Effingham Equity Holds Annual Meeting

Effingham Equity held its 2020 Annual Meeting on Monday at the Effingham Event Center. In accordance with COVID state-ordered restrictions on crowd size, the meeting was limited to the first 25.

Prior to the meeting, Stockholders voted by ballot to fill two Board Member seats amongst the three nominated candidates: Nicholas Jansen (Incumbent), Paul Klingler (Incumbent), and Jeremy Williams. During the meeting Toby Wiley, Nominations Committee spokesperson and an Advisory Board Member, announced that Nicholas Jansen (Incumbent) and Paul Klingler (Incumbent) had been voted by the Stockholders to the Board of Directors for another term.

Karen Whitt, Chief Financial Officer, was asked to present the company 2020 year-end financials. When she reached the podium to present, she started by stating, “Effingham Equity had another successful year despite the pandemic.” Whitt then disclosed that for the third year in a row the co-op recorded record sales topping $458.4 million. The Equity will return over $2.7 million in cash to patrons in redemptions and current year patronage.

“2020 has indeed been a stressful year, no doubt 2021 will pose its own set of challenges,” said Bruce Vernon, Chief Executive Officer. Vernon went on to share a review of the 2020 year including a few of the significant developments for The Equity during the 2020 fiscal year, listed below.

Agronomy

• Increased fertilizer tons, seed and crop protection products & application acres
• Commissioned a new location in Farmersburg, Indiana
• Completed construction of a second 10,000-ton UAN storage tank at Galton

Energy

• 75% of all fuel is now hauled by The Equity’s own transportation
• Entered into a working relationship with Jack Flash in Altamont for refined fuels

Feed/Livestock

• Exited Swine Ownership while growing feed volumes
• Transitioned all bagged feed to the Store for enhanced biosecurity at the feed mill and a better customer experience
• Completed the remodel of the Hardware Store

Grain

• Continued to find new markets for member-owner crops
• Assisted member-owners in utilizing option centric contracts through GO EDGE
• Added capacity & speed

Nick Jansen, Chairman of the Board of Directors, mentioned unique terms this year has provided, but one he honed in on, the word essential. “What could be more essential than agriculture?’ said Jansen. Essential workers, feeding the world and other prime examples of what make agriculture, Effingham Equity and Equity employees essential. Jansen then went on to explain how Stockholders are customers and owners, wearing two hats. As customers, you want the best service, when you need it and at the best price. As an owner, “It’s essential we look forward to be ready for the agriculture of tomorrow.”

In closing, Jansen thanked Equity employees for their commitment to the owner-members through this unique year and thanked member-owners for their continued business.