401(k) Plan The Cooperative has
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End of the Period
636
718
Change in Plan Assets
Fair Value at the Beginning of the Period
910
935
Actual Returns on
Plan Assets
(151
30
Employer Contributions
Benefits Paid
(55
(55
Fair Value at the
End of the Period
704
910
Funded Status
Funded Status as of Period Ended
68
193
Net Amount Recognized
401(k) Plan The Cooperative has a 401(k) plan that
covers employees that meet eligibility requirements. The Cooperative’s
contributions to the plan totaled $7,325, $6,959, and $6,829 for the years ended
December 31, 2022, 2021 and 2020, respectively.
NOTE 7 COMMITMENTS AND CONTINGENCIES
The Cooperative contracted with Cargill, Incorporated in
connection with the procurement of corn which includes payments of $60,000 in
2022. The contract continues through 2026.
On February 28, 2022, the Cooperative and Cargill entered into
an operating agreement for ProGold. If a defined triggering event occurs, the
Cooperative and Cargill will expedit
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and 2020, respectively.
NOTE 7 COMMITMENTS AND CONTINGENCIES
The Cooperative contracted with Cargill, Incorporated in
connection with the procurement of corn which includes payments of $60,000 in
2022. The contract continues through 2026.
On February 28, 2022, the Cooperative and Cargill entered into
an operating agreement for ProGold. If a defined triggering event occurs, the
Cooperative and Cargill will expeditiously and in
good faith work together to finalize a joint venture agreement for the
structure, governance and operation of ProGold according to certain operating
principles and other guideline terms. If a joint venture agreement is
agreed to, the Cooperative will reimburse Cargill for
50% of the undepreciated capital expense associated with approved projects. If
the Cooperative and Cargill are unable to agree on terms for a joint venture
agreement, Cargill agrees to purchase the Cooperative’s 50% interest in ProGold
for $81 million and half of any remaining lease payments due through December
31, 2026.
A-15
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DE
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for
50% of the undepreciated capital expense associated with approved projects. If
the Cooperative and Cargill are unable to agree on terms for a joint venture
agreement, Cargill agrees to purchase the Cooperative’s 50% interest in ProGold
for $81 million and half of any remaining lease payments due through December
31, 2026.
A-15
GOLDEN GROWERS COOPERATIVE
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022, 2021 AND
2020
NOTE 8 LINE OF CREDIT
The Cooperative established a $2,000,000 line of credit with a
variable interest rate based on the prime rate that terminates on October 16,
2024. The line of credit is secured by the Investment Management Agency account
for Golden Growers maintained by Bell Bank. There is no outstanding balance as
of December 31, 2022 and 2021.
NOTE 9 - SUBSEQUENT EVENTS
In February of 2023, the Cooperative declared a distribution of
$2,478,476, or $.16 per outstanding membership unit.
Management evaluated all other activity of the Company through
March 8,
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YOU are a financial analyst. You are reading a report of a company.
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name:Golden Growers Cooperative
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16,
2024. The line of credit is secured by the Investment Management Agency account
for Golden Growers maintained by Bell Bank. There is no outstanding balance as
of December 31, 2022 and 2021.
NOTE 9 - SUBSEQUENT EVENTS
In February of 2023, the Cooperative declared a distribution of
$2,478,476, or $.16 per outstanding membership unit.
Management evaluated all other activity of the Company through
March 8, 2023, the date to which the financial statements were available to be
issued, and concluded that, other than the matters described above, no other
subsequent events have occurred that would require recognition in the financial
statements or disclosure in the notes to the financial statements.
A-16
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Text:
-16
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Text:
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
20549
FORM 10-Q
[ X ] Quarterly report pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2023
Commission file number: 000-53957
Golden Growers Cooperative (Exact
name of registrant as specified in its charter)
Minnesota
27-1312571
(State or other jurisdiction of incorporation or
organization)
(I.R.S. Employer Identification No.)
1002 Main Avenue West, Suite 5 West Fargo, ND
58078 (Address of principal executive offices)
Telephone Number 701-281-0468 (Registrant’s telephone
number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past
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including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [ X ]
No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit
such files).
Yes [ X ]
No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of “large
accelerated filer,” “accelerated filer,” “smaller reporting
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name:Golden Growers Cooperative
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12
months (or for such shorter period that the registrant was required to submit
such files).
