United States

Department of

Agriculture

Service Report 68

COOPERATIVE

STATISTICS

2007

Cooperative Statistics, 2007 i

ABSTRACT

A survey of 2,594 U.S. farmer, rancher, and fishery cooperatives ending their business year during 

calendar year 2007 showed a net business volume 

of $127.8 billion with a net income of $3.8 billion. 

These cooperatives had assets totaling $57 billion, 

$36 billion of liabilities, and $21 billion in equity. 

Cooperatives were a major employer in rural areas, 

with 125,000 full-time workers, and 56,000 parttime 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, 2007

Katherine C. DeVille 

Jacqueline E. Penn

E. Eldon Eversull

Rural Development

U.S. Department of Agriculture

STOP 3256

1400 Independence Ave., S.W.

Washington, DC 20250 3256

Service Report 68

November 2008

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on 

the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial 

status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or a part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center 

at (202) 720-2600 (voice and TDD). 

To file a complaint of discrimination write to USDA, Director, Office of Civil Rights, 1400 Independence 

Avenue, S.W., Washington, D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). 

USDA is an equal opportunity provider and employer.
ii Cooperative Statistics, 2007
Cooperative Statistics, 2007 iii

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 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 2007. Cooperatives are classified by principal product marketed 

and major function. Fishery and ethanol cooperatives are included as “other product marketing” 

cooperatives. Both gross (includes inter-cooperative 

business) and net (excludes inter-cooperative business) dollar volumes are reported.

Statistics for 2007 were compiled on a State and 

national basis. The information was collected from 

individual farmer, rancher, and fishery cooperatives 

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 cooperatives’ 2007 

business year. 

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 85 percent of the total gross sales of farmer, rancher, and 

fishery cooperatives in 2007. 

CP depends on the cooperative community’s 

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.
iv Cooperative Statistics, 2007
Cooperative Statistics, 2007

v

ABSTRACTi

PREFACE ii

HIGHLIGHTSv

COOPERATIVE STATISTICS, 20071

I–DEFINITION OF A COOPERATIVE1

Classification of Cooperatives1

Organizational Membership Structures1

II–2007 STATISTICS2

Number of Cooperatives3

Memberships3

Employees4

Business Size 11

Business Volume 12

Balance Sheet 14

Income Statement 17

Selected Financial Ratios 23

APPENDIX TABLES 26

APPENDIX FIGURES 52

CONTENTS
vi Cooperative Statistics, 2007
Cooperative Statistics, 2007 vii

 

 2007 2006 Change

Number of cooperatives 2,594 2,675 -81

Memberships (millions) 2.5 2.6 -0.11

 

Gross business volume (billion $) 146.6 126.5 20.11

Net business volume (billion $) 127.8 110.5 17.30

Net income before taxes (billion $) 3.8 3.2 0.67

 

Total assets (billion $) 57.1 47.9 9.24

Net worth (billion $) 20.9 19.9 1.02

Full-time employees (thousand) 125.2 123.4 1.78

Part-time and seasonal employees (thousand) 56.2 57.3 -1.11 

HIGHLIGHTS

Table A–Highlights, 2007 

There are 2,594 U.S. farmer, rancher, and fishery 

cooperatives, according to the 2007 survey of marketing, supply, and service cooperatives by USDA 

Rural Development’s Cooperative Programs (CP). 

o Total gross business volume (includes intercooperative business) handled by cooperatives 

was $146.6 billion; net business (excludes intercooperative business) was $127.8 billion. 

o	Total net income was $3.8 billion, which includes inter-cooperative dividends and refunds 

of $645.8 million.

o Cooperative memberships were 2.5 million, 

down 110,000 from 2006.

o	Cooperatives employed 125,000 full-time and 

56,000 part-time and seasonal employees. Fulltime employee numbers were up 1 percent, 

while part-time and seasonal employee numbers 

were down 2 percent.

o	Gross value of products marketed by cooperatives was $93 billion, with a net value (after 

eliminating duplication from inter-cooperative 

business) of $85 billion. Gross marketings were 

up 22 percent due to increased prices of grain 

and oilseed and dairy products.

o	Gross value of supplies handled by cooperatives 

was $49 billion, with a net value of $38 billion. 

Gross supply sales were up 7 percent, primarily 

due to increasing energy costs and ingredient 

prices for feed.

o	Receipts for services related to marketing farm 

products and handling supplies, plus other income, totaled $3.5 billion.

o	Cooperatives had $57 billion in combined assets. 

Total assets increased 19 percent with much 

of this increase from higher inventories due to 

increased grain and oilseed prices and higher 

product prices due to increased energy costs. Net 

assets, after eliminating inter-cooperative investments, was $53 billion. Inter-cooperative investments included those in CoBank. 

 

o	Total liabilities totaled $36 billion.

o	Net worth, or member and patron equity, was 

$21 billion. Member and patron equity financed 

37 percent of total assets, down from 42 percent 

in 2006.
viii Cooperative Statistics, 2007
Cooperative Statistics, 2007 1

Cooperative Statistics, 2007

Katherine C. DeVille, Jacqueline E. Penn, and E. Eldon Eversull, Rural Development

I. COOPERATIVE DEFINITION

USDA Rural Development’s Cooperative Programs (CP) 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. Fishery and ethanol cooperatives are classified as other product marketing cooperatives; wool 

pools are classified as marketing cooperatives; and 

livestock shipping associations and rice drying 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 cotton ginning, 

trucking, storing, drying, and artificial insemination. 

Cotton ginning cooperatives comprise almost twothirds of all service cooperatives and will often be 

listed separately in this report.

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 their business volume.

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

Of the 2,594 cooperatives in 2007, 2,529 were 

centralized organizations, mostly locals with individual farmer, rancher, or fishery members. Centralized cooperatives usually serve a local area or 

community, county, or several counties. Most usu-
2 Cooperative Statistics, 2007

Figure 1—Cooperatives in the United States, 1998-2007

0

500

1,000

1,500

2,000

2,500

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Marketing

Supply

Service

Number

Figure 1–Farmer Cooperatives in the United 

States, 1998-2007

Figure 2–Distribution of Memberships, by Type of 

Cooperative, 2007

Percentages are based on 2.5 million total memberships. 1 Includes dry bean and pea, wool and mohair, rice, sugar, fishery, and other product marketing cooperatives. 

Nut

Other Marketing 0.6% 1

2.3%

Service

5.0%

Fruit & Vegetable

1.1%

Dairy

2.7%

Livestock & Poultry

3.2%

Tobacco

2.7%

Grain & Oilseed

18.9%

Cotton

1.7%

Supply

62.0%

ally 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 

more vertically integrated services, 

such as processing products, manufacturing feed, or refining petroleum.

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. They, like other dairy 

marketing cooperatives, represent their members at 

Federal or State milk marketing order hearings.

Federated

The 43 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

The 22 mixed cooperatives have 

individual farmer, rancher, and fishery 

members and autonomous cooperative 

members, 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. 2007 STATISTICS 

Cooperatives’ total net business volume was $127.8 billion in 2007, while 

net income was $3.8 billion. There 

were 2,594 agricultural cooperatives in 

2007, and they had 2.5 million members. Together they had $57 billion in 

assets with $21 billion in equity. Coop-
Cooperative Statistics, 2007 3

Table 1–Number of cooperatives and memberships, by major business activity, 2007 

Major business 

 activity Cooperatives Memberships

Number Thousands

Bean and pea, dry edible 6 1.6

Cotton 12 41.5

Dairy 161 67.1

Fruit and vegetable 162 27.9

Grain and oilseed1 612 465.9

Livestock 56 78.2

Nuts 17 15.4

Poultry2 12 0.4

Rice 14 12.1

Sugar3 32 11.5

Tobacco 11 66.2

Wool and mohair 63 10.1

Fish 45 5.9

Other marketing4 30 6.1

Total marketing 1,233 809.9

 

Total supply 1,061 1,525.9

Other services5 71 32.0

Cotton ginning 187 26.6

Artificial insemination 13 64.0

Storage 7 0.8

Transportation 16 0.4

Rice dryers 6 0.3

Total service 300 124.1

 

Total 2,594 2,459.9

 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, 

ethanol, coffee, and other farm products not classified 

separately. Also includes manufactured food products 

and resale items marketed by cooperatives.

5

 Cooperatives primarily providing shipping, trucking, 

storing, and other services.

eratives remained a major employer in rural areas, 

using 125,000 full-time workers.

Number of Cooperatives

The 2007 survey counted 2,594 marketing, 

supply, and service1

 cooperatives, compared with 

2,675 in 2006. Of the 2,594 cooperatives, 1,233 primarily marketed products, 1,061 primarily handled 

production supplies, and 300 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 

2006. Marketing cooperatives comprise about 48 

percent of all cooperatives; supply, 41 percent; and 

service; 11 percent of the total (Figure 1 and Appendix Table 1).

There was a net decrease of 81 associations (3 

percent) from 2006 to 2007, largely reflecting a continuing trend involving merger, acquisition, or dissolution. The largest decrease was 30 in grain and 

oilseed cooperatives while supply lost 29. Thirtynine cooperatives were added to the list this year, 22 

were in dairy and 13 were cotton gins. Most of the 

added cooperatives had been dropped from the list 

earlier but were added back when it was found that 

they were still in operation. Most drops occur when 

two or more cooperatives merge or combine their 

operations. Many other drops result from undelivered mail that is returned, combined with discontinued phone service.

Cooperative numbers by marketing, supply, and 

service functions by State are shown in Table 2. 

Minnesota had the most marketing cooperatives 

(113), followed closely by North Dakota (99). Texas 

had the most supply and service cooperatives (163).

Many cooperatives operate branches to better 

serve their members. Most branches are owned; 

others 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 operated as branches from which to serve members and patrons at outlying locations. 

Grain and oilseed and supply cooperatives operated over 5,000 branches—2,060 and 2,991, respectively. Grain and oilseed cooperatives averaged 

1

Services include trucking, cotton ginning, storage, crop drying, artificial insemination, 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, 2007

Table 2–Number of cooperatives, by major 

function and State, 2007

 

Supply

Function Marketing & service Total

State Number

Alabama 6 50 56

Arizona 6 4 10

Arkansas 8 36 44

California 79 57 136

Colorado 18 16 34

Florida 26 7 33

Georgia 5 8 13

Hawaii 10 6 16

Idaho 20 10 30

Illinois 89 46 135

Indiana 12 26 38

Iowa 75 49 124

Kansas 75 25 100

Kentucky 9 27 36

Louisiana 12 31 43

Massachusetts 3 6 9

Michigan 26 23 49

Minnesota 113 112 225

Mississippi 10 53 63

Missouri 17 44 61

Montana 23 30 53

Nebraska 41 30 71

New Mexico 4 4 8

New York 49 12 61

North Carolina 10 5 15

North Dakota 99 92 191

Ohio 39 18 57

Oklahoma 25 36 61

Oregon 18 13 31

Pennsylvania 31 12 43

South Dakota 48 46 94

Tennessee 7 66 73

Texas 52 163 215

Utah 6 6 12

Virginia 14 39 53

Washington 37 28 65

West Virginia 12 13 25

Wisconsin 44 85 129

Wyoming 5 5 10

Other States1 50 22 72

United States 1,233 1,361 2,594

1

 Includes States with fewer than three cooperatives for any 

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

6; Connecticut, 5; Delaware, 3; Maine, 22; Maryland, 12; New 

Jersey, 13; South Carolina, 5; and Vermont, 3.

more than three branches, while supply cooperatives 

averaged just less than three branches per cooperative. 

Memberships

Memberships in marketing, supply, and service 

cooperatives totaled an estimated 2.5 million in 

2007, down 110,000 from 2006 (Table 3). By major 

business activity, 62 percent and 19 percent were 

memberships of supply and grain cooperatives, 

respectively (Appendix Table 2, Figure 2). Dairy 

cooperative memberships were only 3 percent of the 

total, but accounted for 28 percent, or $35 billion, of 

cooperatives’ net business volume in 2007.

Memberships in cooperatives dropped from 3.4 

million in 1998 to 2.5 million in 2007 (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 exceeded 

the number of farms, but these numbers appear to 

be converging. 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 

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, memberships in service 

and marketing cooperatives decreased at more than 

twice the rate of memberships in supply cooperatives. Memberships in marketing cooperatives 

dropped 588,000 (42 percent) and service cooperatives had a decline of 56,000 (31 percent), while 

memberships in supply cooperatives decreased 

248,000 (14 percent). 
Cooperative Statistics, 2007 5

FRUITS AND VEGETABLES (continued)

North Carolina 3 0.1 15.376 15.376

Oregon 10 0.9 554.068 457.818

Pennsylvania 3 0.3 129.239 129.239

Texas 3 0.2 59.959 51.910

Washington 11 3.7 560.982 527.642

Other States 29 3.1 1,029.346 229.278

Foreign7 0 0.1 257.934 35.697

United States 162 27.7 6,862.169 4,292.846 

GRAINS AND OILSEEDS8 

California 3 0.4 11.813 11.813

Colorado 13 9.4 200.425 200.425

Idaho 3 0.5 26.215 26.215

Illinois 82 65.1 3,090.466 3,090.466

Indiana 9 6.7 599.977 599.977

Iowa 64 63.6 5,122.741 5,004.268

Kansas 75 89.4 2,012.060 2,008.655

Michigan 4 2.1 112.771 112.771

Minnesota 66 36.9 4,453.693 4,431.639

Mississippi 3 5.1 144.418 143.291

Missouri 11 11.1 909.619 587.469

Montana 6 1.2 440.249 440.249

Nebraska 34 48.9 2,682.427 2,678.016

North Dakota 82 24.5 2,244.616 2,244.616

Ohio 29 20.8 1,230.158 1,230.158

Oklahoma 22 23.4 172.101 172.101

South Dakota 47 29.0 1,831.639 1,831.639

Texas 30 12.8 481.539 481.539

Washington 17 7.9 508.635 508.635

Other States 12 7.0 2,156.543 2,138.702

Foreign7 0 0.0 405.914 405.914

United States 612 465.9 28,838.016 28,348.557

(continued next page)

Table 3–Number1 of cooperatives, memberships2, and gross and net sales by State, 20073

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands Millions

BEANS AND PEAS, DRY EDIBLE 

United States 6 1.6 123.742 117.820

COTTON6 

Texas 4 22.8 710.679 201.438

Other States 8 18.7 1,957.011 165.576

Foreign7 0 0.0 8.262 8.262

United States 12 41.5 2,675.952 375.275

 

DAIRY 

California 5 1.1 4,041.507 4,029.474

Idaho 3 0.3 398.428 398.428

Illinois 4 2.5 1,734.858 1,726.863

Iowa 7 3.8 1,793.860 1,691.349

Minnesota 26 10.1 5,146.356 5,008.609

New Mexico 4 0.1 777.525 259.167

New York 36 3.7 2,161.796 1,800.475

North Dakota 3 1.2 413.581 407.846

Ohio 5 1.0 252.551 237.521

Pennsylvania 15 2.4 554.111 458.752

Wisconsin 27 17.1 5,835.435 5,504.403

Other States 26 23.4 14,448.212 13,855.778

Foreign7 0 0.0 111.515 111.515

United States 161 66.9 37,669.734 35,490.182

FRUITS AND VEGETABLES 

Arizona 4 0.8 84.650 44.406

California 41 11.9 2,626.543 1,878.000

Colorado 3 0.3 4.827 4.827

Florida 18 1.1 793.943 320.413

Hawaii 4 0.1 7.332 7.332

Michigan 14 3.1 503.773 484.337

Minnesota 3 0.2 0.336 0.336

New Jersey 7 0.6 192.483 64.855

New York 9 1.0 41.380 41.380

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 2007. 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

 Cotton ginning cooperatives are included as service cooperatives.

