In This Story
Golden Growers Coop Unit (GGROU0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the Cooperative's operations, including its joint venture with ProGold LLC, a corn wet-milling facility. The Cooperative owns a 50% interest in ProGold LLC, with the other 50% owned by Cargill Incorporated.
The Cooperative's revenue from corn marketing operations decreased by 29.6% to $61,998,000 in fiscal 2024, primarily due to a decrease in the price of corn. Corn expenses also decreased by 29.7% to $62,033,000.
Income from the Cooperative's investment in ProGold LLC increased by 2.6% to $6,240,000 in fiscal 2024, attributed to increased lease revenue.
General and administrative expenses for the Cooperative were $608,000 in fiscal 2024, a slight decrease from the previous year.
The Cooperative's working capital increased to $8,729,000 as of December 31, 2024, from $6,542,000 the previous year, due to the timing of investment maturities.
Cash distributions to members totaled $7,745,000 in fiscal 2024, up from $6,816,000 in fiscal 2023.
The Cooperative's Board of Directors has approved a Plan of Liquidation and Dissolution, contingent on member approval, to sell its 50% interest in ProGold to Cargill for $81 million following the expiration of the facility lease on December 31, 2026.
The Cooperative has no long-term debt as of December 31, 2024, and maintains a $2,000,000 line of credit with no outstanding balance.
The Cooperative's financial statements were audited by Haynie and Company, and no critical audit matters were identified.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Golden Growers Coop Unit annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.