2020 Spring Leader

Page 1

APRIL 2020

Message from the President Let’s talk patronage!


By now you have received your 2019 profit sharing, and I trust you were pleasantly surprised by the amount you received. Loan rates were lowered by 45% on eligible loans, which is the equivalent of lowering a 5% loan rate to 2.75%. This marks the 33rd consecutive year AgCredit has distributed profits to its member-owners.

In light of the challenges we experienced in 2019, you might wonder how AgCredit is able to return such a high level of patronage. I should begin by explaining that distributions are based on a number of factors considered annually by our Board of Directors. Three of those factors — profitability, rate of loan growth and financial strength — play a major role in determining how much you receive.

Profitability We were very fortunate to achieve an exceptional net income of $55.1 million in 2019. Our net income was aided by a $9.5 million special patronage distribution from AgFirst, our funding bank, and this far exceeded our projections. Though there was significant uncertainty about weather and trade issues last year, risk management programs, such as crop insurance, governmental guarantees and the USDA’s Market Facilitation Program, all helped to cushion the blow and provide critical support to our members and AgCredit. Through the combined efforts of our members, employees and risk management programs, earnings were very strong, and we were able to continue a trend of solid net earnings, as is illustrated in Chart A.

As loan volume increases, it will generally lower a financial institution’s capital ratios unless net income is retained at an appropriate level to capitalize the growth. This is similar to a farm operation in the midst of a growth phase, when its equity ratio declines after a significant asset purchase. Though our Association growth goals were Chart A: Final Net Earnings not achieved in 2019, we were able to distribute more $ in Millions net income to our member-owners. $60.04 $57.03










Though credit quality declined slightly, the general quality of our loans remained very sound. Chart C highlights growth in net worth over the past five years and the recent slowing of growth after the large distribution of patronage in 2019. The chart also correlates closely to the loan volume trend.


$ in Millions









Chart C: Net Worth $ in Millions




$293.95 $268.89





Financial Strength Being a financially strong lender offers stability to the business and ensures there is a cushion for the risks inherent with lending money. Being financially sound also ensures that we can continue to serve our mission at a high level today and be here for future generations tomorrow. The importance of the risk management tools I previously mentioned cannot be emphasized enough because they help us maintain strong profitability and financial strength.

Chart B: Net Loan Volume

Rate of Loan Growth Another key factor in determining your patronage amount was the rate of loan growth in 2019 and future growth expectations. The Association experienced flat growth last year, finishing with an increase of just .4%. Chart B illustrates much higher loan growth prior to 2019.

Unprecedented wet conditions contributed to less acres being planted, fewer operating loans being written and delays in capital purchases for many operations. As a result, this flat growth meant the Association did not need to retain as much income to capitalize growth.


Your account officer can provide you with an individual five-year loan rate history report, including your rate after patronage. This is a very important report because it shows your actual net cost of borrowed capital. I hope you have the opportunity to review your individual numbers over a cup of coffee in the near future. After the total AgCredit value proposition is considered, I’m confident you will be satisfied with your decision to choose AgCredit as your lender.

contents Joe Leiser Memorial AgCredit, ACA $2,000 SCHOLARSHIP A total of three AgCredit, ACA scholarships will be given for the 2020-2021 school year*. Three students currently studying an agricultural curriculum at an accredited four-year school or at an accredited two-year school will each receive a $2,000 award. To be eligible, applicants must be an immediate family member (dependent) of a voting stockholder of AgCredit, ACA with a current loan. At the time of application the student must be attending a post-secondary school majoring in an agriculture-related subject. Graduating high school seniors are not eligible to apply.


The selection committee will consist of three current board members of AgCredit, ACA. They will review all complete applications and choose the three recipients. No interviews will be conducted. The process will be completed by July 31, 2020. Application Deadline is June 30, 2020.


• Applications can be downloaded at AgCredit.net. • Children of current employees or directors of AgCredit, ACA, are not eligible for this scholarship. • Previous recipients of scholarship funds are not eligible to re-apply. • Previous applicants (who have not received scholarship funds) may apply every year they are eligible. • The scholarship is to be used to pay education-related expenses and will be issued in the form of a joint check with the school. • Applications must be postmarked on or before June 30, 2020. Mail to: ATTENTION: Karen Welter AgCredit, ACA | 610 W. Lytle St. | Fostoria, OH 44830 *The scholarship selection committee reserves the right to reduce or expand the number of scholarships awarded based upon the number of eligible and complete applications received.