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.
6 Cooperative Statistics, 2007

Table 3–Number1 of cooperatives, memberships2, and gross and net sales by State, 20073

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

LIVESTOCK 

Kentucky 3 0.2 3.594 3.594

North Dakota 4 0.6 46.354 46.354

West Virginia 3 0.2 3.188 3.188

Wisconsin 15 45.7 409.203 409.203

Other States 31 31.5 2,920.256 2,752.999

United States 56 78.2 3,382.596 3,215.339

NUT 

California 6 3.6 676.571 676.571

Other States 11 11.5 127.318 127.318

Foreign7 0 0.1 0.000 0.000

United States 17 15.3 803.889 803.889

POULTRY9 

California 3 0.1 202.056 202.056

Other States 9 0.4 1,157.846 1,157.846

United States 12 0.4 1,359.902 1,359.902

 

RICE 

California 4 0.8 184.088 184.088

Texas 5 0.7 44.893 44.893

Other States 5 10.5 886.993 886.993

United States 14 12.1 1,115.974 1,115.974

 

SUGAR10 

Idaho 6 1.7 565.932 8.188

Louisiana 5 1.4 508.535 418.273

Minnesota 3 2.6 1,675.892 1,669.441

Wyoming 4 0.4 37.835 37.835

Other States 14 5.2 2,085.678 1,834.176

Foreign7 0 0.1 30.301 30.301

United States 32 11.4 4,904.173 3,998.215

TOBACCO7 

Tennessee 6 64.0 5.312 5.312

Other States 5 2.2 99.942 99.942

United States 11 66.2 105.254 105.254

WOOL AND MOHAIR 

Idaho 3 0.1 0.016 0.016

Montana 14 0.5 0.343 0.343

North Dakota 3 0.3 0.025 0.025

Pennsylvania 11 1.0 0.158 0.158

Virginia 6 0.3 0.025 0.025

West Virginia 9 0.7 0.120 0.120

Other States 17 7.2 4.968 4.968

Foreign7 0 0.1 0.090 0.090

United States 63 10.1 5.746 5.746

 

OTHER MARKETING11 

Alaska 6 3.2 8.763 8.763

California 8 1.4 142.867 142.867

Florida 4 0.1 33.548 33.548

Hawaii 4 0.2 1.247 1.247

Maine 14 0.7 76.208 76.208

Minnesota 13 4.9 1,482.939 1,430.312

Washington 5 0.7 158.649 158.623

Other States 21 6.4 2,930.555 2,860.574

United States 75 12.0 4,834.777 4,712.143

TOTAL MARKETING 

Alabama 6 3.0 273.070 201.164

Alaska 6 3.2 8.763 8.763

Arizona 6 1.4 939.964 863.570

Arkansas 8 12.8 1,654.728 1,350.322

California 79 22.6 8,273.216 7,477.012

Colorado 18 12.2 632.750 632.750

Florida 26 1.9 1,912.629 1,289.107

Georgia 5 8.1 532.825 243.621

Hawaii 10 0.4 8.579 8.579

Idaho 20 5.6 1,099.793 542.049

Illinois 89 71.4 4,931.058 4,923.064

Indiana 12 9.5 1,464.926 1,425.763

Iowa 75 70.7 8,428.502 8,188.669

Kansas 75 91.4 3,321.422 3,318.017

Kentucky 9 4.1 438.043 434.710

Louisiana 12 6.0 984.263 746.212

Maine 20 1.6 129.071 128.575

Massachusetts 3 0.4 319.908 72.864

Michigan 26 10.4 2,464.292 2,373.410

Minnesota 113 55.4 13,206.299 12,986.237

Mississippi 10 9.7 723.501 386.590

Missouri 17 17.7 4,242.931 3,863.002

Montana 23 2.0 606.719 605.867

Nebraska 41 51.7 4,135.565 4,127.925

New Jersey 11 1.6 214.193 86.463

New Mexico 4 0.4 810.851 292.494

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, fish, hay, hops, seed marketed for 

growers, nursery stock, ethanol, coffee, and other marketings 

not classified separately. Also includes manufactured food 

products and resale items marketed by cooperatives.

(Continued)
Cooperative Statistics, 2007 7

TOTAL MARKETING (continued)

New York 49 5.0 2,458.170 2,003.261

North Carolina 10 3.6 371.607 330.885

North Dakota 99 28.7 3,488.914 3,473.345

Ohio 39 29.3 2,678.705 2,650.857

Oklahoma 25 31.1 529.504 478.968

Oregon 18 5.2 1,832.304 1,675.675

Pennsylvania 31 3.8 967.836 872.478

South Carolina 3 0.7 104.518 71.535

South Dakota 48 30.9 2,705.895 2,690.391

Tennessee 7 66.5 178.282 62.748

Texas 52 40.7 3,042.697 2,727.111

Utah 6 2.8 494.778 489.985

Vermont 3 1.3 488.398 488.398

Virginia 14 3.7 446.656 406.518

Washington 37 13.3 2,541.596 2,498.638

West Virginia 12 1.0 15.659 13.992

Wisconsin 44 63.5 7,598.547 6,702.001

Wyoming 5 0.7 71.367 71.367

Other States 7 2.4 524.453 466.473

Foreign7 0 0.5 822.582 600.174

United States 1,233 809.7 93,120.330 85,351.601

SUPPLIES PROVIDED 

 

CROP PROTECTANTS12 

Alabama 69.202 68.114

Arkansas 132.033 123.378

California 34.734 33.195

Colorado 50.295 50.294

Florida 11.172 10.920

Georgia 63.387 59.134

Idaho 30.961 7.687

Illinois 403.874 300.866

Indiana 204.640 189.771

Iowa 436.524 346.670

Kansas 132.199 132.199

Kentucky 35.297 25.845

Louisiana 23.523 23.523

Maryland 15.109 10.052

Massachusetts 0.192 0.192

Michigan 25.136 24.110

Minnesota 316.240 289.269

Mississippi 54.775 54.241

Missouri 222.729 101.402

Table 3–Number1 of cooperatives, memberships2, and gross and net sales by State, 20073

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 (continued)

Montana 59.465 53.895

Nebraska 243.966 236.380

New York 4.003 1.449

North Dakota 182.547 174.960

Ohio 98.068 96.959

Oklahoma 22.277 22.208

Oregon 100.836 100.323

Pennsylvania 8.927 3.010

South Dakota 140.740 132.640

Tennessee 117.888 69.129

Texas 47.092 46.066

Utah 8.258 7.221

Virginia 21.704 18.344

Washington 156.550 149.793

West Virginia 2.169 1.938

Wisconsin 154.366 122.959

Wyoming 1.591 1.591

Other States 54.392 42.747

Foreign7 29.649 7.480

United States 3,716.511 3,139.956

FEED12 

Alabama 52.854 29.627

Arkansas 57.954 55.686

California 273.787 250.391

Colorado 43.372 43.367

Florida 45.380 43.294

Georgia 26.915 23.515

Idaho 112.815 89.417

Illinois 278.612 278.602

Indiana 95.639 95.607

Iowa 1,912.853 1,714.762

Kansas 213.895 206.097

Kentucky 56.632 49.869

Louisiana 31.285 31.285

Maryland 34.084 29.394

Massachusetts 10.988 10.809

Michigan 101.851 101.849

Minnesota 1,153.098 1,009.354

Mississippi 47.489 47.192

Missouri 247.249 209.914

Montana 37.770 26.151

Nebraska 368.263 317.096

New York 55.924 46.983

North Dakota 66.923 59.125

Ohio 142.837 142.718

Oklahoma 62.745 62.597

(continued next page)

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

for total supplies.

(Continued)
8 Cooperative Statistics, 2007

Table 3–Number1 of cooperatives, memberships2, and gross and net sales by State, 20073

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 (continued)

Oregon 418.969 321.567

Pennsylvania 29.626 27.083

South Dakota 232.852 204.717

Tennessee 216.918 138.494

Texas 146.359 142.761

Utah 131.345 131.098

Virginia 131.983 119.446

Washington 330.458 248.661

West Virginia 19.834 18.026

Wisconsin 938.211 785.290

Wyoming 5.790 5.790

Other States 280.604 250.874

Foreign7 230.585 206.633

United States 8,644.750 7,575.138

FERTILIZER12 

Alabama 86.849 84.452

Arkansas 137.531 126.011

California 155.161 155.161

Colorado 69.020 66.139

Florida 56.601 39.207

Georgia 70.198 62.900

Idaho 9.453 9.453

Illinois 852.899 697.553

Indiana 413.528 411.739

Iowa 1,031.995 811.355

Kansas 343.455 341.547

Kentucky 124.359 105.287

Louisiana 18.772 18.515

Maryland 37.426 30.902

Massachusetts 17.053 8.999

Michigan 63.098 62.221

Minnesota 607.433 606.926

Mississippi 33.852 33.385

Missouri 524.738 382.913

Montana 109.840 109.840

Nebraska 516.456 507.037

New York 24.592 14.456

North Dakota 298.737 298.737

Ohio 328.385 291.780

Oklahoma 84.513 81.896

Oregon 150.643 150.643

Pennsylvania 53.198 29.434

South Dakota 243.585 243.547

Tennessee 247.709 170.894

Texas 97.139 96.314

Utah 23.547 23.517

Virginia 101.944 85.210

FERTILIZER (continued)

Washington 206.871 205.826

West Virginia 10.369 9.321

Wisconsin 311.859 298.741

Wyoming 7.135 7.097

Other States 166.310 139.792

Foreign7 49.900 25.455

United States 7,686.152 6,844.202

PETROLEUM12 

Alabama 10.024 9.987

Arkansas 135.473 133.365

California 4.012 3.872

Colorado 652.021 410.137

Florida 5.231 5.231

Georgia 350.793 110.718

Idaho 447.635 225.864

Illinois 1,935.483 1,350.335

Indiana 1,651.782 1,015.560

Iowa 1,650.872 1,239.383

Kansas 1,142.962 794.799

Kentucky 158.329 108.171

Louisiana 10.498 10.384

Maryland 147.400 125.622

Massachusetts 0.020 0.020

Michigan 470.140 204.788

Minnesota 1,310.745 1,073.226

Mississippi 19.265 17.495

Missouri 1,535.018 1,160.607

Montana 698.770 536.846

Nebraska 1,303.195 979.249

New York 6.399 4.658

North Dakota 962.045 733.557

Ohio 381.727 298.041

Oklahoma 661.630 330.279

Oregon 524.262 346.838

Pennsylvania 11.037 8.927

South Dakota 701.027 462.192

Tennessee 530.506 216.797

Texas 220.484 208.715

Utah 338.734 106.958

Virginia 696.072 382.851

Washington 596.061 438.347

West Virginia 39.211 36.289

Wisconsin 1,224.866 975.327

Wyoming 489.126 324.922

Other States 93.922 79.901

Foreign7 499.001 192.038

United States 21,615.778 14,662.294

(Continued)
Cooperative Statistics, 2007 9

Table 3–Number1 of cooperatives, memberships2, and gross and net sales by State, 20073

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 21.818 21.719

Arkansas 48.279 47.155

California 21.735 21.735

Colorado 8.686 8.469

Florida 3.542 3.494

Georgia 11.714 11.397

Idaho 87.005 14.155

Illinois 306.507 216.964

Indiana 101.668 60.831

Iowa 429.609 234.742

Kansas 45.344 45.344

Kentucky 32.501 26.717

Louisiana 11.626 11.626

Maryland 9.142 6.760

Massachusetts 0.714 0.442

Michigan 12.064 11.949

Minnesota 279.888 199.024

Mississippi 17.946 17.946

Missouri 375.188 92.005

Montana 50.660 34.521

Nebraska 126.828 102.618

New York 2.475 1.621

North Dakota 96.764 72.555

Ohio 63.334 62.985

Oklahoma 6.754 6.754

Oregon 45.442 45.442

Pennsylvania 5.389 3.355

South Dakota 123.983 99.774

Tennessee 99.032 68.247

Texas 29.076 29.076

Utah 2.957 2.952

Virginia 28.925 24.477

Washington 59.536 51.466

West Virginia 3.675 3.120

Wisconsin 206.652 124.223

Wyoming 1.077 1.077

Other States 35.189 31.798

Foreign7 1.823 0.876

United States 2,814.545 1,819.411

OTHER SUPPLIES12, 13 

Alabama 65.198 57.208

Arkansas 93.661 82.958

California 210.831 205.141

OTHER SUPPLIES (continued)

Colorado 70.490 65.942

Florida 53.055 52.654

Georgia 48.707 34.331

Idaho 40.390 34.511

Illinois 498.777 433.016

Indiana 119.095 89.780

Iowa 191.764 179.869

Kansas 94.374 89.947

Kentucky 94.551 69.359

Louisiana 19.451 19.060

Maryland 34.215 27.780

Massachusetts 13.043 10.902

Michigan 100.661 88.652

Minnesota 276.297 262.678

Mississippi 47.318 45.585

Missouri 115.881 78.062

Montana 68.371 65.425

Nebraska 168.553 165.080

New York 30.886 23.995

North Dakota 275.965 272.239

Ohio 85.047 73.521

Oklahoma 38.867 34.480

Oregon 186.033 183.965

Pennsylvania 21.648 15.225

South Dakota 90.709 87.183

Tennessee 323.802 193.670

Texas 95.906 87.250

Utah 71.876 60.496

Virginia 160.775 147.606

Washington 180.283 146.629

West Virginia 27.837 24.981

Wisconsin 345.227 335.898

Wyoming 34.151 32.845

Other States 213.816 170.101

Foreign7 236.359 206.975

United States 4,843.868 4,255.000

 

SUPPLY 

Alabama 44 19.7 305.946 271.106

Arkansas 31 35.6 604.931 568.554

California 16 14.2 700.259 669.495

Colorado 15 17.8 893.883 644.348

Florida 6 6.9 174.980 154.800

Georgia 5 0.9 571.713 301.994

Idaho 8 10.2 728.259 381.088

Illinois 45 70.3 4,276.152 3,277.335

Indiana 24 34.9 2,586.352 1,863.288

(continued next page)

13 Includes building materials, containers and packaging 

supplies, machinery and equipment, meats and groceries, 

automotive supplies, hardware, chicks, and other supplies not 

separately classified.

(Continued)
10 Cooperative Statistics, 2007

Table 3–Number1 of cooperatives, memberships2, and gross and net sales by State, 20073

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 (continued)

Iowa 48 56.4 5,653.618 4,526.781

Kansas 24 24.0 1,972.230 1,609.933

Kentucky 26 158.7 501.670 385.247

Louisiana 18 5.4 115.155 114.393

Maryland 10 68.5 277.375 230.511

Massachusetts 4 2.4 42.011 31.365

Michigan 20 6.7 772.950 493.569

Minnesota 108 83.3 3,943.702 3,440.476

Mississippi 34 75.9 220.646 215.843

Missouri 43 112.9 3,020.804 2,024.903

Montana 30 23.7 1,024.875 826.677

Nebraska 28 27.2 2,727.261 2,307.459

New York 7 1.4 124.279 93.163

North Dakota 88 50.3 1,882.980 1,611.171

Ohio 14 13.3 1,099.397 966.004

Oklahoma 25 18.0 876.786 538.214

Oregon 12 22.9 1,426.186 1,148.777

Pennsylvania 6 2.2 129.825 87.036

South Dakota 46 35.5 1,532.896 1,230.053

Tennessee 65 64.3 1,535.856 857.232

Texas 42 28.2 636.057 610.183

Utah 5 3.4 576.718 332.242

Virginia 36 144.0 1,141.402 777.935

Washington 24 9.7 1,529.760 1,240.721

West Virginia 13 78.8 103.094 93.674

Wisconsin 75 77.9 3,181.181 2,642.437

Wyoming 5 3.4 538.870 373.322

Other States 11 115.7 844.232 715.213

Foreign7 0 1.2 1,047.316 639.457

United States 1,061 1,525.9 49,321.604 38,296.000

SERVICE14 

Alabama 6 0.2 11.950 11.950

Arizona 4 0.2 11.666 11.666

Arkansas 5 1.9 66.089 66.089

California 41 2.9 386.200 386.200

Georgia 3 0.3 8.407 8.407

Hawaii 5 0.2 2.327 2.327

Louisiana 13 0.6 141.458 141.458

Michigan 3 1.2 127.642 127.642

Minnesota 4 8.6 249.880 249.880

Mississippi 19 14.0 84.879 84.879

SERVICE (continued)

New Mexico 3 0.2 1.182 1.182

New York 5 0.3 24.919 24.919

North Carolina 3 0.1 1.739 1.739

North Dakota 4 7.8 62.612 62.612

Ohio 4 2.8 114.131 114.131

Oklahoma 11 4.4 37.282 37.282

Pennsylvania 6 0.2 7.027 7.027

Texas 121 18.3 258.394 258.394

Virginia 3 10.3 27.254 27.254

Washington 4 1.6 56.942 56.942

Wisconsin 10 18.3 97.694 97.694

Other States 23 29.9 1,369.997 1,369.997

United States 300 124.1 3,149.672 3,149.672

TOTAL 

Alabama 56 22.9 590.965 484.220

Alaska 6 3.2 95.158 90.950

Arizona 10 1.9 982.205 905.262

Arkansas 44 50.4 2,325.749 1,984.966

California 136 39.7 9,359.674 8,532.707

Colorado 34 30.0 1,564.877 1,315.342

Connecticut 5 0.7 255.133 250.955

Delaware 3 42.4 96.488 72.708

Florida 33 19.3 2,204.899 1,561.198

Georgia 13 9.3 1,112.945 554.022

Hawaii 16 0.7 75.018 59.414

Idaho 30 16.1 1,863.376 958.462

Illinois 135 141.7 9,408.298 8,401.486

Indiana 38 44.5 4,140.521 3,378.293

Iowa 124 134.0 14,425.093 13,058.424

Kansas 100 115.5 5,429.775 5,064.073

Kentucky 36 164.4 943.968 824.212

Louisiana 43 12.0 1,240.876 1,002.063

Maine 22 5.7 201.123 199.560

Maryland 12 69.0 513.258 409.588

Massachusetts 9 3.2 363.331 105.640

Michigan 49 18.3 3,364.885 2,994.621

Minnesota 225 147.3 17,399.882 16,676.593

Mississippi 63 99.6 1,029.026 687.313

Missouri 61 131.4 7,345.442 5,969.613

Montana 53 25.7 1,636.928 1,437.877

Nebraska 71 78.9 7,032.855 6,605.414

New Jersey 13 1.6 258.931 117.315

New Mexico 8 0.7 827.374 308.802

New York 61 6.7 2,607.368 2,121.343

North Carolina 15 72.4 644.641 555.558

North Dakota 191 86.9 5,434.506 5,147.129

Ohio 57 45.5 3,892.233 3,730.992

14 Includes cooperatives providing services such as cotton ginning, livestock shipping, storing, grinding, drying, and artificial 

insemination. 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, 2007 11

Table 3–Number1 of cooperatives, memberships2

, and gross and net sales by State, 

20073

Headquartered Member- Business volume

State in State ships Gross4 Net5

Number Thousands Millions

TOTAL (continued)

