COOPERATIVE 

STATISTICS

2011

United States

Department of

Agriculture

Service Report 72

Cooperative Statistics, 2011 i

ABSTRACT

A survey of 2,285 U.S. farmer, rancher, and fishery 

cooperatives ending their business year during calendar year 2011 showed a record business volume, 

net income, and total assets. Gross business volume 

was $213.5 billion while net business volume was 

$183.6 billion, and net income totaled slightly more 

than $5 billion. These cooperatives had more than 

$78 billion in assets, $50 billion of liabilities, and 

$28 billion in equity. Cooperatives were a major 

employer in rural areas, with 131,000 full-time 

workers and 53,000 part-time or seasonal employees. Business volume by commodity is reported for 

all cooperatives. Number of cooperatives, cooperative memberships, and number of employees are 

classified according to whether the business is a 

marketing, supply or service cooperative. Trends 

in cooperative numbers, memberships, employees, 

business size, sales volume, net income, assets, liabilities, and net worth are reported. 

Keywords: cooperatives, statistics, business volume, employees, memberships, balance sheet, 

income statement, financial ratios.

 

COOPERATIVE STATISTICS, 2011

Sarah Ali, Jacqueline E. Penn and E. Eldon Eversull

Rural Development

U.S. Department of Agriculture

STOP 3256

1400 Independence Ave., S.W.

Washington, DC 20250 3256

Service Report 72

October 2012

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you experienced discrimination when obtaining services from USDA, participating in a USDA program, 

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available at any USDA office location or online at www.ascr.usda.gov, or write to:

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Office of the Assistant Secretary for Civil Rights

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through the Federal Relay service at (800) 877-8339 or (800) 845-6136 (in Spanish). USDA is an equal 

opportunity provider, employer and lender.
ii Cooperative Statistics, 2011

PREFACE

Cooperative statistics are collected annually to 

provide information on the progress and trends 

among the Nation’s farmer, rancher, and fishery 

cooperatives. These statistics are used for research, 

technical assistance, education, planning, and public 

policy. The collection, analysis, and dissemination 

of cooperative statistics by the United States Department of Agriculture (USDA) are authorized by 

the Cooperative Marketing Act of 1926.

This report provides aggregate information on the 

number, membership, business volume, net income, 

basic balance sheet items, and full-time and parttime and seasonal employees of cooperatives for 

business years ending in calendar year 2011. Cooperatives are classified by principal product marketed 

and major function. Both gross (includes inter-cooperative business) and net (excludes inter-cooperative 

business) dollar volumes are reported.

Statistics for 2011 were compiled on a State and 

National basis. The information was collected by a 

mail survey of all organizations identified by USDA 

Rural Development’s Cooperative Programs (CP) as 

farmer, rancher or fishery cooperatives. Information 

was requested for the 2011 business year. 

USDA’s CP conducts an annual census to gain accurate information for assistance purposes. Information obtained from individual cooperatives is combined with data from other cooperatives to maintain 

confidentiality. 

Statistics for all cooperatives were derived by 

estimating data for non-respondents and combining 

this information with respondent data. Data from 

respondents and other sources accounted for 91 percent of the total gross sales of farmer, rancher, and 

fishery cooperatives in 2011. 

USDA depends on the response to its annual 

survey to develop a detailed and comprehensive set 

of statistics on cooperatives. The time and effort 

taken to provide information and the timeliness with 

which it is furnished are greatly appreciated.

.
Cooperative Statistics, 2011 iii

ABSTRACTi

PREFACE ii

HIGHLIGHTS iv

COOPERATIVE STATISTICS, 20111

I–DEFINITION OF A COOPERATIVE1

Classification of Cooperatives1

Organizational Membership Structures1

II–2011 STATISTICS3

Number of Cooperatives3

Memberships4

Employees 11

Business Size 11

Business Volume 12

Balance Sheet 14

Income Statement 17

Selected Financial Ratios 24

BIBLIOGRAPHY 26

APPENDIX TABLES 27

APPENDIX FIGURES 54

CONTENTS
iv Cooperative Statistics, 2011

 

 2011 2010 Change

Number of cooperatives 2,285 2,314 -29

Memberships (millions) 2.3 2.2 0.04

Gross business volume (billion $) 213.4 171.8 41.59

Net business volume (billion $) 183.6 147.8 35.75

Net income before taxes (billion $) 5.4 4.3 1.14

Total assets (billion $) 78.5 65.0 13.45

Net worth (billion $) 27.9 26.0 1.92

Full-time employees (thousand) 130.9 129.0 1.84

Part-time and seasonal employees (thousand) 52.8 54.4 -1.60 

HIGHLIGHTS

Table A–Comparison of 2011 and 2010 Cooperative Statistics

There are 2,285 U.S. farmer, rancher, and 

fishery cooperatives, according to the 2011 survey 

of marketing, supply, and service cooperatives by 

USDA Rural Development’s Cooperative Programs. 

This was the highest sales and income year for these 

cooperatives, surpassing the previous records set in 

2008. The year saw double-digit increases in prices 

for dairy products, cotton, livestock,, and grains 

and oilseeds. Farm production expenses also had 

double-digit increases with feed, fertilizer, and fuel 

prices leading the upward trend. 

u Total gross business volume (includes intercooperative business) handled by cooperatives was $213.4 billion; net business 

(excludes inter-cooperative business) was 

$183.6 billion. 

u Total net income was $5.4 billion, which 

includes inter-cooperative dividends and 

refunds of $612.7 million.

u Cooperative memberships were 2.3 million, 

up 41,000 from 2010.

u Cooperatives employed 131,000 full-time 

and 53,000 part-time and seasonal employees. Full-time employee numbers were 

up 1,800 from 2010, while part-time and 

seasonal employee numbers were down by 

1,600.

u Gross value of products marketed by cooperatives was $128 billion, with a net value 

(after eliminating duplication from intercooperative business) of $122 billion. Both 

gross and net marketings were up over 20 

percent from 2010. All products except bean 

and peas had increased sales. Grain and oilseed marketings were up almost $14 billion 

while dairy product marketings increased 

more than $6 billion.

u Gross value of supplies handled by cooperatives was $81 billion, with a net value of 

$57 billion. Gross supply sales were up $17 

billion primarily due to increasing energy 

prices, with gains of more than $6 billion for 

petroleum products. Fertilizer, feed, and crop 

protectants also had increases of at least $1 

billion.

u Receipts for services related to marketing farm products and supplies, plus other 

income, totaled $4.5 billion, down $500 million from 2010.

u Cooperatives had $78 billion in combined 

assets, exceeding the second highest, $70 

billion, in 2008. Total assets were $13 billion 

more than 2010 with most of the increase 

($12 billion) in current assets. Net assets, 

after eliminating inter-cooperative investments, were $74 billion. Inter-cooperative 

investments included those in CoBank. 

u Total liabilities increased $11 billion, to $50 

billion.

u Net worth, or member and patron equity, was 

$28 billion. Member and patron equity financed 36 percent of total assets, down from 

40 percent in 2010.
Cooperative Statistics, 2011 1

Cooperative Statistics, 2011

Sarah Ali, Jacqueline E. Penn and E. Eldon Eversull

I. COOPERATIVE DEFINITION

USDA Rural Development’s Cooperative Programs 

considers four major criteria in identifying farmer, 

rancher, and fishery cooperatives:

(1) Membership is limited to persons producing 

agricultural and aquacultural products, and to 

associations of such producers; 

(2) Cooperative members are limited to one vote 

regardless of the amount of stock or membership capital owned; or the cooperative does 

not pay dividends on stock or membership 

capital in excess of 8 percent a year or the 

legal rate in the State, whichever is higher;

(3) Business conducted with non-members may 

not exceed the value of business conducted 

with members; 

(4) The cooperative operates for the mutual interest of members by providing member benefits 

on the basis of patronage.

These criteria may result in larger or smaller 

numbers of farmer, rancher, and fishery cooperatives than found in lists or directories of State agencies or cooperative councils. Year-to-year comparisons with specific commodity groups reflect any 

differences in lists and classifications in State and 

Federal data.

Classification of Cooperatives

CP classifies each cooperative under one of the 

following major functions: marketing, supply or 

service. For example: fertilizer cooperatives are 

classified as supply cooperatives; wool pools are 

classified as marketing cooperatives; and transportation cooperatives are classified as service cooperatives.

Marketing cooperatives derive most of their total 

dollar volume from the sale of members’ products. 

These cooperatives are further classified into 1 of 13 

commodities or commodity groups, depending upon 

which accounts for most of its business volume. CP 

may reclassify a cooperative into a different commodity category if its primary business volume 

changes significantly. 

Supply cooperatives derive most of their business volume from the sale of production supplies, 

machinery and equipment, and building materials. 

Many also handle farm, ranch, and home items, 

such as heating oil, lawn and garden supplies, and 

equipment, and food. 

Service cooperatives provide specialized services 

related to the business operations of farmers, ranchers, or cooperatives, such as trucking, storing or 

drying. 

Many cooperatives handle multiple commodities and provide marketing and supply services, as 

well as the facilities and equipment used to perform 

these services. These associations are classified according to the predominant commodity or function, 

as indicated by business volume.

Prior year data has been revised in this report. 

Some revisions correct errors; others are due to new 

information. For instance, 89 cooperatives that had 

not responded in 2010 included with their 2011 surveys annual reports that also had 2010 information.

Organizational Membership Structures

CP further classifies marketing, supply, and service 

cooperatives into three organizational structures according to membership. The membership structures 

used are centralized, federated, and mixed.

Centralized Cooperatives

Of the 2,285 cooperatives in 2011, 2,059 were 

centralized organizations, mostly local cooperatives 

with individual farmer, rancher or fishery members. 

Centralized cooperatives usually serve a local area 

or community, county or several counties. Most 

usually perform a limited number of initial marketing functions. Most supply sales are at the retail 

level. A few centralized cooperatives, principally regionals, operate over multi-State areas, and provide 
2 Cooperative Statistics, 2011

0

500

1,000

1,500

2,000

2,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Marketing

Supply

Service

Number

Figure 1–Cooperatives in the United States, 

2002-2011

Figure 2–Distribution of Memberships, by Type of 

Cooperative, 2011

Percentages are based on 2.3 million total memberships.

1Includes dry bean and pea, wool and mohair, rice, sugar, fishery, and other product mark.eting cooperatives

Service 1.7% 1 Other marketing 2.3%

Fruit & Vegetable 1.0%

Supply

61.7%

Grain & Oilseed 25.1%

Dairy 2.1%

Livestock & Poultry

3.2%

Cotton ginning 1.2%

Cotton 1.1%

Tobacco 0.5%

more vertically integrated services, 

such as processing products or 

manufacturing feed.

Bargaining associations also 

have centralized organizational 

structures. They derive all or most 

of their business volume from 

negotiating with distributors, 

processors, and other buyers and 

sellers over price, quantity, grade, 

terms of sale, and other factors 

involved in marketing products. 

Only a few bargain to purchase 

supplies. While the primary function of such an association is to 

bring buyers and sellers together 

to contract for the sale of members’ products, many bargaining 

associations now perform additional functions.

For example, dairy bargaining associations at one 

time only negotiated price. Now, many perform additional functions, such as physically handling part 

of the milk for spot sales. Like other dairy marketing cooperatives, these cooperatives represent their 

members at Federal or State milk marketing order 

hearings.

Federated Cooperatives

The 38 federated cooperatives—two or more member associations organized to market products, 

purchase production supplies or perform bargaining 

functions—often operate at points quite distant from 

their headquarters. Members are usually local cooperatives, although some are interregional associations with regional cooperative members.

Mixed Cooperatives

The 17 mixed cooperatives have 

individual farmer, rancher or fishery 

members, and autonomous cooperative members. These cooperatives use 

a combination of centralized and 

federated structures. They serve large 

geographic areas, with members in 

many States, and provide a variety of 

integrated services.

II. 2011 STATISTICS 

Cooperatives’ total gross business 

volume for 2011 was $183.6 billion; 

net business volume was $147.8 billion, while net income was $5.4 billion. 

This was the highest sales volume and 

income for these cooperatives, exceeding records set in 2008. All products 
Cooperative Statistics, 2011 3

Table 1–Number of cooperatives and memberships, by major business activity, 2011

Major business 

 activity Cooperatives Memberships

Number Thousands

Bean and pea (dry edible) 5 1.8

Cotton 12 25.4

Cotton ginning 154 26.7

Dairy 132 48.5

Fish 38 5.4

Fruit and vegetable 145 22.1

Grain and oilseed1 521 573.6

Livestock 64 73.7

Nut 18 9.7

Poultry2 10 0.5

Rice 12 10.9

Sugar3 26 8.7

Tobacco 6 11.9

Wool and mohair 53 9.6

Other marketing4 26 6.5

Total marketing 1,222 834.9

 

Artificial insemination 13 51.1

Total supplies 935 1,406.6

 

Other services5 105 38.3

Rice dryers 4 0.3

Storage 6 0.1

Transportation 13 0.4

Total service 128 39.1

 

Total 2,285 2,280.5

 1 Cooperatives primarily handling grains and oilseeds, 

excluding cottonseed. 

2

 Cooperatives primarily handling eggs, turkeys, ratite, 

squab, and related products.

3

 Cooperatives primarily handling sugar beets, sugarcane, honey, and related products.

4 Cooperatives primarily handling forest products, hay, 

hops, seed marketed for growers, nursery stock, bioenergy, coffee, and other farm products not classified 

separately. Also includes manufactured food products 

and resale items marketed by cooperatives.

5

 Cooperatives primarily providing grading, testing, auctions, hulling, seed development, crop scouting, farmer 

markets, and other services.

marketed, except dry edible beans and peas, had 

sales increases, leading to a 24-percent gain in sales 

over 2010. Marketing sales increases were led by 

grain and oilseed cooperatives, with a $13.7-billion 

sales gain, followed by dairy products with a $6.5-

billion gain. Supply sales grew by 27 percent over 

2010, with petroleum products leading the gain with 

an increase of $6 billion. Fertilizer sales grew more 

than $3 billion; feed, $2 billion; and crop protectants, $1 billion. 

In 2011, agricultural cooperatives had 2.3 million 

members with record $78 billion in assets and $28 

billion in equity. Cooperatives remained a major 

employer in rural areas, using 131,000 full-time 

workers.

Number of Cooperatives

The 2011 survey counted 2,285 marketing, supply, 

and service1

 cooperatives, compared with 2,314 in 

2010. Of the 2,285 cooperatives, 1,222 primarily 

marketed products, 935 primarily handled production supplies, and 128 provided services related to 

marketing or purchasing activities (table 1, appendix figure 1). 

The proportion of marketing, supply, and service 

cooperatives to the total number of cooperatives 

remained virtually unchanged from 2010. About 53 

percent of cooperatives are marketing cooperatives, 

41 percent are supply cooperatives, and 6 percent 

are service cooperatives (figure 1 and appendix 

table 1).

There was a net decrease of 29 associations (3 

percent) from 2010 to 2011, largely reflecting a 

continuing trend involving merger, acquisition or 

dissolution. The largest decrease was 39 farm supply cooperatives, while grain and oilseed and fruit 

and vegetable cooperatives both grew by 7. 

Cooperatives are added to the list every year, usually based on press releases from the cooperative or 

news items, but this probably leads to under-counting. Some cooperatives had been dropped from 

the list earlier but were added back when we were 

informed that they were still in operation. Most 

drops occur when two or more cooperatives merge 

their operations. It is much easier to drop a cooperative from the list than to add one, because undelivered mail is usually returned. If a new address is not 

found, the cooperative is dropped.

1

 Services include trucking, storage, crop drying, 

livestock shipping, and similar services affecting 

the form, quality, or location of products and supplies. They do not include credit, electric, telephone, or other such services not directly related 

to marketing or supply activities.
4 Cooperative Statistics, 2011

Table 2–Number of cooperatives, by major 

function and State, 2011

 

Supply

Function Marketing & service Total

State Number

Alabama 9 42 51

Arizona 8 0 8

Arkansas 11 25 36

California 81 39 120

Colorado 11 18 29

Florida 21 12 33

Georgia 6 7 13

Hawaii 7 7 14

Idaho 18 9 27

Illinois 75 43 118

Indiana 10 24 34

Iowa 66 31 97

Kansas 65 26 91

Kentucky 7 29 36

Louisiana 10 23 33

Maryland 4 11 15

Massachusetts 3 5 8

Michigan 24 21 45

Minnesota 102 101 203

Mississippi 22 34 56

Missouri 18 41 59

Montana 18 26 44

Nebraska 36 20 56

New York 43 12 55

North Carolina 8 5 13

North Dakota 81 78 159

Ohio 28 13 41

Oklahoma 33 23 56

Oregon 19 14 33

Pennsylvania 24 15 39

South Dakota 38 35 73

Tennessee 4 60 64

Texas 144 43 187

Utah 5 7 12

Virginia 17 40 57

Washington 33 25 58

West Virginia 13 10 23

Wisconsin 46 69 115

Wyoming 5 6 11

Other States1 49 14 63

United States 1,222 1,063 2,285

1

 Includes States with fewer than three cooperatives for any 

function. States with at least three cooperatives were: Alaska, 

5; Connecticut, 5; Delaware, 3; Maine, 22; Maryland, 15; New 

Jersey, 11; New Mexico, 8; South Carolina, 3; and Vermont, 3.

Cooperative numbers based on function (marketing, supply or service) and State are shown in table 

2. Texas had the most marketing cooperatives with 

144 while Minnesota was second with 102. Minnesota had the most supply and service cooperatives 

with 101, followed by North Dakota with 78.

Many cooperatives operate branches to better 

serve their members. Most branches are owned by 

the cooperative, but some are leased. A number of 

the branches are formerly independent cooperatives 

that served a local community. For economic or other reasons, many were acquired by or merged with 

other cooperatives and are operated as branches that 

serve members and patrons at outlying locations. 

Grain and oilseed and supply cooperatives operated over 5,100 branches—2,160 and 2,969, respectively. Both grain and oilseed and supply cooperatives averaged about 3.5 branches per cooperative. 

Memberships

Memberships in marketing, supply, and service cooperatives were an estimated 2.3 million in 2011, up 

41,000 from 2010 (table 3). There were increases in 

membership in 2010 and 2004, but this is by far the 

largest increase. About 62 percent of the memberships were in supply cooperatives while 25 percent of the memberships were in grain and oilseed 

cooperatives (appendix table 2, figure 2). Dairy 

cooperative memberships were only 2 percent of the 

total, but accounted for 21 percent, or $39 billion, of 

cooperatives’ net business volume in 2011.

Memberships in cooperatives dropped from 2.8 

million in 2002 to 2.3 million in 2011 (figure 3). 

The long term decline largely reflects the decreasing 

number of farms, farmers, and ranchers in the United States (appendix figure 2). Many farmers and 

ranchers are members of more than one cooperative, 

and each membership is counted. Consequently, 

the number of memberships has long exceeded the 

number of farms, but now they are almost equal. 

Duplication in membership cannot be eliminated 

with current reporting methods. 

Member classification depends on the type of cooperative used, and may not be related to the member’s product(s) marketed or supplies purchased. 

