FARMINGTON — The Farmington Farmers Union met on Tuesday, Feb. 6, for the annual meeting at the Trinity United Methodist Church, where the union reported and approved another historic year with a record high in trade allowances for a fourth year in a row. 

Stockholders of the Farmington Farmers Union will receive 19% in trade allowances from the union’s profits, which is the highest it has been in the union’s history according to Union Clerk Jeffery Wright.

“I gotta tell you,” Wright shared with The Franklin Journal in a phone interview, “we have never, never, since 1912, paid those kinds of dividends.”

Wright explained that each dollar that is spent at the Farmington Farmers Union, located at 244 Front Street in Farmington, the shareholders receive a percentage of the union’s profits for that particular year. Previously, the Farmington Farmers Union reported 16% for 2020 and 2021 and 17.5% in 2022.

Comparatively, Wright shared that in previous years, the union typically averaged roughly 8% to 12% in trade allowances, with some years being even leaner than that in how much they were able to pay back in dividends.

“What that’s telling us is the people believe in the shares, and they’re spending their money at the farmer’s union,” Wright said. “If you need a new rake, you probably could go to Walmart, and buy a cheaper rake, or you can come to the farmer’s union and buy a better rake for more money and oh, by the way, this year you’re gonna get 19 cents for every dollar you spent.”

At the meeting, Certified Public Accountant [CPA] Lance Bean of Hoisington & Bean PA in Norway shared that gross profits were up $1,445,085, with 70% of sales coming from shareholders. 19% in trade allowances was suggested, which the board voted in favor of.

Bean also shared that cash on hand, inventory, total sales, debt ratio, and gross profit exceeded 2022’s numbers.

“I think [COVID-19] had a lot to do with it,” Wright shared. “I think people wanted to get back to being self sufficient [and] not be around people.”

Wright also shared that sales of baby chicks have increased significantly over the last few years. “Our chick sales have been through the roof the last couple of years. People, again, wanting to be more self sufficient in having their own eggs.”

In other business, Wright was re-elected by the stockholders as clerk. Directors Craig Jordan and David Archer were both re-elected to President of the Board of Directors and Vice President, respectively. Jordan, Russell Black of Wilton and Charles Farrand of Norridgewock were re-elected to three year terms as members of the board.

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