The 88th Annual Meeting of Skagit Farmers Supply took place on Wednesday, March 9, 2022, at the Skagit Valley Inn & Convention Center in Mount Vernon, Washington. The cooperative had a one-year hiatus from the live event due to pandemic restrictions (SFS hosted a virtual meeting in 2021). Those in attendance were happy to see everyone in person, and it was noted by many that it was the first time they’d seen many since our 2020 annual meeting that occurred just prior to the original government-imposed lockdowns in the early days of Covid-19.
The audited financial results were presented by Brandon Hanson from Moss Adams. Sales were up 8.5% and set a new record at $140m. Margins and expenses were up as well. Net income of $7.3m was down slightly from the record of $7.4m set in fiscal 2020.
Chair Nels Lagerlund led the meeting and Vice Chair Spencer Fuentes gave the board report. SFS again issued 50% cash patronage with a non-qualified distribution to our farmer members. The total patronage for our membership is $5.5m. Stock retirements of $2.4m are going out this month as SFS continues to retire stock on a 10-year revolvement. The total cash going to our members and patrons in 2022 is $5.2m.
President & CEO Tom Boland gave the Manager’s Report with a focus on our strong reinvestment in and support of agriculture and our agronomy assets in western Washington. All four business units have had strong growth over the past 5 years, despite the many challenges all businesses continue to deal with. $25m in cash has been sent out to growers, businesses and homeowners in western Washington over the past 5 years.
Lunch was served and door prizes were given out as the 88th Annual Meeting was concluded. It’s a great tradition and a good reminder of how cooperatives support and are vital to the success of agriculture in our country.
