State convention book

FRIDAY, NOVEMBER 21 8:00 a.m. Registration Opens 9:00 a.m. Daycare Opens – Rooms 102 & 104 Youth Activities – Poolside Patio 10:00 a.m. Convention Convenes – Great Hall Pledge of Allegiance – SYAC National Anthem – Acapella Agents Welcome – NDSU President Dean Bresciani Farmers Union Mutual Insurance Company Annual Meeting • FUMIC Credentials Committee Report – Sheila Ostrem, chair • FUMIC Bylaws Committee Report – Carmen Richards, Chair • Minutes of 2013 FUMIC Annual Meeting • Financial and Annual Report – Mark Anderson, General Manager and Secretary/Treasurer President’s Report – Mark Watne NOON Lunch & District Caucuses 1:30 p.m. Convention Reconvenes Speaker: Lowell Catlett, Economic Futurist and Regents Professor, New Mexico State University 2:30 p.m. Nominations of Candidates for NFU Delegates, NDFU President, Vice President and District Directors Speaker: U.S. Senator Heidi Heitkamp Preliminary Report of Bylaws Committee 3:00 p.m. TRACK 1 – Dakota Hall Soil Science/Soil Health – Abbey Wick, NDSU Weather/Climate – Leon Osborne, UND TRACK 2 – Sterling & Crowne Agraria/Restaurant Update: Dan Simons, VSAG Rick Wasmund, Copper Fox Distillery Jon Arroyo, VSAG TRACK 3 – Royal & Embassy Ag Market Update/Tools – Frayne Olson, NDSU Apps for Agriculture – John Nowatski, NDSU 5:30 p.m. Gala Fundraiser – Harvest Hall Rootbeer & Orange Float Social – Poolside 7:00 p.m. Farmers Union Insurance Soiree – Great Hall 8:30 p.m. Dance – Post Traumatic Funk Syndrome

SATURDAY, NOVEMBER 22 6:45 a.m. Breakfast Buffet – Harvest Hall 7:15 a.m. Registration Opens (open until 5 p.m.) Voting Booths Open (open until 1:15 p.m.) 8:00 a.m. Daycare Opens – Rooms 102 & 104 Youth Activities – Poolside Patio 8:00 a.m. Convention Reconvenes – Great Hall SYAC Presentation 8:20 p.m. Consideration of NDFU Bylaws – Great Hall Carmen Richards, Chair Financial Report Member Q&A with Mark Watne, Mark Anderson & Roger Johnson P & A Discussion Begins 10:30 a.m. Coffee Break – South Foyer 11:00 a.m. P & A Discussion Continues – Great Hall 12:15 p.m. Speaker: U.S. Congressman Kevin Cramer 12:30 p.m. Lunch – Great Hall 1:15 p.m. Balloting Closes Convention Reconvenes – Great Hall Speaker: Brian Schouvieller, CHS Senior Vice President, Ag Business Complete P&A Final Report of Credentials Committee Elections Committee Results Election of FUMIC Board Introduction of Board Members 4:15 p.m. Recess for Afternoon 4:30 p.m. Torchbearer Practice – Dakota Hall 5:00 p.m. Social/Free Time – Harvest Hall 6:30 p.m. NDFU Members & Torchbearer Banquet – Great Hall Welcome Speaker: JoLynn Friesz, RN at Scripps Green Hospital, San Diego, Calif. 2014 Torchbearer Award Ceremony Presentation of Bergman Scholarships Adjourn 8:30 p.m. Entertainment – Harvest Hall Power Play DJ Karoke & Photo Booth Gaming Area – Dakota Hall

NORTH DAKOTA FARMERS UNION88th Annual State Convention • November 21 - 22, 2014 • Holiday Inn, Fargo, ND

For the last 88 years, we have celebrated the activities and accomplishments of North Dakota Farmers Union at the state convention. This year is no exception and I am excited to offer this invitation to participate in the festivities!

The convention gives members the opportunity to debate issues confronting family farmers and to be active participants in determining policy for the organization. Event highlights include district caucuses, policy debate, election of officers, youth activities and the Torchbearer ceremony. Annual reports from Farmers Union Mutual Insurance Company and North Dakota Farmers Union will also be presented and financial information and bylaws reviewed.