Yes [ X ]
No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of “large
accelerated filer,” “accelerated filer,” “smaller reporting company,” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer [ X ]
Smaller reporting company [ X ]
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell
company (as defined in rule 12b-2 of the Act).
YES ☐
NO [ X ]
As of May 4, 202
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company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell
company (as defined in rule 12b-2 of the Act).
YES ☐
NO [ X ]
As of May 4, 2023 the Cooperative had 15,490,480 Units issued
and outstanding.
GOLDEN GROWERS COOPERATIVE
FORM 10-Q
INDEX
PART I.
FINANCIAL INFORMATION
Item 1.
Financial
Statements
Item 2.
Management’s
Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative
and Qualitative Disclosures About Market Risk
11
Item 4.
Controls
and Procedures
11
PART
II. OTHER INFORMATION
11
Item 1.
Legal
Proceedings
11
Item
1A.
Risk Factors
11
Item 2.
Unregistered
Sales of Equity Securities and Use of Proceeds
12
Item
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’s
Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative
and Qualitative Disclosures About Market Risk
11
Item 4.
Controls
and Procedures
11
PART
II. OTHER INFORMATION
11
Item 1.
Legal
Proceedings
11
Item
1A.
Risk Factors
11
Item 2.
Unregistered
Sales of Equity Securities and Use of Proceeds
12
Item 3.
Defaults
Upon Senior Securities
12
Item 4.
Mine
Safety Disclosures
12
Item 5.
Other
Information
12
Item 6.
Exhibits
12
SIGNATURES
13
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GOLDEN GROWERS COOPERATIVE CONDENSED BALANCE
SHEETS (In Thousands)
March 31, 2023
December 31, 2022
(Unaudited)
(Audited)
ASSETS
Current Assets:
Cash and
Cash Equivalents
1,421
2,146
Short-Term Investments
5,047
4,720
Other
Current Assets
95
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name:Golden Growers Cooperative
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Text:
IAL INFORMATION
Item 1. Financial Statements
GOLDEN GROWERS COOPERATIVE CONDENSED BALANCE
SHEETS (In Thousands)
March 31, 2023
December 31, 2022
(Unaudited)
(Audited)
ASSETS
Current Assets:
Cash and
Cash Equivalents
1,421
2,146
Short-Term Investments
5,047
4,720
Other
Current Assets
95
308
Total Current Assets
6,563
7,174
Long-Term Investments
2,088
2,352
Investment in ProGold LLC
18,010
18,333
Total Assets
26,661
27,859
LIABILITIES AND MEMBERS’
EQUITY
Current Liabilities
Accounts Payable
Accrued
Liabilities
205
Total Current Liabilities
205
Non-Current Liabilities
Commitments and contingencies
(Note 9)
Members' Equity:
Members’
Equity Membership
Units, Authorized 60,000,000
Units, Issued
and Outstanding 15,490,480 as of March
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ILITIES AND MEMBERS’
EQUITY
Current Liabilities
Accounts Payable
Accrued
Liabilities
205
Total Current Liabilities
205
Non-Current Liabilities
Commitments and contingencies
(Note 9)
Members' Equity:
Members’
Equity Membership
Units, Authorized 60,000,000
Units, Issued
and Outstanding 15,490,480 as of March 31, 2023 and December 31, 2022
26,916
27,921
Accumulated Other Comprehensive Income (Loss)
(262
(267
Total Members’ Equity
26,654
27,654
Total Liabilities and
Members’ Equity
26,661
27,859
See Notes to Condensed Financial Statements
GOLDEN GROWERS COOPERATIVE CONDENSED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (In Thousands, Other Than Share
and Per-Share Data) (Unaudited)
Three Months Ended
March 31, 2023
March 31, 2022
OPERATIONS
Corn Revenue
31,283
30,302
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Members’ Equity
26,661
27,859
See Notes to Condensed Financial Statements
GOLDEN GROWERS COOPERATIVE CONDENSED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (In Thousands, Other Than Share
and Per-Share Data) (Unaudited)
Three Months Ended
March 31, 2023
March 31, 2022
OPERATIONS
Corn Revenue
31,283
30,302
Corn Expense
(31,297
(30,317
Net Income from ProGold LLC
1,605
2,796
General & Administrative
Expenses
(210
(202
Net Income from Operations
1,381
2,579
Other Income
92
27
Net Income Before Income Tax
1,473
2,606
Net Income
1,473
2,606
Weighted Average Shares/Units Outstanding
15,490,480
15,490,480
Earnings per Share/Membership Unit
Primary and Fully Diluted
0.10
