Eligible Farm Credit of Central Florida Members Share $1.68 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 $1.68 million payment of allocated surplus.
“Being a cooperative allows us to return profits to our members. This makes Farm Credit unique, as no other financial institution in our area rewards its customers in this way,” Roberson said. “Our board has approved revolvement of 50% of the 2004 allocated surplus to our eligible members.”
Farm Credit of Central Florida issued patronage refunds in 2004 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 creates an understanding for the member between their investment in the cooperative and the benefits of membership.”
For more information on how the patronage program works, click here.
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 $680 million.
For immediate release. For more information, contact Tory Moore at (863) 682-4117.