Oklahoma 61 53.4 1,443.572 1,054.463

Oregon 31 28.2 3,282.125 2,848.087

Pennsylvania 43 6.1 1,104.688 966.541

South Carolina 5 0.9 183.560 140.505

South Dakota 94 72.4 4,300.744 3,982.398

Tennessee 73 132.4 1,747.123 952.965

Texas 215 87.2 3,937.148 3,595.687

Utah 12 7.6 1,088.134 838.865

Vermont 3 1.3 516.649 515.224

Virginia 53 157.9 1,615.312 1,211.707

Washington 65 24.5 4,128.297 3,796.301

West Virginia 25 79.7 119.255 108.169

Wisconsin 129 159.7 10,877.422 9,442.132

Wyoming 10 4.2 612.266 446.719

Other States 3 1.0 98.581 91.764

Foreign7 0 1.7 1,869.897 1,239.631

United States 2,594 2,459.9 145,591.575 126,797.273

(Continued)

Employees

Cooperatives had an estimated 125,000 full-time 

employees in 2007, an increase of about 2,000 from 

2006 (Table 4), but far less than the peak of 176,665 

in 2000. Marketing cooperatives had an increase of 

over 2,000 employees, supply cooperatives decreased less than 1,000, while employee numbers at 

service cooperatives did not change. 

Cooperatives employ full-time and, in most 

cases, part-time and seasonal employees to run their 

operations. Their number and type depends on a 

number of factors, such as size of operation, type 

of commodity handled, and involvement in valueadded activities. 

In 2007, cooperatives employed an estimated 

181,000 full-time and part-time and seasonal employees (Table 5), virtually unchanged from 2006. 

Among marketing cooperatives, those primarily 

handling fruits and vegetables had the most employees (31,000), followed by dairy (27,000), then 

grains and oilseeds (24,000).

By type, marketing cooperatives had 111,000 

full-time and part-time and seasonal employees (62 

percent of total); supply cooperatives had 59,000 

(32 percent); and service cooperatives had 11,000 (6 

percent). 

Figure 4 shows the number of full-time employees by type of cooperative for 2007. Supply, fruit 

and vegetable, dairy, and grain and oilseed cooperatives used the most employees; cotton cooperatives 

the fewest. Dairy, rice, and cotton cooperatives had 

the smallest proportion of part-time and seasonal 

employees to total employees. Fruit and vegetable 

and cotton ginning cooperatives both had more than 

half of their employees as part-time and seasonal 

employees. 

Cooperatives used 56,000 part-time and seasonal 

employees in 2007, down about 1,000, or 2 percent, 

from 2006. Most of the decrease was in fruit and 

vegetable cooperatives. 

In 2007, marketing cooperatives reported 35,000 

part-time and seasonal employees, or 62 percent of 

that type of worker used. Marketing cooperatives 

averaged 28 part-time and seasonal employees per 

cooperative. Fruit and vegetable cooperatives, with 

about 17,000, accounted for about 29 percent of all 

part-time and seasonal employees used by cooperatives. Supply cooperatives had about 15,000 parttime and seasonal employees, an average of 14 per 

cooperative.

Most types of marketing cooperatives operated 

with more employees than did supply cooperatives. 

For example, sugar cooperatives averaged 374 employees; rice, 206; fruit and vegetable, 190; while 

supply cooperatives averaged 55 (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 2001 to 2007, 

there were 826 fewer cooperatives with less than 

$25 million in sales while there were 191 cooperatives that moved up into the sales group of more 

than $25 million in sales. The sales group of $100 

to $199.9 million had the most growth, increasing 

from 46 cooperatives in 2001 to 153 in 2007 (Table 

6).

In 2007, 62 percent of all cooperatives reported 
12 Cooperative Statistics, 2007

Full-Time

Part-Time and Seasonal

Figure 5—Average Full-Time and Part-Time and Seasonal Employees, 2007

0 50 100 150 200 250 300 350 400

 Sugar 

 Rice 

 Fruits and Vegetables 

 Cotton

 Dairy 

 Supply 

Grain and Oilseed

 Other Service 

 Livestock and Poultry 

Cotton Ginning

Fish

Number

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

Other Marketing1

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

 Seasonal Employees, 2007

Figure 3—Cooperative Memberships by Function, 1998-2007

0

1

2

3

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Million

Service

Supply

Marketing

Figure 3–Cooperative Memberships by Function,

 1998-2007

Part-Time and Seasonal

Full-Time

Figure 4—Full-Time and Part-Time and Seasonal Employees, 

by Cooperative Type, 2007

0 10 20 30 40 50 60 70

Supply

Fruits and Vegetables

Dairy

Grain and Oilseeds

Sugar

Other Service

Cotton Ginning

Livestock and Poultry

Rice

Cotton

Fish

1,000 Employees

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

Other Marketing1

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

 Employees, by Cooperative Type, 2007

a business volume of less than $15 

million. However, they accounted for 

only 5 percent of the total gross dollar 

volume (Figure 6). Only 4 percent of 

farmer cooperatives reported a business volume of at least $200 million, 

but they accounted for 67 percent of the 

total sales.

Business Volume

Total gross business volume of the 

2,594 marketing, supply, and service cooperatives for 2007 was $146.6 billion 

(table 7), up 16 percent from $126.5 billion in 2006. Gross business volume fell 

from the record $128 billion in 1996 to 

$112 billion in 2002; however, this has 

not been a steady decline—some years 

saw increases to over $120 billion while 

other years fell to $115 billion or less 

(Appendix Table 3, Appendix Figure 

4). Much of the volume increase between 2006 and 2007 can be attributed 

to higher grain and oilseed and dairy 

prices and higher energy costs. 

Gross dollar volume of products 

marketed by cooperatives increased 

about $17 billion, from $76 billion in 

2006 to $93 billion in 2007 (22 percent). Dairy cooperatives had an $8.6 

billion increase in sales due to higher 

prices while grain and oilseed cooperatives increased $7 billion, again from 

higher prices. Gross volume of all supplies handled by cooperatives was $49 

billion, up 8 percent from $46 billion 

in 2006, with the increase mainly due 

to higher energy prices and grain and 

oilseed prices (as stated before, one supply cooperative was dropped from the 

list as it is 74 percent owned by another 

cooperative, this lowered supply sales 

by over $2 billion). 

Total net business volume of cooperatives in 2007 was $126.5 billion$76.5 

billion from products marketed, $46 

billion from supply sales, and $4 billion from services performed and other 
Cooperative Statistics, 2007 13

Milk & Milk 

Products

41.6%

Livestock

3.8%

Rice

1.3%

Grain & Oilseed

33.2%

Poultry

1.6%

Cotton

2.1% Sugar

4.7%

Nut

0.9%

Tobacco

0.1%

Fruit & Vegetable

5.0%

Percentages are based on a total net marketing business volume of $85.4 billion. 1 Includes wool and mohair, dry beans and peas, fish, and other product marketing. 

Other Marketing

5.7%

1

0

20

40

60

80

100

120

140

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

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

Billion dollars

Actual

Real1

Figure 7–Cooperatives’ Net Business Volume, Actual

 and Adjusted, 1998-2007

Figure 8–Relative Importance of Farm Products 

 Marketed by Cooperatives, 2007

0

10

20

30

40

50

60

Less than 5.0

Gross Business Volume (Million Dollars)

Percent

Dollar Volume

5 - 9.9 10 - 14.9 15 - 99.9 100 - 499.9 500 and more

Cooperatives

Figure 6–Distribution of Farmers Cooperatives and

 Volume, by Size, 2007

income sources. The total net figure, 

which excludes inter-cooperative 

business, was up 16 percent from 

$110.5 billion in 2006. The $126.5 

billion was a record net business 

volumesurpassing $110.5 billion in 

2006 by $16 billion (Appendix Table 4, 

Appendix Figure 5). There have been a 

number of fluctuations in net business 

volume. It dropped to around $100 billion in 1999 and stayed there except for 

the current upward trend that started in 

2003. Adjusted for inflation where 1991 

= 1002, net business volume totaled 

$93 billion in 1998 and increased to 

$108 billion in 2007 (Figure 7). The 

difference between actual and real net 

business volume in 2007 was $20 billion. The real net business volume was 

lower than the actual value in 2007 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 

1998 to 2007 rose 43 points, while the 

index for prices paid for farm production items increased 62 points, hence 

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 

increased from 2006, from $70 billion to $76 billion—an increase of 9 

percent. Net marketing business volume accounted for 64 percent of total 

cooperative sales in 2007, unchanged 

from 2006.

Figure 8 illustrates the leading products marketed by cooperatives based 

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).
14 Cooperative Statistics, 2007

Figure 10—Cooperatives’ Net Sales of Selected Commodities, 1998-2007

0

10

20

30

40

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Grains & Oilseeds

Livestock

Billion dollars

Milk & Milk Products

Fruits & Vegetables

Figure 9—Relative Importance of Supplies Handled by Cooperatives, 2007

Fertilizer

17.9%

Other Supplies

11.1%

Seed

4.8%

Petroleum

38.3%

Crop Protectants

8.2%

Feed 

19.8%

Percentages are based on a total net supply business volume of $38.3 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, 2007

Figure 10–Cooperatives’ Net Sales of Selected 

 Commodities, 1998-2007

on net marketing business volume. Dairy (milk and 

milk products) led with 42 percent, followed by 

grains and oilseeds (excluding cottonseed) with 33 

percent, and fruit and vegetable with 5 percent. 

Net supply volume of $46 billion, up 28 percent 

from $36 billion, accounted for 30 percent of the 

total net business volume. The leading production 

goods handled by cooperatives in terms of supply 

net business volume were petroleum, 38 percent; 

feed, 20 percent; and fertilizer, 18 percent (Figure 

9). Feed and fertilizer sales increased by more than 

$2 billion over 2006 sales. 

Receipts for services provided by 

marketing, supply, and service cooperatives, plus other income, stayed 

virtually the same at $4 billion. Service 

receipts and other income represented 3 

percent of total net business volume.

Marketing sales of four major commodity groups—dairy, grains and 

oilseeds, fruits and vegetables, and 

livestock—were up slightly from 83 

percent of marketing sales in 1998 to 

84 percent in 2007 (Figure 10). Dairy 

sales were up $10 billion from 1998 

while grains and oilseeds sales were up 

$7 billion. Net volume among commodity groups was highest in 2007 for 

dairy, with $35 billion ($25 billion in 

1998), followed by grains and oilseeds. 

Both milk and milk product and grains 

and oilseeds had the highest ever net 

sales.

In the supply group, feed and fertilizer were important farm inputs (Figure 

11) but petroleum was especially important with sales equal to the combined feed and fertilizer amounts. With 

the large price increase of petroleum, 

its share of supply sales increased from 

27 percent in 1998 to 38 percent in 

2007. The combination of petroleum, 

feed, and fertilizer sales accounted for 

76 percent of cooperatives’ total supply 

sales in 2007 and 70 percent in 1998. 

In 2007, the sales of all supplies increased except for petroleum and seed. 

Gross and net business volume by 

State are presented in Table 3. Sales are allocated to 

the State in which the product marketed was originated and the farm supplies were sold. Minnesota 

led all States in total gross and net business volume 

with $17.4 billion and $16.7 billion, respectively, 

followed by Iowa with $14.4 billion in gross business and $13.1 billion in net business volume.
Cooperative Statistics, 2007 15

Figure 12—Cooperatives’ Assets, Liabilities, and Net Worth, 1998-2007

0

10

20

30

40

50

60

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Billion dollars

Liabilities

Net Worth

Assets

Figure 11—Cooperatives’ Net Sales of Selected Supplies, 1998-2007

0

5

10

15

20

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Fertilizer

Seed

Billion dollars

Petroleum

Crop

Protectants

Feed

Figure 11–Cooperatives’ Net Sales of Selected 

 Supplies, 1998-2007

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 totaled $57 

billion in 2007, almost $10 billion 

higher than 2006 (Table 8). Total assets of cooperatives, excluding intercooperative investments, increased by 

$9 billion to $53 billion. Cooperatives’ 

total assets grew from $47 billion in 

1998 to $57 billion in 2007 (Appendix 

Table 5 and Figure 12). Most of this 

growth occurred between 2006 and 

2007. Although CP does not collect 

statistics on inventories, most of the $10 billion in 

asset growth occurred in current assets, of which 

inventory is a component. As the financial records 

of cooperatives were analyzed this year, it was 

evident that inventories were much higher, especially in grain and oilseed cooperatives, reflecting 

the large increase in prices of grains and oilseeds. In 

the income statement, interest expenses were also 

up, reflecting the cost of carrying a large inventory 

and borrowing funds to maintain a hedge on these 

expensive inventories in the futures market.

 In 1998, $4.7 billion (10 percent of total assets) 

was invested in other cooperatives, including CoBank, and this investment peaked at $5.5 billion in 

2002. In 2007, these investments were $4.2 billion, 

down $0.5 billion from 1998, and at 7 percent of 

total assets, 3 points lower than a decade ago. 

Of the $57 billion in total assets, marketing cooperatives accounted for $37 billion, up $7 billion 

from 2006. Dairy and grain and oilseed cooperatives both had over $12 billion in assets, more than 

3 times the assets of any other type of marketing 

cooperative but only 60 percent of the more than 

$19 billion assets of supply cooperatives. 

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, 

which allows comparison between different sizes and types 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 60 percent for all sizes of cooperatives, up from 55 percent in 2006. 

Smaller cooperatives, especially service, most sugar, and cotton ginning cooperatives had smaller levels of current 

Figure 12–Cooperatives’ Assets, Liabilities, and Net 

 Worth, 1998-2007
16 Cooperative Statistics, 2007

Table 4–Cooperatives’ number of full-time 

employees, 2007-2002 

 

Commodity 2007 2006 2005 2004 2003 2002 

 Thousands

Cotton 1.6 1.7 1.8 1.7 1.9 2.0

Dairy 23.6 22.9 24.4 24.0 23.4 23.7

Fruits and 

 vegetables 14.2 13.4 13.5 14.3 18.4 18.7

Grains and 

 oilseeds 18.3 17.4 17.6 17.5 20.4 18.9

Livestock and 

 poultry 2.3 2.4 1.9 20.6 34.4 34.4

Rice 2.6 2.6 2.4 2.5 2.6 2.5

Sugar 7.5 6.6 6.8 7.1 4.9 4.5

Other marketing 6.8 7.2 7.2 7.8 5.8 6.8

Total marketing 76.9 74.3 75.5 95.3 111.9 111.3

 

Total supply 43.6 44.4 46.0 49.7 48.2 50.7

 

Service 4.7 4.7 3.9 4.4 5.0 4.0

 

Total 125.2 123.4 125.4 149.5 165.1 166.1

assets. Grain and oilseed and larger cooperatives 

tended to have higher levels of current assets.

Investments and Other Assets

Investments were most often in other cooperatives and CoBank, while other assets is a catch-all 

account in this study and, as imagined, contained 

a wide variety of items. Investments plus other assets ranged from 18 percent for small cooperatives 

down to 15 percent for large cooperatives. 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 cooperatives, large fresh fruit and vegetable cooperatives, 

and large livestock marketing cooperatives all had 

low investments—often less than 4 percent. 

