AGENDA
108th Annual Stockholders Meeting
Boot Hill Conference Center
Dodge City, Kansas
Thursday, May 23, 2024
6:00 p.m.
Registration Staff
National Anthem and Pledge of Allegiance
Invocation, Meal
Call to Order Annual Meeting
Proof of Notice & Quorum
Acceptance of the Minutes
Election of Directors
Introduction of Guests
Jacob Tarman
Chairman: Tony Bleumer
Secretary: Clint Hamilton
Secretary: Clint Hamilton
Chairman: Tony Bleumer
Vice Chairman: Toby Whipple
Associate Directors Report Curtis Ellis
Speaker
Auditor's Report
Scholarship Presentations
Management's Report
Chairman's Report
Unfinished Business
New Business
Adjournment
Kansas Secretary of Ag: Mike Beam
Lindburg, Vogel, Pierce, Faris, Chtd: Brady Byrnes
General Manager: Jerald Kemmerer
General Manager: Jerald Kemmerer
Chairman: Tony Bleumer
Chairman: Tony Bleumer
Chairman: Tony Bleumer
Chairman: Tony Bleumer
Early Equity Redemptions/Prizes Staff
Dodge City, Kansas
STATEMENTS OF OPERATIONS For Years Ended February 29, 2024 and February 28, 2023
THE DODGE
CITY COOPERATIVE EXCHANGE
2024 2023 SALES Grain $ 134,831,234.57 $ 145,106,582.90 Supply 51,040,851.70 56,951,271.31 Discounts on sales (10,823.24) (7,832.76) TOTAL SALES, NET 185,861,263.03 202,050,021.45 COST OF SALES Grain 128,286,054.61 137,771,169.19 Supply 41,281,069.47 46,207,785.21 TOTAL COST OF SALES 169,567,124.08 183,978,954.40 GROSS MARGINS ON SALES 16,294,138.95 18,071,067.05 OTHER OPERATING INCOME Storage and handling 3,446,191.72 2,149,200.19 Drying charges 78,379.52 63,350.51 Service income and equipment rental 300,649.99 297,530.84 Application and trucking income 1,000,083.54 1,171,686.50 Finance charges and interest income 71,701.01 86,123.26 Investment income - related party 572,643.47 298,197.15 Miscellaneous income 228,660.43 833,604.97 Gain on disposal of property, plant, and equipment 24,070.96 243,406.94 TOTAL OTHER OPERATING INCOME 5,722,380.64 5,143,100.36 GROSS INCOME FROM LOCAL OPERATIONS 22,016,519.59 23,214,167.41 OPERATING EXPENSES Personnel costs 10,573,767.36 9,805,812.89 Fixed expenses 9,144,041.39 8,580,546.23 Other operating expenses 6,771,343.18 6,313,206.49 TOTAL OPERATING EXPENSES 26,489,151.93 24,699,565.61 LOSS FROM LOCAL OPERATIONS (4,472,632.34) (1,485,398.20) OTHER SAVINGS (LOSS) Patronage dividends 2,861,534.14 2,913,813.63 Dividends on stock 98,615.60 98,615.60 Investment income (loss) 73,623.90 (86,554.20) TOTAL OTHER SAVINGS 3,033,773.64 2,925,875.03 SAVINGS (LOSS) BEFORE INCOME TAXES (1,438,858.70) 1,440,476.83 INCOME TAXES 203,940.00 (115,990.00) NET SAVINGS (LOSS) $ (1,234,918.70) $ 1,324,486.83
necessary disclosures to be considered in conformity with accounting principles generally accepted
the
States
America.
