UNITED AGRICULTURAL COOPERATIVE, INC.
Balance Sheets
April 30, 2018 and 2017
Assets
Current assets:
Cash and cash equivalents
Accounts receivable
Inventories
Commodities trading receivable, net
Prepaid expenses
Prepaid Federal income taxes
Liabilities, Common Stock and Equity
$
Property, plant and equipment:
Depreciable fixed assets
Less accumulated depreciation
Construction in progress
Land
Other assets:
Stock owned in other cooperatives:
Valco
Gulf Compress
Others
Investment - Commodity Switching Company, Inc.
Goodwill
$
2018 2017
537,179
4,449,525
7,336,805
443,745
94,968
- 1,160,659
4,442,386
11,504,117
322,449
260,665
49,463
12,862,222 17,739,739
43,636,666
26,381,602 41,175,809
24,273,471
17,255,064
Current liabilities:
Current maturities of notes payable
Accounts payable - trade
Accounts payable - patrons
Accrued expenses
Federal income tax payable
Cash patronage dividends payable
Equity retirement payable
2018
3,146,194
1,901,993
283,068
811,856
38,649
1,395,347
839,005 9,319,194
2,646,625
336,581
582,542
-
662,650
-
8,416,112 13,547,592
5,193,133
4,085 3,812,327
12,790
16,902,338 5,197,218 3,825,117
2,992,364
1,205,792 939,299
911,136 13,613,330 17,372,709
21,453,220 18,752,773 1,165
57,085
13,584,911
-
1,779,460
10,202,664
181,585 1,126
55,174
13,028,331
(453,583)
1,779,460
9,083,964
146,107
25,806,870 23,640,579
39,420,200 41,013,288
1,361,514
1,249,552
2,336,585
4,947,651
97,107
60,000 733,728
1,342,818
2,277,123
4,353,669
97,107
70,000
5,104,758 4,520,776
39,420,200 41,013,288
$
2017
Long-term liabilities:
Notes payable
Deferred income taxes payable
Common stock and equity:
Common stock
Paid-in capital
Qualified equity
Unallocated patronage loss
Purchased equity credit
Retained earnings
Accumulated other comprehensive income
$
C
onsidering the challenges your co-op faced this year, management
was quite pleased with the year end profits. All divisions ended
the year with positive earnings. The cotton division, which includes
the gi n and cotton warehouse, ended the year with net margins of
$3,255,334 and distributable member earnings of $ 2,011,711 or
$12.86 per bale.The grain division, which includes the deer corn bagging facility
and the newly constructed feed mixing plant, managed a positive net margin of
$711,994, despite a 23 percent decrease in bushels received from the previous
year. The grain division will distribute $570,866 or $.1149 cents per bushel. The
retail division came in at $309,526 and will distribute $161,535 or 2.03 percent of
dollars spent. The fuel division resulted in a net margin of $86,122 with $46,581 in
distributable member earnings or 1.47 percent of dollars spent.
All distributions will be paid prior to July 31, 2018 in 50 percent cash and 50
percent in book credits. Management is excited about the financial position of your
co-op at year end. The board approved an equity retirement of crop year 2004 in
the amount of $839,005 to be paid no later than July 31, 2018.
9