Property, Plant, and Equipment

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

are tangible assets used in the cooperative’s operations. By size, PP&E had little range; usually it was 

between 23 and 28 percent of total assets. Ethanol 

cooperatives, large sugar cooperatives, small cotton 

ginning cooperatives, and service 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 will probably be paid within one 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 

by cooperative size were at least 33 percent of total 

assets and grew to 47 percent for larger cooperatives. Product marketing cooperatives tended to 

have higher levels of current liabilities than supply 

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. The first three 

sizes of cooperatives in Table 9 all had at least 8 

percent of their assets financed through long-term 

debt. The fourth size of cooperatives used the most 

debt, financing 16 percent of their assets. Total liabilities were $36 billion, up $8 billion from 2006 

(Table 10). Cooperatives’ total liabilities grew from 

$27 billion in 1998 to $36 billion in 2007. Total liabilities financed 63 percent of total assets in 2007, 

up 5 points from 2006. 

Allocated (or Member) Equities

Comparing allocated equities to total assets determines the percent of the cooperative’s assets owned 

by members. Allocated equity comprised just over 

a third of ownership of all sizes of cooperatives. 

The very largest had both the smallest percentage of 

retained earnings and overall equity. 

Net worth, or member and patron equity, was $21 

billion, up $1 billion from 2006. The proportion of 

total assets financed by member and patron equity 

was 37 percent, down 5 points from 2006. Net 

worth for all marketing cooperatives totaled $12 billion, up $0.5 billion from 2006. Marketing cooperatives accounted for 58 percent of farmer coopera-
Cooperative Statistics, 2007 17

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

farmer cooperatives, by cooperative type, 2007-20061

 

Principal product(s) Total Part-time & 

marketed employees Full-time seasonal

or major function 2007 2006 2007 2006 2007 2006 

 

Products marketed Thousands 

Cotton 2.1 2.0 1.6 1.7 0.5 0.3

Dairy 26.6 25.9 23.6 22.9 3.0 2.9

Fruit and vegetable 30.7 32.8 14.2 13.4 16.6 19.3

Grain and oilseed 24.2 23.2 18.3 17.4 6.0 5.8

Livestock and poultry 3.5 3.5 2.3 2.4 1.1 1.2

Rice 2.9 2.7 2.6 2.6 0.3 0.1

Sugar 12.0 10.1 7.5 6.6 4.4 3.5

Fish 0.9 0.9 0.7 0.7 0.2 0.2

Other marketing2 8.6 9.5 6.1 6.6 2.5 3.0

Marketing 111.6 110.6 76.9 74.3 34.7 36.3

 

Supply 58.6 58.8 43.6 44.4 14.9 14.4

Service 11.3 11.3 4.7 4.7 6.6 6.6

 

Total 181.4 180.7 125.2 123.4 56.2 57.3

1 Totals may not add due to rounding.

2 Includes dry edible bean and pea, nut, tobacco, wool, and other product marketing 

cooperatives.

tives’ combined net worth, the same as 2006. Net 

worth for supply cooperatives totaled $8 billion and 

was 39 percent of the total. For marketing cooperatives, the highest percentage of total assets represented by net worth shown in Figure 13 (51 percent) 

was for other marketing cooperatives. The lowest, 

28 percent, was for dairy cooperatives.

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 by six different sizes. Each item 

in a common-size income statement is represented 

as a percent of total sales (or service). Common-size 

income statements by cooperative type and size are 

presented in Appendix Table 6.

Total (Net) Sales 

Total (net) sales are all 

sales less discounts and 

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 (COGS) 

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 89 percent of net sales. 

COGS can be much lower 

for cooperatives that process 

products or provide technical 

services. Artificial insemination cooperatives, processed 

fruit and vegetable cooperatives, and larger 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, and it is an important operating ratio. A small 

change in the gross margin can tremendously 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 
18 Cooperative Statistics, 2007

cooperatives: they 

provide hauling, storage, grading, delivery, 

custom application, 

record keeping and 

drying, to name some 

of the most common. Other operating 

income is generated 

from sales activities 

and includes income 

from providing financing for sales. 

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 mainly service income and limited sales, 

hence service income ranges from 14 percent to 85 

percent of sales for these cooperatives. 

Figure 13—Percentage of Assets Financed by Net Worth, by Cooperative Type, 2007

0 10 20 30 40 50 60 70

Service

Rice

Supply

Sugar

Cotton

Livestock & Poultry

Fruit & Vegetable

Grain & Oilseed

Dairy

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

Percent

Other Marketing1

 Cooperatives Dollar volume Memberships2 

Sales volume Percent Gross3 Percent Number Percent

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

 

 

Less than 5.0 988 38.1 1,602 1.1 355 14.4

 5 - 9.9 402 15.5 2,677 1.9 211 8.6

 10 - 14.9 220 8.5 2,523 1.8 114 4.6

 15 - 24.9 261 10.1 4,801 3.4 228 9.3

 25 - 49.9 286 11.0 9,099 6.4 290 11.8

 50 - 99.9 177 6.8 11,928 8.4 197 8.0

 100 - 199.9 153 5.9 14,260 10.0 348 14.2

 200 - 499.9 68 2.6 17,119 12.0 161 6.5

 500 - 999.9 20 0.8 13,933 9.8 99 4.0

1,000 & more 19 0.7 64,501 45.3 457 18.6

Total4 2,594 100.0 142,442 100.0 2,460 100.0

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–Farmer cooperatives and memberships, by gross business 

volume, 20071

Figure 13–Percentage of Assets Financed by Net

 Worth, by Cooperative Type, 2007

to be profitable and 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 four points higher for 

the very largest cooperatives than for 

the other sizes. As discussed earlier in 

COGS, those cooperatives with a low 

COGS would have high gross margins. 

Service and Other Operating Income

This consists of any service these 

cooperatives provided. Some cooperatives only provide services such 

as rice driers, cotton gins, storage 

and transportation, locker plants, pest 

management and scouting, and other 

miscellaneous services. Service income 

is important to marketing and supply 
Cooperative Statistics, 2007 19

Table 7–Cooperatives’ gross and net business volumes by commodity, 2007 & 20061

 

Commodity Gross volume Net volume

2007 2006 2007 2006 

Products marketed: Billion $ 

Beans and peas 

 (dry edible) .124 .115 .118 .110

Cotton 3.114 3.493 1.786 2.126

Dairy 37.670 29.029 35.490 27.414

Fruits and 

 vegetables 6.862 7.188 4.293 5.791

Grains and 

 oilseeds2 28.838 21.701 28.349 21.358

Livestock 3.383 3.388 3.215 3.270

Nuts .804 .804 .804 .804

Poultry3 1.360 1.378 1.360 1.378

Rice 1.116 1.066 1.116 1.066

Sugar 4.904 3.735 3.998 2.628

Tobacco .105 .157 .105 .157

Wool and 

 mohair .006 .003 .006 .003

Other 

 marketing4 4.835 4.422 4.712 4.336

Total marketing 93.120 76.480 85.352 70.441

 

Supplies purchased: 

Crop protectants 3.717 3.345 3.140 3.025

Feed 8.645 7.261 7.575 6.330

Fertilizer 7.686 6.605 6.844 5.930

Petroleum 21.616 21.773 14.662 15.172

Seed 2.815 2.351 1.819 1.499

Other supplies5 4.844 4.537 4.255 3.965

Total supplies 49.322 45.872 38.296 35.922

 

Services and 

 other income6 4.133 4.118 4.133 4.118

Total business 146.575 126.470 127.781 110.482 

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 coffee, fish, 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 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, cotton ginning, 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.

Operating Expenses

There are only four accounts for expenses in 

Table 9, wages, depreciation, interest, and all other. 

The wage account includes all employee expenses, 

some of which are salaries and wages, payroll taxes, 

employee insurance, unemployment compensation, 

and pension expense. The all other account would 

include administrative expenses (which are overhead costs associated with a cooperative and indirectly related to revenue production) such as professional services, office supplies, telephone, meetings 

and travel, donations, dues and subscriptions, directors’ fees and expense, and annual meetings. The all 

other account would also include general expenses 

(which are directly related to revenue production) 

such as advertising and promotion, delivery (auto 

and truck), 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. 

Wage expenses were the highest for smaller 

cooperatives and fell as cooperative size increased 

from 12 percent for the smallest cooperatives to 4 

percent for the largest. Wage expenses were higher 

for service cooperatives, as they are generally small 

and lack other sales to spread out wage costs. Artificial insemination cooperatives had wage expenses 

that were over 40 percent of sales, and smaller cotton ginning cooperatives averaged over 20 percent 

of sales. Larger livestock marketing (auctions) and 

ethanol cooperatives had wage expenses averaging 

1 percent of sales.

 Depreciation expenses did not change much 

with cooperative size; their range was just over one, 

ranging from 2 percent for the smallest cooperatives to 1 percent for the largest. Ethanol cooperatives have newer PP&E and a lot of undepreciated 

costs, so they have some of the highest depreciation 

expenses (4 percent) relative to sales. Larger livestock cooperatives had little PP&E, so depreciation 

expenses were low (0.06 percent).

Interest expenses were relatively minor for all 

sizes of cooperatives, comprising less than 1 percent 

of total sales. As noted earlier, interest expenses 

have been increasing as commodity prices have 

increased. To protect themselves from price fluctuations, many cooperatives use hedges in financial 

markets. Commodity prices had a steady upward 
20 Cooperative Statistics, 2007

Table 8–Combined assets for farmer cooperatives, 20071

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 1.188 .024 1.212 2.0

Dairy 161 12.003 .201 12.205 1.6

Fruits and 

 vegetables 162 3.946 .109 4.055 2.7

Grains and 

 oilseeds4 612 10.987 1.018 12.005 8.5

Livestock and 

 poultry 68 .530 .016 .546 3.0

Rice 14 .554 .003 .556 0.5

Sugar 32 2.985 .095 3.081 3.1

Other 

 marketing5 172 3.050 .051 3.101 1.6

Total 

 marketing 1,233 35.243 1.518 36.761 4.1

 

Total supply 1,061 16.743 2.501 19.244 13.0

 

Service 300 .979 .143 1.123 12.8

Total 2,594 52.965 4.162 57.127 7.3

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

 Excludes cottonseed and other oilseed oils and meals. Oilseed oil is included in other 

marketings while meal is included in supplies (feed).

5

 Includes dry edible beans and peas, fish, nuts, tobacco, wool, and other marketing.

trend in 2007, making hedges in the futures market 

more expensive, and cooperatives have been forced 

to borrow funds to finance their investments. 

Other expenses fell as cooperatives grew larger. 

However, there are many different accounts that 

could be included in this other expense category. 

Also included in other expenses were wages, depreciation, and interest 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 could be larger than expected. 

Net Operating Margins

This is gross margins minus 

total expenses but before taxes 

and patronage refunds from other cooperatives, so it is income 

generated by the cooperatives’ 

own operations. Net operating 

margins for all cooperatives in 

2007 was $3.2 billion, excluding inter-cooperative dividends 

and refunds (Table 11). 

Net operating margins as a 

percent of net sales was about 2 

percent for all cooperatives by 

size (Table 9). Ethanol and most 

service cooperatives; rice drier, 

hulling, artificial insemination, 

and cotton ginning, had high 

net operating margins. Dairy cooperatives, rice marketing and 

larger livestock marketing had 

low net operating margins. 

Patronage Income

Refunds received or income 

from other cooperatives resulted 

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 investing in the bank, which was 

usually required in proportion to the funds borrowed.

Patronage refunds received from other cooperatives, including CoBank, totaled $646 million, up 

(30 percent) from $498 million in 2006 (Appendix 

Figure 6). In 1998, refunds from other cooperatives totaled $573 million, or 33 percent of total net 

income. In 2007, refunds had fallen to 17 percent of 

total net income.
Cooperative Statistics, 2007 21

Table 9–Common size analysis by cooperative size, 2007

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

 million $15 million $100 million $500 million million Sizes

Balance sheet Percent of total assets

Current assets 53.85 56.87 60.40 62.42 58.58 59.72

Other assets 9.85 5.02 4.82 4.79 13.29 8.99

Investments 8.51 14.66 10.26 7.22 5.23 7.29

PP&E (net) 27.72 23.45 24.52 25.57 22.89 24.00

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 33.08 40.34 46.95 50.03 47.58 47.41

Total liabilities 44.40 48.77 55.89 66.28 67.33 63.33

Allocated equity 41.18 34.55 25.72 22.09 25.80 25.61

Retained earnings 14.28 16.69 18.33 11.63 6.87 11.05

Total equity 55.54 51.23 44.11 33.72 32.67 36.67

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 84.17 87.64 88.26 87.36 90.90 89.45

Gross margin 15.83 12.56 11.74 12.64 9.10 10.56

 

Service and other income 14.87 7.23 3.73 3.12 0.76 2.21

Gross revenue 30.61 19.72 15.47 15.76 9.86 12.77

Expenses

Wages 12.16 8.18 5.97 5.80 3.66 4.81

Depreciation 2.20 1.62 1.38 1.37 0.86 1.11

Interest 0.92 0.84 0.98 1.19 0.51 0.76

Other 12.87 6.94 5.09 5.96 2.63 4.08

Total expenses 28.07 17.58 13.42 14.33 7.66 10.77

 

Net operating margins 2.57 2.14 2.05 1.44 2.20 2.00

Patronage income 1.54 1.17 0.91 0.67 0.15 0.45

Non-operating income 0.58 0.39 0.57 0.38 0.05 0.00

Net income before taxes 4.77 3.52 3.53 2.48 2.40 2.69

Taxes 0.19 0.20 0.35 0.29 0.17 0.23

Net income 4.57 3.32 3.18 2.19 2.23 2.46

Ratios Percent or number

Current 1.63 1.41 1.29 1.25 1.23 1.26

 

Debt to asset 0.44 0.49 0.56 0.66 0.67 0.63

Debt to equity 0.80 0.95 1.27 1.97 2.06 1.73

Times interest earned 6.19 5.22 4.62 3.08 5.73 4.54

Total asset turnover 1.43 1.91 2.15 2.27 2.86 2.49

Fixed asset turnover 5.16 8.13 8.76 8.89 12.48 10.39

 

Gross profit margin 15.83 12.56 11.74 12.64 9.10 10.56

Return on assets 8.13 8.30 9.67 8.35 8.30 8.60

Return on member equity 15.86 18.31 26.53 22.57 24.69 23.95
22 Cooperative Statistics, 2007

Table 10–Combined balance sheet data for 

farmer cooperatives, 20071

Principal product(s) 

marketed and Total Total Net 

major function Co-ops assets liabilities worth 

 

Products 

marketed: No. Billion dollars

Cotton 12 1.21 .79 .42

Dairy 161 12.20 8.83 3.37

Fruits and 

 vegetables 162 4.06 2.68 1.37

Grains and 

 oilseeds2 612 12.01 8.17 3.84

Livestock and 

 poultry 68 .55 .36 .19

Rice 14 .56 .28 .27

Sugar 32 3.08 1.92 1.16

Other 

 marketing3 172 3.10 1.51 1.59

Total marketing 1,233 36.76 24.55 12.21

 

Total supply 1,061 19.24 11.15 8.09

 

Service 300 1.12 .48 .65

Total 2,594 57.13 36.18 20.95

 

1

 Totals may not add due to rounding.

2

 Excludes cottonseed and other oilseed oils and meals. 

Oilseed oil is included in other marketing, whereas meal is 

included in supplies (feed).

3

 Includes dry edible beans and peas, fish, nuts, tobacco, wool, 

cottonseed, and other marketing.

Table 11–Cooperatives’ net income before 

taxes, 20071

 

Principal product(s) Patronmarketed and Income Net age

major before operating infunction Co-ops taxes margins come2

Products No. Million dollars

marketed:

Cotton 12 95.7 95.2 .5

Dairy 161 347.7 323.1 24.6

Fruits and 

 vegetables 162 417.1 409.4 7.7

Grains and 

 oilseeds2 612 601.5 412.2 189.4

Livestock and 

 poultry 68 39.6 15.6 23.9

Rice 14 33.7 33.4 .3

Sugar 32 116.0 114.6 1.4

Other 

 marketing3 172 304.2 300.7 3.6

Total marketing 1,233 1,955.7 1,704.3 251.3

 

Total supply 1,061 1,717.7 1,348.4 369.3

 

Service 300 156.8 131.6 25.1

Total 2,594 3,830.1 3,184.4 645.8

 

1

 Adjusted for losses and before taxes. Before tax income used 

in this table because historically, after tax net income was not 

collected. Totals may not add due to rounding.

2

 Excludes cottonseed and other oilseed oils and meals. 

Oilseed oil is included in other marketings, whereas meal is 

included in supplies (feed).

3

 Includes dry edible beans and peas, fish, nuts, tobacco, wool, 

Patronage refunds were a little more than 1.5 per- and other marketing.

cent of sales for the smallest cooperatives and fell to 

0.2 percent for the largest (Table 9). Smaller cotton 

ginning cooperatives had patronage refunds of over 

5 percent of sales. Livestock marketing, poultry 

marketing, tobacco marketing, wool marketing, and 

service cooperatives other than cotton ginning had 

virtually no patronage refunds. 