0.17
Three Months
Ended
March 31, 2023
March 31, 2022
COMPREHENS
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Text:
Income
92
27
Net Income Before Income Tax
1,473
2,606
Net Income
1,473
2,606
Weighted Average Shares/Units Outstanding
15,490,480
15,490,480
Earnings per Share/Membership Unit
Primary and Fully Diluted
0.10
0.17
Three Months
Ended
March 31, 2023
March 31, 2022
COMPREHENSIVE INCOME
Net Income
1,473
2,606
Other Comprehensive Income
(Loss), Net
Comprehensive Income
1,478
2,606
See Notes to Condensed Financial Statements
Total
Members'
Equity
BALANCE December 31,
2021
27,747
Net Income
2,606
Pension Liability Adjustment
Distributions to
Members
(2,169
BALANCE March 31, 2022
28,184
BALANCE December 31,
2022
27,654
Net income
1,473
Unrealized gain on investments
Distributions to
Members
(2,478
BALANCE March 31, 2023
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
31,
2021
27,747
Net Income
2,606
Pension Liability Adjustment
Distributions to
Members
(2,169
BALANCE March 31, 2022
28,184
BALANCE December 31,
2022
27,654
Net income
1,473
Unrealized gain on investments
Distributions to
Members
(2,478
BALANCE March 31, 2023
26,654
See Notes to Condensed Financial Statements
GOLDEN GROWERS COOPERATIVE CONDENSED STATEMENTS OF
CASH FLOWS (In Thousands) (Unaudited)
Three Months Ended
March 31, 2023
March 31, 2022
Cash Flows from Operating
Activities
Net Income
1,473
2,606
Net (Income) from ProGold LLC
(1,605
(2,796
Changes in assets and liabilities
Other Current
Assets
212
226
Accrued liabilities
and payables
(198
(204
Net Cash Used in Operating
Activities
(118
(168
Cash Flows from Investing
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
31, 2022
Cash Flows from Operating
Activities
Net Income
1,473
2,606
Net (Income) from ProGold LLC
(1,605
(2,796
Changes in assets and liabilities
Other Current
Assets
212
226
Accrued liabilities
and payables
(198
(204
Net Cash Used in Operating
Activities
(118
(168
Cash Flows from Investing
Activities
(Purchase) Sale of
investments
(58
620
Investment in ProGold LLC
(89
Distribution
received from ProGold LLC
1,929
4,303
Net Cash Provided in Investing Activities
1,871
4,834
Cash Flows from Financing Activities
Member distributions paid
(2,478
(2,169
Net Cash Used by Financing Activities
(2,478
(2,169
Increase (Decrease) in Cash and Cash
Equivalents
(725
2,497
Cash and Cash Equivalents, Beginning of
Period
2,146
1,595
Cash and Cash Equivalents, End of Period
1,421
4,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
834
Cash Flows from Financing Activities
Member distributions paid
(2,478
(2,169
Net Cash Used by Financing Activities
(2,478
(2,169
Increase (Decrease) in Cash and Cash
Equivalents
(725
2,497
Cash and Cash Equivalents, Beginning of
Period
2,146
1,595
Cash and Cash Equivalents, End of Period
1,421
4,092
See Notes to Condensed Financial Statements
GOLDEN GROWERS COOPERATIVE NOTES TO CONDENSED
FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND
2022
NOTE 1 BASIS OF PRESENTATION
The condensed financial statements of Golden Growers
Cooperative (the “Cooperative”) for the three-month periods ended March 31, 2023
and 2022 are unaudited and reflect all adjustments consisting of normal
recurring adjustments which are, in the opinion of management, necessary for a
fair presentation of the financial position and operating results for the
interim period. The condensed financial statements should be read in conjunction
with the financial statements and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
BASIS OF PRESENTATION
The condensed financial statements of Golden Growers
Cooperative (the “Cooperative”) for the three-month periods ended March 31, 2023
and 2022 are unaudited and reflect all adjustments consisting of normal
recurring adjustments which are, in the opinion of management, necessary for a
fair presentation of the financial position and operating results for the
interim period. The condensed financial statements should be read in conjunction
with the financial statements and notes thereto, contained in the Cooperative’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The
results of operations for the three-month period ended March 31, 2023 are not
necessarily indicative of the results for the entire fiscal year ending December
31, 2023.