For example, a member may market only one of the 

products handled by the cooperative; another may 
Cooperative Statistics, 2011 5

FISH

Maine 15 0.7 0.90 0.90

Other States 23 4.8 250.43 250.43

United States 38 5.4 251.33 251.33

FRUIT AND VEGETABLE 

Arizona 3 0.8 78.19 39.40

California 34 11.9 2,794.57 2,073.07

Florida 12 9.7 846.01 254.92

Hawaii 4 0.2 7.85 7.85

Michigan 11 1.1 805.86 720.02

Minnesota 4 0.3 0.64 0.64

New Jersey 4 0.3 202.38 117.98

New York 8 1.0 74.90 74.78

Oregon 10 0.9 485.86 465.54

Pennsylvania 4 0.3 421.83 421.83

Texas 4 0.1 96.40 84.46

Washington 10 2.7 784.41 769.46

Other States 37 3.4 958.50 419.98

Foreign7 0 0.1 234.45 112.04

United States 145 32.9 7,791.86 5,561.96

 

GRAIN AND OILSEED8 

Colorado 6 4.3 292.31 292.31

Idaho 3 1.8 81.28 81.28

Illinois 70 197.9 5,295.43 5,295.43

Indiana 6 3.6 777.93 777.93

Iowa 56 67.4 9,142.72 9,007.53

Kansas 65 71.5 3,020.63 3,014.90

Minnesota 59 32.4 6,969.92 6,944.27

Mississippi 3 3.7 300.88 298.18

Missouri 12 12.8 1,441.30 891.92

Montana 4 0.9 519.36 519.36

Table 3–Number1 of cooperatives, memberships,2 and gross and net sales by State, 20113

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

BEAN AND PEA, DRY EDIBLE

United States 5 1.8 154.23 150.85

 

COTTON6

 

Texas 4 12.7 1,514.94 1,514.94

Other States 8 12.7 1,998.60 1,994.65

United States 12 25.4 3,513.54 3,509.59

COTTON GINNING6 

Alabama 3 0.1 4.65 4.65

Arizona 4 0.2 23.36 23.36

Arkansas 3 1.8 31.16 15.12

California 14 0.6 59.32 37.94

Louisiana 3 0.2 15.62 7.99

Mississippi 12 0.3 73.24 71.27

Oklahoma 10 5.9 14.42 14.05

Texas 100 17.3 339.78 267.55

Other States 5 0.5 24.10 19.31

United States 154 26.9 585.63 461.24

 

DAIRY 

California 3 1.0 5,046.86 4,974.36

Idaho 3 0.2 421.67 421.67

Illinois 3 2.3 1,811.06 1,810.19

Iowa 4 2.3 1,691.16 1,621.54

Minnesota 23 6.0 3,625.65 3,536.82

New Mexico 4 0.1 727.93 726.70

New York 30 3.5 2,612.83 2,143.40

Pennsylvania 11 2.4 1,554.57 1,376.33

Wisconsin 22 13.8 5,436.93 5,171.76

Other States 29 20.9 17,683.22 17,217.00

Foreign7 0 0.0 143.31 140.50

United States 132 52.5 40,755.19 39,140.26

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

1 Includes centralized and federated cooperatives and those 

with mixed organizational structures. Headquartered in the 

State listed. 

2 Includes voting farmer-members, but not nonvoting patrons. 

(Duplication in these membership figures occurs because 

many farmers belong to more than one cooperative.) Memberships include members of cooperatives not headquartered in 

the State listed. Totals may not add due to rounding. 

3 Data covering operations of cooperatives for fiscal years 

ended in 2011. States listed are those with more than two 

cooperatives or where disclosure was not a problem.

4

 Gross business volume includes sales between cooperatives. 

Gross sales include sales of cooperatives not headquartered in 

the State listed. Totals may not add due to rounding. 

5 Net business volume excludes sales between cooperatives. 

Net sales include sales of cooperatives not headquartered in 

the State listed. Totals may not add due to rounding. 

6

 Cottonseed sales of meal are included in feed sales, whereas 

oil sales are included in other marketing sales.

7

 Includes memberships, marketing, and sales in other countries.

8

 Excludes oilseed meal and oil. Oilseed meal is included in 

feed sales, whereas oil sales are included in other marketing 

sales.

Continued next page
6 Cooperative Statistics, 2011

Table 3–Number1 of cooperatives, memberships,2 and gross and net sales by State, 20113

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

GRAIN AND OILSEED (cont.)

Nebraska 32 56.8 4,865.42 4,860.29

North Dakota 65 26.7 3,566.89 3,566.89

Ohio 22 23.5 2,309.78 2,309.78

Oklahoma 20 14.4 305.18 305.18

South Dakota 38 24.8 2,891.87 2,891.87

Texas 25 9.5 916.88 916.88

Washington 14 7.7 1,079.21 1,079.21

Other States 21 17.3 3,009.70 2,984.98

Foreign7 0 0.0 7,884.70 7,884.70

United States 521 577.2 54,671.40 53,922.89

LIVESTOCK 

North Dakota 6 0.6 23.25 22.91

West Virginia 4 0.2 1.95 1.95

Wisconsin 14 45.2 480.76 480.76

Other States 40 27.7 3,857.70 3,725.79

United States 64 73.7 4,363.67 4,231.42

NUT 

California 10 4.4 833.49 830.86

Other States 8 5.7 76.16 76.16

Foreign7 0 0.1 0.00 0.00

United States 18 10.2 909.65 907.02

 

POULTRY9 

California 3 0.1 367.97 367.97

Other States 7 0.4 934.08 934.08

United States 10 0.5 1,302.05 1,302.05

 

RICE 

California 3 0.9 324.24 324.24

Texas 4 0.5 51.16 51.16

Other States 5 9.5 1,160.94 1,160.94

United States 12 10.9 1,536.34 1,536.34

 

SUGAR10 

Idaho 5 0.6 795.91 6.51

Louisiana 3 0.6 212.40 142.76

SUGAR (cont.)

Minnesota 3 2.5 2,114.86 2,106.94

Wyoming 3 0.6 20.86 20.86

Other States 12 5.0 2,550.15 2,456.62

Foreign7 0 0.1 3.06 3.06

United States 26 9.4 5,697.24 4,736.76

 

TOBACCO 

Tennessee 3 10.8 3.82 3.82

Other States 3 1.1 247.06 247.06

United States 6 11.9 250.88 250.88

OTHER MARKETING11 

Florida 3 0.0 34.42 34.42

Minnesota 9 4.7 1,893.69 1,843.75

Other States 67 11.3 4,334.38 3,980.54

United States 79 16.1 6,262.48 5,858.72

TOTAL MARKETING 

Alabama 9 2.7 376.91 376.91

Alaska 5 3.0 12.64 12.64

Arizona 8 1.4 1,072.24 991.87

Arkansas 11 12.7 1,843.43 1,782.12

California 81 21.0 9,795.27 8,977.25

Colorado 11 6.2 833.48 833.48

Florida 21 10.3 1,995.61 1,401.46

Georgia 6 2.4 614.81 579.48

Hawaii 7 0.5 8.95 8.95

Idaho 18 4.9 1,420.53 631.13

Illinois 75 202.0 7,438.85 7,437.64

Indiana 10 6.8 1,850.91 1,822.14

Iowa 66 72.8 12,193.80 11,960.51

Kansas 65 73.6 4,145.48 4,130.74

Kentucky 7 5.5 632.28 623.24

Louisiana 10 4.5 730.12 644.56

Maine 20 1.6 146.24 145.72

Massachusetts 3 0.4 443.41 226.71

Michigan 24 9.6 3,189.97 3,040.91

Minnesota 102 47.2 14,914.85 14,736.68

Mississippi 22 8.0 847.76 840.64

Missouri 18 19.7 5,669.40 5,108.40

Montana 18 1.8 662.12 660.19

Nebraska 36 59.8 6,637.40 6,620.02

New Jersey 9 1.5 288.54 186.18

New Mexico 7 0.7 758.50 757.28

New York 43 4.8 2,966.62 2,402.97

North Carolina 8 2.9 740.76 704.31

North Dakota 81 30.3 4,867.82 4,854.43

Ohio 28 27.6 3,206.01 3,169.73

9

 Includes eggs, turkeys, ratite, squab, and related products.

10 Includes sugar, sugarcane, sugar beets, honey, maple syrup, 

molasses, and sorghum.

11 Includes forest products, hay, hops, seed marketed for growers, nursery stock, biofuels, coffee, wool and mohair, and other 

marketings not classified separately. Also includes manufactured food products and resale items marketed by cooperatives.

(continued)
Cooperative Statistics, 2011 7

TOTAL MARKETING (cont.)

Oklahoma 33 24.8 846.12 840.24

Oregon 19 7.0 2,261.34 2,179.10

Pennsylvania 24 3.6 1,983.02 1,804.78

South Dakota 38 26.2 3,553.67 3,536.10

Tennessee 4 12.7 185.58 137.79

Texas 144 43.9 5,508.01 5,322.89

Utah 5 2.7 217.55 192.22

Vermont 3 1.2 585.83 585.83

Virginia 17 3.6 576.87 519.57

Washington 33 11.6 3,693.41 3,667.29

West Virginia 13 1.0 19.09 16.77

Wisconsin 46 65.2 7,710.98 7,031.71

Wyoming 5 1.0 94.69 94.34

Other States 9 3.5 1,117.83 1,019.69

Foreign7 0 0.4 9,423.71 9,204.60

United States 1,222 854.7 128,082.40 121,821.21

SUPPLIES PROVIDED 

 

CROP PROTECTANTS12 

Alabama 121.85 102.35

Arkansas 300.30 170.12

California 49.50 37.73

Colorado 49.88 40.35

Florida 52.59 20.16

Georgia 117.87 91.91

Idaho 44.65 13.64

Illinois 1,140.94 898.83

Indiana 291.57 197.65

Iowa 1,685.28 1,263.33

Kansas 310.96 234.16

Kentucky 62.15 48.52

Louisiana 129.43 51.27

Maryland 18.06 14.37

Massachusetts 1.03 0.40

Michigan 55.47 36.25

Minnesota 665.32 435.05

Mississippi 183.93 104.47

Missouri 212.79 152.46

Montana 312.47 151.73

Nebraska 593.29 385.39

New York 50.48 22.93

North Dakota 427.59 310.04

Table 3–Number1 of cooperatives, memberships,2 and gross and net sales by State, 20113

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

CROP PROTECTANTS (cont.)

Ohio 235.88 164.85

Oklahoma 49.43 32.75

Oregon 389.77 232.95

Pennsylvania 140.52 98.41

South Dakota 500.91 301.90

Tennessee 163.85 93.55

Texas 100.23 66.59

Utah 15.17 12.42

Virginia 34.84 29.32

Washington 514.82 337.13

West Virginia 2.25 2.01

Wisconsin 471.11 262.32

Wyoming 2.80 1.89

Other States 107.06 75.09

United States 9,606.04 6,494.30

 

FEED12 

Alabama 75.59 44.27

Arkansas 72.70 66.33

California 500.34 375.77

Colorado 114.04 95.04

Florida 130.85 103.29

Georgia 78.22 58.65

Idaho 631.81 445.61

Illinois 660.10 554.82

Indiana 248.68 203.41

Iowa 2,263.41 1,956.25

Kansas 363.46 309.81

Kentucky 103.45 85.95

Louisiana 107.99 81.59

Maryland 76.80 64.46

Massachusetts 9.11 8.06

Michigan 234.79 194.42

Minnesota 1,580.74 1,296.40

Mississippi 176.98 135.24

Missouri 416.24 314.33

Montana 84.57 17.36

Nebraska 448.14 336.06

New York 95.20 74.32

North Dakota 192.57 148.08

Ohio 339.02 294.54

Oklahoma 158.51 122.96

Oregon 221.40 121.26

Pennsylvania 161.57 122.77

South Dakota 433.19 285.92

Tennessee 298.47 193.02 12 Headquartered in State and membership values are not collected for individual supply products; rather, they are collected 

for total supplies.

(continued)

Continued next page
8 Cooperative Statistics, 2011

Table 3–Number1 of cooperatives, memberships,2 and gross and net sales by State, 20113

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

FEED (cont.)

Texas 625.78 477.69

Utah 143.36 137.05

Virginia 206.56 187.52

Washington 210.76 106.99

West Virginia 324.78 231.03

Wisconsin 565.18 486.04

Wyoming 12.37 10.42

Other States 796.43 571.39

Foreign7 310.36 213.08

United States 13,473.51 10,531.21

FERTILIZER12 

Alabama 85.87 82.24

Arkansas 90.59 85.69

California 203.34 203.34

Colorado 107.77 100.46

Florida 70.45 46.99

Georgia 77.32 64.16

Idaho 6.29 6.29

Illinois 1,692.98 1,312.43

Indiana 668.82 631.10

Iowa 2,532.77 1,856.93

Kansas 587.58 582.92

Kentucky 208.89 175.94

Louisiana 33.66 29.28

Maryland 45.55 39.83

Massachusetts 16.49 9.00

Michigan 104.88 101.14

Minnesota 1,131.17 950.12

Mississippi 28.49 28.49 

Missouri 635.93 462.71

Montana 429.64 255.07

Nebraska 1,133.93 948.86

New York 55.22 31.38

North Dakota 513.67 509.47

Ohio 583.97 508.33

Oklahoma 133.35 122.14

Oregon 512.31 337.74

Pennsylvania 102.17 61.80

South Dakota 693.45 516.17

Tennessee 322.98 218.35

Texas 126.83 125.74

Utah 30.45 30.41

Virginia 164.05 142.32

Washington 545.81 370.67

West Virginia 14.43 12.44

FERTILIZER (cont.)

Wisconsin 745.19 526.99

Wyoming 11.07 11.07

Other States 235.21 182.13

Foreign7 1.82 1.00

United States 14,684.39 11,681.12

PETROLEUM12, 13 

Alabama 8.62 8.62

Arkansas 169.41 159.83

California 4.28 4.28

Colorado 892.61 478.34

Florida 6.94 4.47

Georgia 615.25 204.88

Idaho 663.20 288.88

Illinois 3,170.63 2,115.86

Indiana 1,397.21 983.50

Iowa 2,218.50 1,606.14

Kansas 1,909.15 1,234.11

Kentucky 142.72 122.11

Louisiana 12.24 11.78

Maryland 168.78 129.03

Massachusetts 0.03 0.03

Michigan 809.96 339.24

Minnesota 1,874.91 1,491.50

Mississippi 15.03 15.03

Missouri 2,229.30 1,659.97

Montana 892.79 684.84

Nebraska 1,776.71 1,200.81

New York 3.67 2.31

North Dakota 1,833.55 1,435.92

Ohio 446.88 393.47

Oklahoma 1,268.72 613.46

Oregon 726.87 427.42

Pennsylvania 14.74 11.08

South Dakota 1,128.57 690.03

Tennessee 813.59 318.39

Texas 333.02 296.60

Utah 570.23 179.06

Virginia 1,010.12 531.81

Washington 814.54 548.36

West Virginia 34.67 29.13

Wisconsin 1,668.34 1,222.08

Wyoming 680.87 401.60

Other States 91.70 78.06

Foreign7 562.92 169.93

United States 30,981.29 20,091.96

(continued)

13 Includes all types of petroleum products and lubricants as 

well as bioenergy fuels such as ethanol and biodiesel.
Cooperative Statistics, 2011 9

Table 3–Number1 of cooperatives, memberships,2 and gross and net sales by State, 20113

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

SEED12 

Alabama 35.41 23.25

Arkansas 58.31 38.38

California 28.41 17.59

Colorado 26.80 13.04

Florida 4.09 2.65

Georgia 17.09 10.25

Idaho 19.81 10.89

Illinois 647.20 406.60

Indiana 204.42 93.56

Iowa 705.77 389.14

Kansas 190.73 104.42

Kentucky 58.74 44.38

Louisiana 31.83 20.24

Maryland 11.96 9.27

Massachusetts 0.34 0.21

Michigan 36.46 20.52

Minnesota 588.02 326.23

Mississippi 40.49 20.71

Missouri 138.86 93.43

Montana 37.40 33.55

Nebraska 273.22 178.56

New York 14.95 3.57

North Dakota 286.22 145.95

Ohio 212.03 125.65

Oklahoma 13.62 10.58

Oregon 46.47 43.85

Pennsylvania 9.34 5.47

South Dakota 348.67 178.04

Tennessee 172.76 94.81

Texas 65.67 46.04

Utah 6.01 4.10

Virginia 39.36 34.34

Washington 71.00 66.92

West Virginia 5.78 4.79

Wisconsin 294.60 173.91

Wyoming 2.75 1.43

Other States 48.81 34.70

Foreign7 0.12 0.12

United States 4,793.49 2,831.14

OTHER SUPPLIES12, 14 

Alabama 53.19 49.07

Arkansas 78.08 63.91

California 242.51 226.93

Colorado 99.37 87.84

OTHER SUPPLIES (cont.)

Florida 48.14 26.21

Georgia 71.02 33.25

Idaho 58.17 40.55

Illinois 321.51 242.20

Indiana 1,693.47 858.17

Iowa 313.84 251.79

Kansas 135.54 119.07

Kentucky 116.76 84.52

Louisiana 25.04 19.73

Maryland 33.19 28.89

Massachusetts 7.51 7.38

Michigan 105.29 87.48

Minnesota 524.95 484.73

Mississippi 44.33 38.94

Missouri 128.50 85.52

Montana 102.75 95.70

Nebraska 175.15 159.70

New York 35.82 27.54

North Dakota 512.60 494.79

Ohio 101.79 81.18

Oklahoma 59.76 47.08

Oregon 245.07 238.71

Pennsylvania 28.38 22.74

South Dakota 217.94 207.88

Tennessee 276.34 198.45

Texas 121.90 105.77

Utah 105.21 84.23

Virginia 219.15 189.76

Washington 235.81 197.39

West Virginia 33.95 30.29

Wisconsin 458.02 433.45

Wyoming 59.63 56.31

Other States 245.41 171.63

Foreign7 24.35 13.59

United States 7,359.45 5,692.36

 

SUPPLY 

Alabama 41 28.0 380.53 309.79

Arkansas 25 25.7 769.40 584.26

California 14 13.7 1,028.37 865.64

Colorado 16 17.7 1,290.46 815.08

Florida 7 10.5 313.06 203.77

Georgia 5 15.3 976.77 463.10

Idaho 7 7.5 1,423.92 805.87

Illinois 42 72.3 7,633.36 5,530.74

Indiana 15 36.9 4,504.17 2,967.39

Iowa 30 37.9 9,719.58 7,323.59

14 Includes building materials, containers and packaging 

supplies, machinery and equipment, meats and groceries, 

automotive supplies, hardware, chicks, and other supplies not 

separately classified.

(continued)

Continued next page
10 Cooperative Statistics, 2011

Table 3–Number1 of cooperatives, memberships,2 and gross and net sales by State, 20113

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands $Millions

SUPPLY (cont.)