Non-Operating Income

This 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 they 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. Extraordinary items might be 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 0.6 percent of sales.

Net Income Before Taxes

Net income before taxes was a record $3.8 billion, an increase of 21 percent from the $3.2 billion 

in 2006. Net income in 2007 was more than double 
Cooperative Statistics, 2007 23

the $1.7 billion of 1998 (Appendix Table 7 and 

Figure 14). 

Marketing cooperatives’ total net income of $2 

billion was up 31 percent from the $1.5 billion 

generated in 2006. Grain and oilseed cooperatives 

increased their net incomes by more than $200 million, the most of any marketing cooperative. 

Total net income of supply cooperatives was $1.7 

billion in 2007, up 16 percent from $1.5 billion in 

2006 (Figure 15). This accounted for 45 percent of 

0.0

1.0

2.0

3.0

4.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Billion dollars

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

Net Operating Margins

From Other Cooperatives 1

Net Income

Before Taxes

0 005 0001 0051 0002

Rice

Livestock and Poultry

Cotton

Sugar

Service

Dairy

Fruits and Vegetables 

Grains and Oilseeds

Supply

Million Dollars

1 Includes dividends and patronage refunds from other cooperatives and CoBank. 2 Includes dry bean and pea, nut, tobacco, wool and mohair, fishery, and other product marketing cooperatives.

1 Other Marketing2 From Other Cooperatives1

Net Operating Margins

Figure 15–Net Income or Loss, by Type of 

 Cooperative, 2007

Figure 14–Cooperatives’ Net Income Before Taxes,

 1998-2007

cooperatives’ total net income in 2007, 

down from 47 percent in 2006 (Appendix Figure 7). 

Losses totaled $155 million in 2007, 

an 89-percent increase over the $82 

million in losses in 2006. Dairy cooperatives had over 75 percent of the 

losses ($121 million, Appendix Figure 

8). The number of cooperatives with 

losses was down from 263 to 216, or a 

decrease of 18 percent. 

Income Taxes

Cooperatives paid income taxes 

on earnings not allocated to members 

(retained earnings) and on dividend 

payments. The individual cooperative’s 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 nonmembers or retain the income. By size, cooperatives 

paid $330 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 (5 

percent) but fell to 2 percent for cooperatives with sales of $100 million to 

$500 million. The largest cooperatives 

averaged net incomes after taxes of 

2.2 percent of sales. Hulling, rice drier, 

ethanol marketing, cotton ginning, and 

artificial insemination cooperatives all 

had higher than average net incomes while dairy 

and livestock marketing cooperatives had lower 

levels of net income relative to sales. 

Selected Financial Ratios

Financial ratios express relationships between 

items in the balance sheet and income statements of 

a business operation and help in analyzing a cooperative’s economic and financial situation. Ratios 
24 Cooperative Statistics, 2007

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, times interest 

earned, total asset turnover, fixed asset turnover, 

gross profit margin, return on assets, and return on 

member equity. 

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. The current ratio is current assets 

divided by current liabilities. 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 write-downs 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 1.7, meaning current assets exceed current liabilities by less than 1.7 

times. 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 two for these cooperatives: 

small artificial insemination, small processed and 

fresh fruit and vegetable, large poultry, tobacco, 

wool, small transportation, and storage 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 is defined as total debt divided 

by total assets. Elements include long-term liabilities plus short-term liabilities and total assets. Generally, larger cooperatives relied on the use of more 

debt financing. Reducing debt, increasing savings, 

or financing a greater portion of assets with working 

capital may improve this ratio. 

Debt financing was used for about half of assets 

owned by cooperatives up to $100 million in sales 

and rose to 67 percent for the largest cooperatives. 

Service cooperatives (except hulling), artificial insemination, and tobacco marketing cooperatives had 

the lowest use of debt financing. 

Debt-to-equity ratio is calculated by dividing 

total liabilities by total member equity. This 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 cost. Improvement 

may be gained by disposing of unproductive assets 

and using proceeds to liquidate debt, or accelerating 

payments on long-term loans. Other ways include 

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 cooperatives’ size grew, so did their use of 

debt. The ratio was 0.8 for the smallest cooperatives 

and it grew to 2.06 for the largest. Service cooperatives (except hulling), artificial insemination, and 

tobacco marketing cooperatives had the lowest 

ratio. 

Times interest earned ratio is the number of times 

interest expense is covered by earnings. It is calculated by dividing earnings before interest and taxes 

by interest expense. A ratio of 1.0 or more indicates 

the ability of current earnings to pay current interest 

expenses. Lending institutions are more apt to loan 

to cooperatives whose times interest earned ratio is 

more than 1.0 because it shows their ability to pay 
Cooperative Statistics, 2007 25

interest payments. Subsequently, a lending institution may lend funds at lower rates more readily for 

capital improvements. 

Collecting old receivables, improving inventory 

turnover, disposing of assets and reducing debt with 

proceeds, or reducing debt with working capital, 

may improve this ratio. Financially, a high ratio 

affects the return on equity and tends to increase it. 

Operationally, a high ratio reduces interest cost.

 Interest coverage was between six and three 

for all sizes of cooperatives. Some especially high 

values were calculated by cooperative type but 

these values could be influenced by a number of the 

cooperatives in any particular type not breaking out 

interest expenses in their surveys or on their annual 

reports. Artificial insemination, cotton ginning, and 

service cooperatives had the highest ratios.

Activity Ratios

These ratios measure how well cooperatives use 

assets. A low ratio could mean that the cooperative 

was overcapitalized or carrying too much inventory.

Total asset turnover ratio was found by dividing 

sales by total assets. A high ratio favorably influences finances through the reduction of financial 

leverage and/or increased return on equity. A high 

ratio operationally tends to reduce interest costs. 

The ratio grew from 1.4 to 2.9 as cooperatives were 

larger. Dairy cooperatives (except the largest and 

smallest) have a high total asset turnover ratio.

Fixed asset turnover ratio represents sales divided by net PP&E. This ratio is similar to the total-asset turnover ratio and shows how well the cooperative used its fixed assets. This ratio by itself might 

not give a complete picture of the cooperative’s 

financial health. A cooperative with fully depreciated assets would have an artificially high ratio. A 

cooperative that invested heavily in PP&E for future 

expansion will have a temporarily low ratio.

 The measure for this ratio may or may not show 

favorable or unfavorable conditions, but merely 

cooperative conditions. An abnormally high ratio 

usually indicates very old, nearly depreciated fixed 

assets or the leasing of property and equipment. 

Financially, a high ratio is influenced favorably by 

increasing asset use, reducing financial leverage, 

and/or increasing return on equity. Operationally, 

it tends to reduce depreciation and interest costs. It 

may also increase costs related to operating leases, 

personnel and travel, or delivery expenses. This 

ratio may be improved by restricting further investments in fixed assets; redesigning production 

or office facilities to increase the sales generating 

potential of existing space and equipment; and/or 

selling idle machinery and parts, unused vehicles, 

and unnecessary equipment.

The fixed asset turnover ratio was between 5.2 

and 12.5 for all sizes of cooperatives. As with the 

total asset turnover ratio, dairy cooperatives all have 

a high fixed asset turnover ratio. 

Profitability Ratios

Profitabilty 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. Gross profit margin, 

a profitability ratio, was discussed in the income 

statement so will not be reexamined in this section. 

Return on assets measures the rate of return on 

total investment. It is determined by dividing net 

income by total assets and usually is calculated 

before interest and taxes. 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 interest 

cost and financially indicates a comparatively high 

rate of return on assets employed. This ratio rose 

from 8 for the smallest cooperatives to almost 10 

for cooperatives with sales of $15 million to $100 

million and then fell to 8.3 for cooperatives with 

$100 million to $500 million in sales before rising to 9.1 for the largest cooperatives. It is high for 

cotton ginning cooperatives and especially high for 

those cooperatives identified earlier with high net 

incomes as a percentage of sales (hulling cooperatives and ethanol cooperatives).

Return on member equity is net income divided 

by allocated equity. It represents members’ investment in their cooperative and is an important measure of profitability. This ratio is sensitive to the 
26 Cooperative Statistics, 2007

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. Operationally, a high ratio tends to 

reduce interest cost over time but may occur when 

both total debt and interest costs are high. By size, 

the highest return on member equity was over 24 

percent for cooperatives with $15 million to $100 

million in sales and those with sales greater than 

$500 million. Cotton ginning cooperatives, hulling 

cooperatives, and ethanol cooperatives have very 

high returns on member equity. 
Cooperative Statistics, 2007 27

APPENDIX TABLES

Appendix Table 1–Number of cooperatives by major business activity, 2007-1998 

 

Major business activity 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

Products marketed: Number

Bean and pea (dry edible) 6 6 6 6 8 8 9 8 8 8

Cotton 12 13 14 13 14 14 14 14 15 15

Dairy 161 172 193 195 197 198 204 208 221 228

Fruit and vegetable 162 167 188 196 207 212 220 232 231 249

Grain and oilseed1 612 642 683 711 772 769 789 826 896 964

Livestock 56 48 59 63 67 66 70 74 81 80

Nuts 17 17 17 18 17 18 18 18 18 18

Poultry2 12 12 14 17 19 19 19 19 15 18

Rice 14 15 15 15 15 15 15 16 17 17

Sugar3 32 38 47 44 48 48 48 48 48 52

Tobacco 11 15 19 19 21 22 24 25 25 26

Wool and mohair 63 61 71 74 76 78 80 83 84 91

Other marketing 75 74 86 89 90 92 96 101 90 97

Total marketing 1,233 1,280 1,412 1,460 1,551 1,559 1,606 1,672 1,749 1,863

 

Total supplies 1,061 1,090 1,128 1,161 1,156 1,201 1,234 1,277 1,313 1,347

 

Total services 300 305 356 362 379 380 389 397 404 441

Total business 2,594 2,675 2,896 2,983 3,086 3,140 3,229 3,346 3,466 3,651

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.
28 Cooperative Statistics, 2007

Appendix Table 2–Cooperative memberships, by major business activity, 2007-1998 

 

Major business activity 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

Products marketed: Thousands

Bean & pea (dry edible) 1.6 1.6 1.7 1.7 2.1 2.2 2.7 2.8 2.8 2.9

Cotton 41.5 42.7 43.2 43.4 43.4 43.5 45.9 45.4 43.8 41.3

Dairy 67.1 71.4 60.8 71.6 80.8 81.7 91.0 96.9 90.7 92.9

Fruit and vegetable 27.9 28.7 29.8 30.6 32.7 32.5 37.8 41.1 40.9 44.0

Grain and oilseed1 465.9 467.0 479.3 496.1 555.3 542.5 581.5 615.3 657.9 728.7

Livestock 78.2 82.3 82.9 96.0 91.9 94.0 105.3 132.1 137.1 161.5

Nuts 15.4 15.4 15.4 14.6 33.8 35.8 40.1 41.7 43.7 46.0

Poultry2 0.4 0.4 0.4 3.6 26.3 26.1 19.1 29.2 29.2 36.3

Rice 12.1 12.2 12.1 12.1 12.5 12.4 13.9 12.2 11.8 12.9

Sugar3 11.5 11.8 14.8 13.5 13.9 13.9 16.3 15.6 15.7 15.9

Tobacco 66.2 158.6 160.1 161.1 127.4 127.8 165.7 165.9 170.0 172.8

Wool and mohair 10.1 9.8 10.5 11.2 10.9 11.1 12.6 13.0 15.4 17.9

Other marketing 12.0 11.7 21.2 22.6 23.3 25.5 28.0 31.9 23.9 25.3

Total marketing 809.9 913.7 932.2 978.0 1,054.2 1,049.1 1,160.0 1,243.0 1,282.8 1,398.4

 

Total supplies 1,525.9 1,522.4 1,538.3 1,599.7 1,590.4 1,637.1 1,745.8 1,717.8 1,731.4 1,773.7

 

Total services 124.1 133.5 101.2 99.6 113.3 107.4 128.1 124.3 159.1 180.6

Total business 2,459.9 2,569.6 2,571.7 2,677.3 2,758.0 2,793.6 3,033.9 3,085.1 3,173.3 3,352.6

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.
Cooperative Statistics, 2007 29

Appendix Table 3–Cooperatives’ gross business volume, by type of cooperative, 2007-

1998 

Major business activity 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

Products marketed: Billion $

Beans and peas (dry edible) 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2

Cotton 3.1 3.5 3.5 3.3 2.6 2.5 2.5 2.8 2.2 3.0

Dairy 37.7 29.0 31.0 30.7 26.0 25.9 29.4 25.8 28.5 27.8

Fruits and vegetables 6.9 7.2 7.6 7.7 7.5 8.4 9.7 10.1 10.1 9.9

Grains and oilseeds 28.8 21.7 23.0 24.9 23.6 20.1 22.6 22.9 21.7 25.3

Livestock 3.4 3.4 2.3 3.0 6.8 9.9 9.6 8.0 7.4 7.6

Nuts 0.8 0.8 0.8 1.0 0.9 0.9 0.9 0.7 0.9 0.9

Poultry 1.4 1.4 1.2 3.5 2.7 2.5 2.2 2.2 2.2 2.1

Rice 1.1 1.1 1.0 1.0 1.0 0.8 0.8 0.8 0.9 0.9

Sugar 4.9 3.7 3.5 3.6 3.5 2.4 2.7 2.7 2.7 2.7

Tobacco 0.1 0.2 0.2 0.1 0.1 0.2 0.4 0.6 0.3 0.3

Wool and mohair 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other marketing 4.8 4.4 3.9 3.6 2.6 2.8 3.0 3.7 3.5 3.7

Total marketing 93.1 76.5 78.0 82.7 77.2 76.6 84.0 80.4 80.5 84.5

Supplies purchased: 

Crop protectants 3.7 3.3 3.3 3.2 3.2 3.1 3.6 4.0 3.8 4.1

Feed 8.6 7.3 7.0 7.2 7.2 6.7 5.5 6.6 6.4 7.2

Fertilizer 7.7 6.6 6.4 6.1 6.5 5.2 7.4 7.3 7.3 7.8

Petroleum 21.6 21.8 16.3 14.6 12.8 11.4 14.1 13.3 8.1 8.8

Seed 2.8 2.4 2.1 1.9 1.8 1.6 1.5 1.4 1.1 1.0

Other supplies 4.8 4.5 4.2 3.9 4.0 3.6 4.0 4.1 4.3 4.1

Total supplies 49.3 45.9 39.3 37.0 35.5 31.5 36.1 36.8 30.9 33.0

Services and other income 4.1 4.1 4.3 3.7 4.1 3.4 3.5 3.5 3.9 3.5

Total business 146.6 126.5 121.7 123.4 116.9 111.6 123.6 120.7 115.3 121.0 
30 Cooperative Statistics, 2007

Appendix Table 4–Cooperatives’ net business volume, by type of cooperative 2007-1998

- 

Major business activity 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

Products marketed: Billion $

Beans and peas (dry edible) 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2

Cotton 1.8 2.1 3.4 3.2 2.5 2.5 2.4 2.7 2.1 3.0

Dairy 35.5 27.4 28.2 29.1 23.5 23.0 26.2 22.7 26.0 25.3

Fruits and vegetables 4.3 5.8 7.3 6.2 6.9 7.3 8.8 9.6 9.3 9.4

Grains and oilseeds 28.3 21.4 23.0 24.0 20.6 17.5 18.1 18.4 17.1 21.3

Livestock 3.2 3.3 2.3 2.3 6.8 9.9 9.6 8.0 7.3 7.4

Nuts 0.8 0.8 0.8 1.0 0.9 0.9 0.9 0.7 0.9 0.9

Poultry 1.4 1.4 1.1 3.4 2.7 2.4 2.2 2.1 2.2 2.1

Rice 1.1 1.1 0.9 0.9 1.0 0.7 0.8 0.8 0.9 0.9

Sugar 4.0 2.6 3.4 3.5 3.5 2.4 2.6 2.7 2.5 2.4

Tobacco 0.1 0.2 0.2 0.1 0.1 0.2 0.4 0.6 0.3 0.3

Wool and mohair 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other marketing 4.7 4.3 3.7 3.4 2.5 2.6 2.9 3.6 3.1 3.3

Total marketing 85.4 70.4 74.2 77.2 71.0 69.7 75.0 72.1 72.0 76.6

Supplies sold: 

