The Farmington Farmers Union holds its annual meeting at the Trinity United Methodist Church in Farmington Falls on Feb. 4. Certified Public Accountant Lance Bean, right, reported 2020 as an outstanding year for business to Board of Directors President Craig Jordan, left, and other board members. Photo Courtesy of Jeffrey Wright

FARMINGTON — At the Farmington Farmers Union annual meeting held on Feb. 4 at the Trinity United Methodist Church in Farmington Falls, the Board of Directors approved a 16% trade allowance to benefit shareholders.

“For 2020, each dollar spent at the Farmington Farmers’ Union, stockholders will receive 16 cents back in the form of a check,” Board Clerk Jeffrey Wright wrote in an email. “The percentage paid out is suggested by the Farmington Farmers’ Union Board of Directors, and then voted in by the stockholders at the Annual Meeting.”

The union provides patrons the opportunity to join the business as shareholders by spending $500 within a year’s time at the agricultural store and equipment rental outlet. Once a customer spends the required amount, they may purchase a $10 share.

Wright said that despite the challenges that the coronavirus pandemic has posed to businesses in the last year, the union did quite well with people flocking to the store for materials to renovate their homes and to expand their gardens. This uptick in business allowed the union to offer shareholders historic dividends for the 2020 fiscal year.

The union’s accountant Lance Bean said that 2020 was an outstanding year.

“Overall sales for 2020 were up $600,000 over 2019. Cash on hand, inventory, total sales, debt ratio, and gross profit exceeded 2019,” Bean reported at the meeting.

In other business, Board Members Craig Jordan of Farmington, Russell Black of Wilton, and Charles Farrand of Norridgewock were reelected as was Clerk Jeffrey Wright of Farmington for the sixth consecutive time. Director Craig Jordan was reelected as president and David Archer was reelected as vice president.

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