Kansas 25 35.8 3,497.41 2,584.49

Kentucky 29 184.9 692.72 561.44

Louisiana 18 5.5 340.18 213.89

Maryland 11 40.4 354.34 285.85

Massachusetts 3 3.0 34.51 25.09

Michigan 18 40.6 1,346.84 779.03

Minnesota 97 81.6 6,365.11 4,984.04

Mississippi 30 31.5 489.24 342.88

Missouri 41 79.3 3,761.63 2,768.42

Montana 25 19.2 1,859.61 1,238.26

Nebraska 19 15.4 4,400.43 3,209.38

New York 6 1.4 255.35 162.05

North Dakota 77 53.5 3,766.21 3,044.26

Ohio 11 14.1 1,919.57 1,568.01

Oklahoma 23 17.2 1,683.39 948.96

Oregon 12 22.5 2,141.89 1,401.93

Pennsylvania 7 5.6 456.73 322.26

South Dakota 35 41.3 3,322.73 2,179.94

Tennessee 60 68.5 2,048.00 1,116.56

Texas 35 33.3 1,373.43 1,118.43

Utah 6 6.4 870.43 447.26

Virginia 38 129.5 1,674.08 1,115.07

Washington 20 13.6 2,392.74 1,627.46

West Virginia 10 67.0 415.87 309.69

Wisconsin 60 83.0 4,202.44 3,104.78

Wyoming 5 3.6 769.49 482.72

Other States 12 45.0 1,524.62 1,113.00

Foreign7 0 0.0 899.56 397.72

United States 935 1,408.1 80,898.16 57,322.09

SERVICE15 

California 25 1.0 310.65 310.65

Louisiana 5 0.2 16.61 16.61

Minnesota 4 0.0 699.37 699.37

Mississippi 4 13.6 46.72 46.72

North Carolina 3 0.8 10.01 10.01

Pennsylvania 8 0.2 7.49 7.49

Texas 8 0.2 385.57 385.57

Wisconsin 9 0.2 120.41 120.41

Other States 62 1.5 2,855.78 2,855.78

United States 128 17.7 4,452.64 4,452.64

TOTAL 

Alabama 51 30.9 779.98 709.25

Alaska 5 3.0 249.51 170.30

Arizona 8 1.9 1,194.51 1,084.19

Arkansas 36 38.4 2,691.75 2,445.30

California 120 35.7 11,134.29 10,153.55

Colorado 29 23.9 2,175.70 1,700.32

Connecticut 5 0.3 439.84 433.30

Delaware 3 9.5 173.01 136.85

Florida 33 20.8 2,334.35 1,630.91

Georgia 13 17.7 1,595.53 1,046.54

Hawaii 14 0.7 25.24 21.39

Idaho 27 12.4 2,884.87 1,477.42

Illinois 118 274.3 15,535.44 13,431.59

Indiana 34 43.8 6,473.79 4,908.24

Iowa 97 110.7 22,395.14 19,765.86

Kansas 91 109.4 7,881.68 6,954.02

Kentucky 36 190.4 1,332.82 1,192.49

Louisiana 33 10.1 1,086.91 875.07

Maine 22 5.0 214.45 210.02

Maryland 15 41.7 821.79 670.49

Massachusetts 8 3.9 489.38 263.26

Michigan 45 50.3 4,608.79 3,891.92

Minnesota 203 128.7 21,979.33 20,420.09

Mississippi 56 53.0 1,383.72 1,230.24

Missouri 59 99.0 9,584.36 8,030.15

Montana 44 21.0 2,537.34 1,914.06

Nebraska 56 75.3 11,314.98 10,106.55

New Jersey 11 1.7 373.59 241.75

New Mexico 8 0.9 816.27 801.20

New York 55 6.4 3,253.51 2,596.55

North Carolina 13 32.3 1,075.50 951.69

North Dakota 159 83.8 8,764.47 8,029.14

Ohio 41 41.8 5,279.60 4,891.77

Oklahoma 56 42.0 2,591.44 1,851.13

Oregon 33 29.6 4,455.38 3,633.19

Pennsylvania 39 9.4 2,447.25 2,134.54

South Carolina 3 3.6 263.10 227.59

South Dakota 73 67.5 6,994.97 5,834.60

Tennessee 64 81.3 2,282.44 1,303.21

Texas 187 77.4 7,267.01 6,826.89

Utah 12 9.1 1,107.55 659.06

Vermont 3 1.2 643.72 633.00

Virginia 57 133.1 2,317.58 1,701.27

Washington 58 25.3 6,164.33 5,372.93

West Virginia 23 68.0 435.55 327.04

Wisconsin 115 148.4 12,033.83 10,256.90

Wyoming 11 4.6 868.85 581.74

Other States 3 0.7 355.47 265.06

Foreign7 0 0.4 10,323.27 9,602.31

United States 2,285 2,280.5 213,433.20 183,595.94

15 Includes cooperatives providing services such as livestock 

shipping, storing, grinding, and drying. Sales include charges 

for services related to marketing or purchasing, but not included in the volume reported for those activities, plus other 

income.

(continued)
Cooperative Statistics, 2011 11

use a cooperative classified in the marketing group 

to purchase one or more supply items. A member’s 

business with the cooperative, therefore, may not be 

in the group that represents the cooperative’s major 

business volume (the criterion for classifying cooperatives in this report). The membership, however, 

will be included arbitrarily in that classification.

During the past decade, membership in marketing 

cooperatives declined a little faster than in supply 

cooperatives. Memberships in marketing cooperatives dropped 25 percent while supply cooperatives decreased 15 percent. Service cooperatives 

increased memberships by more than 12,000 during 

the same time period.

Employees

Cooperatives had an estimated 131,000 full-time 

employees in 2011, an increase of about 1,800 from 

2010 (Table 4). With four record years of sales, it 

appears that some cooperatives have added employees, and some may have changed a few part-time 

and seasonal employees to full-time status as the 

number of those employees decreased by 1,600 to 

53,000 in 2011. Grain and oilseed and dairy cooperatives each added more than 1,800 full-time employees while supply cooperatives decreased their 

full-time employees by about 3,200. 

In 2011, cooperatives employed an estimated 

184,000 full-time and part-time and seasonal employees (table 5), virtually unchanged from 2010. 

Among marketing cooperatives, grain and oilseed 

had the most employees (31,700), followed by those 

primarily handling fruits and vegetables (29,500) 

and dairy (21,700). 

By type, marketing cooperatives had 111,000 

full-time and part-time and seasonal employees (61 

percent of total); supply cooperatives had 70,000 

(38 percent); and service cooperatives had 2,000 (1 

percent). 

Figure 4 shows the number of full-time and parttime and seasonal employees by type of cooperative for 2011. Supply, fruit and vegetable, grain and 

oilseed, and dairy cooperatives used the most employees; fish cooperatives, the fewest. Dairy, rice, 

cotton, and fish cooperatives had the smallest proportion of part-time and seasonal employees to total 

employees. Cotton ginning and fruit and vegetable 

cooperatives had more than half of their employees 

as part-time and seasonal employees while almost 

50 percent of sugar cooperatives employees were 

part-time and seasonal. 

Cooperatives used 53,000 part-time and seasonal 

employees in 2011, down about 1,600, or 3 percent 

from 2010. Grain and oilseed, sugar, and livestock 

and poultry cooperatives increased their use of parttime and seasonal employees in 2011 (an additional 

1,227). 

In 2011, marketing cooperatives reported having 

36,000 part-time and seasonal employees, or 68 percent of the total. Marketing cooperatives averaged 

29 part-time and seasonal employees per cooperative. Fruit and vegetable cooperatives, with 16,000, 

accounted for about 30 percent of all part-time and 

seasonal employees used by cooperatives. Supply 

cooperatives also had 16,000 part-time and seasonal 

employees, an average of 17 per cooperative.

Most types of marketing cooperatives operated 

with more employees than did supply cooperatives. 

For example, sugar cooperatives averaged 433 employees; rice, 222; cotton, 215; while supply cooperatives averaged 75 (figure 5).

Business Size

Most cooperatives, as measured by annual gross 

business volume, are relatively small and serve 

local areas. Some actively seek regional, national, 

and even international markets to increase business 

volume. Although few in number, larger cooperatives account for much of cooperatives’ business 

volume. They have grown in size partly from mergers, consolidations, and acquisitions. From 2002 

to 2011, there were 1,138 fewer cooperatives with 

less than $25 million in sales, while there were 283 

cooperatives that moved up into the sales group of 

more than $25 million in sales. The sales group of 

$200 million to $499.9 million had the most growth, 

increasing from 33 cooperatives in 2002 to 142 in 

2011 (table 6).

In 2011, 55 percent of all cooperatives reported a 

business volume of less than $15 million. However, 

they accounted for less than 3 percent of the total 

gross dollar volume (figure 6). About 9 percent of 

cooperatives reported a business volume of at least 

$200 million, but they accounted for 77 percent of 

the total sales.
12 Cooperative Statistics, 2011

0 50 100 150 200 250 300 350 400 450

Sugar

Rice

Cotton

Poultry

Fruit and vegetable

Dairy

Nut

Supplies

Grain and oilseed

Cotton ginning

Fish

Service

Number

Full-time

Part-time and seasonal

Figure 5–Average Full-Time and Part-Time and 

 Seasonal Employees, 2011

0

1

2

3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Million

Service

Supply

Marketing

Figure 3–Cooperative Memberships by Function,

 2002-2011

0 10 20 30 40 50 60 70 80

Supply

Fruit and vegetable

Grain and oilseed

Dairy

Sugar

Cotton ginning

Livestock and poultry

Rice

Cotton

Service

Fish

1,000 Employees

1 Includes dry bean and pea, nut, tobacco, wool and mohair, and other product marketing cooperatives

.

Full-time

Part-time and seasonal

Other marketing1

Figure 4–Full-Time and Part-Time and Seasonal 

 Employees, by Cooperative Type, 2011

Business Volume

Total gross business volume of the 

2,285 marketing, supply, and service 

cooperatives for 2011 was $213.4 billion (table 7), up more than $40 billion 

from $171.8 billion in 2010. Historically, gross business volume fell from 

a record $128 billion in 1996 to $112 

billion in 2002; however, this has not 

been a steady decline—some years 

saw increases to $120 billion while 

other years fell to $115 billion or less 

(appendix table 3, appendix figure 4). 

The historical high of 1996 was almost 

matched in 2006, and then was eclipsed 

in 2007 through 2011. 

Grain and oilseed cooperatives had a 

gain of almost $14 billion while dairy 

cooperatives had an increase of almost $6.5 billion, due mainly to higher 

prices. Higher energy costs were the 

main cause of supply sales increases. 

Petroleum products led the gain, with 

an increase of $6 billion. Fertilizer sales 

grew over $3 billion; feed $2 billion; 

and crop protectants by $1 billion. 

Total net business volume of cooperatives in 2011 was up $36 billion 

from 2010 (net sales equal gross sales 

minus sales between cooperatives). The 

net volume for 2011 was $183.6 billion, higher than gross 2010 sales. The 

net sales breakdown was $122 billion 

from products marketed, $57 billion 

from supply sales, and $4.5 billion from 

services performed and other income 

sources. The $183.6 billion was the 

highest total ever (appendix table 4, 

appendix figure 5). There have been a 

number of fluctuations in net business 

volume during the past two decades. 

Net volume dropped to around $100 

billion in 1999 and stayed there until the 

current upward trend started in 2003, 

and soared due to increased grain and 

oilseed prices and energy costs—from 

2007 through 2011. Adjusted for infla-
Cooperative Statistics, 2011 13

0

20

40

60

80

100

120

140

160

180

200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1Actual sales were adjusted for price change based on 1991 = 100.

Billion dollars

Actual

Real

1

Figure 7–Cooperatives’ Net Business Volume, Actual

 and Adjusted, 2002-2011

0

10

20

30

40

50

60

70

Less than 5.0 5 — 9.9 10 — 14.9 15 — 99.9 100 — 499.9 500 and more

Gross business volume (million dollars)

Percent

Cooperatives

Dollarvolume

Figure 6–Distribution of Cooperatives and

 Volume, by Size, 2011

tion2 (where 1991 = 100), net business volume was $97 billion in 2002, 

and increased to $168 billion in 2008 

before falling to $146 billion in both 

2009 and 2010. It then increased to 

$183.6 billion in 2011 (figure 7). The 

difference between actual and real net 

business volume in 2011 was $12 billion. The real net business volume was 

lower than the actual value in 2011 due 

to prices paid for production inputs 

increasing more than prices received 

for farm products. The index for prices 

received for all farm commodities from 

2002 to 2011 rose 78 points, while the 

index for prices paid for farm production items increased 80 points. This 

narrowed the gap between actual and 

real cooperative net business volume, 

when adjusted by prices paid and prices 

received for farm production. 

Net volume of products marketed 

had a very large increase of 26 percent 

from 2010. Net marketing business 

volume accounted for 66 percent of net 

cooperative sales in 2011, an increase 

of almost 2 percentage points from 

2010.

Figure 8 illustrates the leading products marketed by cooperatives based 

on net marketing business volume. 

Grain and oilseed led with 44 percent 

of sales, followed by dairy with 32 

percent, and fruit and vegetable with 6 

percent. 

Net supply volume of $57 billion 

was $10 billion higher than 2010, and 

accounted for 31 percent of the total net business 

volume. The leading production goods handled by 

cooperatives in terms of supply net business volume 

were petroleum at 35 percent; fertilizer at 20 percent; and feed at 18 percent (Figure 9). Petroleum 

2 Marketing sales was deflated by the index of producer prices received for “all farm products” (1991 

= 100). Supply sales and service receipts and other 

income were deflated by the index of prices paid by 

farmers for “production items,” excluding interest, 

taxes, and wages (1991 = 100).

sales increased by almost $4 billion over 2010 sales, 

while fertilizer and feed sales both grew by about 

$2 billion. 

Receipts for services provided by marketing, 

supply, and service cooperatives, plus other income, 

decreased by about $500 million. Service receipts 

and other income represented 2 percent of total net 

business volume.

Marketing sales of four major commodity 

groups—grain and oilseed, dairy, fruit and vegetable, and sugar—were up from 72 percent of marketing sales in 2002 to 85 percent in 2011 (figure 10). 
14 Cooperative Statistics, 2011

Fertilizer

20.4%

Other supplies 9.9%

Seed

4.9%

Petroleum

35.1%

Crop protectants 11.3%

Feed

18.4%

Percentages are based on a total net supply business volume of $57 billion. 1

Includes building materials, tires, batteries and accessories, equipment, animal health

products, pet food, semen, hardware, food, clothing, and other.

1

Figure 9–Relative Importance of Supplies 

 Handled by Cooperatives, 2011

Balance Sheet

The balance sheet of a cooperative 

States its financial position at the end 

of a 12-month fiscal year. The balance sheet represents the cooperative’s 

assets, liabilities, member equity, and 

their mutual relationship. Combined assets for all cooperatives were a record 

$78 billion in 2011— about $10 billion higher than the previous record of 

$69 billion set in 2008 (table 8). Total 

assets of cooperatives, excluding intercooperative investments, increased by 

$13 billion from 2010, to $74 billion. 

Cooperatives’ total assets grew from 

$47 billion in 2002 to $78 billion in 

2011 (appendix table 5 and figure 12). 

In 2002, 12 percent, or $5.5 billion, 

of total assets was invested in other cooperatives, including CoBank. In 2011, these investments were $4.4 billion, down more than $1 billion 

from the peak in 2002. This represented 5.6 percent 

of total assets, 6 points lower than a decade ago. 

Of the $78 billion in total assets, marketing 

cooperatives accounted for $42 billion, up $8 billion from 2010. Grain and oilseed cooperatives had 

about $21 billion in assets, almost triple the assets 

of dairy cooperatives, and almost 5 times the assets 

Fruit & vegetable 5.8%

Tobacco 0.2%

Nut 0.7%

Sugar 3.9%

Cotton 3.3%

Poultry 1.1%

Grain and oilseed

44.3%

Rice 1.3%

Livestock 3.5% Dairy

32.1%

Fish 0.2%

Percentages are based on a total net marketing business volume of $122 billion. 1Includes wool and mohair, dry edible bean and pea, and other product marketing .

Other marketing14.9%

Figure 8–Relative Importance of Products 

 Marketed by Cooperatives, 2011

Grain and oilseed sales increased by $36 billion 

mainly due to price increases. Dairy sales increased 

by $16 billion while sugar sales grew by $2 billion. 

Net volume among commodity groups was highest 

in 2011 for grain and oilseed at $54 billion (compared to $18 billion in 2002), followed by dairy 

with $39 billion. 

Feed and fertilizer are important farm inputs for 

supply cooperatives (figure 11), but petroleum was 

especially important in 2011, accounting for $8 billion more in sales than either feed or fertilizer. The combination 

of petroleum, feed, and fertilizer sales 

accounted for 74 percent of cooperatives’ total supply sales in 2011 and 71 

percent in 2002. 

Gross and net business volumes by 

State are presented in table 3. Sales 

are allocated to the State in which the 

product marketed was originated and 

the supplies were sold. Iowa led all 

States with $22.4 billion in gross business volume, and it was second for net 

business volume, at $19.8 billion. Minnesota was second with $22 billion in 

gross business but led the Nation with 

$20.4 billion in net cooperative business volume.
Cooperative Statistics, 2011 15

0

10

20

30

40

50

60

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Grain & oilseed

Sugar

Billion dollars

Milk & milk

products

Fruit& vegetable

Figure 10–Cooperatives’ Net Sales of Selected 

 Commodities, 2002-2011

0

5

10

15

20

25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Fertilizer

Seed

Billion dollars

Petroleum

Crop

protectants

Feed

Figure 11–Cooperatives’ Net Sales of Selected 

 Supplies, 2002-2011

of fruit and vegetable cooperatives ($4.5 billion). 

All three of these types of marketing cooperatives 

have less combined assets than supply cooperatives 

($36 billion). 

Table 9 compares common-size balance sheets 

for six sizes of cooperatives (for all types and sizes, 

see appendix table 6). Common-size balance sheets 

present all accounts as a percent of total assets, 

allowing comparison between different sizes and 

types of cooperatives. 

Current Assets

Current assets are generally comprised 

of cash and cash equivalents, accounts 

and notes (with short-term maturities) 

receivable, inventories, and prepaid 

expenses. Current assets were about 65 

percent for all sizes of cooperatives, 

up from 60 percent in 2010. Smaller 

cooperatives—especially service, 

most sugar, biofuels, and cotton ginning cooperatives—had smaller levels 

of current assets. Grain and oilseed, 

livestock, dry bean and pea, and larger 

cooperatives tended to have higher 

levels of current assets.

Investments and Other Assets

Investments were most often in other 

cooperatives and CoBank. “Other 

assets” is a catch-all category in this 

study, and contains a wide variety of 

items. Investments plus other assets 

ranged from 8 percent of all assets for 

small cooperatives up to 15 percent for 

cooperatives with sales of $5 million 

to $15 million. The largest cooperatives accounted for less than 3 percent of investments and other assets. 

Investments were larger for supply 

cooperatives than most marketing 

cooperatives. All but the largest supply 

cooperatives generally purchase their 

inputs from regional supply cooperatives, hence the large investments in 

other cooperatives. Large dairy, fresh 

fruit and vegetable, service (except 

dairy service, and fresh fruit and vegetable service), cotton, fish, poultry, nut, tobacco, 

and livestock cooperatives all had low investments 

levels—often less than 4 percent of all assets. 

Property, Plant, and Equipment

Net property, plant, and equipment (net PP&E) are 

tangible assets used by a cooperative’s operations. 

PP&E averaged between 20 and 26 percent of total 

assets. Biofuels, medium and large sugar, small cotton ginning, small fish, and service (except storage, 
16 Cooperative Statistics, 2011

 

Commodity 2011 2010 2009 2008 2007 

 Thousands

Bean and pea (dry edible)0.2 0.2 0.2 0.2 0.2

Cotton 2.2 1.8 1.4 1.7 1.6

Cotton ginning 1.1 1.1 1.1 1.1 1.1

Dairy 20.8 18.9 16.1 23.8 23.8

Fish 0.7 0.7 0.7 0.7 0.7

Fruit and vegetable 13.5 13.3 13.6 16.1 14.1

Grain and oilseed 24.3 22.4 25.7 21.0 17.9

Livestock 0.6 0.6 0.7 0.7 0.7

Nut 1.1 0.3 0.3 0.3 3.7

Poultry 2.0 2.0 1.7 1.7 1.7

Rice 2.5 2.4 2.5 2.6 2.6

Sugar 5.7 5.5 5.7 5.9 7.5

Other marketing 0.7 0.8 0.8 1.9 2.3

Total marketing 75.2 70.1 70.6 77.8 77.8

 

Total supplies 54.4 57.6 50.3 46.3 46.2

 

Total services 1.3 1.3 1.3 1.3 1.5

Total 130.9 129.0 122.2 125.4 125.5

dairy, and fresh fruit and vegetable) cooperatives all 

had PP&E of at least 40 percent of their assets. 

Current Liabilities 

Current liabilities are all obligations that will be 

paid with the use of current assets, and are usually 

paid within 1 year. Current liabilities are comprised of notes payable 

to banks and/or other trade creditors, 

accounts payable, current maturities 

of long-term debt, income taxes, other 

accrued liabilities (payroll, property 

taxes, interest, and other), patronage 

dividends payable, and miscellaneous 

or other current liabilities. Current liabilities were at least 32 percent of total 

assets, and grew to 52 percent for larger 

cooperatives. Product marketing cooperatives tended to have higher levels 

of current liabilities than supply and 

service cooperatives.

Total Liabilities 

Total liabilities include current liabilities plus long-term liabilities, which are primarily 

long-term debt. In the aggregate, all types and sizes 

of cooperatives had some long-term debt. Smaller 

cooperatives all had at least 9 percent of their assets 

financed through long-term debt. The largest cooperatives used the most debt, financing 21 percent of 

their assets through borrowing. Nut, large cotton, 

large dairy, large fruit and vegetable, small fish, 

large sugar, and farmer market cooperatives all 

financed about 20 percent of their assets with longterm debt. 

Total liabilities were $51 billion, up $12 billion 

from 2010 (Table 10). Cooperatives’ total liabilities grew from $28 billion in 2002 to $51 billion in 

2011. Total liabilities financed 64 percent of total 

assets in 2011, 4 points higher than in 2010. 

Allocated (or Member) Equities

Allocated (or member) equities represent member 

ownership of each cooperative. Comparing allocated equities to total assets determines the percent of 

the cooperative’s assets owned by members. Allocated equity comprised just 23 percent of ownership 

of all sizes of cooperatives—4 points lower than 

2010. The very largest cooperatives had the smallest 

percentages of both retained earnings and overall 

equity. 