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PRESIDENT - Brian Ricker BOARD OF DIRECTORS Scott Schroeder, Chairman Gary Baldosser, Vice Chairman Deborah Johlin-Bach David Conrad Kevin Flanagan Daniel Rengert Dustin Sonnenberg David Stott, Ph.D. Michael Stump Michael Thiel EDITOR - Kayla Laubacher Address changes, questions, comments or requests for copies of our financial reports should be directed to AgCredit, ACA by writing 610 W. Lytle Street, Fostoria, OH 44830, or calling 800-837-3678. Our financial reports can also be obtained on our website: www.agcredit.net IMPORTANT DISCLOSURE We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. WHISTLEBLOWER INFORMATION Reports of suspected or actual wrongdoing can be made anonymously and confidentially through the SpeakUp Whistleblower hotline or online. All information submitted to SpeakUp is taken seriously and investigated thoroughly. WHISTLEBLOWER HOTLINE WITH SPEAK UP: 1-844-850-6494 (24 hours a day, 7 days a week) WHISTLEBLOWER ONLINE REPORTING: http://speakupAgCredit.intercedeservices.com We are an Equal Opportunity/Affirmative Action Employer. We recruit, hire, train, and promote individuals without regard to race, religion, color, sex, national origin, age, disability, sexual orientation, parental status, marital status, political affiliation, military service, or any other non-merit based factor.

Swarm Farm, photo courtesy of swarmfarm.com


The Future is Now

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Emerging Technologies Offer Exciting Possibilities for Agriculture BY DUSTY SONNENBERG, AGCREDIT BOARD MEMBER


As weather patterns continue to change, farming practices are adapting and incorporating new technologies. According to Aaron Wilson, Atmospheric Scientist at The Ohio State University, “Ohio has had an average of five fewer days fit for planting and five fewer days fit for harvest than it did 20 years ago.” “With narrower windows of opportunity in the spring and fall, and frequently less-than-desirable field conditions when the weather does allow opportunities, figuring out how to run under marginal conditions will be crucial,” said Dr. Scott Shearer, Chair of the Department of Food, Agricultural and Biological Engineering at the Ohio State University. Agriculture is getting bigger and smaller — at the same time. Today’s Class 9 combines are the largest machines on the market, and every major manufacturer offers one. For example, the largest John Deere combine is the S790, which features a 543-horsepower engine and a 400-bushel grain tank. It can be equipped with the largest combine header in the world, the MidWest Durus Premium 60-foot header. In late 2019, John Deere introduced its new X9 twin rotor combine, which is considered to be a Class 10 machine. This machine features the widest frame on the market and an engine with well over 500 horsepower. Its twin rotors can harvest over 100 tons of small grains in an hour with losses of less than 1%. That’s over 3,300 bushels of wheat an hour. To put this in perspective, the same John Deere combine frame was used for all of the Class 7, 8 and 9 machines. If this trend continues, the new X9 frame could potentially be used on future Class 10, 11 and 12 machines. What would a Class 12 machine be capable of? “A Class 12 combine would possibly be a machine with a 750-horsepower or

higher motor and harvest capacity of 10,000 bushels per hour,” Shearer said. “The question to ask then becomes how to get the grain away from a machine with that much harvest capacity?” Agriculture is also getting smaller. “As we move into the future, smaller and lighter equipment will become necessary in some situations,” Shearer said. “Farmers may need to change their picture of what a tractor or piece of farm equipment looks like. It may be more of a metal framework with electric motors to hang technology from. Smaller equipment allows more options. The effective working width of a machine could go back to 10 feet.” The Australian company Swarm Farm offers a compelling look at how small autonomous agricultural equipment is being deployed. The firm’s SwarmBots are small, lightweight, nimble, autonomous robotic “platforms” that conduct farming practices in groups, or “swarms,” of machines to tackle larger acreages. This technology is now being used for crop protection application and mowing. Several major farm equipment manufacturers are also creating similar AI technologies. John Deere is developing an autonomous sprayer with electric motors. In 2017, John Deere purchased Blue River Technology, which has developed “see and spray” technology that can detect, identify and make management decisions about every plant in the field. This is an example of a training-neutral network. “Training-neutral networks have become a reality in agriculture as we now have machines with the computer power to perform the data collection and processing,” said Shearer. Training-neutral networks involve using a series of the data points collected along with modeling to create a mapping of inputs to outputs. The training, or machine learning, process is solved using an optimization algorithm that searches through a set of possible values to determine a more efficient model that will result in the optimized performance. AI incorporates training-neutral networks that combine forecasting, data validation and managing risk. This technology could become another tool in the farmer’s toolbox to manage herbicide resistant weeds. Dusty Sonnenberg is a farmer and certified crop advisor. He provides agronomic content for the Ohio Field Leader and Ohio’s County Journal.



