Shareholders in the Farmers Union will receive a patronage dividend check based on the amount of purchases done in the calendar year. The percentage paid out is suggested by the Farmers Union board and then voted in by the shareholders at the annual meeting. We are required to report to the IRS the amount of the patronage dividend amount we send out.
To get a share:
Save $500.00 of receipts in a year's time (does not have to be in the same calendar year - this money does not count towards the patronage divided).
Purchase the share for $10.00 (this is the value of the share)
Fill out the forms and become a member
Using the share:
Once you have a share, tell the cashier your name or share number whenever you make a purchase either at Farmers Union or Union Rental. The computer system will keep track of your purchase throughout the year. There are only a few items that will not count as a credit on your share. For example, items saying "no credit to share", chicks order, hay, UPS, gift certificate and sales tax.
Yearly meeting of shareholders:
The first Tuesday of February is the Annual Shareholders Meeting. The meeting is when elections for the Farmers Union board are done and any changes or motions are voted on. In January, a notice is published in the Franklin Journal or you can call the store for the location and time of the meeting.
Receiving your share check:
At the end of the calendar year, each shareholders qualified purchases are computed. patronage checks are based on a percentage of your purchased which is voted on at the annual meeting. If no purchased are made during the year, no check will be issued. Additionally, as voted on in the annual meeting on February of 2015, if the purchases total less than $100.00 for the calendar year, no check will be issued. Checks are usually mailed out by the end of March. In January, we report to the IRS the amount of patronage divided check sent out the previous year and we will let you know what we are reporting by sending you a 1099-PATR (we are required to send this out to you by January 31). Please make sure your address is always current so you receive your mail in a timely manner.
If you find you are no longer using your share, it can be transferred to a family member or friend, or sold back to the Farmers Union for the $10.00. We limit the number of shares available to keep the patronage dividend as high as possible for our shareholders.