Net worth, or member and patron equity, was 

$28 billion, up $2 billion from 2010. The proportion of total assets financed by member and patron 

0

10

20

30

40

50

60

70

80

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Billion dollars

Liabilities

Net

Worth

Assets

Figure 12–Cooperatives’ Assets, Liabilities, and Net 

Worth, 2002-2011

Table 4–Cooperatives’ number of full-time 

employees, 2011-2007 
Cooperative Statistics, 2011 17

Table 5–Full-time and part-time and seasonal employees of 

cooperatives, by cooperative type, 2011-20101

 

Principal product(s) Total Part-time & 

marketed employees Full-time seasonal

or major function 2011 2010 2011 2010 2011 2010

 

Products marketed Thousands 

Bean & pea (dry edible) 0.2 0.2 0.2 0.2 0.0 0.1

Cotton 2.6 2.2 2.2 1.8 0.4 0.4

Cotton ginning 3.9 3.9 1.1 1.1 2.8 2.9

Dairy 21.7 20.0 20.8 18.9 1.0 1.0

Fish 0.9 0.9 0.7 0.7 0.2 0.2

Fruit and vegetable 29.5 29.9 13.5 13.3 16.0 16.6

Grain and oilseed 31.7 29.0 24.3 22.4 7.3 6.6

Livestock and poultry 3.6 3.4 2.6 2.6 1.1 0.9

Rice 2.7 2.7 2.5 2.4 0.2 0.3

Sugar 11.3 10.8 5.7 5.5 5.6 5.3

Other marketing2 3.0 2.9 1.8 1.1 1.2 1.8

 

Total marketing 111.0 106.0 75.2 70.1 35.8 35.9

 

Total supplies 70.5 75.3 54.4 57.6 16.1 17.7

 

Total services 2.2 2.1 1.3 1.3 0.8 0.8

 

Total 183.6 183.4 130.9 129.0 52.8 54.4

1 Totals may not add due to rounding.

2 Includes nut, tobacco, wool, and other product marketing cooperatives.

equity was 36 percent, down 4 percentage points 

from 2010. Net worth for all marketing cooperatives totaled $14 billion, up $1 billion from 2010. 

Marketing cooperatives accounted for 52 percent of 

cooperatives’ combined net worth, up 2 points from 

2010. Net worth for supply cooperatives totaled 

$13 billion, representing 47 percent of the total. For 

marketing cooperatives, the highest percentage of 

total assets represented by net worth shown in figure 

13 was 55 percent, accounted for by “other” marketing cooperatives. Grain and oilseed cooperatives 

ranked lowest at 31 percent. 

Income Statement

The income statement shows the net results of a 

cooperative’s operations. Because most managers’ 

performance is judged by net income, members 

attach great importance to 

the income statement. Table 

9 presents a common-size 

income statement for all cooperatives, based on six sizes. 

Each item in a common-size 

income statement is represented as a percent of total 

sales or service. Commonsize income statements by 

cooperative type and size are 

presented in appendix table 6.

Total (Net) Sales

Total (net) sales are all sales 

less discounts, returns, and 

allowances from gross sales. 

Service cooperatives do not 

have a total sales value: the 

first income statement item 

for these cooperatives is 

service. 

Cost of Goods Sold

Cost of goods sold (COGS) 

includes the beginning inventory plus purchases and 

freight costs, minus purchase 

returns and allowances, purchase discounts, and ending 

inventory. COGS, therefore, was the purchase price 

of the supplies sold or products marketed. For all 

sizes of cooperatives, COGS was 91 percent of net 

sales. COGS can be much lower for cooperatives 

that process products or provide technical services. 

Artificial insemination cooperatives, processed and 

fresh fruit and vegetable cooperatives, medium cotton ginning, larger fish, smaller nut, larger rice and 

medium sugar cooperatives have a lower COGS. 

Grain and oilseed and most dairy cooperatives have 

a COGS in excess of 90 percent, while large livestock marketing cooperatives that operate mainly as 

auctions have a COGS of 99 percent.

Gross Margins

The excess of net sales over the cost of goods sold 

is the gross margin or gross margin percentage. A 

small change in the gross margin can tremendously 
18 Cooperative Statistics, 2011

Service and Other 

Operating Income

Service and other 

operating income 

is derived from any 

service cooperatives 

provide. Some cooperatives only provide 

services such as rice 

driers, storage, transportation, auctions, 

hulling, seed development, locker plants, 

pest management 

and scouting, farmer 

markets, and other 

miscellaneous services. Service income is 

important to marketing and supply cooperatives. They provide 

hauling, storage, grading, delivery, custom 

application, recordkeeping, and drying, 

to name some of the 

most common services. Other operating income is 

generated from sales activities, and includes income 

from providing financing for sales. 

0 10 20 30 40 50 60 70

Service

Cotton ginning

Fish

Sugar

Rice

Supply

Livestock & poultry

Dairy

Cotton

Fruit & vegetable

Grain & oilseed

1

Includes dry bean and pea, nut, tobacco, wool and mohair, and other product marketing cooperatives.

Percent

Other marketing 1

 Cooperatives Dollar volume Memberships2 

Sales volume Percent Gross3 Percent Number Percent

group (million $) Number of total (billion $) of total (1,000) of total

 

 

Less than 5.0 784 34.3 1.33 0.6 205 9.0

 5 - 9.9 299 13.1 2.21 1.0 159 7.0

 10 - 14.9 167 7.3 2.09 1.0 93 4.1

 15 - 24.9 241 10.5 4.66 2.2 169 7.4

 25 - 49.9 254 11.1 8.79 4.1 228 10.0

 50 - 99.9 207 9.1 13.88 6.5 195 8.6

 100 - 199.9 118 5.2 16.66 7.8 181 7.9

 200 - 499.9 142 6.2 30.18 14.1 462 20.3

 500 - 999.9 45 2.0 22.70 10.6 124 5.5

1,000 and more 28 1.2 110.94 52.0 465 20.4

Total4 2,285 100.0 213.43 100.0 2,280 100.0

1

 Business volume includes revenues from marketing plus the value of products bargained for or 

handled on a commission basis, supply sales, service receipts, and other income.

2

 Includes number of farmers, ranchers, and fishermen eligible to vote for directors. Does not include memberships held by other cooperatives, such as local cooperative memberships in regional 

cooperatives.

3

 Includes inter-cooperative business volume. 

4

 Total may not add due to rounding

Table 6–Cooperatives and memberships, by gross business volume, 

20111

Figure 13–Percentage of Assets Financed by Net

 Worth, by Cooperative Type, 2011

impact net operating margins. A cooperative manager must maintain a gross margin near industry 

averages. Thus, least-cost sources of supplies need 

to be developed, and marketing cooperatives need to pay market rates on 

the products they purchase.

Cooperatives are often characterized 

as businesses that provide goods and 

services “at cost.” However, a cooperative cannot operate at cost on a daily 

basis. Cooperatives need adequate 

gross margins to be profitable and able 

to afford to finance essential future-directed discretionary expenditures, such 

as expansion and advertising. 

Gross margin equals net sales less 

cost of goods sold, so cooperatives with 

higher COGS had lower gross margins. 

The COGS was about three points 

higher for the very largest cooperatives 

than for the other sizes. As discussed 

earlier, those cooperatives with a low 

COGS would have high gross margins. 
Cooperative Statistics, 2011 19

Table 7–Cooperatives’ gross and net business volumes by commodity, 2011 & 20101

 

Commodity Gross volume Net volume

2011 2010 2011 2010 

Products marketed Billion $ 

Bean & pea 

 (dry edible) .154 .163 .151 .160

Cotton 4.099 2.381 3.971 2.294

Dairy 40.755 34.268 39.140 31.126

Fish .251 .225 .251 .225

Fruit & vegetable 7.792 7.724 5.562 5.451

Grain & oilseed2 54.671 40.997 53.923 40.489

Livestock 4.364 3.633 4.231 3.539

Nut .910 .905 .907 .905

Poultry3 1.302 1.179 1.302 1.179

Rice 1.536 1.518 1.536 1.518

Sugar 5.697 5.008 4.737 4.101

Tobacco .251 .243 .251 .243

Wool & mohair .005 .005 .005 .005

Other marketing4 6.257 4.788 5.817 4.522

Total marketing 128.045 103.035 121.784 95.756

 

Supplies purchased: 

Crop protectants 9.606 8.057 6.494 5.641

Feed 13.474 10.827 10.531 8.599

Fertilizer 14.684 11.071 11.681 9.371

Petroleum 30.981 24.556 20.092 16.468

Seed 4.793 4.286 2.831 2.626

Other supplies5 7.359 5.044 5.692 4.413

Total supplies 80.898 63.842 57.322 47.118

 

Services & 

 other income6 4.453 4.930 4.453 4.930

 

Total business 213.396 171.807 183.559 147.805

1 Gross includes and net excludes inter-cooperative business. 

Totals may not add due to rounding.

2

 Excludes cottonseed. Cottonseed oil is included in other marketings whereas cottonseed meal is included in feed.

3

 Includes eggs, turkeys, ratite, squab, and related products.

4

 Includes cotton ginning, coffee, forest products, hay, hops, 

seed marketed for growers, nursery stock, ethanol, other farm 

products not separately classified, and sales of products not 

received directly from member patrons. Also includes manufactured food products and resale items marketed by cooperatives.

5

 Includes artificial insemination, building materials, containers 

and packaging supplies, machinery and equipment, meats and 

groceries, automotive supplies, hardware, chicks, and other 

supplies not separately classified.

6

 Includes trucking, storage, grinding, application, locker 

plants, and other related items. Services include charges 

related to marketing or purchasing, but not included in the 

volume reported for those activities, plus other income and 

extraordinary items.

For service cooperatives, service is 100 percent 

on their income statement. By cooperative size, 

service income is the most important for smaller cooperatives (15 percent of sales), and diminishes as 

size increases to cooperatives with over $500 million in sales (1 percent of sales). Many of the cotton 

ginning cooperatives have a significant amount of 

service income; hence, service income ranges from 

32 percent to 57 percent of sales for these cooperatives. 

Operating Expenses

There are only four categories for expenses in table 

9: wages, depreciation, interest, and all other. Wages 

includes all employee expenses, including salaries 

and wages, payroll taxes, employee insurance, 

unemployment compensation, and pension expense. 

The “all other” account includes administrative 

expenses, which are overhead costs and indirectly 

related to a cooperative’s revenue. These include 

professional services, office supplies, telephone, 

meetings and travel, donations, dues and subscriptions, directors’ fees and expense, and annual meetings. The “all other” category also includes general 

expenses, which are directly related to revenue, 

such as advertising and promotion; auto and truck 

delivery; insurance; property, business and other 

taxes and licenses; rent and lease expenses; plant 

supplies and repairs; repairs and maintenance; utilities; miscellaneous; bad debts; and other expenses. 

Wage expenses were the highest for smaller 

cooperatives and fell as cooperative size increased, 

from 13 percent for the smallest cooperatives to 3 

percent for the largest. Wage expenses were higher 

for service cooperatives because they are generally 

small and lack other sales to spread out wage costs. 

Artificial insemination cooperatives had wage expenses that were over 38 percent of sales; those of 

smaller cotton ginning cooperatives averaged more 

than 31 percent of sales. Dairy, cotton, grain and 

oilseed and larger and middle livestock marketing 

(auctions), biofuels, large nut, smaller rice, tobacco, 

and small sugar cooperatives had lower wage expenses relative to sales.

 Depreciation expenses did not change much with 

cooperative size, ranging from 2 percent for the 

smallest cooperatives to 1 percent for the largest cooperatives. Smaller cotton ginning cooperatives and 
20 Cooperative Statistics, 2011

Principal product(s) Assets Investments Investments in

marketed and of own in other Total other co-ops as 

major function Co-ops2 operations co-ops3 assets percent of total

Products No. Billion $ Percent

 marketed

Cotton 12 1.317 .017 1.334 1.3

Cotton ginning 154 .454 .074 .528 14.0

Dairy 132 7.719 .134 7.853 1.7

Fish 38 .081 .000 .081 0.0

Fruit & vegetable 145 4.424 .110 4.534 2.4

Grain & oilseed 521 19.437 1.586 21.022 7.5

Livestock & poultry 74 .685 .014 .699 2.0

Rice 12 .909 .011 .920 1.1

Sugar 26 3.404 .034 3.437 1.0

Other marketing4 108 1.724 .032 1.756 1.8

Total marketing 1,222 40.154 2.011 42.165 4.8

 

Total supplies 935 33.605 2.276 35.881 6.3

 

Total services 128 .380 .070 .450 15.5

 

Total 2,285 74.140 4.357 78.497 5.6

1 Totals may not add due to rounding.

2

 Many cooperatives have multi-product and multi-functional operations. Most 

are classified according to predominant commodity or function as indicated by 

business volume.

3

 Also includes investments in CoBank.

4

 Includes dry edible bean and pea, nuts, tobacco, wool, and other marketing.

service cooperatives (except dairy, livestock, and 

fruit and vegetable) had depreciation expenses of at 

least 5 percent of sales. Most livestock cooperatives 

had little PP&E, so depreciation expenses were less 

than 1 percent. Large cotton, most dairy, grain and 

oilseed, small rice, and large nut cooperatives also 

had depreciation expenses of less than 1 percent.

Interest expenses were relatively minor for all 

sizes of cooperatives, comprising less than 0.5 percent of total sales. All the Cotton service and small 

nut cooperatives had interest expenses greater than 

2 percent of sales. 

Other expenses fell as cooperatives grew larger. 

This account is the difference between total expenses and the sum of wages, depreciation, and interest, 

so it can be overstated when these three accounts 

are estimated for the few cooperatives that did not 

break out individual expenses on the survey or in 

their annual report. As a result, other expenses in 

this report may be larger than 

expected. 

Net Operating Margins

Net operating margins is calculated by taking gross margins 

minus total expenses before 

taxes, and not counting patronage refunds from other cooperatives. So, it is income generated 

by a cooperative’s own operations. Net operating margins 

for all cooperatives in 2011 was 

$4.8 billion, excluding inter-cooperative dividends and refunds 

(table 11). Net operating margins was about $1 billion higher 

than in 2010.

Net operating margins as a 

percent of net sales was 2 percent for all cooperatives by size 

(table 9). Most service cooperatives (except dairy), artificial 

insemination, small cotton, 

large processed and fresh fruit 

and vegetable, and large cotton 

ginning had high net operating 

margins. Small cotton ginning, 

dairy, small fresh fruit and vegetable, small supply, livestock, small fish, large nut, 

and small sugar marketing cooperatives had low or 

negative net operating margins.

Patronage Income

Patronage refunds received (usually income from 

other cooperatives) results from business with other 

cooperatives, generally regionals or CoBank, a cooperative bank. The patronage refund from regionals was based on business volume, and consisted of 

cash refunds and equity stock. Stock was usually revolved back to the local cooperative on a set schedule. Many cooperatives that borrowed funds from 

CoBank received both cash and non-cash patronage 

income. The non-cash patronage from CoBank was 

from investment in the bank, which was usually 

required in proportion to the funds borrowed.

Patronage refunds received from other cooperatives, including CoBank, totaled $613 million, 

Table 8–Combined assets of cooperatives, 20111
Cooperative Statistics, 2011 21

Table 9–Common size analysis by cooperative size, 2011

Cooperative sales size All ≥ $500 From $100 to From $15 to From $5 to < $5

 sizes million $500 million $100 million $15 million million 

Balance sheet Percent of total assets

Current assets 64.79 65.25 66.70 62.20 54.43 58.29

Other assets 7.97 10.38 5.86 2.99 7.37 7.30

Investments 5.55 2.59 7.49 11.15 14.74 7.93

PP&E1 (net) 21.69 21.77 19.96 23.66 23.47 26.48

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 47.78 46.91 51.74 47.54 35.61 32.06

Total liabilities 64.45 68.09 64.33 56.77 43.78 42.31

Allocated equity 22.67 23.01 17.37 25.90 38.25 47.12

Retained earnings 12.88 8.90 18.30 17.33 17.97 10.58

Total equity 35.55 31.91 35.67 43.23 56.22 57.69

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 90.97 92.02 89.73 88.80 85.54 84.83

Gross margin 9.03 7.98 10.27 11.20 14.46 15.17

 

Service and other income 1.61 0.89 1.91 3.26 7.72 15.90

Gross revenue 10.65 8.86 12.18 14.46 22.19 31.07

Expenses 

Wages 4.00 3.32 4.50 5.54 8.48 12.69

Depreciation 0.95 0.81 1.08 1.28 1.77 2.25

Interest 0.44 0.35 0.62 0.54 0.62 0.78

Other 3.20 2.37 3.92 5.05 8.22 12.93

Total expenses 8.59 6.85 10.11 12.41 19.10 28.65

 

Net operating margins 2.05 2.01 2.07 2.05 3.09 2.42

Patronage income 0.29 0.10 0.50 0.75 1.36 0.90

Non-operating income 0.23 0.17 0.25 0.43 0.52 0.10

Net income before taxes 2.57 2.28 2.82 3.23 4.97 3.70

Taxes 0.17 0.13 0.26 0.24 0.23 0.10

Net income 2.40 2.15 2.56 2.99 4.74 3.60

Ratios Percent or number

Current 1.36 1.39 1.29 1.31 1.53 1.82

Debt-to-asset 0.64 0.68 0.64 0.57 0.44 0.42

Debt-to-equity 1.81 2.13 1.80 1.31 0.78 0.73

Retained earnings-to-equity 36.23 27.88 51.30 40.09 31.96 18.33

Equity-to-assets 35.55 31.91 35.67 43.23 56.22 57.69

Adjusted equity-to-assets 68.09 60.11 73.91 82.41 87.31 84.92

Return-on-assets 8.02 8.07 7.64 8.31 9.87 5.78

Return-on-member-equity 28.19 28.68 32.77 25.47 21.85 9.86

 

Extra value index +2 10.34 10.76 9.73 10.28 10.55 4.47

Extra value index +5 8.30 8.95 7.52 7.80 7.93 1.92

Extra value index +10 4.89 5.95 3.82 3.68 3.56 -2.32

1

 Property, plant, and equipment
22 Cooperative Statistics, 2011

Table 10–Combined balance sheet data of 

cooperatives, 20111

Principal product(s) 

marketed and Total Total Net 

major function Co-ops assets liabilities worth 

 

Products 

marketed No. Billion dollars

Cotton 12 1.33 .88 .45

Cotton ginning 154 .53 .23 .30

Dairy 132 7.85 5.14 2.72

Fish 38 .08 .05 .03

Fruit & vegetable 145 4.53 3.04 1.49

Grain & oilseed 521 21.02 14.55 6.48

Livestock & poultry 74 .70 .45 .25

Rice 12 .92 .58 .34

Sugar 26 3.44 2.04 1.40

Other marketing2 108 1.76 .80 .96

Total marketing 1,222 42.17 27.74 14.42

 

Total supplies 935 35.88 22.69 13.19

 

Total services 128 .45 .15 .30

Total 2,285 78.50 50.59 27.91

 1

 Totals may not add due to rounding.

2

 Includes dry edible bean and pea, nut, tobacco, wool, cottonseed, and other marketing.

Table 11–Cooperatives’ net income before 

taxes, 20111

 

Principal product(s) Patronmarketed and Income Net age

major before operating infunction Co-ops taxes margins come2

Products No. Million dollars

marketed

Cotton 12 101.7 100.3 1.4

Cotton ginning 154 116.1 80.8 35.3

Dairy 132 259.5 233.1 26.3

Fish 38 9.1 9.1 .0

Fruit & vegetable 145 502.3 484.1 18.2

Grain & oilseed 521 1,167.9 942.9 225.0

Livestock & poultry 74 62.4 60.9 1.5

Rice 12 37.0 36.5 .6

Sugar 26 188.2 186.4 1.7

Other marketing3 108 108.8 106.9 1.9

Total marketing 1,222 2,553.0 2,240.9 312.1

 

Total supplies 935 2,765.5 2,466.1 299.3

 

Total services 128 56.8 55.5 1.2

 

Total 2,285 5,375.2 4,762.5 612.7

 

1

 Adjusted for losses and before taxes. Before-tax income is 

used in this table because historically, after-tax net income was 

not collected. Totals may not add due to rounding.

