Farm Supply Gives Back Over $350,000 to Local Ag Community
in Gratitude for Loyal Patronage
In celebration of its dedicated customers and strong sales despite the challenges of 2020, Farm Supply Company has distributed over $350,000 in patronage dividends to its loyal members.
As an agricultural cooperative, the profits of Farm Supply are returned to its members through annual patronage dividends. Member return rate for 2020 was 5.81% — the highest in Farm Supply’s history. Farm Supply’s almost 2,500 members are all agricultural producers, most of whom live and operate right here on the Central Coast. Members include ranchers, farmers, and vintners.
In a typical year, Farm Supply pays out 30% of the patronage dividend and the remaining balance is paid out as a revolving fund in future years. For the 2020 dividend, the Farm Supply Board of Directors approved a 40% cash payout in acknowledgment of the challenges faced by our local agricultural community through the ongoing pandemic. The cash portion of the 2020 dividend is $174,000. Combined with Farm Supply’s revolving fund of $184,000, that’s more than $350,000 directly invested into the company’s members and the Central Coast’s agricultural community.
“We do not take for granted how lucky we are to be considered an essential business,” said Cara M. Crye, President, and CEO of Farm Supply. “We open our doors every day, ready to provide exceptional customer service and quality products to our members and customers. We knew we had to do something special for our members, who made our success amid a global pandemic possible. It’s our way of saying thank you, we’re thinking of you and we’re hoping for brighter days ahead.”