Crop protectants 3.1 3.0 3.0 2.9 2.8 2.7 3.0 3.0 3.0 3.2

Feed 7.6 6.3 5.4 5.1 5.9 5.4 4.0 4.7 4.7 5.4

Fertilizer 6.8 5.9 5.4 5.1 4.6 4.3 5.0 4.6 4.8 5.2

Petroleum 14.7 15.2 9.8 8.9 7.5 7.2 8.4 7.5 6.3 6.6

Seed 1.8 1.5 1.3 1.5 1.2 1.1 1.1 0.9 0.8 0.7

Other supplies 4.3 4.0 3.7 3.4 3.5 3.0 3.3 3.4 3.7 3.5

Total supplies 38.3 35.9 28.4 27.0 25.5 23.7 24.8 24.1 23.2 24.6

 

Services and other income 4.1 4.1 3.9 3.7 4.1 3.4 3.5 3.5 3.9 3.5

Total business 127.8 110.5 106.5 107.9 100.6 96.8 103.3 99.7 99.1 104.7 
Cooperative Statistics, 2007 31

 Assets Investments 

 from own in other Total Total Net 

Year operations cooperatives1 assets liabilities worth 

 Billion dollars

1998 41.884 4.676 46.560 26.606 19.954

1999 42.330 5.352 47.682 27.418 20.263

2000 44.635 5.087 49.722 29.447 20.275

2001 43.285 5.180 48.465 28.317 20.148

2002 41.947 5.539 47.486 27.883 19.602

2003 42.864 4.058 46.922 26.493 20.429

2004 42.356 4.797 47.153 26.766 20.386

2005 42.241 4.337 46.578 27.048 19.530

2006 44.359 3.522 47.882 27.955 19.927

2007 52.965 4.162 57.127 36.178 20.950

 

 Percent of total assets 

1998 90.0 10.0 100.0 57.1 42.9

1999 88.8 11.2 100.0 57.5 42.5

2000 89.8 10.2 100.0 59.2 40.8

2001 89.3 10.7 100.0 58.4 41.6

2002 88.3 11.7 100.0 58.7 41.3

2003 91.4 8.6 100.0 56.5 43.5

2004 89.8 10.2 100.0 56.8 43.2

2005 90.7 9.3 100.0 58.1 41.9

2006 92.6 7.4 100.0 58.4 41.6

2007 92.7 7.3 100.0 63.3 36.7

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

Appendix Table 5–Combined balance sheet data for cooperatives, 1998-2007
32 Cooperative Statistics, 2007

Type of cooperative Artificial Cotton Cotton

 insemination marketing services

Cooperative sales size > $15 < $15 > $50 < $50 

million million million million all sizes

Balance sheet Percent of total assets 

Current assets 54.74 63.54 77.00 62.18 62.80

Other assets 14.80 13.64 2.28 3.21 8.63

Investments 3.14 9.98 2.03 1.36 8.59

PP&E (net) 27.32 12.85 18.70 33.25 19.98

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 28.15 25.37 56.70 46.26 51.91

Total liabilities 34.42 27.14 65.89 57.16 60.15

Allocated equity 38.81 36.33 24.00 25.87 37.50

Retained earnings 26.77 36.53 10.11 16.97 2.36

Total equity 65.58 72.86 34.11 42.84 39.85

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

Cost of goods sold 25.07 32.85 91.32 80.10

Gross margin 74.93 67.15 8.68 19.90

 

Service and other income 11.41 8.42 2.15 0.86 100.00

Gross revenue 86.34 75.57 10.83 20.76 100.00

Expenses

Wages 45.34 40.67 2.19 4.24 19.83

Depreciation 4.42 2.08 0.65 1.41 2.62

Interest 0.88 0.02 0.68 1.23 4.32

Other 27.99 22.06 4.60 5.86 40.52

Total expenses 78.63 64.83 8.13 12.73 67.28

 

Net operating margins 7.71 10.74 2.70 8.03 32.72

Patronage income 0.18 0.52 0.01 0.04 0.31

Non-operating income 1.69 0.97 0.07 0.43 0.33

Net income before taxes 9.58 12.23 2.78 8.50 33.36

Taxes 1.80 1.21 -0.08 -0.01 0.09

Net income 7.78 11.02 2.87 8.51 33.27

Ratios Percent or number

Current 1.95 2.50 1.36 1.34 1.21

 

Debt to asset 0.34 0.27 0.66 0.57 0.60

Debt to equity 0.52 0.37 1.93 1.33 1.51

Times interest earned 11.92 527.04 5.07 7.93 8.73

Total asset turnover 1.26 1.23 2.59 2.34 0.00

Fixed asset turnover 4.62 9.59 13.88 7.05 0.00

 

Gross profit margin 74.93 67.15 8.68 19.90 0.00

Return on assets 13.20 15.10 8.99 22.81 18.30

Return on member equity 25.31 37.38 30.98 77.15 43.09

(continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2007 
Cooperative Statistics, 2007 33

Type of cooperative Cotton ginning

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

million $10 million $5 million million

Balance sheet Percent of total assets 

Current assets 60.21 35.99 38.03 31.95

Other assets 2.88 3.15 6.76 10.07

Investments 11.67 19.06 11.97 8.18

PP&E (net) 25.24 41.79 43.24 49.80

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 43.72 27.52 28.14 23.69

Total liabilities 56.91 45.52 42.23 50.24

Allocated equity 41.89 41.38 47.56 41.45

Retained earnings 1.20 13.10 10.20 8.31

Total equity 43.09 54.48 57.77 49.76

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 91.05 83.75 81.65 82.18

Gross margin 8.95 16.25 18.35 17.82

 

Service and other income 14.21 30.20 61.56 84.79

Gross revenue 23.16 46.45 79.90 102.60

Expenses

Wages 6.80 13.09 21.11 31.22

Depreciation 1.23 4.66 6.64 9.73

Interest 0.90 1.63 1.64 3.77

Other 7.63 24.89 40.11 54.60

Total expenses 16.55 44.27 69.50 99.31

 

Net operating margins 6.61 2.17 10.41 3.29

Patronage income 1.61 5.15 7.25 9.77

Non-operating income 0.56 1.37 1.28 0.89

Net income before taxes 8.78 8.69 18.94 13.96

Taxes 0.03 0.14 0.12 0.01

Net income 8.75 8.55 18.82 13.95

Ratios Percent or number

Current 1.38 1.31 1.35 1.35

 

Debt to asset 0.57 0.46 0.42 0.50

Debt to equity 1.32 0.84 0.73 1.01

Times interest earned 10.79 6.33 12.58 4.71

 

Total asset turnover 2.44 1.26 0.80 0.50

Fixed asset turnover 9.66 3.01 1.84 1.01

 

Gross profit margin 8.95 16.25 18.35 17.82

Return on assets 23.59 12.97 16.39 8.94

Return on member equity 50.93 25.96 31.53 16.97

(continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
34 Cooperative Statistics, 2007

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (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 59.17 64.68 67.28 71.55 60.69

Other assets 21.30 3.47 3.56 2.04 4.44

Investments 1.41 1.36 1.95 5.98 12.84

PP&E (net) 18.12 30.49 27.21 20.42 22.04

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 52.40 57.83 43.18 57.43 55.62

Total liabilities 73.38 69.42 68.76 63.15 62.22

Allocated equity 22.91 27.56 23.88 26.57 31.42

Retained earnings 3.72 3.02 7.35 10.28 6.36

Total equity 26.62 30.58 31.24 36.85 37.78

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 94.21 88.71 91.72 94.66 94.36

Gross margin 5.79 11.29 8.28 5.34 5.64

 

Service and other income 0.27 1.22 0.09 0.64 1.59

Gross revenue 6.07 12.51 8.37 5.98 7.24

Expenses

Wages 3.40 3.39 2.74 1.97 1.91

Depreciation 0.67 0.67 0.63 0.38 0.51

Interest 0.42 0.31 0.49 0.10 0.31

Other 1.12 6.55 3.03 2.54 4.11

Total expenses 5.62 10.93 6.90 4.99 6.83

 

Net operating margins 0.45 1.59 1.47 0.99 0.40

Patronage income 0.06 0.03 0.04 0.05 0.31

Non-operating income 0.12 -0.27 0.06 0.08 0.09

Net income before taxes 0.63 1.35 1.57 1.13 0.80

Taxes 0.12 0.06 0.09 0.06 0.00

Net income 0.51 1.29 1.49 1.07 0.80

Ratios Percent or number 

Current 1.13 1.12 1.56 1.25 1.09

 

Debt to asset 0.73 0.69 0.69 0.63 0.62

Debt to equity 2.76 2.27 2.20 1.71 1.65

Times interest earned 2.49 5.28 4.18 11.93 3.63

 

Total asset turnover 3.19 5.19 4.40 5.90 8.75

Fixed asset turnover 17.59 17.03 16.19 28.89 39.68

 

Gross profit margin 5.79 11.29 8.28 5.34 5.64

Return on assets 3.36 8.63 9.10 7.28 9.70

Return on member equity 7.04 24.33 27.40 23.75 22.28
Cooperative Statistics, 2007 35

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

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 71.25 56.69 60.34 56.62

Other assets 2.52 12.24 9.91 16.86

Investments 12.51 18.35 10.26 0.00

PP&E (net) 13.72 12.71 19.49 26.52

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 57.97 44.74 48.98 50.22

Total liabilities 63.86 49.58 55.13 62.84

Allocated equity 29.70 42.22 35.39 23.83

Retained earnings 6.44 8.20 9.48 13.33

Total equity 36.14 50.42 44.87 37.16

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 94.92 93.61 92.63 92.29

Gross margin 5.08 6.39 7.37 7.71

 

Service and other income 1.47 1.67 3.53 8.63

Gross revenue 6.55 8.06 10.90 16.33

Expenses

Wages 1.88 2.78 3.26 6.34

Depreciation 0.27 0.52 0.61 1.73

Interest 0.20 0.23 0.37 0.78

Other 3.61 3.92 6.55 8.15

Total expenses 5.97 7.46 10.58 17.00

 

Net operating margins 0.58 0.61 0.33 -0.67

Patronage income 0.27 0.29 -0.13 0.01

Non-operating income 0.09 0.46 0.25 0.57

Net income before taxes 0.94 1.36 0.45 -0.09

Taxes 0.03 0.00 0.02 0.00

Net income 0.92 1.36 0.43 -0.09

Ratios Percent or number

Current 1.23 1.27 1.23 1.13

 

Debt to asset 0.64 0.50 0.55 0.63

Debt to equity 1.77 0.98 1.23 1.69

Times interest earned 5.68 6.94 2.22 0.88

 

Total asset turnover 7.90 6.38 4.86 2.36

Fixed asset turnover 57.59 50.19 24.95 8.90

 

Gross profit margin 5.08 6.39 7.37 7.71

Return on assets 9.03 10.17 4.00 1.63

Return on member equity 24.35 20.59 5.93 -0.90

(continued next page)
36 Cooperative Statistics, 2007

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (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 57.40 58.66 57.97 59.15 73.66 62.12

Other assets 5.85 11.51 7.69 5.29 7.96 16.58

Investments 4.29 3.46 2.42 5.28 2.57 0.00

PP&E (net) 32.47 26.37 31.92 30.28 15.81 21.30

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 38.55 43.00 45.64 45.42 54.26 52.82

Total liabilities 61.76 58.61 60.71 53.26 71.68 62.64

Allocated equity 20.64 27.65 28.19 35.28 19.94 24.80

Retained earnings 17.60 13.74 11.10 11.46 8.37 12.56

Total equity 38.24 41.39 39.29 46.74 28.32 37.36

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 76.38 83.86 76.46 83.15 81.04 83.17

Gross margin 23.62 16.14 23.54 16.85 18.96 16.83

 

Service and other income 1.69 5.43 4.37 6.88 20.82 23.02

Gross revenue 25.31 21.58 27.91 23.72 39.78 39.84

Expenses

Wages 13.12 8.99 10.88 9.88 14.35 22.35

Depreciation 1.55 1.29 1.54 1.78 1.65 2.59

Interest 0.63 0.72 1.58 0.58 2.53 0.52

Other 8.66 9.27 11.52 10.02 19.58 13.12

Total expenses 23.96 20.26 25.52 22.26 38.11 38.59

 

Net operating margins 1.35 1.31 2.40 1.47 1.66 1.26

Patronage income 0.10 0.19 0.10 0.38 0.34 0.00

Non-operating income 0.39 0.95 0.29 0.76 2.65 0.34

Net income before taxes 1.84 2.46 2.78 2.60 4.66 1.60

Taxes 0.18 0.23 0.04 0.06 0.10 0.02

Net income 1.65 2.23 2.74 2.55 4.56 1.58

Ratios Percent or number

Current 1.49 1.36 1.27 1.30 1.36 1.18

 

Debt to asset 0.62 0.59 0.61 0.53 0.72 0.63

Debt to equity 1.61 1.42 1.55 1.14 2.53 1.68

Times interest earned 3.92 4.42 2.76 5.46 2.84 4.04

 

Total asset turnover 2.55 2.80 2.68 1.70 0.97 1.48

Fixed asset turnover 7.87 10.60 8.39 5.62 6.13 6.93

 

Gross profit margin 23.62 16.14 23.54 16.85 18.96 16.83

Return on assets 6.29 8.88 11.67 5.43 6.96 3.13

Return on member equity 20.43 22.53 26.01 12.30 22.17 9.40

 
Cooperative Statistics, 2007 37

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

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

Cooperative sales size > $300 $100 to $10 to $1 to Less than

million $300 million $100 million $10 million $1 million 

Balance sheet Percent of total assets

Current assets 54.54 66.52 65.45 78.73 55.24

Other assets 14.78 5.07 4.35 16.93 9.51

Investments 2.02 1.98 6.26 0.34 3.33

PP&E (net) 28.66 26.44 23.93 4.00 31.92

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 36.54 47.03 58.48 68.26 22.23

Total liabilities 66.61 68.43 69.55 75.09 66.51

Allocated equity 26.73 16.33 26.03 22.76 12.50

Retained earnings 6.66 15.24 4.42 2.15 20.99

Total equity 33.39 31.57 30.45 24.91 33.49

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 75.87 80.04 78.08 86.74 69.86

Gross margin 24.13 19.96 21.92 13.26 30.14

 

Service and other income 3.27 0.51 3.48 36.64 0.17

Gross revenue 27.39 20.47 25.40 49.90 30.31

Expenses

Wages 8.68 9.95 9.04 11.59 23.23

Depreciation 2.18 1.85 1.45 1.12 2.75

Interest 1.09 1.20 1.32 1.46 1.91

Other 7.84 4.43 13.37 13.03 1.63

Total expenses 19.78 17.43 25.18 27.20 29.52

 

Net operating margins 7.61 3.04 0.21 22.70 0.79

Patronage income 0.05 0.03 0.61 0.04 0.21

Non-operating income 0.25 0.07 0.51 1.73 0.00

Net income before taxes 7.90 3.15 1.34 24.47 1.00

Taxes -0.12 0.02 -0.01 3.88 0.15

Net income 8.02 3.13 1.35 20.58 0.84

Ratios Percent or number

Current 1.49 1.41 1.12 1.15 2.49

 

Debt to asset 0.67 0.68 0.70 0.75 0.67

Debt to equity 1.99 2.17 2.28 3.02 1.99

Times interest earned 8.24 3.62 2.01 17.81 1.52

 

Total asset turnover 1.83 1.61 1.45 0.60 1.67

Fixed asset turnover 6.40 6.09 6.08 14.94 5.23

 

Gross profit margin 24.13 19.96 21.92 13.26 30.14

Return on assets 16.49 7.01 3.87 15.49 4.85

Return on member equity 55.02 30.86 7.52 54.04 11.27

(continued next page)
38 Cooperative Statistics, 2007

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

Type of cooperative Supply (with 100% supply sales)

Cooperative sales size > $500 $100 million $50 to $30 to $25 to

million to $310 million $100 million $50 million 30 million 

Balance sheet Percent of total assets

Current assets 58.84 58.81 54.53 54.97 50.81

Other assets 17.72 4.70 3.02 2.80 6.46

Investments 9.09 4.84 17.63 17.99 19.15

PP&E (net) 14.35 31.65 24.82 24.24 23.58

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 40.11 45.69 36.64 39.75 38.59

Total liabilities 59.50 62.24 45.49 46.27 48.41

Allocated equity 26.15 24.11 30.55 31.60 32.84

Retained earnings 14.35 13.65 23.96 22.14 18.75

Total equity 40.50 37.76 54.51 53.73 51.59

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 91.54 87.41 86.45 85.47 84.71

Gross margin 8.46 12.59 13.55 14.53 15.29

 

Service and other income 0.78 1.23 3.45 2.56 2.42

Gross revenue 9.24 13.82 17.00 17.09 17.71

Expenses

Wages 4.02 5.94 7.20 7.45 8.02

Depreciation 0.50 1.42 1.17 1.42 1.46

Interest 0.63 0.97 0.70 0.76 0.81

Other 2.14 3.44 4.56 5.50 5.45

Total expenses 7.30 11.76 13.63 15.12 15.74

 