It’s been said the only thing constant is change. That’s as true today in the agriculture industry as it has been at any time in history. The climate is changing. Technology is changing. Farming as we know it is changing. Once romantically visualized as a red barn or a golden field of wheat gently waving in the wind, agriculture now includes GPS satellites, drones, machines with artificial intelligence (AI) and training-neutral networks.

Wills: The centerpiece of any succession plan BY RYAN CONKLIN, ATTORNEY, WRIGHT & MOORE LAW CO., LPA

The concept of a will can be traced back to the Roman Empire, and many of the principles of a will stem from old English common law. Today, a person’s last will and testament is a vital part of that individual’s succession plan. Let’s take a look at a few key issues surrounding wills.

What constitutes a valid will? RYAN CONKLIN


There are special rules governing the preparation and execution of a will. To ensure your will is valid:

Ohio law provides protections for spouses and children from complete disinheritance. Even though you can disinherit a spouse or child in your will, they can still complete paperwork to get some value from your probate estate.

What happens if I don’t have a will? Ohio law provides a way to distribute your assets if you pass away without a will. These laws, known as intestate laws, basically determine your next of kin. Many farm families do not like to hear this information because it means the government decides the distribution of an estate.

• You must be 18 or older.

Do I need a will if I already have a trust?

• You must be of sound mind, free of restraint or undue influence at the time of execution.

Yes. Trusts are used to tackle complex estate plans more efficiently than wills. Even if you have a trust in place, executing a will is still important. If there are any assets that must be transferred through probate court, your will ensures those assets pour over into your trust. So, if you have a trust, you should also have a pour-over will.

• Generally speaking, the will must be in writing and signed. • The will must be witnessed by two or more disinterested parties (not named as executor or a beneficiary). AGCREDIT LEADER APRIL 2020

Can I disinherit someone through my will?

• Though not required, the will should name a primary and backup executor to administer your estate.

Can I change my will? Yes. In fact, changing your will is highly recommended if you experience a major life event, such as getting married, having children or the passing of a family member. You can change a will by executing an entirely new will that expressly revokes the old one or by changing a part of the will through a codicil.

I am still young. Do I even need a will? If you’re married and have children under the age of 18, executing a will becomes very important. If both biological and adopted parents of a child pass away, a will can be used to nominate guardians for the child. If a will doesn’t exist, the result can be a court battle between relatives to determine custody rights. If you’re young but don’t have children, a will can be used to distribute your assets to siblings, nieces, nephews or other family members who might not be your next of kin.

Do families really conduct will readings? One of my former classmates asked me this question years ago, and it’s always a fun one to answer. In my four years of practice, I haven’t heard of a family or attorney conducting a formal will reading. The will readings we see on television or in movies aren’t common occurrences. The laws surrounding wills are complex, and one misstep can undo your estate plan. If you are seeking to complete a will, consult an attorney familiar with drafting and executing wills.

Legislative update

Farming partnership introduces training program to recognize stress among farmers and ranchers BY DAVID WHITE, ACCOUNT MANAGER FINANCIAL SERVICES AND GOVERNMENT RELATIONS

Based on the farm stress program Michigan State DAVID WHITE University Extension developed for the U.S. Department of Agriculture’s Farm Service Agency (FSA), this combination of online and in-person training enables participants to better understand the sources of stress, learn the warning signs of stress and suicide, identify effective communication strategies, reduce stigma related to mental health concerns and connect farmers and ranchers with appropriate mental health and other resources. “Loan officers are on farms working with producers every day, and they see firsthand how this difficult farm economy is causing emotional stress for farmers and their families,” said Farm Credit Council CEO Todd Van Hoose. “We hope this training initiative will help our lenders recognize the signs of severe stress and get farm families the support they need.” AFBF President Zippy Duvall agreed. “Farm Bureau is a family, and when a member is hurting, we all feel it and are eager to help. But we may not always know how to spot the warning signs that someone is overwhelmed,” he said. “This training program will help our members recognize the warning signs and empower them to get help for their friends, family, neighbors or even themselves. We’re honored to partner with Farm Credit and Farmers Union to strengthen rural resilience in farm communities.” In a national Morning Consult poll commissioned by the AFBF in April 2019, a majority of farmers and farmworkers said financial issues (91%), farm or business problems (88%) and fear of losing the farm (87%) impact the mental health of