NOTE 2 EXPENSES
The Cooperative contracts with Cargill, Incorporated
(“Cargill”) in connection with the procurement of corn and other agency services
for an annual fee of $60,000, which is paid by the Cooperative to Cargill in
quarterly 4 installments. The agreements between Cargill and the Cooperative
terminate concurrently with Cargill’s Second Am
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
results for the entire fiscal year ending December
31, 2023.
NOTE 2 EXPENSES
The Cooperative contracts with Cargill, Incorporated
(“Cargill”) in connection with the procurement of corn and other agency services
for an annual fee of $60,000, which is paid by the Cooperative to Cargill in
quarterly 4 installments. The agreements between Cargill and the Cooperative
terminate concurrently with Cargill’s Second Amended and Restated Facility Lease
with ProGold Limited Liability Company (“ProGold LLC”). Effective March 1, 2022,
the term of the Facility Lease was extended through December 31, 2026.
NOTE 3 PROGOLD LIMITED LIABILITY COMPANY
49% and
51%
interest in ProGold LLC, respectively
0%.
On March 1,
2022, pursuant to an Option Agreement by and between Cargill and American Crystal, and a Consent Agreement by and among the Cooperative,
Cargill, and American Crystal, each effective January 1, 2018, Cargill purchased a 50%
interest
in ProGold LLC from American Crystal, while the Cooperative purchased the remaining 1%
of
ProGold LLC held
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
49% and
51%
interest in ProGold LLC, respectively
0%.
On March 1,
2022, pursuant to an Option Agreement by and between Cargill and American Crystal, and a Consent Agreement by and among the Cooperative,
Cargill, and American Crystal, each effective January 1, 2018, Cargill purchased a 50%
interest
in ProGold LLC from American Crystal, while the Cooperative purchased the remaining 1%
of
ProGold LLC held by American Crystal. As a result of these transactions, the Cooperative and Cargill each hold a
50%
interest in ProGold LLC. Please refer to Part I, Item 2 of this Quarterly Report on Form 10-Q for more information regarding the
Cooperative’s ownership interest in ProGold LLC. Following is summary financial information for ProGold LLC, which was derived from
the monthly unaudited financial statements of ProGold LLC:
0%
March 31,
December 31,
(In Thousands)
2023
2022
2022
Current Assets
209
68
223
Long-Term Assets
35,840
39,317
36,475
Total Assets
36,049
39,385
36,698
Current Liabilities
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
ownership interest in ProGold LLC. Following is summary financial information for ProGold LLC, which was derived from
the monthly unaudited financial statements of ProGold LLC:
0%
March 31,
December 31,
(In Thousands)
2023
2022
2022
Current Assets
209
68
223
Long-Term Assets
35,840
39,317
36,475
Total Assets
36,049
39,385
36,698
Current Liabilities
29
45
31
Long-Term Liabilities
Total Liabilities
29
45
31
Members’ Equity
36,020
39,340
36,667
Total Liabilities and
Members’ Equity
36,049
39,385
36,698
Rent Revenue on Operating
Lease
3,953
6,534
17,468
Expenses
743
895
3,919
Net Income
3,210
5,639
13,549
NOTE 4 INVESTMENTS
The Cooperative has determined fair value of its investments
based on Level 2 inputs (in thousands):
March 31, 2023:
Level 1
Level 2
Level 3
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
36,698
Rent Revenue on Operating
Lease
3,953
6,534
17,468
Expenses
743
895
3,919
Net Income
3,210
5,639
13,549
NOTE 4 INVESTMENTS
The Cooperative has determined fair value of its investments
based on Level 2 inputs (in thousands):
March 31, 2023:
Level 1
Level 2
Level 3
Total
Corporate Bonds - Held to
Maturity
4,252
4,252
Fixed Income Funds - Available for Sale
2,492
2,492
Money Market & CD’s
333
333
7,077
7,077
December 31, 2022:
Corporate Bonds - Held to
Maturity
4,461
4,461
Fixed Income Funds - Available for Sale
2,453
2,453
Money Market & CD’s
75
75
6,989
6,989
Maturities are as follows as of March 31, 2023 (in thousands):
Net Carrying
Fair
Amount
Value
Due in 1 year or less
2,234
2
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
31, 2022:
Corporate Bonds - Held to
Maturity
4,461
4,461
Fixed Income Funds - Available for Sale
2,453
2,453
Money Market & CD’s
75
75
6,989
6,989
Maturities are as follows as of March 31, 2023 (in thousands):
Net Carrying
Fair
Amount