Our keynote speakers include Dr. Lowell Catlett, who will talk about the future of agriculture, and Brian Schouvieller, a CHS Inc. senior vice president, who will share information on the fertilizer project at Spiritwood. Three different educational tracks will also be featured with information on soil science, the climate, our restaurants in Washington, D.C., crop marketing and farming apps.

Members have a choice of Friday afternoon entertainment. Tickets for a gala fundraiser were pre-sold as a way to raise money for the Farmers Union Foundation. For members not attending the gala, root beer and orange floats will be served while State Youth Advisory Council members lead a fun ag trivia game. At 7 p.m., everyone is invited to a soiree to celebrate the 70th birthday of Farmers Union Mutual Insurance. The soiree will be a 1940s theme and costume party that includes a meal and dance with the band “Post Traumatic Funk Syndrome.”

Youth convention is available for grades K-12. Special activities such as swimming, skating, crafts, a magician and games have been arranged for different age groups, with supervision provided by Farmers Union Summer Staff. Daycare will also be available for ages 0-5.

There’s something for everyone at this year’s convention. It is an excellent chance to connect with others, learn more about agriculture, listen to great speakers and celebrate family farmers, ranchers and rural communities throughout the state.

Welcome and enjoy the convention!

Board of Directors, back, left to right: Jim Teigen, District 2 director; Terry Borstad, District 1 director & treasurer; James Kerzman, District 4 director; Bob Kuylen, Vice president; Wes Niederman, Jr., District 5 director; Dennis Stromme, District 3 director. Front, left to right: Ronda Throener, District 7 director; Mark Watne, President; Ellen Linderman, District 6 director & secretary.

A WELCOME FROM THE PRESIDENT

Board of Directors

Carmen Richards, Chair ...................................Hope

Dist. 1 • Myron Jacobsen......................... Rock Lake

Dist. 2 • Nathan Watne .....................................Velva

Dist. 3 • Steven Jensen ....................................Tioga

Dist. 4 • Dale Washburn ........................Watford City

Dist. 5 • Allen Lund ..................................... Selfridge

Dist. 6 • Judi Hintz .........................................Tappen

Dist. 7 • Kathy Evenson .............................. Hillsboro

Adam Leiphon, Chair ....................................... Crary

Dist. 1 • Alex Bata ..........................................Adams

Dist. 1 • Jeanna Smaaladen .................. Grand Forks

Dist. 2 • Luke Erickson ..................................... Minot

Dist. 2 • Mark Heinz .......................................Rolette

Dist. 3 • Lynn Jacobson ..................................Alamo

Dist. 3 • Steve Overlee .............................. McGregor

Dist. 4 • Libby Gravning ..............................Hettinger

Dist. 4 • Justin Kuylen ................................Dickinson

Dist. 5 • Kevin Schmidt ................................. Mandan

Dist. 5 • Riley Schriefer ....................... Golden Valley

Dist. 6 • Christof Just ........................................Berlin

Dist. 6 • Owen Olson ............................... Jamestown

Dist. 7 • John Buchholz ...................................Durbin

Dist. 7 • Leslie Koll .................................. Wimbledon

Membership SummaryCash .................................................................. 2,035

Check-offs ....................................................... 10,542

Farmers Union Mutual Insurance .................... 21,920

Affiliate ............................................................... 6,424

TOTAL ............................................................. 40,921

Main Meeting Hall ..................................... Great Hall

Office/PressRoom ..................................Press Room

District Caucuses

District 1 ........................Executive & Board Rooms

District 2 .......................Sterling Hall (in Great Hall)

District 3 ..................Embassy A & B (in Great Hall)

District 4 .......................Mezzanine 1 & 2 (upstairs)

District 5 ...............................................Dakota Hall

District 6 ........................Royale Hall (in Great Hall)

District 7 ............................ Directors & Conference

Credentials ............................................. Mezzanine 1

Bylaws ................................................... Mezzanine 2

Policy & Action ....................................... Mezzanine 3

Daycare ..........................................Rooms 102 & 104

Youth Activities .....................................Poolside Patio

Phone Numbers:

ConventionOffice ....................................... 320-1473

Press Room ................................................ 320-1724

.................................................................... 320-1855

Convention Directory

On behalf of the members, delegatesand Board of Directors –

thank you to all the convention committees. We appreciate your service and dedication!