farmers and ranchers. Nearly half of rural adults (48%) said they’re personally experiencing more mental health challenges than they were a year ago. “Many of us think of farms as idyllic, and what’s portrayed is ideal,” said Jeff Dwyer, director of Michigan State Extension. “What’s not often shown is how hard farming is on both the body and the mind.” Research shows while farmers experience higher levels of psychological distress and depression than the general population, they are less likely to seek help for mental health issues. Even for those who do seek help, resources may not be readily available, as 60% of rural Americans live in areas with mental health professional shortages. Early feedback from the FSA trainings showed strong results. Ninety-one percent of participants indicated the training improved their ability to serve customers experiencing stress, and 80% said it improved their ability to manage their own stress. “Things have been really tough for farmers for several years now, and it’s taking a significant toll on their mental well-being,” said NFU President Roger Johnson. “But due to stigma, a lack of mental health care in rural communities and poor broadband access, there are so many barriers to getting help. By training trusted neighbors and friends to recognize and address stress, this program will bring help closer and make it more accessible when farmers really need it.” In response to the many economic and environmental challenges confronting farmers, NFU has compiled financial, legal and mental health resources at its online Farm Crisis Center. The organization’s partnership with Farm Bureau and the Farm Credit Council will build on that project by further increasing farmers’ access to the information and services they need to get through financial and personal emergencies. Resources may also be accessed on MSU Extension’s Managing Farm Stress website (https://www.canr.msu.edu/ managing_farm_stress/).



Recognizing the high levels of stress affecting America’s farmers and ranchers, the Farm Credit Council (FCC), of which AgCredit is a member; American Farm Bureau Federation (AFBF); and National Farmers Union (NFU) has announced a training program set to begin this spring to recognize the signs of stress among farmers and ranchers.

Crop Insurance Update 6

New year and new decade bring new opportunities for farmers BY CALEB DOUCE, DOUCE AGENCY, LLC


Hello 2020! It’s a new year, new decade, new crop season, and it’s a leap year, too! It’s a fair assumption that anyone involved in farming or the crop business in any manner was certainly happy to see 2019 come to an end. Now, prayers are being said for a better 2020. With the change of the calendar to a new crop season, there are a few dates and issues to keep in mind.

the adjuster sees the crops are destroyed, and it’s 10 days or less from the late plant date (Corn, June 5, and soybeans, June 20, for example) a replant will likely be approved. If it’s more than 10 days, a change in crop may be in order. Thank you to the American farmer! You work in the cold and the heat to ensure the world can eat. Here’s to a prosperous and bountiful 2020.

Let’s talk about early plant dates. For corn, the earliest date to plant with replant coverage is April 10. For soybeans, the earliest date to plant with replant coverage is April 24. June 5 is the final date to plant corn to ensure your crops are covered. Keep in mind, if corn is planted after June 5, there is a 1% coverage reduction per day for up to 20 days (June 25). Soybeans work similarly, but with different dates. June 20 is the final plant date for soybeans. There is 1% coverage reduction per day after June 20 for up to 25 days (July 15). What if something happens to your crop? Do you replant or change crop? If this situation arises, call your agent to arrange for an adjuster to take a look at your crops and make a determination about whether a replant is practical. If


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Smart ways to finance your dream home BY MATT GRAY, MORTGAGE LOAN ORIGINATOR

Watch Your Dream Become Reality

“The perfect location.”

You’ve spent months or years planning every aspect of your dream home – from acquiring land, seeking out the right builder, drafting plans, buffering your financial position to setting a budget. The time to get started has finally arrived. Engaging an AgCredit residential financing professional early in the process is the key to success. We can ensure your lending experience is a smooth process.

“We’re downsizing.” These are some things we hear from our residential loan customers as they describe their plans to build their forever home. Whatever it is that causes you to begin building your new dream home, we get it. AgCredit is here to help you make your dream a reality.