Net operating margins 1.94 2.06 3.37 1.97 1.97

Patronage income 0.89 0.83 1.48 1.70 2.37

Non-operating income 0.05 0.25 0.13 0.16 0.13

Net income before taxes 2.88 3.14 4.98 3.83 4.45

Taxes 0.37 0.63 0.71 0.50 0.43

Net income 2.51 2.51 4.26 3.33 4.02

Ratios Percent or number

Current 1.47 1.29 1.49 1.38 1.32

 

Debt to asset 0.60 0.62 0.45 0.46 0.48

Debt to equity 1.47 1.65 0.83 0.86 0.94

Times interest earned 5.58 4.25 8.07 6.06 6.48

 

Total asset turnover 3.16 2.23 2.49 2.22 2.17

Fixed asset turnover 22.00 7.04 10.02 9.14 9.22

 

Gross profit margin 8.46 12.59 13.55 14.53 15.29

Return on assets 11.09 9.15 14.13 10.16 11.45

Return on member equity 30.31 23.23 34.70 23.33 26.62
Cooperative Statistics, 2007 39

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

Type of cooperative Supply (with 100% supply sales)

Cooperative sales size $20 to $15 to $10 to $5 to $1 to Less than

$25 million $20 million $15 million $10 million $5 million $1 million 

Balance sheet Percent of total assets

Current assets 56.16 50.60 53.72 58.71 54.44 61.91

Other assets 1.69 3.39 2.89 4.91 9.25 11.26

Investments 19.69 20.19 20.43 14.45 16.07 6.39

PP&E (net) 22.46 25.82 22.95 21.93 20.24 20.43

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 42.28 34.13 37.49 34.78 31.22 39.93

Total liabilities 50.65 42.44 43.67 40.97 39.96 50.23

Allocated equity 31.80 36.00 37.11 38.57 42.75 36.76

Retained earnings 17.18 21.55 19.22 20.46 17.29 13.01

Total equity 49.35 57.56 56.33 59.03 60.04 49.77

Total equity and liabilities 100.00 100.00 100.00 100.00 100.00 100.0

Income statement Percent of total sales

Total sales 100.00 100.00 100.00 100.00 100.00 100.00

Cost of goods sold 84.44 85.80 85.34 85.37 85.45 83.96

Gross margin 15.56 14.20 15.93 14.63 14.55 16.04

 

Service and other income 2.38 2.65 3.72 2.93 4.15 6.98

Gross revenue 17.94 16.85 19.65 17.56 18.70 23.01

Expenses

Wages 8.84 8.07 8.61 9.36 10.20 16.02

Depreciation 1.65 1.62 1.62 1.40 1.44 1.37

Interest 0.93 0.64 0.68 0.57 0.70 0.80

Other 5.36 4.89 5.59 4.74 5.35 5.99

Total expenses 16.78 15.22 16.51 16.07 17.71 24.18

 

Net operating margins 1.17 1.62 3.15 1.50 1.01 -1.17

Patronage income 2.07 2.12 1.99 1.37 1.55 0.29

Non-operating income 0.43 0.39 0.23 0.14 0.47 0.31

Net income before taxes 3.67 4.14 4.10 3.01 3.04 -0.57

Taxes 0.40 0.47 0.37 0.26 0.27 0.02

Net income 3.27 3.67 3.73 2.74 2.74 -0.59

Ratios Percent or number

Current 1.33 1.48 1.43 1.69 1.74 1.55

 

Debt to asset 0.51 0.42 0.44 0.41 0.40 0.50

Debt to equity 1.03 0.74 0.78 0.69 0.67 1.01

Times interest earned 4.94 7.50 6.98 6.31 5.34 0.29

 

Total asset turnover 2.04 2.10 1.97 2.02 1.75 1.73

Fixed asset turnover 9.10 8.15 8.58 9.20 8.65 8.46

 

Gross profit margin 15.56 14.20 15.93 14.63 14.55 16.04

Return on assets 9.40 10.05 9.41 7.21 6.55 0.39

Return on member equity 21.01 21.45 19.77 14.34 11.23 -2.78

(continued next page)
40 Cooperative Statistics, 2007

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

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

Cooperative sales size $250 to $100 to $50 to $30 to

$900 million $200 million $100 million $50 million 

Balance sheet Percent of total assets

Current assets 63.63 60.45 58.70 57.99

Other assets 1.45 3.41 4.42 4.46

Investments 11.59 13.88 16.88 13.59

PP&E (net) 23.33 22.26 19.99 23.96

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 47.42 48.58 47.37 43.29

Total liabilities 64.00 59.61 57.49 52.67

Allocated equity 24.99 20.89 21.37 31.05

Retained earnings 11.01 19.50 21.14 16.28

Total equity 36.00 40.39 42.51 47.33

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 89.94 88.49 88.14 86.93

Gross margin 10.06 11.51 11.86 13.07

 

Service and other income 3.38 3.39 4.04 4.30

Gross revenue 13.44 14.90 15.90 17.37

Expenses

Wages 5.61 6.56 7.21 7.97

Depreciation 1.35 1.50 1.42 1.70

Interest 1.36 1.16 1.14 0.94

Other 4.10 4.69 5.24 5.51

Total expenses 12.42 13.91 15.01 16.11

 

Net operating margins 1.02 0.99 0.88 1.26

Patronage income 1.77 1.29 1.52 1.49

Non-operating income 0.63 0.48 0.68 0.41

Net income before taxes 3.43 2.76 3.08 3.15

Taxes 0.51 0.61 0.52 0.31

Net income 2.92 2.15 2.56 2.84

Ratios Percent or number

Current 1.34 1.24 1.24 1.34

 

Debt to asset 0.64 0.60 0.57 0.53

Debt to equity 1.78 1.48 1.35 1.11

Times interest earned 3.51 3.38 3.71 4.37

 

Total asset turnover 2.43 2.31 2.32 2.06

Fixed asset turnover 10.40 10.40 11.62 8.61

 

Gross profit margin 10.06 11.51 11.86 13.07

Return on assets 11.62 9.07 9.81 8.43

Return on member equity 28.34 23.82 27.81 18.83
Cooperative Statistics, 2007 41

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (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 59.91 57.75 60.31 56.08

Other assets 4.57 3.99 2.78 7.48

Investments 15.55 15.20 16.16 10.89

PP&E (net) 19.97 23.06 20.75 25.55

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 47.96 39.68 36.55 33.72

Total liabilities 55.26 46.65 42.06 42.77

Allocated equity 28.56 33.70 34.02 40.36

Retained earnings 16.18 19.64 23.92 17.33

Total equity 44.74 53.35 57.94 57.23

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 88.73 87.28 87.76 86.96

Gross margin 11.27 12.72 11.88 13.04

 

Service and other income 4.04 4.99 4.47 4.88

Gross revenue 15.31 17.71 16.35 16.98

Expenses

Wages 6.96 8.10 7.60 10.26

Depreciation 1.48 1.66 1.62 1.45

Interest 1.03 0.74 0.71 0.66

Other 4.51 5.42 5.70 5.23

Total expenses 13.98 15.98 15.63 17.61

 

Net operating margins 1.33 1.73 0.72 -0.63

Patronage income 1.61 1.32 1.43 0.77

Non-operating income 0.52 0.11 0.28 0.37

Net income before taxes 3.45 3.16 2.79 1.45

Taxes 0.40 0.32 0.22 0.09

Net income 3.05 2.84 2.57 1.36

Ratios Percent or number

Current 1.25 1.46 1.65 1.66

 

Debt to asset 0.55 0.47 0.42 0.43

Debt to equity 1.24 0.87 0.73 0.75

Times interest earned 4.34 5.24 4.93 3.18

 

Total asset turnover 2.10 1.96 2.18 1.90

Fixed asset turnover 10.54 8.50 10.48 7.44

 

Gross profit margin 11.27 12.72 11.88 13.04

Return on assets 9.45 7.66 7.62 4.01

Return on member equity 22.49 16.55 16.45 6.39

(continued next page)
42 Cooperative Statistics, 2007

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

Cooperative sales size $225 to $100 to $50 to $30 to

$450 million $200 million $100 million $50 million

Balance sheet Percent of total assets

Current assets 67.36 63.58 68.66 69.01

Other assets 1.92 10.81 2.01 2.05

Investments 9.30 9.24 10.00 10.11

PP&E (net) 21.43 16.36 19.33 18.83

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 59.00 56.86 57.81 58.65

Total liabilities 72.50 72.21 66.94 65.96

Allocated equity 16.06 16.27 20.39 21.68

Retained earnings 11.45 11.52 12.67 12.36

Total equity 27.50 27.79 33.06 34.04

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 91.31 91.59 91.15 91.84

Gross margin 8.69 8.41 8.85 8.16

 

Service and other income 3.06 5.19 3.70 4.45

Gross revenue 11.75 13.60 12.56 12.61

Expenses

Wages 3.75 4.80 4.81 4.86

Depreciation 1.38 1.27 1.31 1.35

Interest 1.37 1.75 1.27 1.11

Other 4.07 4.43 4.18 4.07

Total expenses 10.56 12.25 11.56 11.48

 

Net operating margins 1.19 1.35 1.00 1.14

Patronage income 1.09 0.84 0.92 0.93

Non-operating income 0.29 0.29 0.73 0.66

Net income before taxes 2.57 2.48 2.65 2.73

Taxes 0.44 0.34 0.42 0.22

Net income 2.13 2.14 2.23 2.52

Ratios Percent or number

Current 1.14 1.12 1.19 1.18

 

Debt to asset 0.72 0.72 0.67 0.66

Debt to equity 2.64 2.60 2.02 1.94

Times interest earned 2.88 2.42 3.09 3.47

 

Total asset turnover 1.90 1.83 2.15 2.05

Fixed asset turnover 8.89 11.21 11.13 10.87

 

Gross profit margin 8.69 8.41 8.85 8.16

Return on assets 7.50 7.76 8.44 7.86

Return on member equity 25.23 24.10 23.51 23.74

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
Cooperative Statistics, 2007 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 65.60 69.29 66.25 67.25 64.88

Other assets 4.11 4.23 5.71 6.45 9.12

Investments 9.33 6.67 7.86 6.94 5.53

PP&E (net) 20.96 19.81 20.18 19.36 20.47

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 53.39 59.21 52.65 49.62 44.99

Total liabilities 60.55 66.35 60.65 56.79 53.38

Allocated equity 25.38 21.21 23.60 26.49 28.90

Retained earnings 14.08 12.44 15.76 16.72 17.72

Total equity 39.45 33.65 39.35 43.21 46.62

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 91.85 91.68 91.86 91.69 90.01

Gross margin 8.15 8.32 8.14 8.31 9.99

 

Service and other income 4.06 4.15 3.85 4.18 4.80

Gross revenue 12.22 12.47 11.76 12.49 14.79

Expenses

Wages 4.78 4.83 5.25 5.38 7.12

Depreciation 1.42 1.52 1.50 1.46 1.45

Interest 0.93 1.10 1.03 0.70 0.70

Other 4.07 4.26 3.64 4.30 4.64

Total expenses 11.19 11.70 11.43 11.69 13.91

 

Net operating margins 1.02 0.77 0.33 0.80 1.17

Patronage income 0.80 0.88 0.76 0.53 0.40

Non-operating income 0.34 0.46 0.29 0.31 0.22

Net income before taxes 2.17 2.10 1.61 1.64 1.50

Taxes 0.19 0.15 0.12 0.05 0.02

Net income 1.98 1.96 1.48 1.59 1.47

Ratios Percent or number

Current 1.23 1.17 1.26 1.36 1.44

 

Debt to asset 0.61 0.66 0.61 0.57 0.53

Debt to equity 1.53 1.97 1.54 1.31 1.14

Times interest earned 3.32 2.92 2.56 3.35 3.13

 

Total asset turnover 2.19 1.96 2.20 2.04 1.99

Fixed asset turnover 10.47 9.90 10.90 10.55 9.74

 

Gross profit margin 8.15 8.32 8.14 8.31 9.99

Return on assets 6.80 6.28 5.80 4.78 4.38

Return on member equity 17.11 18.08 13.81 12.23 10.16

(continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
44 Cooperative Statistics, 2007

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

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

Cooperative sales size $100 to $50 to $30 to $20 to

$250 million $100 million $50 million $30 million

Balance sheet Percent of total assets

Current assets 67.60 68.75 68.89 66.12

Other assets 3.38 2.15 3.57 4.15

Investments 6.34 6.75 5.64 5.43

PP&E (net) 22.68 22.35 21.90 24.31

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 58.78 57.95 55.99 58.10

Total liabilities 70.83 67.83 63.96 66.02

Allocated equity 18.09 19.75 22.22 17.94

Retained earnings 11.08 12.42 13.82 16.03

Total equity 29.17 32.17 36.04 33.98

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 92.59 93.40 92.37 93.87

Gross margin 7.41 6.60 7.63 6.13

 

Service and other income 2.84 2.98 2.56 3.02

Gross revenue 10.25 9.58 10.19 9.15

Expenses

Wages 2.81 3.04 4.31 2.84

Depreciation 1.15 1.06 1.18 1.20

Interest 1.29 1.24 1.15 1.24

Other 3.26 2.51 2.96 2.50

Total expenses 8.50 7.85 9.60 7.78

 

Net operating margins 1.75 1.74 0.58 1.37

Patronage income 0.50 0.41 0.39 0.25

Non-operating income 0.72 0.22 0.26 0.77

Net income before taxes 2.97 2.37 1.23 2.40

Taxes 0.32 0.30 0.13 0.29

Net income 2.65 2.07 1.09 2.11

Ratios Percent or number

Current 1.15 1.19 1.23 1.14

 

Debt to asset 0.71 0.68 0.64 0.66

Debt to equity 2.43 2.11 1.77 1.94

Times interest earned 3.31 2.91 2.06 2.94

 

Total asset turnover 1.98 2.44 2.31 2.30

Fixed asset turnover 8.74 10.93 10.56 9.46

 

Gross profit margin 7.41 6.60 7.63 6.13

Return on assets 8.43 8.83 5.52 8.36

Return on member equity 29.01 25.64 11.40 27.06
Cooperative Statistics, 2007 45

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

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

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

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

Balance sheet Percent of total assets

Current assets 67.86 65.31 65.32 61.53

Other assets 1.44 2.95 5.84 10.03

Investments 5.72 6.45 4.55 3.98

PP&E (net) 24.98 25.28 24.29 24.47

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 57.60 49.25 47.67 45.71

Total liabilities 68.00 55.78 56.65 56.02

Allocated equity 17.13 22.56 23.51 29.49

Retained earnings 14.86 21.66 19.83 14.49

Total equity 32.00 44.22 43.35 43.98

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 94.65 94.47 93.11 91.16

Gross margin 5.35 5.53 6.89 8.84

 

Service and other income 2.65 3.25 3.38 5.91

Gross revenue 8.00 8.78 10.26 14.75

Expenses

Wages 2.56 3.24 3.37 5.36

Depreciation 1.04 1.22 1.12 1.49

Interest 0.93 0.77 0.86 0.80

Other 2.45 2.61 3.66 5.85

Total expenses 6.99 7.84 9.01 13.51

 

Net operating margins 1.01 0.94 1.25 1.24

Patronage income 0.28 0.27 0.14 0.22

Non-operating income 0.17 0.88 0.49 0.08

Net income before taxes 1.45 2.09 1.88 1.53

Taxes 0.09 0.21 0.06 0.01

Net income 1.36 1.88 1.82 1.52

Ratios Percent or number

Current 1.18 1.33 1.37 1.35

 

Debt to asset 0.68 0.56 0.57 0.56

Debt to equity 2.13 1.26 1.31 1.27

Times interest earned 2.56 3.72 3.19 2.90

 

Total asset turnover 2.46 2.62 2.70 1.99

Fixed asset turnover 9.86 10.36 11.13 8.13

 

Gross profit margin 5.35 5.53 6.89 8.84

Return on assets 5.87 7.50 7.41 4.64

Return on member equity 19.56 21.80 20.96 10.23

(continued next page)
46 Cooperative Statistics, 2007

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

Type of cooperative Fish marketing Poultry marketing

Cooperative sales size > $10 $5 to $1 to Less than > $100 < $50 

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

Balance sheet Percent of total assets

Current assets 62.86 34.65 55.92 46.02 64.41 54.72

Other assets 11.70 0.24 0.19 0.18 0.37 12.53

Investments 0.04 0.00 0.00 0.00 1.54 1.36

PP&E (net) 25.40 65.11 43.89 53.80 33.67 31.39

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 50.35 17.61 45.33 34.23 28.63 34.83

Total liabilities 59.10 75.52 66.66 60.02 43.45 44.19

Allocated equity 26.55 22.30 24.72 39.55 16.93 26.93

Retained earnings 14.35 2.12 8.62 0.44 39.62 28.88

Total equity 40.90 23.93 33.34 39.98 56.55 55.81

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 79.51 74.55 85.57 86.96 86.69 74.27