Bylaws Committee

FOR CONVENTION PHOTOS, UPDATESAND OTHER EVENTS:

www.ndfu.orgFacebook/NorthDakotaFarmersUnion

Twitter #NDFUconvention

Dist. 1 • Terry Jacobson ...................................Wales

Dist. 2 • Sheila Ostrem, Chair......................... Rugby

Dist. 3 • John Skogen .................................. Williston

Dist. 4 • Richard Jablonsky........................Dickinson

Dist. 5 • Larry Nagel ......................................Shields

Dist. 6 • Patricia Patrie................................. Bowdon

Dist. 7 • William Erbstoesser ......................... Clifford

Credentials/Elections Committee

Policy & Action Committee

President Dean L. BrescianiDean L. Bresciani

was named North Dakota State University’s 14th president in 2010. A na-tive of Napa Valley, Calif., Bresciani is well known for his dedication to students and regarded for his thoughtfulness, energy and integrity. He brings to campus the knowledge and experience of an over 30-year career and has developed a broad leadership base in the academic, administrative and political aspects of higher education.

Bresciani earned his bachelor’s degree in sociology from Humboldt State University, Arcata, Calif.; master’s degree in college student personnel from Bowling Green State University, Bowling Green, Ohio;anddoctorateinhighereducationfi-nance, with a doctoral minor in economics, from the University of Arizona, Tucson.

Dr. Lowell CatlettDr. Lowell Catlett

will present his take on trends in health care, agriculture, the environment, education and more. His talk will address the current state of the economy and what’s in store for businesses down the road.

Catlett is a regent’s professor, dean andchiefadministrativeofficeratNewMexico State University’s College of Agricultural, Consumer and Environmental Sciences. An exciting futurist, his knowledge of technologies and their implications on the way people live and work will be addressed in his varied and upbeat presentation.

Catlett received his doctorate in economics from Iowa State University, and has twice received the Don C. Roush Award for Excellence in Teaching. He is also a recipient of the prestigious Burlington Foundation Faculty Achievement Award for Outstanding University Teaching. Catlett is also a consultant to the U.S. Departments of Agriculture, Interior, Defense, and Labor. He has also been a consultant to many Fortune 500 companies.

Roger JohnsonA third-generation

farmer from Turtle Lake, Roger Johnson was elected president of National Farmers Union in 2009. During the state convention, Johnson will share his insight and provide updates from National Farmers Union.

Prior to leading the family farm organization, Johnson served as North Dakota Agriculture Commissioner. While commissioner, Johnson served on the State Industrial Commission, the North DakotaTradeOfficeAdvisoryBoard,andthe State Board of Agricultural Research and Education.

Johnson grew up in Farmers Union, participating in the organization’s youth programs, serving as a county president and chairman of the board of a local Farmers Union cooperative. He is a graduate of North Dakota State University with a degree in agricultural economics.

Brian SchouviellerSchouvieller is

senior vice president in ag business for CHS, Inc. He is responsible for the strategic planning, construction and anticipated 2018 commissioning of the fertilizer plant at Spiritwood. The $3 billion project will be the single largest investment in CHS history and the largest private investment in the state of North Dakota. Schouvieller will share his vision and talk about agriculture in the world today.

He spent two years as senior vice president, North America Grain Marketing and Crop Nutrients, responsible for overall management of CHS North America grain marketing and crop nutrient operations. Healsoservedfiveyearsasvicepresident, Grain Marketing International Development, which included a one-year assignment in Mexico managing two soybean processing plants and building theAsia-Pacificbusinessplatform.Hegrew up on a western Minnesota farm and earned a bachelor’s degree in agricultural business from the University of Minnesota.

JoLynn FrieszDuring the Torchbearer Ceremony,

speaker JoLynn Friesz will share her inspiring personal story. Friesz grew up on a family farm near Flasher, where she was introduced to Farmers Union at a young age. As the ninth of 10 children, Friesz grew up watching her older siblings participate in Farmers Union activities. As soon as she could, she became active in day classes, summer camps and eventually earned award trips to Minneapolis and Colorado. Friesz received her Torchbearer Award in 2002.

