Eligible Farm Credit of Central Florida Members Share $2.2 million in Allocated Surplus
Farm Credit of Central Florida Chairman of the Board Robert R. Roberson announced eligible members of the Lakeland based agricultural cooperative would share in a $2.2 million payment of qualified allocated surplus.
“Farm Credit membership continues to pay and reduce our members’ effective cost of borrowing,” Roberson said. “Our board has approved revolvement of the remaining 2003 allocated surplus to our eligible members.”
Farm Credit of Central Florida issued patronage refunds in 2003 containing both the cash portion and allocated surplus. Allocated Surplus accounts were retained for necessary capital to keep the association financially strong and provide for growth. Since eligible Members have already paid the taxes on qualified allocated surplus, this disbursement is not taxable to them. It is, however, recommended members consult with their tax professional with questions on how taxes will be assessed.
“Our board of directors carefully analyzed the association’s financial position before authorizing this payment,” Reggie Holt, Farm Credit of Central Florida President and CEO said. “Revolving this patronage is a testament to the financial strength of the association and a tribute to the resilience of our members through difficult times.”
Part of the 100 year old Farm Credit system, Farm Credit of Central Florida supports rural communities and agriculture in 13 central Florida counties including, Polk, Citrus, Pinellas, Pasco, Hernando, Hillsborough, Lake, Sumter, Osceola, Orange, Seminole, Volusia and Brevard. The association loans funds for agricultural purposes, makes residential loans, originates leases, and sells crop insurance. Over 900 borrowers have chosen Farm Credit of Central Florida as their lender of choice, giving the cooperative gross outstanding loan volume exceeding $580 million.
For immediate release. For more information, contact Ron O’Connor at (863) 682-4117.