Central Valley Ag (CVA) continues to give back to its member-owners demonstrating the cooperative spirit. Recently, the CVA Board of Directors approved the distribution of patronage to its member-owners.
A total payout of $29.5 million dollars in patronage refunds was approved based upon the continued success of the cooperative. Of this amount,75% (or $22.0 million) will be paid out in cash. The balance of the patronage ($7.5 million) will be allocated in theform of non-qualified deferred patronage, which means you will pay taxes only on the cash portionyou receive today and will only pay taxes on the non-qualified equity when it is redeemed in future years.
“We could not provide this payout to our patrons without the support of our member-owners and our outstanding group of employees,” said Carl Dickinson, President and CEO of Central Valley Ag, “I am very proud of CVA’s performance this last year and am excited to share the cooperatives success with our members owners; without their loyalty this would not be possible.”
Patronage is based on volume during CVA’s fiscal year. Fiscal year 2023 began September 1, 2022 and ended on August 31, 2023. Checks were mailed to patrons on November 22, 2023. CVA will continue to invest in assets to serve its member-owners to the best of its ability. We are proud of the way your cooperative performed this year and the cooperative model has never been more relevant.