She served as a summer staff counselor for three years and as the National Farmers Union All-States camp nurse for the past three summers. She earned her Bachelor’s of Nursing degree from the University of Mary and currently resides in San Diego, Calif., where she is employed at Scripps Green Hospital as a registered nurse.

CONVENTION SPEAKERS

Track 1 • Dakota HallAbbey Wick

Learn more about soil science and soil health from Abby Wick. Wick is the state soil health specialist with North Dakota State University Extension. She focuses on soluble salt/water management and approaches for building soil health in agricultural systems.

Wick also works with prime farmland reclamation following oil extraction and mining. She develops programs across the state in these general areas and works closely with county agents, area specialists and producers to build more productive and resilient agricultural systems.

Wick will cover the basics of soil health and how management “from the ground up”caninfluenceagriculturalsystems.She will talk about successful approaches for different producers across the state. The presentation will encourage an open dialog so that everyone will walk away with a new idea or approach to build soil health.

Rick WasmundWasmund is the

founder, managing member and master distiller at Copper Fox Distillery in Sperryville, Va. Since the early 2000s, he has worked to build the only malting facilityinVirginia,andoneofthefirstonthe East Coast. By 2006, Wasmund had fulfilledhisvisionofleadingthefirstandonly company to use applewood and cherrywood smoked malt to produce a unique and world-class line of whiskies. In 2009, Wasmund was proud to start producing the Founding Farmers Rye Whisky and in 2013, the Founding Farmers Single Malt Gin came to life. He will share his story about working with Founding Farmers restaurants.

Jon ArroyoJon Arroyo is the bar

and beverage director for Founding Farmers restaurants and Farmers Fishers Bakers and will share his insight during one of the educational tracks. He oversees all cocktail, beer, wine, Farmacy (house made sodas and such) and barista programs and serves as the director of education for the U.S. Bartenders Guild D.C. Chapter with his unique mastery of the art and craft of mixing cocktails. By studying the classics and experimenting with lesser known distilled spirits and mixers, Arroyo offers clients innovative bar programs that enliven their guests and also provides hands-on, invaluable training for bar staff to ensure proper mixology service.

Since 2008, Jon has developed and lead the bar program at Founding Farmers, which has won the Restaurant Association of Metropolitan Washington’s RAMMY Award for Best Beverage/Mixology Program in 2011.

Dan SimonsFind out what’s

happening at the Washington, D.C., restaurants from Dan Simons, the managing partner and concept developer for Founding Farmers & Farmers Fishers Bakers. Participants will also hear from a master distiller, Rick Wasmund, who produces the whiskey and gin for Founding Farmers.

Simons spearheaded the initial development of the Founding Farmers concept for North Dakota Farmers Union viahisconsultingfirm,VSAG.Underhisdirection,FoundingFarmershasflour-ished as one of the greenest and most successful restaurants in the U.S., and wasthefirstLEEDGoldCertifiedupscale,full-service restaurant in the country. Founding Farmers is one of the most-booked restaurants in the United States. Since 2010, two additional restaurants have opened, with a third Founding Farmers restaurant to open later this year.

Track 2 Sterling & Crowne

Track 3 Royal & Embassy

Dr. Frayne OlsonDr. Frayne Olson will

present the economics of crop contracting and share his insight on today’s markets. Olson is the crop economist/marketing specialist with North Dakota State University Extension Service. He conducts educational programs and research in evaluating crop marketing strategies, crop outlook and price analysis, and the economics of crop contracting. He also works with colleagues in the areas of risk management, agribusiness management and farm management.

Olson received his Ph.D. from the University of Missouri in agricultural economics, and his M.S. and B.S. in agricultural economics from North Dakota State University.

John NowatzkiJohn Nowatzki has

compiled a list of great farming apps to use for farming and ranching. During the marketing and technology track, he will share how to access these tools and explain how technology can work for you.

Nowatzki coordinates the NDSU Extension agricultural machinery systems educational program. He is one of the leading researchers on the impact of soil compaction caused by farm equipment on corn growth and yield. He has been delivering educational presentations throughout the state on various precision agriculture topics including farm data management, unmanned aircraft systems, LIDAR applications, variable ratefertilizationoffieldcropsandsprayerboom section control.