Start with a Solid Foundation Every good plan starts with a solid foundation, and securing the site on which you plan to build your home is the first step towards reaching that goal. If you already own your lot — that’s great! However, if you find that perfect spot and need help with financing — we have a program uniquely designed to help make that purchase a reality. Our Lot Loan Program provides a way to finance your lot purchase now and build later. Lot loans are no-nonsense, fixed-rate loans that buy you the time you need to save money, finalize plans and build when the time’s right for you. Our program provides 85% financing and fixed rates for up to 10 years. If you’re paying on a current mortgage and taking the first step toward a future build, we also have the ability to amortize payments over a longer term to provide the flexibility of a lower monthly payment.

We have a couple of different Construction Loan Programs to serve your needs. After a review of your loan application and financial information, we’ll be able to fit you with a plan that best suits your situation and equity position. We’ll also work in tandem with your builder to process and close your construction loan. Once we close and your construction funds are ready, it will be time to see your vision begin to come to life. We’ll closely monitor the process through a series of construction inspection updates with each draw request from your builder. Depending on your loan program, we’ll contact you to finalize and modify your loan to fixed payments, if necessary. When your project is complete, it will be time to move in and enjoy your new home! AgCredit’s residential experts are ready to guide you through the process of building your dream home. From acquiring your home site to hearing the moving truck pull into the driveway, we have some great options for you! We offer competitive rates, various terms and no limit on acreage. Call AgCredit to speak to your local representative today.


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Robert and Elaine Beekman have used Farm Credit EXPRESS to finance their past few equipment purchases and wouldn’t have it any other way. Their Lorain County hay operation produces 20,000 square bales and 1,500 round bales a year on 300 acres. Financing farm equipment through Farm Credit EXPRESS, AgCredit’s point of sale equipment loan program, has helped them grow their operation from 30 to 300 acres over the past decade. “We’ve really enjoyed using Farm Credit EXPRESS. It’s nice to be able to have that continuity for all our equipment loans and to have the dealer work with us and AgCredit,” said Elaine. Available at over 40 local equipment dealerships in northwest and north central Ohio, Farm Credit EXPRESS enables farmers and other ag producers to obtain loans directly at the dealership while still benefiting from their AgCredit membership status, including participation in our unique patronage sharing program. Farm Credit EXPRESS has been offered since late 2013, and many benefits have been added since then.

Why use Farm Credit EXPRESS? • Competitive rates and flexible terms for new and used equipment • Easy application process with credit decision in minutes • Leasing options available • Fixed rate products with up to 100% financing • Cooperative membership with your local AgCredit branch Robert says he would definitely recommend the program to a friend. “It’s easy to use and saves you money in the long term. It’s a cheaper loan, plus you get patronage back from AgCredit.” Next time you’re equipment-shopping, be sure to ask your dealer if they offer Farm Credit EXPRESS to save you time and money. For a list of participating dealerships, please visit farmcreditexpress.com.

Around AgCredit

Stay Connected with us! Email marketing@agcredit.net to join our email list!

Welcome New Employees!




Dawn Wagner began her career as a PartTime Scanner in Fremont in November.

David Hector joined the Credit Analyst team as a Credit Analyst in Fostoria in December.

Daniel Lucke began his career with AgCredit in December and is currently the Controller in Fostoria.


Congratulations to the following employees on their retirements at the end of January. We appreciate their dedication to our cooperative and members throughout their careers!

LYNN GEITGEY Lynn Geitgey, Napoleon Branch Manager, 41 years of service



Denise Kin, Residential Lending Assistant, 19 years of service

Julie Reinhart, Senior Branch Operations Assistant, 16 years of service



Rosa Bowen joined the Credit Analyst team as a Credit Analyst Trainee in Kenton in January.

Jessica Hardesty began her AgCredit career as a Loan Specialist in Van Wert in January.

Calendar April 10

Offices Closed for Good Friday

May 25

Offices Closed for Memorial Day

July 3

Offices Closed for Independence Day

Check out our new website!


Years of Service Awards











Around AgCredit Remember to Vote!