2

 Includes patronage refunds from CoBank.

3

 Includes dry edible bean and pea, nuts, tobacco, wool, and 

other marketing.

down 11 percent from $692 million in 2010 (appendix figure 6). In 2002, refunds from other cooperatives totaled $362 million, or 40 percent of net 

income before taxes. By 2011, refunds had fallen to 

11 percent of net income before taxes.

Patronage refunds were a little less than 1 percent 

of sales for the smallest cooperatives, and fell to 0.1 

percent for the largest (table 9). Most cotton ginning cooperatives had patronage refunds of at least 

6 percent of sales. Livestock, fish, poultry, biofuels, 

nut, rice, tobacco, wool, medium and small sugar, 

storage, and hulling cooperatives received virtually 

no patronage refunds. 

Non-Operating Income

Non-operating income is income not generated by 

sales. It could be interest from investments. It also 

could come from the sale of PP&E, rentals, and 

extraordinary items. Sometimes PP&E are sold to 

generate income, but usually these types of assets 

are fully depreciated. When sold, if the market value is greater than the book value, income is generated. In some cases, disposal of a fully depreciated 

asset may mean a loss. Rental income from unused 

facilities or equipment provides income flows. Sales 

of extraordinary items might generate either a gain 

or a loss. A gain could result from a fire loss where 

the insurance settlement was greater than the book 

value. A loss might occur from flood damage for 

which the cooperative had no coverage. For all sizes 

of cooperatives, non-operating income averaged 

less than 1 percent of sales.

Net Income Before Taxes

Net income before taxes (NIBT) was $5.4 billion, 

an increase of 26 percent from $4.3 billion in 2010. 
Cooperative Statistics, 2011 23

Net income in 2011 was over four times the NIBT 

of $1.2 billion in 2002 (appendix table 7 and figure 

14). 

Marketing cooperatives’ NIBT of $2.6 billion 

was up 9 percent from the $2.3 billion generated 

in 2010. Grain and oilseed, livestock and poultry, 

rice, and sugar cooperatives all had increases in net 

income before taxes. 

Total NIBT of supply cooperatives was $2.8 billion in 2011, almost $1 billion more than the $1.9 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Billion dollars

1 Includes dividends and patronage refunds from other cooperative.s and CoBank

Netoperating

margins

Income

from other

cooperatives1

Netincome

before taxes

0 500 1,000 1,500 2,000 2,500 3,000

Rice

Service

Livestock and poultry

Cotton

Sugar

Other marketing

Dairy

Fruit and vegetable

Grain and oilseed

Supply

Million dollars

1Includes dividends and patronage refunds from other cooperatives and CoBank.

Netoperating margins

Income from other cooperatives1

Figure 15–Before Taxes Net Income or Loss, by Type 

Figure 14–Cooperatives’ Net Income Before Taxes,

2002-2011

billion in 2010 (figure 15). Supply 

cooperatives accounted for 51 percent 

of cooperatives’ NIBT in 2011, up from 

44 percent in 2010 (Appendix Figure 

7). 

Losses totaled $124 million in 2011, 

a 26-percent decrease from the $167 

million in losses in 2010. Dairy cooperatives accounted for 48 percent 

of the losses in 2011 whereas supply 

cooperatives had 53 percent of the 

losses in 2010 (appendix figure 8). The 

number of cooperatives with losses 

declined from 245 to 237, a decrease 

of 3 percent. 

Income Taxes

Cooperatives paid income taxes on 

earnings not allocated to members 

(retained earnings), and on dividend 

payments. Each cooperatives board 

determined what amounts of income 

were allocated to retained earnings and 

to members. Non-member business has 

an impact on retained earnings because 

cooperatives can allocate the earnings 

to non-members or retain the income. 

Cooperatives paid $360 million in 

income taxes. 

Net Income

Net income after taxes (net operating 

margins plus patronage refunds and 

non-operating income, minus taxes) 

was the highest for smaller cooperatives (4.7 percent), but fell to 2.2 

percent for the largest cooperatives. All 

of the following cooperatives had net 

incomes greater than 5 percent of sales: artificial 

insemination, cotton service, larger cotton ginning, 

large processed and fresh fruit and vegetable, large 

fish, large poultry, dry bean and pea, biofuels, rice 

drier, small transportation, storage, hulling, and 

fresh fruit and vegetable service cooperatives. Small 

supply, small grain and oilseed, most livestock, 

smaller fish, large nut, wool, most sugar, and dairy 

service cooperatives had net income relative to sales 

of less than 1 percent. 
24 Cooperative Statistics, 2011

Selected Financial Ratios

Financial ratios express relationships between items 

in the balance sheet and income statements of a 

business operation. They help in analyzing a cooperative’s economic and financial situation. Ratios 

can indicate problem areas, serve as guidelines for 

planning, and aid in formulating actions. However, 

ratio interpretation is largely subjective.

Nine financial ratios were used to measure cooperative performance or financial condition: the 

current ratio, debt-to-asset, debt-to-equity, retained 

earnings-to-total-equity, equity-to-assets, adjusted 

equity-to-assets, return-on-assets, return-on-member 

equity, and extra value index. 

The formulas for these ratios are:

Current = current assets / current liabilities;

Debt-to-asset = debt / total assets (debt = all liabilities);

Debt-to-equity = (debt / total assets) / (equity / 

total assets);

Retained earnings-to-total-equity = retained 

earnings / total equity;

Equity-to-assets ratio = total equity / total assets;

Adjusted equity-to-assets ratio = total equity / 

(total assets - current liabilities);

Return-on-assets-before-interest-and-taxes = 

(NIBT + interest expense) / total assets;

Return-on-member-equity = net income / allocated equity; 

Extra value index = net income after taxes – 

(total equity * (LIBOR 12 month maturity December average + X%)) / (total assets - current 

liabilities), where X=2 is a basic premium for 

risk; X=5 is a moderate level of risk; and X=10 is 

a high level of risk

Liquidity Ratio

The current ratio is a liquidity ratio—a measure of 

the cooperative’s ability to meet short-term obligations. It focuses on the cooperative’s ability to remain solvent. However, this ratio does not consider 

the degree of liquidity of each of the current asset 

components. If the current assets of a cooperative 

were mainly cash, they would be much more liquid 

than if comprised of mainly inventory.

If the ratio is less than one, current liabilities exceed current assets and the cooperative’s liquidity is 

threatened. Improvements can be achieved by selling additional capital stock, borrowing additional 

long-term debt or disposing of unproductive fixed 

assets and retaining proceeds. Current liabilities 

may also be reduced by retaining a greater portion 

of allocated savings (reducing the cash portion). 

 A high current ratio is a favorable condition 

financially because it indicates the ability to pay 

current liabilities from the conversion of current 

assets into cash. Operationally, this same high ratio 

tends to increase operating freedom and reduce 

the probability of bill-paying difficulty from writedowns of accounts receivable or inventory. The 

current ratios of six sizes of cooperatives are shown 

in table 9 (for all types and sizes, see appendix table 

6). By size, the ratio is always less than, or equal to, 

1.9, meaning current assets exceed current liabilities 

by 1.9 times, or less. If needed, these current assets 

could be sold to cover all short-term liabilities, and 

the cooperative would still have some liquid assets 

left. By type, the current ratio exceeds 2 for small 

artificial insemination, large poultry, large nut, small 

rice, tobacco, wool, small sugar, transportation, 

dairy service, and livestock cooperatives. 

Leverage ratios

Leverage ratios look at the long-term solvency of 

the cooperative, and help analyze the use of debt 

and the ability to meet obligations in times of crisis. 

Debt-to-asset-ratio shows the proportion of debt 

used to finance assets. Reducing debt, increasing 

savings or financing a greater portion of assets with 

working capital may improve this ratio. 

Generally, larger cooperatives relied on the use 

of more debt financing. Debt financing was used for 

at least 64 percent of assets owned by cooperatives 

with sales from $100 million to $500 million in 

sales, and rose to 68 percent for the largest cooperatives. Small artificial insemination, biofuels, and 

most service cooperatives used debt financing for 

about one-third of their assets. 

Debt-to-equity-ratio shows the financial flexibility and the long-term capital structure of the cooperative. High ratios indicate inadequate borrowing 

power. A low ratio is more favorable and financially 

makes the cooperative more independent of outside 

sources of funds because owners’ equity is available. A low ratio may indicate low return on equity. 

Operationally, a low ratio tends to reduce interest 
Cooperative Statistics, 2011 25

cost. Improvement may be gained by disposing of 

unproductive assets, and using proceeds to liquidate 

debt, or accelerating payments on long-term loans. 

Cooperatives may also try increasing local equity by 

generating higher levels of net operating margins, 

slowing down equity retirement programs, selling 

additional capital stock or retaining more allocated 

savings.

As cooperative size increases, so does their use 

of debt. The ratio was 0.7 for the smallest cooperatives, climbing to 2 for the largest cooperatives. 

Artificial insemination, cotton ginning, small dairy, 

small fresh fruit and vegetable, smaller processed 

and fresh fruit and vegetable, large and small supply, mixed supply, poultry, biofuels, small rice, 

tobacco, small sugar, and most service cooperatives 

all had a ratio of less than 1. 

The ratio of retained earnings-to-total-equity 

shows the use of retained earnings and allocated 

equity. Net income from non-member business is 

the usual source of retained earnings (unallocated 

equity). Operationally, the ratio can be improved by 

increasing equity or holding less retained earnings. 

For all but the largest and smallest cooperatives, 

retained earnings-to-total-equity is greater than 30, 

meaning the cooperative has about one-third of total 

equity comprised of retained earnings. This ratio 

increases as cooperative size increases for all but 

the largest cooperatives, for which the leverage ratio 

is 28 percent. The smallest cooperatives have retained earnings of 18 percent relative to total equity. 

Small cotton, cotton service, cotton ginning, large 

dairy, large processed and fresh fruit and vegetable, 

middle livestock, small fish, large sugar, and some 

service cooperatives have lower retained-earningsto-total-equity ratios.

Solvency Ratios

Solvency ratios look at the long-term solvency of 

the cooperative, and help analyze the use of equity 

and the ability to meet obligations in times of crisis. 

The ratio of equity-to-assets measures the use of 

equity to finance the cooperative, and can be considered a measure of solvency or financial strength 

of the cooperative. The ratio is the inverse of the 

previously described debt-to-asset ratio (equity-toassets ratio = 1 minus debt-to-asset ratio).

Smaller cooperatives are generally stronger 

financially, because they finance a larger proportion 

of their assets with their own equity. The equity-toassets ratio ranges from 58 for the smallest cooperatives to 36 for the largest. With an equity-to-assets 

ratio of 36, only about one third of a cooperative’s 

assets are financed by equity, and almost two thirds 

is financed by debt. Small artificial insemination, 

most cotton ginning, small farm supply, biofuels, 

small rice, tobacco, small sugar, and most service 

cooperatives all have an equity-to-assets ratio in 

excess of 60. 

Another measure of solvency or financial strength 

is shown by the adjusted equity-to-assets ratio, 

where total equity is divided by total assets, minus 

current liabilities. When current liabilities are subtracted from assets, the remainder is long-term debt 

and total equity, so the ratio shows the relative use 

of long-term debt and equity to finance the cooperative. A higher ratio indicates higher solvency or 

a greater use of equity to finance operations. Operationally, reducing long-term debt or increasing 

equity strengthens this ratio.

Small cooperatives have an adjusted equity-to-assets ratio of 85, but this ratio falls to 60 for the largest cooperatives, indicating that larger cooperatives 

use more long-term debt. Small artificial insemination, cotton service, larger cotton ginning, smaller 

dairy, small fresh fruit and vegetable, small fresh 

and processed fruit and vegetable, most supply, 

small mixed supply, middle-to-small size livestock, 

small poultry, dry bean and pea, biofuels, and many 

service cooperatives have an adjusted equity-toassets ratio of at least 85.

Profitability Ratios

Profitability ratios indicate the efficiency of the 

cooperative’s operations. Because a cooperative is 

owned by its user-members, many common industry 

profitability ratios have little meaning. For instance, 

profitability ratios measuring the return on common 

or preferred stock of similar investor-oriented firms 

are not appropriate because there is seldom an open 

market for cooperative stock. 

Return-on-assets-before-interest-and-taxes measures the rate of return on total investment. This ratio is a measure of performance. It is not sensitive to 

the leverage position of the cooperative. Although 

some assets were financed through debt, the ratio 

measures return to both members and lenders. 

Operationally, a high ratio tends to reduce inter-
26 Cooperative Statistics, 2011

est cost, and financially indicates a comparatively 

high rate of return on assets employed. This ratio 

rose from 6 for the smallest cooperatives to almost 

10 for middle-size cooperatives, falling to 8 for the 

largest cooperatives. It is at least 20 for large cotton 

ginning, small sugar, storage, and hulling cooperatives.

Return-on-member-equity represents members’ 

investment in their cooperative. It is an important 

measure of profitability. This ratio is sensitive to 

the amount of debt capital in the cooperative, and is 

best used in conjunction with other measures, such 

as the return on assets. Financially, a high ratio is 

favorable, and tends to decrease financial leverage. 

However, a high ratio may also be a symptom of 

insufficient investment. A high ratio tends to reduce 

interest cost over time but may occur when both 

total debt and interest costs are high. 

By size of cooperative, the highest return-onmember-equity was over 32 percent for cooperatives with $100 million to $500 million in sales. The 

smallest cooperatives have higher proportions of 

member equity, and thus a lower ratio of 10. Small 

cotton, large cotton ginning, large processed and 

fresh fruit and vegetable, large supply, large mixed 

supply, large livestock, small sugar, storage, hulling, 

and fresh fruit and vegetable service cooperatives 

have a 45-percent or greater return-on-memberequity ratio.

Extra Value Index

The extra-value index (EVI) can help members 

evaluate their cooperative’s performance because it 

provides a value for the opportunity cost of using 

equity capital [Liebrand]. A cooperative’s equity 

capital is not openly traded in a stock market as is 

an investor-oriented firm, so it is hard for cooperative members to determine if management is increasing or decreasing the value of the cooperative. 

The EVI attempts to put a value on the opportunity 

cost of equity capital through the use of an interest 

charge on the equivalent to the amount the money 

(member equity capital) could have earned if used 

elsewhere. In other words, EVI evaluates cooperative performance by subtracting the opportunity cost 

of equity capital from the profitability ratio.

If the EVI index is positive, cooperative management has created value for members because the 

cooperative’s operations are covering the opportunity cost of member’s equity capital. The converse 

is true if the EVI index is negative—member’s 

investment in the cooperative is being diminished as 

the opportunity cost of member’s equity capital is 

not being covered. 

There are three values shown for EVI in table 

9. The EVI+2 represents a basic rate by adding 

200 basis points to the London Inter-Bank Offered 

Rate (LIBOR) 12 month maturity December average, which was 1.07 for December 2011. The basic 

LIBOR+2 rate represented in Table 9 as EVI+2 

(3.07) reflects the rate that banks in the United 

States might make loans to firms with better than 

average credit ratings. EVI+5 (6.07) represents a 

moderate premium for risk or LIBOR rate plus 500 

basis points while EVI +10 (11.07) is a higher premium for risk as it is LIBOR rate plus 1,000 basis 

points.

Smaller cooperatives, which generally have a 

larger proportion of equity relative to assets, have 

a lower EVI. For EVI+2, small cooperatives generated almost 4.5 cents of extra value for each $1 of 

member equity investment. For the higher risk of 

EVI+10, smaller cooperatives had a negative return 

of 2 cents.

Small cotton, larger cotton ginning, small sugar, 

storage, and hulling cooperatives all had EVIs of at 

least 25 cents (Appendix Table 6). The EVI used 

in these tables was the same for all cooperatives. 

The LIBOR rate is a proxy for a cooperative’s cost 

of capital, since the cooperative would know this 

value, and it could be plugged into the formula to 

generate its individual EVI.

Bibliography

Liebrand, Carolyn Betts, Financial Profile of Dairy 

Cooperatives, 2007, U.S. Department of Agriculture, Rural Development, Research Report 219, 

April 2011.

Penn, Jacqueline E, and E. Eldon Eversull, Cooperative Statistics, 2010, U.S. Department of Agriculture, Rural Development, Service Report 71, 

November 2011.
Cooperative Statistics, 2011 27

APPENDIX TABLES

Appendix Table 1–Number of cooperatives by major business activity, 2011-2007 

 

Major business activity 2011 2010 2009 2008 2007

Products marketed: Number

Bean and pea (dry edible) 5 5 6 6 6

Cotton 12 12 12 12 12

Cotton ginning 154 157 166 176 187

Dairy 132 138 140 143 156

Fish 38 37 35 39 43

Fruit and vegetable 145 138 144 154 153

Grain and oilseed1 521 514 555 591 593

Livestock 64 59 57 58 57

Nut 18 18 16 16 16

Poultry2 10 10 10 13 13

Rice 12 12 14 14 14

Sugar3 26 28 31 31 32

Tobacco 6 8 9 11 11

Wool and mohair 53 54 57 62 63

Other marketing 26 25 25 28 29

Total marketing 1,222 1,215 1,277 1,354 1,385

 

Total supplies 935 974 992 1,011 1,094

 

Total services 128 125 121 110 116

 

Total 2,285 2,314 2,390 2,475 2,595

1 Cooperatives primarily handling grain and oilseed, excluding cottonseed. 

2 Cooperatives primarily handling eggs, turkeys, ratite, squab, and related products.

3 Cooperatives primarily handling sugar beets, sugarcane, honey, and related products.
28 Cooperative Statistics, 2011

Appendix Table 2–Cooperative memberships, by major business activity, 2011-2007 

 

Major business activity 2011 2010 2009 2008 2007

Products marketed: Thousands

Bean and pea (dry edible) 1.8 1.8 1.7 1.5 1.6

Cotton 25.4 28.2 29.2 32.1 41.5

Cotton ginning 26.7 25.4 25.7 27.2 26.6

Dairy 48.5 44.2 45.0 61.5 62.1

Fish 5.4 5.4 5.3 5.6 5.8

Fruit and vegetable 22.1 22.2 22.3 23.8 24.8

Grain and oilseed1 573.6 416.9 486.4 460.7 451.4

Livestock 73.7 75.4 73.3 76.1 78.2

Nut 9.7 15.7 15.2 15.3 15.4

Poultry2 0.5 0.5 0.5 0.5 0.5

Rice 10.9 11.6 11.6 11.7 12.1

Sugar3 8.7 10.0 10.9 10.8 11.5

Tobacco 11.9 65.0 65.1 65.3 66.2

Wool and mohair 9.6 9.6 9.9 10.0 10.1

Other marketing 6.5 6.4 6.5 6.7 6.0

Total marketing 834.9 738.3 808.5 808.8 813.9

 

Total supplies 1,406.6 1,463.2 1,392.9 1,508.8 1,604.6

 

Total services 39.1 37.9 37.5 36.2 40.2

 

Total 2,280.5 2,239.5 2,238.9 2,353.8 2,458.7

1 Cooperatives primarily handling grain and oilseed, excluding cottonseed. 

2 Cooperatives primarily handling eggs, turkeys, ratite, squab, and related products.

3 Cooperatives primarily handling sugar beets, sugarcane, honey, and related products.
Cooperative Statistics, 2011 29

Appendix Table 3–Cooperatives’ gross business volume, by type of cooperative, 

2011-2007 

Major business activity 2011 2010 2009 2008 2007

Products marketed: Billion $

Bean and pea (dry edible) 0.2 0.2 0.2 0.2 0.1

Cotton 4.1 2.4 2.4 2.9 2.7

Dairy 40.8 34.3 30.5 40.8 38.4

Fish 0.3 0.2 0.2 0.2 0.2

Fruit and vegetable 7.8 7.7 7.5 7.7 6.9

Grain and oilseed1 54.7 41.0 44.3 47.7 29.0

Livestock 4.4 3.6 3.1 3.3 3.4

Nut 0.9 0.9 0.8 0.8 0.8

Poultry2 1.3 1.2 1.2 1.5 1.4

Rice 1.5 1.5 1.7 1.6 1.1

Sugar3 5.7 5.0 4.6 4.9 4.9

Tobacco 0.3 0.2 0.2 0.1 0.1

Other marketing4 6.3 4.8 4.8 6.5 5.2

Total marketing 128.0 103.0 101.4 118.2 94.1

 

Supplies purchased: 

Crop protectants 9.6 8.1 7.7 6.7 3.7

Feed 13.5 10.8 11.1 10.9 8.7

Fertilizer 14.7 11.1 12.2 12.7 7.7

Petroleum 31.0 24.6 23.3 30.6 22.0

Seed 4.8 4.3 3.9 3.5 2.8

Other supplies 7.4 5.0 4.8 6.1 4.9

Total supplies 80.9 63.8 63.0 70.5 49.8

 

Services and other income 4.5 4.9 4.9 4.7 4.1

 

Total 213.4 171.8 169.3 193.5 148.0

1

 Cooperatives primarily handling grains and oilseeds, excluding cottonseed. 