Nowatzki earned his undergraduate degree in agricultural education and a Master of Science degree from North Dakota State University.

Leon OsborneFind out how weather

and climate affects agriculture in North Dakota during one of the learning tracks on Friday afternoon.

Leon Osborne will lead the discussion. He is a professor at the University of North Dakota and currently is a Chester Fritz Distinguished Professor of Atmospheric Sciences, director of the Regional Weather Information Center and the Surface Transportation Weather Research Center. Osborne’s research interests include numerical weather prediction, atmospheric data assimilation, surface transportation meteorology, and using technologies for improved decision-making applications.

Osborne received his M.S. in meteorology from the University of Oklahoma in 1979 and his Bachelor of Science degree in physics from Utah State University in 1976.

Available at theFarmers Union booth.

Only $20for NDFU members.

Founding Farmers cookbooksmake great X-mas gifts!

The election will be conducted with the electronic system. The system uses touch screen technology and requires no keyboard or mouse to operate. Assistance will be available at the voting booths for anyone with questions.

1. You received a Member ID as part of your registration package.

2. Go to a voting booth and follow the voting instructions you were issued at registration.

a. Enter your ID number in the Member ID box

b. Touch the word REGISTER at the bottom of the screen to continue

3. Electronic Ballot

Eachofficewillbepresented inorderonaseparatescreen.Youcanmove to thenextofficeby touchingthe word NEXT. You can also return to the previous officebytouchingthewordPREVIOUS.

a. Write-In Candidates: If you want to place a write-in candidate on your ballot, touch the Write-In Candidate box at the bottom of the voting screen. This will present a keyboard from which you can spell out the name of the individual you wish to write in. After typing in your write-in candidates name, you must actually vote for that write-in candidate in order for that vote to be counted.

b. Voting: To vote for a candidate, select the candidate name on the screen. If properly selected, a check mark will appear next to the candidate name.

You may vote for fewer candidates than allowed but not more than the maximum number.

c. Casting your ballot: Once you have successfully voted for each office, the electronic ballot willpresent a summary for your review. If you are satisfied with the summary, touch the wordsCAST BALLOT at the bottom of the screen. If you wish to revisit any of your entries, touch the word PREVIOUS to return to your ballot. You may have to touch the PREVIOUS box more than once to get to the appropriate candidates on the ballot.

4. The state map shows the state director districts. Districts 2, 4 and 6 have elections for directors this year.

5. Ballots must be cast by 1:15 p.m. on Saturday. Delegates will not be able to register after 3:00 p.m. Alternates will not be able to change badges to be a delegate after that time. Delegates who leave permanently should turn in badges so alternates can be seated before 3:00 p.m. Registration for members and guests will close at 5:00 p.m. on Saturday.

1. CALL TO ORDER – The chairperson shall take the chair at the times set by the agenda and call the convention/annual meeting to order.

2. POINTS OF ORDER – The chairperson shall preserve order and decide all questions of order, subject to an appeal to the convention/annual meeting. The chairperson is authorized to appoint a parliamentarian,whoshallalsoserveastheofficialtimekeeper.

3. RECOGNITION BY THE CHAIR – Every delegate prior to speaking shall rise and address the chair and remain standing until recognized by the chair before proceeding to speak.

4. WHO RECOGNIZED – When two (2) or more delegates rise at the same time to speak, the chairperson must designate the delegate who is to speak,butinallcasesthedelegatewhoshallrisefirstandaddressthechairmayspeakfirst.

5. RULES AS TO SPEAKING, NUMBER OF TIMES AND DURATION – No delegate shall speak more than twice on the same subject without permission of the convention/annual meeting, nor more than once until every delegate choosing to speak on the subject pending shall have spoken. Nor shall any delegate occupy more than four (4)minutes the first time, normore than two (2)minutes the second time without the consent of a majority of the delegates present and voting.

VOTING INSTRUCTIONS

REPORT OF RULES COMMITTEE

6. MEMBER’S/POLICYHOLDER’S RIGHT TO SPEAK – When all delegates wishing to speak on a pending subject shall have spoken, or at any time with the majority consent of the delegates present and voting, any Farmers Union member/Farmers Union Mutual Insurance Co. policyholder may speak, subject to the same rules governing delegates.