As a stock holder in this memb active part er-ow by ballot by m participating in our ned cooperative, I u rge you to upcoming ail within 10 take an elections. days after be offering You will re the Annua an option ceive your l Meeting. to vote ele your ballo New this y ctronically. t and be su ear—we w Please foll re to get y ill o o w the inst u r v We appreci ote in prio ru ctions on ate your pa r to the est rticipation ablished d apart from in one of th eadline. the e elements by electing rest—AgCredit, ACA that sets yo Stockholde their peers ur coop rs d to the Boa rd of Direct etermine their own g erative Your Board overnance ors. and Mana observatio g e m e nt T e a m h ave n: “Who b ette always be Your vote lieved in th supports th r than farmers them selves kno is is concept. w what farm simple Thank you ers need?” for support ing your co operative.

Brian J. Ric

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Now Accepting AgCredit Mission Fund Applications The 2020 application period for the AgCredit Mission Fund has begun! The application period will run until August 31, 2020. Applications are accepted on our website, AgCredit.net. Organizations can apply for up to $15,000.00 a year and recipients will be chosen by a committee. The four focus areas of the fund are Education, Environment, Technology and Quality of Rural Life. If you know of a group or organization that could benefit from the Mission Fund, be sure to encourage them to fill out an application.

Let’s Talk patronage! PATRONAGE, HOW IT WORKS When someone borrows money from AgCredit, they become a member of a local cooperative.

Members then make payments on their loans, which includes interest based upon competitive market rates.

AgCredit makes a profit from the interest members pay on their loans and from the other financial services offered.


1. Profitability—We were fortunate to achieve a net income of $55.1 million in 2019, including net income of $55.1 in 2019, including a special $9.5 millionmillion patronage distribution a from special million patronage our$9.5 funding bank, AgFirst. distribution from our funding bank, AgFirst. 2. Rate of Loan Growth—Low growth in 2019

2. Rate of that Loanthe Growth—Low growth in 2019 meant Association didn’t need to meant the Association didn’t need to retainthat as much income to capitalize growth. retain as much income to capitalize growth.

3. Financial Strength—Being financially sound ensures that we can continue to serve our 3. Financial Strength—Being financially sound mission at a high level today and be here for ensures that we can continue to serve our future generations tomorrow. mission at a high level today and be here for

future generations tomorrow.





Upon determining that the financial position is sound, the board can decide to return a portion of AgCredit’s profits back to the members.


Members received 45 cents back on every dollar of interest paid in 2019. Members 45 cents back every Loan ratesreceived were lowered by 45% onon eligible paid inof2019. loansdollar whichof is interest the equivalent lowering a Loan rates were lowered by 45% 5% loan rate to 2.75%. on eligible

loans which is the equivalent of lowering a IT PAYS TO BE A to MEMBER 5% loan rate 2.75%. OF



Members receive patronage checks based on the amount of interest they accrued on their loans. This lowers their total cost on the already competitive loans.


$ 41 Million

AgCredit distributed over $41 million to its members in 2020.




The board of directors, which is elected by the members, looks at AgCredit’s financial position.





610 W. Lytle Street Fostoria, OH 44830

Give Us Your Best Shot!

Enter our 2021 Calendar Photo Contest! Enter up to five photos by completing the online entry form. Contest entry period is now through June 30, 2020. Winners will be notified August 1.

2020 Calendar Contest Guidelines:

Ideas include: large and small farm operations, country kids, farm animals, flowers, outdoor landscape scenes, nature scenes, harvesting, sunrises, sunsets, barns, silos, wildlife, classic and/or antique farm equipment, and daily farm life. The contest is open to all creative work—you don’t have to limit yourself to the ideas above. You may submit new ideas or any combination of the above. • Who is eligible: Members, employees and their family members are invited to enter our 2021 Calendar Photo Contest. • Photos must be taken within our 18-county AgCredit territory. • Photos must be submitted by the person who took the photos, and each person is eligible for a maximum of two prizes. • All photos must be at least 1 MB in size. • Orientation of photos must be horizontal (landscape). • Please limit your entries to five photos. We will not accept more than five photos per person.

Cash Prizes Awarded: 1st Place—$100

2nd Place—$75

3rd Place—$50

$25 prize to each of the other nine winning photos. Photos featured on the back will receive a calendar. Winning entries will be announced and featured in the 2021 AgCredit Calendar, the AgCredit Leader, social media, and our website. To submit an entry, go to AgCredit.net. If you have any questions, please contact the marketing department at marketing@agcredit.net

• Deadline for submission is June 30, 2020. • All photos, used or unused, become the property of AgCredit.