Gross margin 20.49 25.45 14.43 13.04 13.31 25.73

 

Service and other income 2.75 5.89 1.14 3.20 12.48 0.63

Gross revenue 22.81 25.91 15.52 17.73 25.79 26.35

Expenses

Wages 13.90 7.41 5.13 8.53 5.63 10.93

Depreciation 1.28 2.92 0.86 0.90 0.96 1.08

Interest 0.85 0.40 0.57 0.52 0.59 0.13

Other 5.77 15.67 7.09 7.64 17.56 13.52

Total expenses 21.80 26.39 13.65 17.59 24.74 25.65

 

Net operating margins 1.02 -0.49 1.88 0.14 1.05 0.70

Patronage income 0.00 0.02 0.05 0.10 3.25 0.05

Non-operating income 0.44 5.44 0.04 0.00 1.25 0.01

Net income before taxes 1.46 4.95 1.97 0.24 5.55 0.76

Taxes 0.02 0.00 0.14 0.00 0.06 -0.11

Net income 1.44 4.97 1.84 0.24 5.49 0.87

Ratios Percent or number

Current 1.25 1.97 1.23 1.34 2.25 1.57

 

Debt to asset 0.59 0.76 0.67 0.60 0.43 0.44

Debt to equity 1.45 3.18 2.00 1.50 0.77 0.79

Times interest earned 2.72 13.43 4.45 1.47 10.34 6.93

 

Total asset turnover 2.50 2.39 7.51 1.88 3.38 2.04

Fixed asset turnover 9.86 3.67 17.12 3.49 10.03 6.49

 

Gross profit margin 20.49 25.45 14.43 13.04 13.31 25.73

Return on assets 5.78 12.76 19.13 1.42 20.75 1.81

Return on member equity 13.58 53.22 55.85 1.14 109.41 6.57
Cooperative Statistics, 2007 47

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)

Type of cooperative Livestock marketing

Cooperative sales size > $300 $60 to $15 to $5 to $1 to Less than

million $100 million $45 million $10 million $5 million $1 million

Balance sheet Percent of total assets

Current assets 82.43 89.35 61.96 66.76 50.97 60.86

Other assets 2.20 2.68 6.98 11.67 20.56 15.44

Investments 5.69 1.97 0.07 0.00 8.78 0.05

PP&E (net) 9.68 6.00 30.99 21.57 19.70 23.65

Total assets 100.00 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 69.12 69.34 49.62 38.25 35.37 49.08

Total liabilities 81.52 78.30 75.75 46.23 40.10 59.62

Allocated equity 10.19 16.49 12.71 41.08 44.30 25.25

Retained earnings 8.29 5.21 11.54 12.69 15.60 15.14

Total equity 18.48 21.70 24.25 53.77 59.90 40.38

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 99.30 98.57 90.97 96.79 87.35 88.08

Gross margin 0.70 1.43 9.03 3.21 12.65 11.92

 

Service and other income 1.07 3.68 3.44 3.17 4.80 6.25

Gross revenue 1.76 5.11 12.47 6.38 17.45 18.16

Expenses

Wages 0.84 1.79 6.16 2.17 7.95 8.81

Depreciation 0.06 0.19 1.17 0.60 0.93 1.19

Interest 0.28 1.65 0.60 0.29 0.42 0.56

Other 0.53 0.66 4.41 3.02 7.23 6.64

Total expenses 1.71 4.29 12.34 6.08 16.53 17.20

 

Net operating margins 0.06 0.82 0.13 0.30 0.92 0.96

Patronage income 0.03 0.05 0.19 0.00 0.00 0.04

Non-operating income 0.12 0.16 0.04 0.03 0.24 0.02

Net income before taxes 0.20 1.02 0.36 0.32 1.16 1.02

Taxes 0.00 0.27 0.08 0.00 0.00 0.00

Net income 0.20 0.76 0.28 0.32 1.16 1.02

Ratios Percent or number

Current 1.19 1.29 1.25 1.75 1.44 1.24

 

Debt to asset 0.82 0.78 0.76 0.46 0.40 0.60

Debt to equity 4.41 3.61 3.12 0.86 0.67 1.48

Times interest earned 1.73 1.62 1.60 2.11 3.77 2.82

 

Total asset turnover 15.59 1.79 3.22 10.88 3.64 0.88

Fixed asset turnover 161.02 29.80 10.40 50.42 18.46 3.74

 

Gross profit margin 0.70 1.43 9.03 3.21 12.65 11.92

Return on assets 7.56 4.79 3.08 6.70 5.75 1.40

Return on member equity 30.99 8.20 7.12 8.59 9.52 3.57

 (continued next page)
48 Cooperative Statistics, 2007

Type of cooperative Dry bean and pea marketing Nut marketing Ethanol mktg.

Cooperative sales size > $15 < $8 > $25 < $15 

million million million million All sizes

Balance sheet Percent of total assets

Current assets 75.47 71.44 62.45 43.31 25.91

Other assets 0.07 0.11 12.16 5.83 0.73

Investments 6.49 1.95 1.72 1.05 2.26

PP&E (net) 17.97 26.50 23.67 49.81 71.10

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 65.32 47.21 41.71 34.55 17.50

Total liabilities 68.91 53.68 65.66 64.89 34.61

Allocated equity 25.97 25.76 23.51 29.10 33.56

Retained earnings 5.12 20.56 10.84 6.01 31.83

Total equity 31.09 46.32 34.34 35.11 65.39

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 85.83 75.87 78.03 74.25 73.72

Gross margin 14.17 24.13 21.97 25.75 26.28

 

Service and other income 0.51 13.54 0.00 11.24 1.30

Gross revenue 14.69 37.66 21.97 36.99 27.58

Expenses

Wages 7.38 17.58 10.46 14.82 1.37

Depreciation 1.86 3.40 1.04 2.97 3.56

Interest 1.21 2.17 2.01 1.63 0.76

Other 3.32 14.27 7.25 9.08 2.99

Total expenses 13.78 37.42 20.75 28.50 8.68

 

Net operating margins 0.91 0.24 1.22 8.50 18.90

Patronage income 0.48 0.00 0.11 0.05 0.00

Non-operating income 0.65 1.82 1.36 0.19 1.87

Net income before taxes 2.04 2.06 2.69 8.74 20.77

Taxes 0.03 -1.24 0.32 0.04 1.10

Net income 2.01 3.29 2.38 8.69 19.67

Ratios Percent or number

Current 1.16 1.51 1.50 1.25 1.48

 

Debt to asset 0.69 0.54 0.66 0.65 0.35

Debt to equity 2.22 1.16 1.91 1.85 0.53

Times interest earned 2.68 1.95 2.34 6.37 28.41

 

Total asset turnover 1.45 1.03 1.91 1.40 1.33

Fixed asset turnover 8.07 3.90 8.06 2.81 1.88

 

Gross profit margin 14.17 24.13 21.97 25.75 26.28

Return on assets 4.72 4.36 8.96 14.52 28.71

Return on member equity 11.26 13.20 19.27 41.87 78.19

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
Cooperative Statistics, 2007 49

Type of cooperative Rice marketing Tobacco marketing Wool marketing

Cooperative sales size > $100 < $35 > $ 5 < $5

million million million million All sizes 

Balance sheet Percent of total assets

Current assets 57.89 84.90 57.99 78.77 34.36

Other assets 1.33 3.94 38.53 2.51 53.19

Investments 0.37 3.15 0.00 0.00 0.00

PP&E (net) 40.41 8.01 3.48 18.73 12.45

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 38.94 66.58 20.44 6.07 17.07

Total liabilities 49.64 79.05 20.65 9.57 37.55

Allocated equity 44.50 23.88 8.78 82.03 39.56

Retained earnings 5.86 -2.93 70.57 8.40 22.89

Total equity 50.36 20.95 79.35 90.43 62.45

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 71.86 85.83 93.49 58.22 62.75

Gross margin 28.14 14.17 6.51 41.78 37.25

 

Service and other income 3.02 3.29 1.42 12.70 3.46

Gross revenue 31.16 17.46 7.93 54.48 40.70

Expenses

Wages 10.61 2.60 3.59 8.55 7.41

Depreciation 1.92 0.25 0.40 1.86 0.61

Interest 0.47 0.12 2.96 0.29 0.03

Other 16.97 4.32 7.14 39.45 30.22

Total expenses 29.97 7.28 14.10 50.16 38.13

 

Net operating margins 1.19 10.17 -6.17 4.32 2.58

Patronage income 0.02 0.00 0.00 0.00 0.00

Non-operating income 0.13 0.08 13.29 3.39 0.00

Net income before taxes 1.34 10.25 7.12 7.71 2.58

Taxes 0.03 0.02 1.19 2.55 0.00

Net income 1.30 10.23 5.93 5.16 2.58

Ratios Percent or number

Current 1.49 1.28 2.84 12.97 2.01

 

Debt to asset 0.50 0.79 0.21 0.10 0.38

Debt to equity 0.99 3.77 0.26 0.11 0.60

Times interest earned 3.86 88.38 3.41 27.16 80.81

 

Total asset turnover 2.60 3.29 0.23 0.15 0.69

Fixed asset turnover 6.43 41.05 6.57 0.83 5.53

 

Gross profit margin 28.14 14.17 6.51 41.78 37.25

Return on assets 4.68 34.09 2.30 1.24 1.80

Return on member equity 7.61 140.86 15.43 0.97 4.49

(continued next page)

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
50 Cooperative Statistics, 2007

Type of cooperative Sugar marketing

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

million $200 million $100 million $21 million 

Balance sheet Percent of total assets

Current assets 37.74 40.28 31.36 62.82

Other assets 21.12 2.41 2.36 14.92

Investments 0.85 12.48 4.12 0.00

PP&E (net) 40.30 44.83 62.16 22.27

Total assets 100.00 100.00 100.00 100.00

 

Current liabilities 34.88 37.47 28.48 48.29

Total liabilities 66.20 52.17 42.39 59.42

Allocated equity 37.06 39.38 53.29 24.21

Retained earnings -3.26 8.45 4.31 16.38

Total equity 33.80 47.83 57.61 40.58

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 74.88 70.66 73.27 94.00

Gross margin 25.12 29.34 26.73 6.00

 

Service and other income 5.43 4.96 0.13 3.35

Gross revenue 30.55 34.30 26.85 9.36

Expenses

Wages 11.33 8.44 10.14 3.28

Depreciation 3.41 2.60 2.17 0.39

Interest 2.01 1.69 2.11 0.19

Other 10.41 19.33 11.12 4.76

Total expenses 27.18 32.06 25.53 8.61

 

Net operating margins 3.37 2.24 1.32 0.74

Patronage income 0.03 0.00 0.12 0.00

Non-operating income -1.18 0.43 1.72 0.02

Net income before taxes 2.23 2.68 3.16 0.76

Taxes 0.04 0.01 0.26 0.00

Net income 2.18 2.67 2.90 0.76

Ratios Percent or number

Current 1.08 1.07 1.10 1.30

 

Debt to asset 0.66 0.52 0.42 0.59

Debt to equity 1.96 1.09 0.74 1.46

Times interest earned 2.11 2.58 2.50 5.07

 

Total asset turnover 1.50 1.90 1.74 3.85

Fixed asset turnover 3.73 4.23 2.79 17.29

 

Gross profit margin 25.12 29.34 26.73 6.00

Return on assets 6.38 8.29 9.15 3.65

Return on member equity 8.86 12.83 9.45 12.09

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
Cooperative Statistics, 2007 51

Type of cooperative Rice drier Transportation Storage Hulling

Cooperative sales size > $1 < $ 1

All sizes million million All sizes All sizes

Balance sheet Percent of total assets

Current assets 37.32 44.38 44.48 50.07 44.77

Other assets 0.39 1.81 4.55 4.43 4.61

Investments 0.00 2.00 1.79 0.00 0.02

PP&E (net) 62.28 51.81 49.17 45.50 50.60

Total assets 100.00 100.00 100.00 100.00 100.00

 

Current liabilities 31.89 29.51 21.63 18.10 32.75

Total liabilities 31.95 37.97 24.75 22.87 49.77

Allocated equity 63.32 49.40 68.20 64.87 41.30

Retained earnings 4.73 12.63 7.05 12.26 8.93

Total equity 68.05 62.03 75.25 77.13 50.23

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 100.20 100.00 100.00 100.00 100.00

Expenses

Wages 22.56 28.42 46.73 28.74 19.74

Depreciation 5.54 6.00 5.78 1.46 5.27

Interest 0.10 0.43 0.64 0.30 1.10

Other 39.34 59.79 43.76 53.32 40.19

Total expenses 67.54 94.64 96.91 83.83 66.30

 

Net operating margins 32.46 5.36 3.09 16.17 33.70

Patronage income 0.00 0.30 0.20 0.00 0.00

Non-operating income 1.13 0.62 0.79 0.05 0.25

Net income before taxes 33.58 6.28 4.08 16.21 33.95

Taxes 0.00 0.01 0.00 0.33 0.45

Net income 33.58 6.27 4.08 15.88 33.51

Ratios Percent or number

Current 1.17 1.50 2.06 2.77 1.37

 

Debt to asset 0.32 0.38 0.25 0.23 0.50

Debt to equity 0.47 0.61 0.33 0.30 0.99

Times interest earned 339.90 15.51 7.39 54.49 31.79

 

Return on assets 25.13 17.98 4.28 11.05 37.55

Return on member equity 39.57 34.01 5.42 16.38 86.89

Appendix table 6–Common size analysis, by cooperative type and size, 2007 (continued)
52 Cooperative Statistics, 2007

Appendix Table 7–Net income of cooperatives, 1998-20071

 

 Net operating From other

Year margins cooperatives2 Total

 

 Million dollars

1998 1,169 573 1,742

1999 945 384 1,328

2000 1,041 235 1,276

2001 1,039 318 1,357

2002 847 362 1,210

2003 1,013 92 1,105

2004 1,993 335 2,328

2005 2,147 401 2,548

2006 2,665 498 3,163

2007 3,184 646 3,830

 

 

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. 
Cooperative Statistics, 2007 53

APPENDIX FIGURES

Appendix Figure 1—Distribution of Cooperatives by Type, 2007

Supply

40.9%

 Dairy

6.2%

 Fruit & Vegetable 

6.3%

 Other Marketing

8.4%

 Livestock & 

Poultry

2.6%

 Cotton

0.5%

 Grain & Oilseed

23.6%

Service

11.6%

Percentages are based on a total of 2,594 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, 2007

0

1

2

3

4

5

6

7

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

Million

Memberships

Farms

Appendix Figure 2–U.S. Farms and Cooperative Memberships, 1979-2007
54 Cooperative Statistics, 2007

Appendix Figure 3—Distribution of Full-Time Employees by Cooperative Type, 2007

Other Marketing1

5.7%

Supply

34.9%

Service

3.7%

Cotton

1.3%

Fruit & Vegetable

11.3%

Livestock & 

Poultry

1.9%

Sugar

6.0%

Grain & Oilseed

14.6%

Dairy

18.9%

Rice

2.0%

Percentages are based on a total of 125.1 thousand 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 Cooperatives Type, 2007

Appendix Figure 4—Cooperatives’ Gross and Net Business Volumes, 1979-2007

0

25

50

75

100

125

150

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

Billion dollars

Gross1

Net2

2 Excludes inter-cooperative business.

1 Includes inter-cooperative business.

Appendix Figure 4–Cooperatives’ Gross and Net Business Volumes, 1979-2007
Cooperative Statistics, 2007 55

Appendix Figure 5—Cooperatives’ Net Business Volume, 1979-2007

0

10

20

30

40

50

60

70

80

90

100

110

120

130

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

1

 Total includes value of related services and other income.

Billion dollars

Total

1

Marketing

Supply

Appendix Figure 5–Cooperative’s Net Business Volume, 1979-2007

Appendix Figure 6—Cooperatives’ Investments in Other Cooperatives and 

Patronage Refunds Received From Other Cooperatives,1 1998-2007

0

1

2

3

4

5

6

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

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, 1998-2007
56 Cooperative Statistics, 2007

0 10 20 30 40 50

Supply

Grains and Oilseeds

Fruits and Vegetables

Dairy

Service

Sugar

Cotton

Livestock and Poultry

Rice

Percent of total 

Percentage based on net income before taxes of $3.8 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, by Cooperative Type, 2007

0 10 20 30 40 50 60 70 80 90

 Dairy

 Grain & Oilseed

Supply

Service

 Fruit & Vegetable

 Cotton

 Livestock & Poultry

 Rice

 Sugar

Percent of total 

Percentage based on total losses of $155 million. 

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

Other Marketing1

Appendix Figure 8–Distribution Losses, by Cooperatives Type, 2007