7. MEMBER’S RIGHT TO VOTE – Pertaining only to the North Dakota Farmers Union Convention:

Any regular member of North Dakota Farmers Union may vote cast an individual ballot on any matter before

the convention that is decided by ballot. Only delegates shall have the right to make motions or to vote on

matters decided without a ballot.

8. MOTION TO BE SECONDED AND STATED BEFORE DEBATE – No motion shall be debated or put to a vote unless the motion is seconded. The motion must then be stated by the chairperson before the debate and any such motion must be presented in writing if the chairperson so requests.

9. MOTION MAY BE WITHDRAWN – If the motion has been stated by the chairperson, it shall be deemed in possession of the convention/annual meeting, but at any time before amendment or decision it may be withdrawn by the delegate offering it, with the consent of a delegate seconding such motion.

10. MOTION ON DEBATE AND PROCEDURE – When a question is under debate, no motion shall be received but to postpone, to amend or to substitute.

11. MOTION TO CLOSE DEBATE – A motion for the previous question (to close debate) will not be accepted by the chairperson from a delegate who has spoken on the issue immediately prior to making such a motion.

12. MOTION TO ADJOURN IN ORDER, WHEN – A motion to adjourn shall be in order when the business of the convention/annual meeting has been completed.

13. RESOLUTIONS, HOW PRESENTED – No resolution shallbepresentedfromthefloorwithouttheconsentof a majority of the delegates present and voting. Such resolutions must be in writing.

14. ELECTIONS

A. North Dakota Farmers Union: Nomination and election of president and

vice president – A candidate for president or

vice president may be nominated by a delegate oraregularmemberfromtheconventionflooratthe time set in the agenda for such nomination. A nomination speech shall not exceed five (5) minutes. Not more than two (2) seconding speeches of not more than two (2) minutes each may be made for each candidate.

If a candidate for president or vice president does not receive a majority of the votes cast, the chairperson shall set a time for a new ballot, which shall include the names of the two (2) candidates receiving the highest number of votes for that office.

B. North Dakota Farmers Union: Nomination and election of district directors – A candidate

for district director may be nominated by a delegate or regular member from the convention floor at the time set in the agenda for such nomination. A nomination speech shall not exceed three (3) minutes. Not more than two (2) seconding speeches of not more than one (1) minute each may be made for each candidate.

If a candidate for district director does not receive a majority of the votes cast, the chairperson shall set a time for a new ballot, which shall include the names of the two (2) candidates receiving the highestnumberofvotesforthatoffice.

C. Farmers Union Mutual Insurance Company: The directors shall be elected by the policyholders

from among their numbers, with one (1) director elected from each of the seven (7) districts as definedintheBylawsandtwo(2)directorselectedat large.

15. CONDUCT – CELL PHONE USE SHOULD BE LIMITED TO HALLWAYS AND CONVENTION BREAKS. CELL PHONES SHOULD BE MUTED OR SILENCED DURING CONVENTION SESSIONS. No smoking shall be permitted in the meeting hall. The doors to the lobby shall be kept cleared and closed at all times when the meeting is in session.

16. PROGRAM SCHEDULE – The schedule, as printed in the program booklet available to all members/policyholders and delegates, shall be the official program.

17. ROBERT’S RULES OF ORDER – On any point not covered in the above rules, Robert’s Rules of Order shall govern.

September 30, 2014 September 30, 2013

CURRENT ASSETS Cash and cash equivalents $ 1,576,409 $ 1,729,943 Investment securities 3,052,340 2,666,646

Accounts receivable Educational funds receivable 11,825 63,150 NFU service fees receivable 42,251 40,521 Receivable from wholly-owned subsidiary 498,700 406,884 Note receivable 120,000 – Miscellaneous receivables (net of an allowance for doubtful accounts of $5,000 for both 2014 and 2013) 119,055 133,640 Carbon credit receivable (net of an allowance for doubtful accounts of $1,067,655 for both 2014 and 2013) – – Prepaid expenses 169,587 254,838 Total current assets $ 5,590,167 $ 5,295,622

OTHER ASSETS Capital credits 60,851 64,147 Investment in wholly-owned subsidiary 32,365,174 29,519,946

