Thank You for Joining Us for Our 2025 New Horizons Supply Cooperative Annual Meeting
February 20, 2025
On Thursday, February 20th New Horizons Supply Cooperative at the Lancaster Youth and Ag building for their Annual Meeting. Our Patrons enjoyed a delicious meal prepared by Prem Meats and served by New Horizons Convenience Store employees. We had a wonderful turnout despite the cold temperature. After the meal we had a business meeting to discuss Fiscal Year 2023-2024 financials.
New Horizons had another great year! Thank you for attributing to our success!
Financial Review
Jason Cullen addressed the crowd and shared current news about our Cooperative. Our Cooperative is very strong and has made smart business decisions to improve efficiencies and reduce costs. We have invested in our employees and assets. We have also worked to expand our infrastructure by adding equipment such as trucks and service equipment. We invested in the Darlington community by spending $2.5M on a full store remodel of our Darlington Convenience store. A Refined Fuels bulk plant was added in Dodgeville to aid in expanding our service area for Gasoline and Diesel.
This year New Horizons partnered with Clifton Larson Allen LLP to review our financials. Mark Juedes, CPA from Clifton Larson Allen LLP shared our 2023-2024 financials with our patrons and staff. The Cooperative had $63.9M in sales with Gross Margin of $12.7M. Sales were down and our Gross Margin was down $1.5M. Net income was $3,850,613. It was a very successful year for New Horizons. Total assets equaled $45.3M.
Patronage
We were able to pay $1.3M in patronage dividends for customers who spent $750 or more in FY 2024. Our members received a 100% payout in December of 2024. In the Spring of 2025 the cooperative will spend an additional $650,000 to pay back equity earned between the years 2008-2012. Our Cooperative is proud that we can pass our successes on to our members.
Director Elections
We had 4 directors who came up for re-election and they were all elected to 3-year terms. Congratulations to Paul Johnson (Southern Region) Peter Winch (Central Region) Dennis Conley (Central Region) and Matt Kreul (At large Producer).
Employee Recognition
Jason Cullen recognized our Fennimore Office employee Linda Schwab with 35 Years of Service! Thank you Linda!