2

 Cooperatives primarily handling eggs, turkeys, ratite, squab, and related products.

3

 Cooperatives primarily handling sugar beets, sugarcane, honey, and related products.

4

 Includes wool and mohair and other marketing.
30 Cooperative Statistics, 2011

Appendix Table 4–Cooperatives’ net business volume, by type of cooperative, 

2011-2007 

Major business activity 2011 2010 2009 2008 2007 

Products marketed: Billion dollars

Bean and pea (dry edible) 0.2 0.2 0.2 0.2 0.1

Cotton 4.0 2.3 2.2 2.9 1.4

Dairy 39.1 31.1 27.6 39.1 36.0

Fish 0.3 0.2 0.2 0.2 0.2

Fruit and vegetable 5.6 5.5 5.4 5.4 4.3

Grain and oilseed1 53.9 40.5 43.8 46.6 28.5

Livestock 4.2 3.5 3.0 3.2 3.2

Nut 0.9 0.9 0.8 0.8 0.8

Poultry2 1.3 1.2 1.2 1.5 1.4

Rice 1.5 1.5 1.7 1.6 1.1

Sugar3 4.7 4.1 3.8 4.1 4.0

Tobacco 0.3 0.2 0.2 0.1 0.1

Other marketing4 5.8 4.5 4.5 6.0 5.0

Total marketing 121.8 95.8 94.6 111.7 86.1

 

Supplies purchased: 

Crop protectants 6.5 5.6 5.5 4.5 3.2

Feed 10.5 8.6 8.8 9.4 7.5

Fertilizer 11.7 9.4 10.6 10.0 6.9

Petroleum 20.1 16.5 15.8 19.5 14.9

Seed 2.8 2.6 2.5 2.4 1.9

Other supplies 5.7 4.4 4.2 5.4 4.3

Total supplies 57.3 47.1 47.4 51.2 38.6

 

Services and other income 4.5 4.9 4.9 4.7 4.1

 

Total 183.6 147.8 146.9 167.6 128.8

1

 Cooperatives primarily handling grains and oilseeds, excluding cottonseed. 

2

 Cooperatives primarily handling eggs, turkeys, ratite, squab, and related products.

3

 Cooperatives primarily handling sugar beets, sugarcane, honey, and related products.

4

 Includes wool and mohair and other marketing.
Cooperative Statistics, 2011 31

 Assets Investments 

 from own in other Total Total Net 

Year operations cooperatives1 assets liabilities worth 

 Billion dollars

2002 41.14 5.52 46.66 27.48 19.19

2003 42.10 4.05 46.15 26.18 19.98

2004 39.25 4.73 43.97 25.18 18.79

2005 41.06 4.33 45.39 26.40 19.00

2006 44.36 3.66 48.02 28.17 19.85

2007 53.44 4.20 57.64 36.47 21.18

2008 65.61 4.29 69.89 46.77 23.12

2009 57.14 4.04 61.19 37.34 23.84

2010 60.66 4.39 65.04 39.06 25.98

2011 74.14 4.36 78.50 50.59 27.91

 

 Percent of total assets 

2002 88.2 11.8 100.0 58.9 41.1

2003 91.2 8.8 100.0 56.7 43.3

2004 89.2 10.8 100.0 57.3 42.7

2005 90.5 9.5 100.0 58.1 41.9

2006 92.4 7.6 100.0 58.7 41.3

2007 92.7 7.3 100.0 63.3 36.7

2008 93.9 6.1 100.0 66.9 33.1

2009 93.4 6.6 100.0 61.0 39.0

2010 93.3 6.7 100.0 60.1 39.9

2011 94.4 5.6 100.0 64.4 35.6

1 Includes investments in other cooperatives and CoBank, where applicable.

Appendix Table 5–Combined balance sheet data for cooperatives, 2002-2011
32 Cooperative Statistics, 2011

Type of cooperative Artificial Cotton Cotton

 insemination marketing services

Cooperative sales size ≥ $15 < $15 ≥ $100 < $100 

million million million million all sizes

Balance sheet Percent of total assets 

Current assets 53.54 68.59 79.12 61.51 54.84

Other assets 17.21 5.97 3.96 0.83 7.81

Investments 4.77 12.99 1.33 0.97 10.41

PP&E1 (net) 24.47 12.45 15.60 36.70 26.94

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 27.76 25.39 51.45 41.88 45.99

Total liabilities 42.32 33.09 67.03 58.28 53.65

Allocated equity 34.28 51.84 21.45 44.19 47.89

Retained earnings 23.40 15.07 11.52 -2.47 -1.54

Total equity 57.68 66.91 32.97 41.72 46.35

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales Percent of service

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 29.30 34.68 92.04 76.17

Gross margin 70.70 65.32 7.96 23.83

 

Service and other income 7.29 5.03 1.63 0.76 100.00

Gross revenue 78.00 70.35 9.59 24.60 100.00

Expenses

Wages 38.99 40.15 2.60 3.73 20.88

Depreciation 3.41 2.04 0.53 1.33 3.27

Interest 0.44 0.00 0.97 1.38 2.78

Other 29.93 20.24 3.73 5.78 52.62

Total expenses 72.76 62.43 7.82 12.23 79.56

 

Net operating margins 5.23 7.93 1.77 12.37 20.44

Patronage income 0.20 0.68 0.02 0.20 0.52

Non-operating income 0.23 -1.20 -0.13 0.31 0.65

Net income before taxes 5.65 7.41 1.67 12.88 21.61

Taxes 0.63 0.52 0.04 0.22 0.00

Net income 5.02 6.89 1.63 12.66 21.61

Ratios Percent or number

Current 1.93 2.70 1.54 1.47 1.19

Debt-to-asset 0.42 0.33 0.67 0.58 0.54

Debt-to-equity 0.73 0.49 2.03 1.40 1.16

Retained earnings-to-equity 40.57 22.52 34.94 -5.93 -3.33

Equity-to-assets 57.68 66.91 32.97 41.72 46.35

Adjusted equity-to-assets 79.85 89.67 67.92 71.78 85.82

Return-on-assets 8.11 10.70 8.83 24.83 13.36

Return-on-member-equity 19.51 19.18 25.48 49.88 24.72

 

Extra value index +2 6.80 10.57 9.17 35.72 19.28

Extra value index +5 4.41 7.88 7.14 33.57 16.71

Extra value index +10 0.42 3.40 3.74 29.98 12.42

1

(Property, plant, and equipment)

Appendix table 6–Common size analysis, by cooperative type and size, 2011 
Cooperative Statistics, 2011 33

Type of cooperative Cotton ginning

Cooperative sales size > $10 $5 to $1 to < $1

 million $10 million $5 million million

Balance sheet Percent of total assets 

Current assets 45.19 40.61 41.57 37.37

Other assets 1.21 2.74 8.92 13.03

Investments 18.09 14.93 6.34 1.60

PP&E1 (net) 35.51 41.72 43.17 48.00

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 34.97 28.25 26.95 24.09

Total liabilities 46.23 38.17 41.96 38.08

Allocated equity 44.64 51.69 49.57 56.83

Retained earnings 9.14 10.14 8.47 5.09

Total equity 53.77 61.83 58.04 61.92

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 80.77 69.95 80.98 79.71

Gross margin 19.23 30.05 19.02 20.29

 

Service and other income 31.69 41.60 46.98 56.75

Gross revenue 50.92 71.65 66.01 77.04

Expenses

Wages 11.66 17.97 18.60 31.77

Depreciation 3.63 5.19 5.55 9.65

Interest 0.89 0.71 1.44 1.16

Other 21.53 32.48 32.13 39.10

Total expenses 37.71 56.34 57.71 81.68

 

Net operating margins 13.21 15.31 8.29 -4.64

Patronage income 6.64 6.43 3.71 8.14

Non-operating income 1.01 1.11 0.53 1.31

Net income before taxes 20.86 22.85 12.53 4.81

Taxes 0.12 0.18 0.03 0.00

Net income 20.74 22.67 12.50 4.81

Ratios Percent or number

Current 1.29 1.44 1.54 1.55

Debt-to-asset 0.46 0.38 0.42 0.38

Debt-to-equity 0.86 0.62 0.72 0.61

Retained earnings-to-equity 17.00 16.40 14.60 8.22

Equity-to-assets 53.77 61.83 58.04 61.92

Adjusted equity-to-assets 82.69 86.18 79.46 81.57

Return-on-assets 28.31 24.41 12.52 3.37

Return-on-member-equity 60.49 45.43 22.60 4.78

Extra value index +2 38.98 30.09 12.90 1.07

Extra value index +5 36.50 27.50 10.51 -1.38

Extra value index +10 32.36 23.19 6.54 -5.45

 (continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
34 Cooperative Statistics, 2011

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Dairy and dairy products

Cooperative sales size ≥ $1 $500 million $200 to $50 to $20 to

 billion to $1 billion $500 million $200 million $50 million

Balance sheet Percent of total assets

Current assets 49.70 64.77 63.75 67.24 70.49

Other assets 24.07 4.26 2.75 1.32 3.18

Investments 1.12 1.18 2.29 10.06 8.55

PP&E1 (net) 25.10 29.80 31.21 21.38 17.78

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 43.20 39.79 36.47 51.90 65.20

Total liabilities 67.44 60.91 62.22 57.69 70.88

Allocated equity 28.01 35.80 24.19 29.59 23.66

Retained earnings 4.55 3.29 13.59 12.72 5.46

Total equity 32.56 39.09 37.78 42.31 29.12

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 94.28 89.43 93.08 94.93 95.26

Gross margin 5.72 10.57 6.92 5.07 4.74

 

Service and other income 0.31 0.44 0.03 0.69 1.68

Gross revenue 6.04 11.00 6.95 5.76 6.42

Expenses

Wages 2.96 2.87 3.36 1.96 1.43

Depreciation 0.59 0.59 0.85 0.42 0.44

Interest 0.26 0.13 0.31 0.04 0.14

Other 1.69 6.16 1.33 2.74 4.32

Total expenses 5.49 9.75 5.85 5.16 6.33

 

Net operating margins 0.54 1.25 1.10 0.60 0.09

Patronage income 0.08 0.02 0.03 0.16 0.16

Non-operating income -0.17 0.06 0.09 -0.13 0.16

Net income before taxes 0.45 1.33 1.21 0.63 0.42

Taxes 0.01 0.04 0.10 0.03 0.00

Net income 0.44 1.29 1.12 0.60 0.41

Ratios Percent or number

Current 1.15 1.63 1.75 1.30 1.08

Debt-to-asset 0.67 0.61 0.62 0.58 0.71

Debt-to-equity 2.07 1.56 1.65 1.36 2.43

Retained earnings-to-equity 13.97 8.41 35.97 30.06 18.74

Equity-to-assets 32.56 39.09 37.78 42.31 29.12

Adjusted equity-to-assets 57.33 64.92 59.47 87.96 83.68

Return-on-assets 3.33 7.88 5.29 4.37 5.57

Return-on-member-equity 7.42 19.44 16.09 13.13 17.50

 

Extra value index +2 1.90 9.57 4.30 5.37 9.33

Extra value index +5 0.18 7.62 2.52 2.74 6.82

Extra value index +10 -2.69 4.37 -0.46 -1.66 2.63
Cooperative Statistics, 2011 35

Type of cooperative Dairy and dairy products

Cooperative sales size $10 to $5 to $1 to Less than

 $20 million $10 million $5 million $1 million 

Balance sheet Percent of total assets

Current assets 65.13 59.14 68.92 63.23

Other assets 4.56 12.71 5.70 14.75

Investments 14.03 17.91 11.21 0.00

PP&E1 (net) 16.28 10.23 14.17 22.02

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 51.34 44.95 49.45 52.54

Total liabilities 59.31 46.50 55.37 62.85

Allocated equity 30.76 47.05 33.70 22.09

Retained earnings 9.93 6.45 10.94 15.06

Total equity 40.69 53.50 44.63 37.15

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 93.84 94.76 93.14 91.68

Gross margin 6.16 5.24 6.86 8.32

 

Service and other income 1.34 0.68 3.71 5.81

Gross revenue 7.50 5.93 10.57 14.13

Expenses

Wages 1.92 2.00 3.31 4.92

Depreciation 0.35 0.24 0.56 1.00

Interest 0.18 0.07 0.26 0.61

Other 4.53 3.56 5.00 6.97

Total expenses 6.98 5.87 9.13 13.49

 

Net operating margins 0.52 0.06 1.44 0.64

Patronage income 0.26 0.28 0.23 0.05

Non-operating income 0.13 0.63 0.16 0.00

Net income before taxes 0.92 0.97 1.83 0.69

Taxes 0.00 0.00 0.01 0.00

Net income 0.92 0.97 1.82 0.69

Ratios Percent or number

Current 1.27 1.32 1.39 1.20

Debt-to-asset 0.59 0.46 0.55 0.63

Debt-to-equity 1.46 0.87 1.24 1.69

Retained earnings-to-equity 24.40 12.06 24.50 40.54

Equity-to-assets 40.69 53.50 44.63 37.15

Adjusted equity-to-assets 83.63 97.19 88.29 78.27

Return-on-assets 7.11 6.50 9.24 3.78

Return-on-member-equity 19.31 12.88 23.82 9.11

Extra value index +2 9.64 8.02 13.16 1.84

Extra value index +5 7.13 5.11 10.51 -0.51

Extra value index +10 2.95 0.25 6.10 -4.42

(continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
36 Cooperative Statistics, 2011

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Fruit and vegetable (fresh sales only)

Cooperative sales size ≥ $50 $20 to $10 to $5 to $1 to Less than

million $50 million $20 million $10 million $5 million $1 million 

Balance sheet Percent of total assets

Current assets 55.36 53.45 39.86 53.11 65.72 47.91

Other assets 6.26 7.08 11.62 7.84 12.09 9.90

Investments 2.87 6.01 4.62 6.04 0.01 0.00

PP&E1 (net) 35.51 33.47 43.90 33.02 22.18 42.19

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 43.00 41.08 31.59 39.31 41.46 34.67

Total liabilities 62.91 52.87 50.94 53.92 60.19 41.30

Allocated equity 21.19 21.47 35.14 33.45 26.68 17.22

Retained earnings 15.90 25.66 13.92 12.63 13.12 41.48

Total equity 37.09 47.13 49.06 46.08 39.81 58.70

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 78.30 74.64 76.82 78.58 84.69 87.49

Gross margin 21.70 25.36 23.18 21.42 15.31 12.51

 

Service and other income 2.26 4.87 4.16 5.79 22.85 17.26

Gross revenue 23.96 30.22 27.34 27.21 38.16 29.77

Expenses

Wages 11.14 13.48 12.28 9.95 15.89 15.64

Depreciation 1.62 1.62 1.90 1.96 1.65 2.21

Interest 0.38 0.33 1.46 0.74 0.84 0.62

Other 8.50 12.38 11.07 12.66 16.67 11.72

Total expenses 21.64 27.81 26.71 25.31 35.05 30.20

 

Net operating margins 2.32 2.41 0.63 1.90 3.11 -0.43

Patronage income 0.07 0.13 0.70 0.32 0.01 0.00

Non-operating income 0.11 0.00 0.86 0.43 0.09 3.72

Net income before taxes 2.50 2.54 2.19 2.66 3.21 3.29

Taxes 0.18 0.14 0.04 0.02 0.03 0.00

Net income 2.32 2.40 2.15 2.63 3.19 3.29

Ratios Percent or number

Current 1.29 1.30 1.26 1.35 1.59 1.38

Debt-to-asset 0.63 0.53 0.51 0.54 0.60 0.41

Debt-to-equity 1.70 1.12 1.04 1.17 1.51 0.70

Retained earnings-to-equity 42.88 54.45 28.37 27.42 32.96 70.66

Equity-to-assets 37.09 47.13 49.06 46.08 39.81 58.70

Adjusted equity-to-assets 65.07 79.98 71.72 75.93 68.00 89.86

Return-on-assets 7.02 8.34 9.21 5.87 4.99 5.65

Return-on-member-equity 26.73 32.53 15.40 13.61 14.71 27.57

 

Extra value index +2 7.94 9.40 5.71 5.17 4.62 4.51

Extra value index +5 5.99 7.00 3.56 2.89 2.58 1.81

Extra value index +10 2.73 3.00 -0.03 -0.91 -0.82 -2.68

 
Cooperative Statistics, 2011 37

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Fruit and vegetable (processed and fresh sales)

Cooperative sales size ≥ $500 $250 $50 $10 Less than

 million to $500 million to $150 million to $50 million $6 million 

Balance sheet Percent of total assets

Current assets 54.30 66.82 77.77 50.32 71.04

Other assets 15.76 4.78 3.71 0.31 12.31

Investments 1.85 1.40 1.49 25.72 2.05

PP&E1 (net) 28.10 27.00 17.04 23.66 14.60

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 35.17 39.26 64.02 30.27 40.57

Total liabilities 72.05 64.86 72.81 33.87 52.40

Allocated equity 27.09 19.37 19.77 34.11 37.71

Retained earnings 0.86 15.77 7.43 32.02 9.89

Total equity 27.95 35.14 27.19 66.13 47.60

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 77.19 76.04 84.96 70.18 84.30

Gross margin 22.81 23.96 15.04 29.82 15.70

 

Service and other income 4.16 1.73 1.47 1.80 6.67

Gross revenue 26.97 25.68 16.51 31.62 22.37

Expenses

Wages 8.39 15.15 6.36 13.13 10.51

Depreciation 2.33 2.15 0.87 1.66 0.72

Interest 0.60 1.36 0.89 0.45 0.55

Other 6.73 2.39 7.88 13.67 4.81

Total expenses 18.06 21.05 16.00 28.90 16.58

 

Net operating margins 8.90 4.63 0.51 2.72 5.79

Patronage income 0.05 0.02 1.99 0.72 0.01

Non-operating income 0.16 0.11 0.25 0.65 0.29

Net income before taxes 9.11 4.77 2.75 4.09 6.09

Taxes -0.31 0.47 0.12 -0.27 0.00

Net income 9.42 4.30 2.64 4.36 6.09

Ratios Percent or number

Current 1.54 1.70 1.21 1.66 1.75

Debt-to-asset 0.72 0.65 0.73 0.34 0.52

Debt-to-equity 2.58 1.85 2.68 0.51 1.10

Retained earnings-to-equity 3.09 44.88 27.31 48.42 20.78

Equity-to-assets 27.95 35.14 27.19 66.13 47.60

Adjusted equity-to-assets 43.11 57.86 75.57 94.84 80.10

Return-on-assets 17.39 9.45 8.70 7.57 16.99

Return-on-member-equity 62.31 34.21 31.84 21.35 41.33

 

Extra value index +2 24.71 9.13 15.17 7.53 23.77

Extra value index +5 23.42 7.40 12.90 4.69 21.36

Extra value index +10 21.26 4.50 9.12 -0.05 17.36

(continued next page)
38 Cooperative Statistics, 2011

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Supply (with 100% supply sales)

Cooperative sales size ≥ $500 $100 to $50 to $30 to $25 to $20 to 

million $400 million $100 million $50 million $30 million $25 million

Balance sheet Percent of total assets

Current assets 62.89 63.14 55.23 57.38 58.01 50.83

Other assets 10.14 4.80 1.91 3.77 1.64 4.00

Investments 9.43 10.34 20.88 16.54 16.39 19.58

PP&E1 (net) 17.54 21.72 21.99 22.30 23.96 25.60

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 41.26 46.02 35.82 41.18 41.48 35.54