short-form report containing the required disclosures is on file at the general office. d/b/a PRIDE AG RESOURCES
These statements do not contain all the
in
United
of
A
Dodge City, Kansas
BALANCE SHEETS
February 29, 2024 and February 28, 2023
ASSETS
LIABILITIES AND MEMBERS' EQUITY
THE DODGE
CITY COOPERATIVE EXCHANGE
2024 2023 CURRENT ASSETS Cash $ 61,377.21 $ 57,257.92 Investment securities available-for-sale 1,394,745.00 1,324,788.85 Accounts receivable - trade 3,244,540.09 2,884,033.68 Grains receivable - trade 5,544,652.59 3,768,614.46 Grain storage receivable 2,594,911.50 1,162,464.60 Commodity margin accounts 930.25 502,264.19 Other receivables 591,996.74 1,321,461.60 Inventories 39,304,585.38 63,489,561.06 Prepaid commodities 163,514.33 687,325.37 Prepaid expenses 372,037.04 280,479.17 TOTAL CURRENT ASSETS 53,273,290.13 75,478,250.90 INVESTMENTS Corporate stock and equity 16,439,535.85 17,315,270.00 Limited liability companies 2,565,599.91 2,113,512.47 TOTAL INVESTMENTS 19,005,135.76 19,428,782.47 PROPERTY, PLANT, AND EQUIPMENT Cost 102,396,749.62 93,784,117.83 Accumulated depreciation (69,112,531.38) (65,524,088.87) NET PROPERTY, PLANT, AND EQUIPMENT 33,284,218.24 28,260,028.96 OTHER ASSETS Deferred income taxes 491,700.00 287,760.00 TOTAL ASSETS $ 106,054,344.13 $ 123,454,822.33
CURRENT LIABILITIES Accounts, taxes, and expenses payable $ 5,817,335.74 $ 4,529,260.55 Grain contracts payable 3,562,787.32 3,772,091.53 Collections received in advance 2,122,207.85 2,070,366.76 Current maturities of notes payable 25,004,435.09 40,692,962.63 Patron notes 8,917,939.45 12,308,819.96 Current maturities of finance lease obligations 1,168,213.97 539,016.92 TOTAL CURRENT LIABILITIES 46,592,919.42 63,912,518.35 LONG-TERM LIABILITIES, excluding current maturities Notes payable 7,644,586.82 5,835,398.00 Patron notes 1,833,733.54 1,520,553.86 Finance lease obligations 1,439,629.15 2,003,578.60 Grain contracts payable 3,785,514.66 4,051,832.47 TOTAL LONG-TERM LIABILITIES 14,703,464.17 13,411,362.93 MEMBERS' EQUITY Common stock "A" 2,038,500.00 2,074,950.00 Participating stock 997,025.00 996,025.00 Stock credits 33,012.38 33,195.77 Equity credits 10,512,353.79 10,614,782.21 Retained savings 31,177,069.37 32,411,988.07 TOTAL MEMBERS' EQUITY 44,757,960.54 46,130,941.05 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 106,054,344.13 $ 123,454,822.33 These statements do not contain all the necessary disclosures to be considered in conformity with accounting principles generally accepted in the United States of America. A short-form report containing the required disclosures is on file at the general office.
d/b/a PRIDE AG RESOURCES
Tony Bleumer
Toby Whipple
Clint Hamilton
Butch Irsik
Weston Vogel
Jacob Tarman
Levi Salmans
Garrett Love
Curtis Ellis
David Self
Jerald Kemmerer
Doing Business as Pride Ag Resources
OFFICERS AND DIRECTORS
Ingalls, Kansas Chairman
Kalvesta, Kansas Vice Chairman
Cimarron, Kansas Secretary-Treasurer
Ingalls, Kansas Director
Ness City, Kansas Director
Jetmore, Kansas Director
Hanston, Kansas Director
Montezuma, Kansas Associate Director
Wright, Kansas Associate Director
Springfield, Colorado Associate Director
Dodge City, Kansas General Manager
Major Capital Expenditures 2023-2024
THE DODGE CITY
COOPERATIVE EXCHANGE INCORPORATED 1915
ORGANIZED UNDER THE KANSAS COOPERATIVE MARKETING ACT
2024 2023 Long Term Debt $14,703,464 $13,411,363 Long Term Debt to Equity 32.85% 29.07% Working Capital $6,680,371 $11,565,733 Total Investments in Property, Plant & Equipment $102,396,750 $93,784,118 2022-2023 Fiscal Year cash returned to Stockholders $1,097,308 2021-2022 Fiscal Year cash returned to Stockholders $1,371,096
Financial Highlights
Rail System Upgrade Cardtrol Locations
EMV upgrade Western
Equipment DC
2000
Truck
Ensign -
-
Div - 12.8 mill bushel Concrete/Steel Bins &
Feedmill -
IHC Feed
5 Used Pickup Trucks