Other investments 5,851,302 4,898,240 Total other assets $ 38,277,327 $ 34,482,333

PROPERTY AND EQUIPMENT Land 41,006 41,006 Land improvements 394,997 392,478 Buildings 6,809,001 6,806,208 Automotive equipment 966,956 766,667 Furniture and equipment 1,070,359 1,043,552 Construction in progress 2,988 – Total $ 9,285,307 $ 9,049,911 Less accumulated depreciation (2,971,938) (2,676,950) Property and equipment, net 6,313,369 6,372,961 TOTAL ASSETS $ 50,180,863 $ 46,150,916

CURRENT LIABILITIES Accounts payable $ 74,471 $ 102,441 Dues payable 4,951 4,909

Accrued expenses 181,024 135,961 Member transportation deposits 180,079 263,330 Deferred income 250,405 171,830 Total current liabilities $ 690,930 $ 678,471

MEMBERS’ NET ASSET Undesignated net assets General fund $15,059,259 $13,969,497 Undistributed earnings of wholly-owned subsidiary $32,365,174 $29,519,946 Designated net assets 2,065,500 1,983,002 Total unrestricted net assets 49,489,933 45,472,445 TOTAL LIABILITIES & MEMBERS’ NET ASSETS $ 50,180,863 $ 46,150,916

LIABILITIES AND MEMBERS’ NET ASSETS

BALANCE SHEET

September 30, 2014 September 30, 2013 REVENUES: Membership dues $ 619,959 $ 606,121 Educational fund receipt Local cooperatives 358,119 307,866 Regional cooperatives 429,539 708,123

Member transportation 722,029 580,988 Insurance service and name fees 478,620 422,878 Interest and dividend income 102,118 109,689 Rental income 262,263 255,596

Youth 89,626 89,124 Advertising 37,440 41,539

Realized gain on investments 5,310 19,658 Gainonsaleoffixedassets 25,457 –

Other 1,961 5,124 Total revenues $ 3,132,441 $ 3,146,706 EXPENSES: Salaries 1,245,457 1,108,518 Payroll taxes 78,092 78,056

Pension and group insurance 293,238 244,154 Automobile and travel 163,438 161,130 Depreciation 497,439 433,709 Bus fuel 36,228 29,404 Insurance 80,242 63,382

Janitorial service 89,336 75,237 Repairs and maintenance 84,715 89,167 Postage 100,299 82,959

Printing 94,425 114,210 Officesupplies 111,282 106,435

Rent - camps 53,776 58,003 Rent-office 26,455 23,220 Telephone 23,483 27,670 Utilities 65,642 64,635 Audit fees 17,448 17,858 Legal fees 1,290 – Conventions 84,059 84,638 County activities fund 34,820 34,381 Food - camps 16,470 16,505

Local activities and assistance 4,550 4,730 Membership development 88,240 43,967 Passenger and charter expense 437,011 315,351 Internet/email 24,744 21,356 Other 529,617 622,529 Unrealized loss on investments 8,519 107,626 Lossonsaleoffixedassets – 2,954 Total expenses $ 4,290,315 $ 4,031,784 Increase (decrease) in net assets before

net earnings of equity investments (1,157,874) (885,078) EQUITY IN NET EARNINGS (LOSS) OF: Farmers Union Service Association, Ltd. $ 3,272,300 $ 2,643,382 Farmers Union Enterprises, Inc. 1,903,062 1,522,906 Total net earnings of equity investments $ 5,175,362 $ 4,166,288 INCREASE IN NET ASSETS $ 4,017,488 $ 3,281,210

STATEMENT OF REVENUES & EXPENSES

FINANCIAL STATEMENT

CONVENTION SPONSORS

$7,500

$500

$350

$250

$1,500

$1,200

$500

$250

$500

Serving the communities of: Bismarck (2 Locations) • Fargo (2 Locations)

Hankinson • Jamestown (2 Locations)Milnor • Napoleon • Oakes

Portland • Steele • Valley CityWahpeton • Wishek

$100

Coupon for 10¢/gallon off fill on all gas, ethanol

& diesel products at Cenex(3902 Main Ave. location only)Expires 11 p.m. Nov. 23, 2014