Total liabilities 60.04 58.81 43.04 48.92 50.21 44.85

Allocated equity 16.96 24.58 30.54 32.27 29.41 30.88

Retained earnings 22.99 16.60 26.42 18.81 20.38 24.27

Total equity 39.96 41.19 56.96 51.08 49.79 55.15

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 93.58 84.73 86.69 85.72 86.61 85.03

Gross margin 6.42 15.27 13.31 14.28 13.39 14.97

 

Service and other income 0.76 1.44 1.63 1.88 2.16 3.43

Gross revenue 7.18 16.71 14.94 16.16 15.56 18.40

Expenses

Wages 2.71 5.59 6.36 7.39 7.34 8.06

Depreciation 0.80 1.26 1.26 1.37 1.61 1.61

Interest 0.35 0.43 0.30 0.47 0.51 0.54

Other 1.04 6.75 4.73 5.49 4.54 6.10

Total expenses 4.90 14.02 12.65 14.72 14.00 16.32

 

Net operating margins 2.28 2.69 2.29 1.44 1.56 2.09

Patronage income 0.18 0.72 1.28 1.44 1.20 1.13

Non-operating income 0.96 0.33 0.71 1.10 0.10 0.99

Net income before taxes 3.42 3.74 4.29 3.98 2.86 4.20

Taxes 0.78 0.61 0.66 0.32 0.24 0.38

Net income 2.64 3.13 3.62 3.66 2.62 3.82

Ratios Percent or number

Current 1.52 1.37 1.54 1.39 1.40 1.43

Debt-to-asset 0.60 0.59 0.43 0.49 0.50 0.45

Debt-to-equity 1.50 1.43 0.76 0.96 1.01 0.81

Retained earnings-to-equity 57.55 40.32 46.38 36.82 40.94 44.01

Equity-to-assets 39.96 41.19 56.96 51.08 49.79 55.15

Adjusted equity-to-assets 68.03 76.29 88.75 86.83 85.08 85.56

Return-on-assets 12.19 9.19 10.32 9.01 7.25 8.48

Return-on-member-equity 50.22 28.12 26.72 22.94 19.17 22.15

 

Extra value index +2 12.41 10.46 9.99 9.92 7.02 7.98

Extra value index +5 10.37 8.17 7.33 7.31 4.47 5.42

Extra value index +10 6.97 4.36 2.89 2.97 0.21 1.14
Cooperative Statistics, 2011 39

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Supply (with 100% supply sales)

Cooperative sales size $15 to $10 to $5 to $1 to Less than

$20 million $15 million $10 million $5 million $1 million 

Balance sheet Percent of total assets

Current assets 53.13 56.18 57.69 59.80 61.27

Other assets 3.38 2.02 4.30 6.14 9.74

Investments 22.22 21.28 15.86 14.48 9.95

PP&E1 (net) 21.27 20.52 22.15 19.58 19.04

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 33.35 32.44 32.60 31.51 31.32

Total liabilities 38.50 37.02 38.88 40.46 40.06

Allocated equity 36.17 40.92 38.79 35.19 41.43

Retained earnings 25.33 22.06 22.33 24.35 18.51

Total equity 61.50 62.98 61.12 59.54 59.94

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 86.18 85.92 85.22 84.93 85.10

Gross margin 13.82 14.08 14.78 15.07 14.90

 

Service and other income 2.11 3.20 2.73 3.52 9.86

Gross revenue 15.93 17.28 17.51 18.58 24.77

Expenses

Wages 7.44 8.66 8.89 10.33 16.04

Depreciation 1.55 1.45 1.34 1.40 1.22

Interest 0.37 0.33 0.48 0.61 0.77

Other 4.96 5.45 5.37 5.64 6.69

Total expenses 14.32 15.88 16.08 17.97 24.72

 

Net operating margins 1.61 1.39 1.43 0.61 0.05

Patronage income 1.39 1.74 1.05 0.87 0.36

Non-operating income 0.79 0.52 0.38 0.32 0.20

Net income before taxes 3.79 3.65 2.86 1.80 0.61

Taxes 0.30 0.24 0.23 0.10 0.05

Net income 3.49 3.41 2.62 1.70 0.55

Ratios Percent or number

Current 1.59 1.73 1.77 1.90 1.96

Debt-to-asset 0.38 0.37 0.39 0.40 0.40

Debt-to-equity 0.63 0.59 0.64 0.68 0.67

Retained earnings-to-equity 41.19 35.03 36.53 40.90 30.87

Equity-to-assets 61.50 62.98 61.12 59.54 59.94

Adjusted equity-to-assets 92.27 93.23 90.68 86.94 87.27

Return-on-assets 8.25 8.06 6.74 4.40 2.19

Return-on-member-equity 19.16 16.87 13.64 8.79 2.12

 

Extra value index +2 7.56 7.36 5.06 1.85 -1.40

Extra value index +5 4.79 4.56 2.34 -0.76 -4.02

Extra value index +10 0.18 -0.10 -2.19 -5.11 -8.38

(continued next page)
40 Cooperative Statistics, 2011

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Mixed supply (with 99% to 50% supply sales)

Cooperative sales size $200 to $100 to $50 to $30 to

$850 million $200 million $100 million $50 million 

Balance sheet Percent of total assets

Current assets 71.63 62.08 60.71 58.95

Other assets 1.68 4.02 1.65 2.66

Investments 10.85 15.02 14.23 17.18

PP&E1 (net) 15.85 18.88 23.40 21.21

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 55.90 47.22 43.98 44.21

Total liabilities 65.95 57.36 53.63 53.05

Allocated equity 18.07 17.11 25.44 27.66

Retained earnings 15.98 25.54 20.92 19.29

Total equity 34.05 42.64 46.37 46.95

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 90.05 89.27 86.92 88.35

Gross margin 9.95 10.73 13.08 11.65

 

Service and other income 2.20 2.54 3.10 2.32

Gross revenue 12.15 13.28 16.18 13.97

Expenses

Wages 5.33 5.66 6.94 6.46

Depreciation 1.10 1.27 1.46 1.29

Interest 0.51 0.48 0.51 0.57

Other 3.76 4.45 5.21 4.44

Total expenses 10.69 11.86 14.12 12.76

 

Net operating margins 1.46 1.42 2.06 1.21

Patronage income 0.61 1.10 1.01 1.13

Non-operating income 0.96 0.48 0.31 0.35

Net income before taxes 3.03 3.00 3.39 2.69

Taxes 0.43 0.44 0.36 0.21

Net income 2.60 2.56 3.02 2.47

Ratios Percent or number

Current 1.28 1.31 1.38 1.33

Debt-to-asset 0.66 0.57 0.54 0.53

Debt-to-equity 1.94 1.35 1.16 1.13

Retained earnings-to-equity 46.94 59.88 45.12 41.08

Equity-to-assets 34.05 42.64 46.37 46.95

Adjusted equity-to-assets 77.23 80.79 82.77 84.16

Return-on-assets 8.56 7.88 8.74 7.51

Return-on-member-equity 34.74 33.93 26.66 20.59

Extra value index +2 11.86 8.52 9.57 7.63

Extra value index +5 9.55 6.09 7.08 5.10

Extra value index +10 5.69 2.05 2.95 0.89
Cooperative Statistics, 2011 41

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Mixed supply (with 99% to 50% supply sales)

Cooperative sales size $20 to $10 to $5 to Less than

$30 million $20 million $10 million $5 million

Balance sheet Percent of total assets

Current assets 61.40 55.30 61.69 58.76

Other assets 2.78 3.94 2.71 9.28

Investments 11.90 19.52 14.50 8.20

PP&E1 (net) 23.91 21.24 21.10 23.76

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 39.89 34.36 36.00 42.86

Total liabilities 51.33 40.35 41.50 51.83

Allocated equity 28.97 30.80 33.87 27.17

Retained earnings 19.71 28.85 24.62 21.00

Total equity 48.67 59.65 58.50 48.17

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 88.69 88.03 88.47 83.94

Gross margin 11.31 11.97 11.53 16.06

 

Service and other income 4.89 5.44 3.86 6.86

Gross revenue 16.20 17.41 15.39 22.92

Expenses

Wages 7.42 7.46 7.39 11.40

Depreciation 1.41 1.69 1.23 2.10

Interest 0.63 0.44 0.42 1.21

Other 5.39 5.43 5.04 7.97

Total expenses 14.85 15.02 14.07 22.68

 

Net operating margins 1.35 2.39 1.32 0.24

Patronage income 0.93 0.93 1.01 0.56

Non-operating income 0.70 1.46 0.46 0.71

Net income before taxes 2.98 4.78 2.79 1.50

Taxes 0.22 0.52 0.31 0.16

Net income 2.76 4.26 2.48 1.34

Ratios Percent or number

Current 1.54 1.61 1.71 1.37

Debt-to-asset 0.51 0.40 0.42 0.52

Debt-to-equity 1.05 0.68 0.71 1.08

Retained earnings-to-equity 40.49 48.36 42.09 43.59

Equity-to-assets 48.67 59.65 58.50 48.17

Adjusted equity-to-assets 80.98 90.88 91.40 84.30

Return-on-assets 7.62 9.32 7.53 2.93

Return-on-member-equity 20.10 24.66 17.19 5.31

 

Extra value index +2 7.20 8.78 6.29 -0.06

Extra value index +5 4.77 6.05 3.55 -2.59

Extra value index +10 0.72 1.51 -1.02 -6.81

(continued next page)
42 Cooperative Statistics, 2011

Type of cooperative Mixed grain and oilseed marketing (with 49% to 25% supply sales)

Cooperative sales size $100 to $50 to $30 to

> $225 million $225 million $100 million $50 million

Balance sheet Percent of total assets

Current assets 67.49 70.65 69.33 71.63

Other assets 5.22 0.95 1.50 1.48

Investments 8.83 9.30 9.84 8.71

PP&E1 (net) 18.46 19.10 19.32 18.18

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 53.87 57.60 55.93 58.31

Total liabilities 69.78 68.44 65.26 65.73

Allocated equity 13.34 14.78 21.31 21.21

Retained earnings 16.88 16.77 13.43 13.06

Total equity 30.22 31.56 34.74 34.27

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 92.41 92.25 91.62 91.87

Gross margin 7.59 7.75 8.38 8.13

 

Service and other income 2.83 2.82 2.98 2.81

Gross revenue 10.42 10.58 11.35 10.94

Expenses

Wages 3.36 3.57 4.00 3.87

Depreciation 1.13 0.99 1.17 1.34

Interest 0.88 0.60 0.62 0.67

Other 3.57 3.13 3.60 3.30

Total expenses 8.94 8.29 9.40 9.18

 

Net operating margins 1.49 2.29 1.96 1.76

Patronage income 0.51 0.61 0.79 0.60

Non-operating income 0.30 0.17 0.14 0.48

Net income before taxes 2.30 3.07 2.88 2.85

Taxes 0.21 0.17 0.14 0.14

Net income 2.09 2.91 2.74 2.71

Ratios Percent or number

Current 1.25 1.23 1.24 1.23

Debt-to-asset 0.70 0.68 0.65 0.66

Debt-to-equity 2.31 2.17 1.88 1.92

Retained earnings-to-equity 55.86 53.15 38.67 38.11

Equity-to-assets 30.22 31.56 34.74 34.27

Adjusted equity-to-assets 65.52 74.42 78.82 82.20

Return-on-assets 6.66 8.20 7.26 7.04

Return-on-member-equity 32.86 43.87 26.66 25.58

 

Extra value index +2 7.49 13.01 10.47 10.49

Extra value index +5 5.53 10.78 8.10 8.02

Extra value index +10 2.25 7.05 4.16 3.91

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
Cooperative Statistics, 2011 43

Type of cooperative Mixed grain and oilseed marketing (with 49% to 25% supply sales)

Cooperative sales size $20 to $15 to $10 to $5 to Less than

$30 million $20 million $15 million $10 million $5 million

Balance sheet Percent of total assets

Current assets 67.10 68.59 66.96 69.58 63.91

Other assets 6.65 2.83 3.38 4.45 9.88

Investments 6.92 7.71 8.38 5.84 4.85

PP&E1 (net) 19.33 20.87 21.28 20.13 21.36

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 54.71 51.42 49.35 51.23 40.62

Total liabilities 62.73 59.34 57.20 58.58 49.56

Allocated equity 20.45 22.59 22.99 23.49 32.87

Retained earnings 16.82 18.08 19.81 17.93 17.57

Total equity 37.27 40.66 42.80 41.42 50.44

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 92.04 92.16 92.65 92.07 90.12

Gross margin 7.96 7.84 7.35 7.93 9.88

 

Service and other income 2.95 3.30 3.42 4.27 4.56

Gross revenue 10.90 11.13 10.77 12.19 14.44

Expenses

Wages 4.04 4.37 4.58 4.55 6.71

Depreciation 1.18 1.20 1.18 1.24 1.39

Interest 0.51 0.51 0.55 0.58 0.60

Other 3.26 3.63 3.70 4.63 4.45

Total expenses 8.99 9.71 10.01 11.00 13.15

 

Net operating margins 1.91 1.42 0.76 1.19 1.29

Patronage income 0.47 0.40 0.47 0.21 0.15

Non-operating income 0.38 0.30 0.24 0.11 0.14

Net income before taxes 2.77 2.12 1.47 1.51 1.57

Taxes 0.11 0.09 0.05 0.05 -0.03

Net income 2.65 2.03 1.42 1.46 1.60

Ratios Percent or number

Current 1.23 1.33 1.36 1.36 1.57

Debt-to-asset 0.63 0.59 0.57 0.59 0.50

Debt-to-equity 1.68 1.46 1.34 1.41 0.98

Retained earnings-to-equity 45.12 44.45 46.28 43.29 34.83

Equity-to-assets 37.27 40.66 42.80 41.42 50.44

Adjusted equity-to-assets 82.31 83.71 84.50 84.91 84.94

Return-on-assets 7.46 6.38 5.05 4.74 3.97

Return-on-member-equity 29.51 21.81 15.42 14.03 8.90

 

Extra value index +2 10.80 7.57 4.41 4.15 2.32

Extra value index +5 8.33 5.06 1.87 1.60 -0.23

Extra value index +10 4.22 0.88 -2.36 -2.64 -4.48

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
44 Cooperative Statistics, 2011

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Grain and oilseed marketing (with less than 25% supply sales)

Cooperative sales size ≥$300 $100 $50 $30 

million to $300 million to $100 million to $50 million

Balance sheet Percent of total assets

Current assets 74.11 75.50 73.61 73.10

Other assets 2.34 1.31 1.64 2.72

Investments 5.70 5.70 4.73 4.87

PP&E1 (net) 17.85 17.49 20.03 19.31

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 60.95 61.19 59.84 59.99

Total liabilities 72.40 70.85 70.62 68.24

Allocated equity 13.16 15.22 13.98 16.75

Retained earnings 14.44 13.93 15.39 15.01

Total equity 27.60 29.15 29.38 31.76

Total equity and liabilities 100.00 100.00 100.00 100.00

 

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 92.58 93.85 93.68 94.56

Gross margin 7.42 6.15 6.32 5.44

 

Service and other income 1.87 2.24 2.26 1.93

Gross revenue 9.29 8.39 8.58 7.38

Expenses

Wages 3.18 2.40 2.38 2.17

Depreciation 0.76 0.73 0.88 0.80

Interest 0.68 0.62 0.61 0.47

Other 3.02 2.35 2.61 2.21

Total expenses 7.64 6.09 6.48 5.65

 

Net operating margins 1.65 2.30 2.11 1.73

Patronage income 0.31 0.44 0.35 0.32

Non-operating income 0.12 -0.01 0.17 0.15

Net income before taxes 2.08 2.72 2.62 2.21

Taxes 0.19 0.20 0.25 0.10

Net income 1.90 2.52 2.37 2.11

Ratios Percent or number

Current 1.22 1.23 1.23 1.22

Debt-to-asset 0.72 0.71 0.71 0.68

Debt-to-equity 2.62 2.43 2.40 2.15

Retained earnings-to-equity 52.32 47.80 52.40 47.26

Equity-to-assets 27.60 29.15 29.38 31.76

Adjusted equity-to-assets 70.69 75.12 73.15 79.38

Return-on-assets 6.97 7.79 7.30 7.37

Return-on-member-equity 36.38 38.65 38.39 34.62

Extra value index +2 10.09 12.85 11.12 12.06

Extra value index +5 7.97 10.60 8.93 9.68

Extra value index +10 4.44 6.84 5.27 5.71
Cooperative Statistics, 2011 45

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Grain and oilseed marketing (with less than 25% supply sales)

Cooperative sales size $20 to $15 to $10 to $5 to Less than

$30 million $20 million $15 million $10 million $5 million

Balance sheet Percent of total assets

Current assets 71.32 71.22 72.61 63.81 64.59

Other assets 1.42 0.61 0.63 5.28 7.71

Investments 5.47 5.85 5.84 5.23 6.68

PP&E1 (net) 21.79 22.32 20.92 25.67 21.02

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 55.67 52.62 52.47 38.80 43.12

Total liabilities 64.20 62.37 59.65 50.05 53.90

Allocated equity 16.44 17.45 22.18 27.14 34.87

Retained earnings 19.36 20.18 18.17 22.81 11.23

Total equity 35.80 37.63 40.35 49.95 46.10

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 93.91 94.65 93.09 93.07 92.63

Gross margin 6.09 5.35 6.91 6.93 7.37

 

Service and other income 2.32 2.16 2.40 2.07 7.49

Gross revenue 8.41 7.51 9.31 9.01 14.86

Expenses

Wages 2.25 2.23 2.77 3.23 5.59

Depreciation 0.96 0.77 0.88 0.90 1.07

Interest 0.58 0.52 0.32 0.37 0.59

Other 2.02 2.31 3.13 2.87 7.17

Total expenses 5.81 5.84 7.10 7.36 14.41

 

Net operating margins 2.60 1.67 2.21 1.65 0.45

Patronage income 0.32 0.23 0.49 0.06 0.45

Non-operating income 0.19 0.30 0.61 0.10 0.03

Net income before taxes 3.12 2.20 3.31 1.81 0.92

Taxes 0.27 0.14 0.08 0.13 0.03

Net income 2.85 2.06 3.23 1.67 0.90

Ratios Percent or number

Current 1.28 1.35 1.38 1.64 1.50

Debt-to-asset 0.64 0.62 0.60 0.50 0.54

Debt-to-equity 1.79 1.66 1.48 1.00 1.17

Retained earnings-to-equity 54.08 53.62 45.03 45.66 24.35

Equity-to-assets 35.80 37.63 40.35 49.95 46.10

Adjusted equity-to-assets 80.76 79.44 84.89 81.61 81.04

Return-on-assets 9.00 7.58 8.52 6.91 3.70

Return-on-member-equity 42.21 32.80 34.15 19.58 6.31

 

Extra value index +2 13.17 9.65 13.33 6.17 1.38

Extra value index +5 10.75 7.26 10.78 3.73 -1.05

Extra value index +10 6.71 3.29 6.54 -0.35 -5.10

(continued next page)
46 Cooperative Statistics, 2011

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)

Type of cooperative Fish marketing Poultry marketing

Cooperative sales size ≥ $10 $5 to $1 to Less than ≥ $50 < $50 

million $10 million $5 million $1 million million million 

Balance sheet Percent of total assets

Current assets 58.75 62.18 54.15 46.63 60.51 60.49

Other assets 9.20 7.73 0.33 0.47 9.79 13.57

Investments 0.04 0.00 0.00 0.00 1.21 0.26

PP&E1 (net) 32.01 30.09 45.52 52.90 28.49 25.68

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 45.23 49.45 37.16 35.18 30.04 36.58

Total liabilities 57.69 66.35 54.08 60.32 42.83 45.41

Allocated equity 31.66 17.01 27.25 38.24 17.59 26.22

Retained earnings 10.66 16.64 18.67 1.43 39.58 28.38

Total equity 42.31 33.65 45.92 39.68 57.17 54.59

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 75.09 82.29 83.86 86.63 84.40 76.63

