CPA Lance Bean [left] and Logan Nutting [center] have a brief discussion at the Trinity United Methodist Church while they wait for the Farmington Farmers Union meeting to call to order on Tuesday, Feb. 7. Founded in 1912, the union has a long and storied history in Farmington. Brian Ponce/Franklin Journal

FARMINGTON — Farmington Farmers Union met on Tuesday, Feb. 7, and saw the approval of a 17.5% trade allowance for the year 2023, as well as election of the clerk of the board of directors and two board of director positions.

The meeting was held at the Trinity United Methodist Church, 612 Farmington Falls Road in Farmington.

Stockholders in the Farmington Farmers Union receive a patronage dividend check based on the number of purchases made in the calendar year. For the years of 2021 and 2022, a 16% trade allowance was passed, which saw 16 cents of every dollar spent returned to the stockholders in the form of a check.

Lance Bean, CPA for the Farmington Farmers Union, reported a 12% increase in revenue for 2022, going to 3.75 million over the 3.3 million in 2021. Bean also reported an increase in the cost of goods sold by 15% and a slight decrease in gross profit from 38% to 36%.

According to Bean, this type of decrease is common “for businesses in this type of business climate.”

Based on the numbers presented, Bean suggested a recommended increase for return on investment from 16 to 17.5%. The board voted in favor of the increase.

Jeffery Wright was voted for the clerk of the board of directors. Rupert Pratt and David Archer were voted for the two open positions on the board of directors.

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