Value
Due in 1 year or less
2,234
2,224
Due in 2 to 5 years
1,737
1,697
Greater than 5 years
351
331
4,322
4,252
The Cooperative’s investments are as follows as of March 31,
2023 and December 31, 2022 (in thousands):
Amortized
Unrealized
Unrealized
Cost
Gains
Losses
Fair Value
March 31, 2023:
Corporate Bonds - Held to Maturity
4,310
(59
4,252
Fixed Income Funds -
Available for Sale
2,754
(262
2,492
Money Market & CD’s
333
333
7,397
(321
7,077
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
31, 2022 (in thousands):
Amortized
Unrealized
Unrealized
Cost
Gains
Losses
Fair Value
March 31, 2023:
Corporate Bonds - Held to Maturity
4,310
(59
4,252
Fixed Income Funds -
Available for Sale
2,754
(262
2,492
Money Market & CD’s
333
333
7,397
(321
7,077
December 31, 2022:
Corporate Bonds - Held to
Maturity
4,544
(84
4,461
Fixed Income Funds - Available for Sale
2,720
(267
2,453
Money Market & CD’s
75
75
7,339
(351
6,989
The following table shows the gross unrealized losses and fair
value of the Cooperative’s securities with unrealized losses that are not deemed
to have credit losses, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss position, at
March 31, 2023 and December 31, 2022.
Less than 12
Months
More than 12
Months
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
75
7,339
(351
6,989
The following table shows the gross unrealized losses and fair
value of the Cooperative’s securities with unrealized losses that are not deemed
to have credit losses, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss position, at
March 31, 2023 and December 31, 2022.
Less than 12
Months
More than 12
Months
Unrealized
Unrealized
March 31, 2023:
Fair Value
Losses
Fair Value
Losses
Corporate Bonds - Held to
Maturity
3,227
(28
549
(31
Fixed Income Funds
2,492
(262
3,227
(28
3,041
(293
December 31, 2022:
Corporate Bonds - Held to
Maturity
3,612
(68
282
(16
Fixed Income Funds
2,453
(267
3,612
(68
2,735
(283
NOTE 5 EMPLOYEE BENEFIT PLANS
Pension Plan In December 2012, the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
,492
(262
3,227
(28
3,041
(293
December 31, 2022:
Corporate Bonds - Held to
Maturity
3,612
(68
282
(16
Fixed Income Funds
2,453
(267
3,612
(68
2,735
(283
NOTE 5 EMPLOYEE BENEFIT PLANS
Pension Plan In December 2012, the Cooperative
approved a change to freeze the Cooperative’s defined benefit plan as of January
1, 2013. As a result, no additional benefits will accrue to participants in the
plan and no new employees are eligible for the plan.
In December 2022, the Cooperative approved a resolution to
terminate the plan on March 31, 2023. The process of terminating the plan
includes the purchase of annuities from the assets of the plan to satisfy
payment of vested benefits to participants as prescribed by the Pension Benefit
Guarantee Corporation’s standard termination process. As of December 31, 2022, the pension plan was funded as required by
the funding standards set forth by the Employee Retirement Income Security Act (ERISA). While there
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1489874
ticker:GGROU
name:Golden Growers Cooperative
exchange:
filing_type:10-Q
Text:
Cooperative approved a resolution to
terminate the plan on March 31, 2023. The process of terminating the plan
includes the purchase of annuities from the assets of the plan to satisfy
payment of vested benefits to participants as prescribed by the Pension Benefit
Guarantee Corporation’s standard termination process. As of December 31, 2022, the pension plan was funded as required by
the funding standards set forth by the Employee Retirement Income Security Act (ERISA). While there are
currently sufficient funds to purchase annuities for the plan’s two (2)
participants to pay all of the benefits owed under the plan, if conditions
worsen, the Cooperative is liable to pay the difference between the pension
assets and the cost of annuities for participants to cover all benefit
liabilities. The Cooperative anticipates that the process of terminating the
plan will conclude in July 2024.
The plan’s fair value and benefit obligation will vary over
time as a result of changes in market interest rates, the life expectancy of
plan participants, and benefit payments. As of December 31, 2022, the plan had a
total fair value of $704,000 and a benefit obligation of
|
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