Gross margin 24.91 17.71 16.14 13.37 15.60 23.37

 

Service and other income 3.41 0.40 0.39 3.21 0.00 2.77

Gross revenue 28.32 18.10 16.54 16.58 15.60 26.14

Expenses

Wages 13.35 3.08 6.95 7.92 6.23 14.37

Depreciation 1.80 0.71 0.86 0.90 1.05 1.21

Interest 0.68 0.25 0.36 0.48 0.40 0.16

Other 7.46 13.52 6.47 7.29 2.94 8.22

Total expenses 23.28 17.56 14.65 16.59 10.62 23.95

 

Net operating margins 5.04 0.54 1.89 -0.01 4.98 2.18

Patronage income 0.00 0.02 0.02 0.09 0.03 0.11

Non-operating income 0.37 0.03 0.07 0.02 0.40 0.00

Net income before taxes 5.40 0.59 1.98 0.10 5.41 2.30

Taxes -0.03 0.04 0.02 0.00 -0.21 0.15

Net income 5.44 0.56 1.96 0.10 5.62 2.15

Ratios Percent or number

Current 1.30 1.26 1.46 1.33 2.01 1.65

Debt-to-asset 0.58 0.66 0.54 0.60 0.43 0.45

Debt-to-equity 1.36 1.97 1.18 1.52 0.75 0.83

Retained earnings-to-equity 25.18 49.45 40.66 3.61 69.23 51.98

Equity-to-assets 42.31 33.65 45.92 39.68 57.17 54.59

Adjusted equity-to-assets 77.25 66.57 73.07 61.20 81.72 86.08

Return-on-assets 13.85 4.15 17.58 1.41 18.85 5.11

Return-on-member-equity 39.08 16.15 54.02 0.62 103.65 17.04

 

Extra value index +2 20.21 3.39 21.18 -1.51 23.55 4.40

Extra value index +5 17.90 1.39 18.99 -3.35 21.10 1.82

Extra value index +10 14.04 -1.94 15.33 -6.41 17.02 -2.49
Cooperative Statistics, 2011 47

Appendix table 6–Common size analysis, by cooperative type and size, 2010 (continued)

Type of cooperative Livestock marketing

Cooperative sales size ≥ $250 $50 to $10 to $5 to $1 to Less than

million $75 million to $50 million to $10 million to $5 million $1 million 

Balance sheet Percent of total assets

Current assets 88.34 89.58 59.11 52.32 49.63 63.47

Other assets 0.78 2.29 15.96 21.76 23.23 14.49

Investments 3.90 1.44 0.00 1.29 2.05 0.00

PP&E1 (net) 6.97 6.69 24.93 24.63 25.09 22.04

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 74.12 71.31 51.76 39.19 46.67 50.29

Total liabilities 81.84 79.00 67.59 44.49 52.70 60.24

Allocated equity 10.87 15.58 90.98 20.34 21.73 32.09

Retained earnings 7.29 5.42 -58.57 35.17 25.56 7.67

Total equity 18.16 21.00 32.41 55.51 47.30 39.76

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 99.42 95.63 95.39 93.20 92.08 88.56

Gross margin 0.58 4.37 4.61 6.80 7.92 11.44

 

Service and other income 0.85 2.44 7.03 3.39 3.59 9.98

Gross revenue 1.43 6.82 11.64 10.19 11.51 21.42

Expenses

Wages 0.71 1.50 5.46 4.03 3.67 12.10

Depreciation 0.05 0.29 1.14 0.97 0.81 1.12

Interest 0.06 0.51 0.90 0.28 0.38 0.52

Other 0.50 1.26 3.86 4.33 5.66 9.79

Total expenses 1.32 3.56 11.36 9.60 10.52 23.52

 

Net operating margins 0.11 3.26 0.28 0.58 0.99 -2.10

Patronage income 0.03 0.01 0.00 0.00 0.00 0.00

Non-operating income 0.04 -0.06 0.00 0.06 0.00 0.81

Net income before taxes 0.18 3.22 0.28 0.65 0.99 -1.29

Taxes 0.01 0.16 0.00 0.03 0.00 -0.10

Net income 0.18 3.06 0.28 0.61 0.99 -1.19

Ratios Percent or number

Current 1.19 1.26 1.14 1.33 1.06 1.26

Debt-to-asset 0.82 0.79 0.68 0.44 0.53 0.60

Debt-to-equity 4.51 3.76 2.09 0.80 1.11 1.51

Retained earnings-to-equity 40.13 25.79 -180.74 63.35 54.05 19.30

Equity-to-assets 18.16 21.00 32.41 55.51 47.30 39.76

Adjusted equity-to-assets 70.16 73.18 67.19 91.29 88.68 79.99

Return-on-assets 3.68 9.19 3.18 5.41 6.85 -0.69

Return-on-member-equity 25.11 48.29 0.83 17.64 22.67 -3.30

 

Extra value index +2 8.39 23.98 -0.50 3.10 6.52 -4.59

Extra value index +5 6.29 21.79 -2.52 0.36 3.86 -6.99

Extra value index +10 2.78 18.13 -5.88 -4.20 -0.58 -10.99

 (continued next page)
48 Cooperative Statistics, 2011

Type of cooperative Dry bean and Nut marketing Biofuels

 pea marketing

Cooperative sales size ≥ $10 < $10 

All sizes million million All sizes

Balance sheet Percent of total assets

Current assets 82.41 67.25 40.59 39.19

Other assets 0.14 3.36 3.28 8.53

Investments 3.20 1.43 0.16 4.03

PP&E1 (net) 14.25 27.95 55.97 48.25

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 71.01 28.87 29.13 21.65

Total liabilities 74.86 68.48 62.61 29.89

Allocated equity 20.72 19.36 32.06 41.25

Retained earnings 4.42 12.16 5.33 28.86

Total equity 25.14 31.52 37.39 70.11

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 87.11 87.89 63.62 87.75

Gross margin 12.89 12.11 36.38 12.25

 

Service and other income 1.64 0.07 20.01 0.30

Gross revenue 14.53 12.19 56.39 12.56

Expenses

Wages 5.61 2.69 19.35 2.13

Depreciation 1.47 0.87 11.28 3.22

Interest 0.41 0.66 3.03 0.24

Other 3.99 7.18 20.87 1.78

Total expenses 11.49 11.40 54.54 7.37

 

Net operating margins 3.05 0.79 1.85 5.18

Patronage income 0.35 0.08 0.02 0.01

Non-operating income 2.38 0.25 0.11 2.47

Net income before taxes 5.78 1.12 1.98 7.66

Taxes 0.12 0.22 0.06 -0.03

Net income 5.65 0.91 1.92 7.70

Ratios Percent or number

Current 1.16 2.33 1.39 1.81

Debt-to-asset 0.75 0.68 0.63 0.30

Debt-to-equity 2.98 2.17 1.67 0.43

Retained earnings-to-equity 17.56 38.58 14.25 41.16

Equity-to-assets 25.14 31.52 37.39 70.11

Adjusted equity-to-assets 86.72 44.32 52.76 89.49

Return-on-assets 7.71 5.08 3.72 17.61

Return-on-member-equity 33.97 13.37 4.45 41.59

Extra value index +2 21.62 2.28 0.39 19.15

Extra value index +5 19.02 0.95 -1.19 16.46

Extra value index +10 14.68 -1.27 -3.83 11.99

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
Cooperative Statistics, 2011 49

Type of cooperative Rice marketing Tobacco Wool marketing

 marketing

Cooperative sales size ≥ $50 < $20

million million All sizes All sizes 

Balance sheet Percent of total assets

Current assets 66.87 50.71 69.41 46.74

Other assets 4.93 33.10 24.18 35.79

Investments 1.15 0.79 0.00 0.40

PP&E1 (net) 27.05 15.39 6.40 17.07

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 46.68 19.59 27.72 21.18

Total liabilities 62.81 38.15 28.61 40.15

Allocated equity 21.75 48.44 13.93 41.47

Retained earnings 15.43 13.42 57.46 18.37

Total equity 37.19 61.85 71.39 59.85

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 75.86 94.36 92.39 79.13

Gross margin 24.14 5.64 7.61 20.87

 

Service and other income 1.05 4.88 0.42 5.66

Gross revenue 25.19 10.52 8.03 26.54

Expenses

Wages 9.40 3.25 2.14 8.56

Depreciation 1.82 0.37 0.32 0.87

Interest 0.76 0.13 0.57 0.04

Other 12.86 5.81 3.67 17.74

Total expenses 24.83 9.56 6.70 27.21

 

Net operating margins 0.36 0.96 1.34 -0.67

Patronage income 0.03 0.03 0.00 0.00

Non-operating income 1.51 0.59 2.73 0.31

Net income before taxes 1.90 1.58 4.07 -0.36

Taxes 0.51 0.08 0.57 0.00

Net income 1.39 1.50 3.50 -0.36

Ratios Percent or number

Current 1.43 2.59 2.50 2.21

Debt-to-asset 0.63 0.38 0.29 0.40

Debt-to-equity 1.69 0.62 0.40 0.67

Retained earnings-to-equity 41.50 21.69 80.49 30.70

Equity-to-assets 37.19 61.85 71.39 59.85

Adjusted equity-to-assets 69.75 76.93 98.77 75.93

Return-on-assets 5.59 7.59 2.13 -0.24

Return-on-member-equity 13.42 13.79 11.52 -0.65

Extra value index +2 3.33 5.95 -0.81 -2.67

Extra value index +5 1.24 3.64 -3.78 -4.95

Extra value index +10 -2.25 -0.21 -8.71 -8.75

(continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
50 Cooperative Statistics, 2011

Type of cooperative Sugar marketing

Cooperative sales size ≥ $300 $100 to $30 to Less than 

million $300 million $100 million $20 million 

Balance sheet Percent of total assets

Current assets 43.30 38.29 26.41 72.68

Other assets 14.82 48.12 2.39 10.96

Investments 0.87 0.48 3.97 0.00

PP&E1 (net) 41.02 13.11 67.23 16.36

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 38.51 35.41 19.95 35.45

Total liabilities 63.44 46.71 37.63 42.96

Allocated equity 39.12 7.91 53.00 46.54

Retained earnings -2.56 45.38 9.37 10.49

Total equity 36.56 53.29 62.37 57.04

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00

Cost of goods sold 80.51 84.55 66.26 95.69

Gross margin 19.49 15.45 33.74 4.31

 

Service and other income 1.43 0.12 0.26 2.86

Gross revenue 20.93 15.58 34.01 7.17

Expenses

Wages 9.25 5.45 9.92 0.39

Depreciation 2.69 1.06 2.76 0.05

Interest 0.71 0.27 0.84 0.02

Other 4.71 7.42 17.80 5.98

Total expenses 17.36 14.20 31.32 6.46

 

Net operating margins 3.57 1.38 2.69 0.72

Patronage income 0.03 0.00 0.08 0.00

Non-operating income 0.03 0.00 0.17 0.03

Net income before taxes 3.64 1.38 2.94 0.75

Taxes 0.24 0.58 0.08 0.00

Net income 3.40 0.81 2.86 0.75

Ratios Percent or number

Current 1.12 1.08 1.32 2.05

Debt-to-asset 0.63 0.47 0.38 0.43

Debt-to-equity 1.74 0.88 0.60 0.75

Retained earnings-to-equity -6.99 85.16 15.02 18.40

Equity-to-assets 36.56 53.29 62.37 57.04

Adjusted equity-to-assets 59.45 82.50 77.92 88.36

Return-on-assets 7.50 2.32 5.74 23.35

Return-on-member-equity 14.98 14.30 8.20 48.63

Extra value index +2 7.70 -0.78 3.04 32.35

Extra value index +5 5.92 -3.26 0.70 29.70

Extra value index +10 2.95 -7.38 -3.20 25.28

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
Cooperative Statistics, 2011 51

Type of cooperative Rice drier Transportation Storage 

Cooperative sales size ≥ $1 < $ 1

All sizes million million All sizes

Balance sheet Percent of total assets

Current assets 38.77 42.13 53.00 64.86

Other assets 3.05 0.74 3.65 0.04

Investments 0.19 3.05 2.15 0.00

PP&E1 (net) 57.99 54.07 41.21 35.10

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 23.55 23.13 15.88 22.48

Total liabilities 40.69 24.89 19.07 27.22

Allocated equity 53.90 59.02 74.06 67.61

Retained earnings 5.41 16.09 6.87 5.17

Total equity 59.31 75.11 80.93 72.78

Total equity and liabilities 100.00 100.00 100.00 100.00

Income statement Percent of service

Service and other income 100.00 100.00 100.00 100.00

Gross revenue 100.00 100.00 100.00 100.00

Expenses

Wages 24.88 31.79 33.80 14.52

Depreciation 8.02 7.38 7.48 6.15

Interest 1.88 0.19 0.26 0.00

Other 42.57 57.92 46.18 26.61

Total expenses 77.36 97.28 87.71 47.29

 

Net operating margins 22.64 2.72 12.29 52.71

Patronage income 0.23 0.24 0.11 0.00

Non-operating income 0.07 0.38 0.25 2.22

Net income before taxes 22.94 3.34 12.65 54.93

Taxes -0.09 0.09 0.01 0.78

Net income 23.03 3.25 12.64 54.14

Ratios Percent or number

Current 1.65 1.82 3.34 2.89

 

Debt-to-asset 0.41 0.25 0.19 0.27

Debt-to-equity 0.69 0.33 0.24 0.37

Retained earnings-to-equity 9.11 21.43 8.49 7.11

Equity-to-assets 59.31 75.11 80.93 72.78

Adjusted equity-to-assets 77.58 97.70 96.21 93.89

Return-on-assets 14.19 9.74 11.24 37.40

Return-on-member-equity 24.42 15.18 14.86 54.53

Extra value index +2 14.84 8.65 10.13 44.67

Extra value index +5 12.51 5.72 7.24 41.86

Extra value index +10 8.63 0.84 2.43 37.16

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
52 Cooperative Statistics, 2011

Type of cooperative Hulling Dairy Livestock Fresh Fruit & Farmer 

 Service Service Veg. Service Markets

Cooperative sales size 

All sizes All sizes All sizes All sizes All sizes

Balance sheet Percent of total assets

Current assets 43.02 78.78 51.23 63.59 23.26

Other assets 1.84 6.16 21.78 2.10 5.83

Investments 0.28 9.08 0.00 11.45 0.03

PP&E1 (net) 54.85 5.98 26.99 22.87 70.88

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 25.11 12.80 21.83 33.64 16.49

Total liabilities 37.83 15.36 25.39 48.54 42.51

Allocated equity 59.27 82.55 57.86 26.06 15.15

Retained earnings 2.89 2.09 16.74 25.40 42.34

Total equity 62.17 84.64 74.61 51.46 57.49

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00

Income statement Percent of service

Service and other income 100.00 100.00 100.00 100.00 100.00

Gross revenue 100.00 100.00 100.00 100.00 100.00

Expenses

Wages 14.78 39.45 19.94 31.71 26.19

Depreciation 5.80 2.74 1.85 2.96 6.12

Interest 1.15 0.06 0.53 0.30 3.85

Other 33.21 69.18 74.04 55.77 60.12

Total expenses 54.93 111.43 96.37 90.74 96.28

 

Net operating margins 45.07 -11.43 3.63 9.26 3.72

Patronage income 0.00 4.50 0.00 0.00 0.78

Non-operating income 0.80 1.36 0.22 3.50 1.07

Net income before taxes 45.86 -5.57 3.84 12.77 5.58

Taxes 1.70 -1.01 0.01 0.18 0.74

Net income 44.16 -4.56 3.83 12.59 4.83

Ratios Percent or number

Current 1.71 6.16 2.35 1.89 1.41

 

Debt-to-asset 0.38 0.15 0.25 0.49 0.43

Debt-to-equity 0.61 0.18 0.34 0.94 0.74

Retained earnings-to-equity 4.65 2.47 22.44 49.36 73.65

Equity-to-assets 62.17 84.64 74.61 51.46 57.49

Adjusted equity-to-assets 83.01 97.07 95.45 77.55 68.84

Return-on-assets 38.44 -2.12 7.35 13.17 5.97

Return-on-member-equity 60.92 -2.13 11.13 48.68 20.19

 

Extra value index +2 45.67 -5.00 5.31 16.74 1.55

Extra value index +5 43.18 -7.91 2.45 14.41 -0.52

Extra value index +10 39.03 -12.76 -2.33 10.53 -3.96

Appendix table 6–Common size analysis, by cooperative type and size, 2011 (continued)
Cooperative Statistics, 2011 53

Appendix Table 7–Cooperative net income before taxes, 2002-20111

 

 Net operating From other

Year margins cooperatives2 Total

 

 Billion dollars

2002 0.55 0.36 0.91

2003 0.77 0.09 0.86

2004 1.72 0.39 2.11

2005 1.91 0.40 2.31

2006 2.38 0.54 2.92

2007 3.18 0.66 3.85

2008 4.01 0.87 4.88

2009 3.24 0.90 4.14

2010 3.59 0.67 4.26

2011 4.78 0.61 5.40

 

 

1

 Totals may not add due to rounding. Excludes income from cooperative pooling operations. 2

 Dividends and patronage refunds received from other marketing, supply, and service

 cooperatives, and CoBank, where applicable. 
54 Cooperative Statistics, 2011

APPENDIX FIGURES

Supply

40.9%

Livestock & poultry

3.2%

Grain & oilseed

22.8%

Other marketing

8.6%

Fruit & vegetable 6.3%

Cotton ginning 6.7%

Dairy 5.8%

Service 5.6%

Percentages are based on a total of 2,285 cooperatives. 1 Includes dry bean and pea, nut, wool and mohair, tobacco, rice, sugar, fishery, and other

product marketing cooperatives

.

1

Appendix Figure 1–Distribution of Cooperatives by Type, 2011

0

1

2

3

4

5

6

7

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

Million

Memberships

Farms

Appendix Figure 2–U.S. Farms and Cooperative Memberships, 1979-2011
Cooperative Statistics, 2011 55

1 Other marketing 5.7%

Supply

41.5%

Service 1.0%

Cotton 1.7%

Fruit & vegetable 10.3%

Livestock & poultry 2.0%

Sugar 4.4%

Grain & oilseed

18.6%

Dairy

15.9%

Rice 1.9%

Percentages are based on a total of 130,000 full-time employees.

1 Includes dry bean and pea, nut, wool and mohair, tobacco, fishery, and other product marketing cooperatives .

Appendix Figure 3–Distribution of Full-Time Employees by Cooperative Type, 2011

0

25

50

75

100

125

150

175

200

225

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

Billion dollars

Gross1

Net2

2 Excludes inter-cooperative business.

1

Includes inter-cooperative business.

Appendix Figure 4–Cooperatives’ Gross and Net Business Volumes, 1979-2011
56 Cooperative Statistics, 2011

0

25

50

75

100

125

150

175

200

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2002 2004 2006 2008 2010

1 Total includes value of related services and other income.

Billion dollars

Total

1

Marketing

Supply

Appendix Figure 5–Cooperatives’ Net Business Volume, 1979-2011

0

1

2

3

4

5

6

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1 Includes other cooperatives and CoBank.

Billion dollars

Investments

Refunds

Appendix Figure 6–Cooperatives’ Investments in Other Cooperatives and Patronage 

Refunds Received from Other Cooperatives1, 2002-2011
Cooperative Statistics, 2011 57

0 10 20 30 40 50 60

Supply

Grain and oilseed

Fruit and vegetable

Dairy

Sugar

Cotton ginning

Cotton

Livestock and poultry

Service

Rice

Percent of total

Percentage based on net income before taxes of $5.4 billion. 1

Includes dry bean and pea, nut, wool and mohair, tobacco, fishery, and other product marketing cooperatives.

Other marketing1

Appendix Figure 7–Distribution Net Income Before Taxes, by Cooperative Type, 2011

0 10 20 30 40 50 60

Dairy

Supply

Grain & oilseed

Livestock & poultry

Cotton ginning

Service

Fruit & vegetable

Sugar

Percent of total

Percentage based on before taxes losses of $124.4 million.

1Includes dry bean and pea, nut, wool and mohair, tobacco, fishery, and other product marketing cooperatives.

Other marketing1

Appendix Figure 8–Distribution of Losses, by Cooperative Type, 2011