Landmark Services Cooperative held the 88th annual meeting on February 25, 2021, virtually due to the COVID-19 pandemic restrictions.
The meeting was called to order by Board Chairman Jim Lange. Lange then welcomed guests and introduced the board of directors prior to giving his chairman’s report.
Secretary Kevin Klahn reported on the minutes from last year’s annual meeting and informed the group that these had been approved at the January 2020 board of directors’ meeting.
Chairman Lange gave the chairman’s report including topics addressing COVID-19 challenges and how Landmark overcame them to keep business running efficiently, the upcoming merger with Countryside Cooperative, board of directors’ training, a recap on the donations made through the Landmark Gives Back program, including scholarships, summer lunch programs, breakfast on the farm, Lennox Feel the Love program, and the Second Harvest Foodbank contributions, and the hopeful prospect of hosting customer appreciation events later in 2021
Jeff Brandenburg, independent auditor, stated that CliftonLarsonAllen found Landmark’s financial statements to be accurate and issued an unqualified opinion on the financial statements.
Chief Financial Officer Keith Arnold presented the financial report comprising of an overview of the 2020 statement of operations performance, consolidated balance sheet, financial analysis for the past five years of working capital, local net worth and cash returned to patrons. Arnold also touched on Landmark’s PPP loan through the SBA.
President and CEO Jim Dell provided the management report and opened by thanking Landmark’s members, board of directors and employees. Dell’s report provided a recap of the 2020 fiscal year and an overview of Landmark’s equity, section 199A deduction, and capital expenditures. Dell recapped the focus of the 2020 fiscal year – 2020 and Beyond – which included evaluating and optimizing staffing needs and Landmark’s asset base, improving sales growth, growing Verity Financing, completing key capital expenditure projects within budget, and improving communications to our members. Dell also discussed the ‘Partnering for 2021’ theme that focuses on the board, management team, and the NEWCO team living the Mission of “Advancing our customers through innovative and responsible solutions” while focusing on the Vision “Customer success powered by engaged employees”, and while adhering to the key Values of safety, integrity, passion, accountability, and financial responsibility.
Chairman Lange reviewed the bylaw amendments that had been passed; two amendments were due to the COVID-19 pandemic and four were specifically related to the merger with Countryside.
Director Jon Prochnow announced his stepping down from Landmark’s Board of Directors. Jon served on the board for 9 years. During his time, Jon helped spearhead steady growth of the cooperative, including the Fall River elevator and merger with Countryside. In his remarks he spoke highly of the cooperative, CEO Dell and the Board of Directors, and their dedication
Chairman Lange called for any new business and there was none. It was announced that the FY2021 annual meeting would be held the week of December 13, 2021, likely with two meetings, one in the north region and one in the south region. The meeting was adjourned.
Landmark Services Cooperative is a member-owned cooperative dedicated to providing customers with the highest quality products and services. For 85+ years, Landmark has provided farm-related products and services to its more than 11,000 members in southern Wisconsin, northern Illinois and eastern Iowa. Employing more than 400 people (includes full-time, part-time and seasonal) and with sales in excess of $373 million, Landmark provides a customer service-oriented approach in the communities it serves. For more information, visit landmark.coop, or call 800-236-3276.