Golden Growers Cooperative (GGROU) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	11-May-15
Document and Entity Information
Entity Registrant Name	Golden Growers Cooperative
Entity Central Index Key	1489874
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,490,480
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current Assets:
Cash and Cash Equivalents	$1,553	$2,483
Short-Term Investment	220	218
Prepaid Expenses	297	220
Total Current Assets	2,070	2,921
Property and Equipment, Net	4	4
Investment in ProGold Limited Liability Company	30,037	31,344
Total Assets	32,111	34,269
Current Liabilities:
Accounts Payable	78
Accrued Liabilities	143	216
Total Current Liabilities	221	216
Members' Equity
Membership Units, Authorized 60,000,000 Units, Issued and Outstanding 15,490,480 as of June 30, 2014 and December 31, 2013	31,890	34,053
Total Members' Equity	31,890	34,053
Total Liabilities and Members' Equity	$32,111	$34,269

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical)	Mar. 31, 2015	Dec. 31, 2014
BALANCE SHEETS
Membership Units, Authorized	60,000,000	60,000,000
Membership Units, Issued	154,490,480	154,490,480
Membership Units, Outstanding	15,490,480	15,490,480

STATEMENTS_OF_OPERATIONS_AND_C

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATIONS
Corn Revenue	$19,005	$20,854
Corn Expense	-19,027	-20,876
Net Income from ProGold Limited Liability Company	1,324	1,355
General & Administrative Expenses	-213	-210
Net Income from Operations	1,089	1,123
Interest Income	2	3
Net Income Before Income Tax	1,091	1,126
Net Income	1,091	1,126
Weighted Average Units Outstanding	15,490,480	15,490,480
Earnings per Membership Unit
Primary and Fully Diluted (in dollars per share)	$0.07	$0.07
COMPREHENSIVE INCOME
Net Income	1,091	1,126
Comprehensive Income	$1,091	$1,126

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities
Net Income	$1,091,000	$1,126,000
Net (Income) from ProGold Limited Liability Company	-1,324,000	-1,355,000
Changes in Assets and Liabilities
Short-Term Investments.	-2,000
Prepaids and Other Current Assets	-77,000	9,000
Accounts Payable	78,000	23,000
Accrued Liabilities	-73,000	105,000
Net Cash Used by Operating Activities	-307,000	-92,000
Cash Flows from Investing Activities
Distribution received from ProGold LLC	2,631,000	2,632,000
Net Cash Provided by Investing Activities	2,631,000	2,632,000
Cash Flows from Financing Activities
Member distributions paid	-3,254,000	-3,099,000
Net Cash Used by Financing Activities	-3,254,000	-3,099,000
Increase in Cash and Cash Equivalents	-930,000	-559,000
Cash and Cash Equivalents, Beginning of Period	2,483,000	2,483,000
Cash and Cash Equivalents, End of Period	$1,553,000	$2,595,000

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION
BASIS OF PRESENTATION
	NOTE 1 — BASIS OF PRESENTATION
	The financial statements of the Golden Growers Cooperative (the “Cooperative”) for the three-month periods ended March 31, 2015 and 2014 are unaudited and reflect all adjustments consisting of normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim period. The condensed financial statements should be read in conjunction with the financial statements and notes thereto, contained in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The results of operations for the three-month period ended March 31, 2015, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2015.

EXPENSES

EXPENSES	3 Months Ended
	Mar. 31, 2015
EXPENSES
EXPENSES
	NOTE 2 — EXPENSES
	The Cooperative contracts with Cargill, Incorporated in connection with the procurement of corn and other agency services which include payments of $92,000 annually and terminates on December 31, 2017.

PROGOLD_LIMITED_LIABILITY_COMP

PROGOLD LIMITED LIABILITY COMPANY	3 Months Ended
	Mar. 31, 2015
PROGOLD LLC
PROGOLD LIMITED LIABILITY COMPANY
	NOTE 3 — PROGOLD LIMITED LIABILITY COMPANY
	The Cooperative has a 49% ownership interest in ProGold Limited Liability Company (“ProGold LLC”).  Following is summary financial information for ProGold LLC, which were derived from the monthly unaudited financial statements of ProGold LLC:
		March 31,				December 31,
	(In Thousands)	2015		2014		2014
	Current Assets	$	2,816	$	683	$	2,375
	Long-Term Assets	61,803		69,740		65,019
	Total Assets	$	64,619	$	70,423	$	67,394
	Current Liabilities	$	2,619	$	435	$	2,627
	Long-Term Liabilities	700		1,100		800
	Total Liabilities	3,319		1,535		3,427
	Members’ Equity	61,300		68,888		63,967
	Total Liabilities and Members’ Equity	$	64,619	$	70,423	$	67,394
	Rent Revenue on Operating Lease	$	5,650	$	5,698	$	24,125
	Expenses	2,948		2,932		11,919
	Net Income	$	2,702	$	2,766	$	12,206

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2015
INVESTMENTS
INVESTMENTS
	NOTE 4 — INVESTMENTS
	Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  Quoted market prices are generally not available for the Company’s financial instruments.  Fair values are based on judgments regarding anticipated cash flows, future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors.  These estimates involve uncertainties and matters of judgment, and therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.
	The Cooperative has determined fair value of its investments held to maturity based on Level 1 inputs.  The Cooperative’s investments held to maturity are as follows as of March 31, 2015 and December 31, 2014 (in thousands):
		Amortized		Gross		Gross		Fair
		Cost		Unrealized		Unrealized		Value
				Gains		Losses
	March 31, 2015:
	Money Market & CD’s	$	220	$	—	$	—	$	220
	December 31, 2014:
	Money Market & CD’s	$	218	$	—	$	—	$	218

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2015
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS
	NOTE 5 — EMPLOYEE BENEFIT PLANS
	Pension Plan — In December 2012, The Cooperative approved a change to freeze the Cooperative’s defined benefit plan. As a result, no additional benefits will accrue to participants in the plan and no new employees are eligible for the plan.
	The following schedules provide the components of Net Periodic Benefit Cost for the three-months ended March 31, 2015 and March 31, 2014 (in thousands):
		March 31,			March 31,
		2015			2014
	Service Cost	$	—		$	—
	Interest Cost	39			10
	Expected return on plan assets	(48		)	(15		)
	Amortization of net (gain) loss	—			—
	Net periodic pension cost	$	(9	)	$	(5	)
	Through the three-months ended March 31, 2015, the Cooperative has made $0contributions as compared to $48,000 through the three-months ended March 31, 2014.  The Cooperative anticipates making $25,000 in contributions in 2015.  Contributions in 2014 totaled $74,000.

RECENTLY_ISSUED_ACCOUNTING_PRO

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2015
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
	NOTE 6 — RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
	The Cooperative has not been impacted by any new Accounting Pronouncements since the filing of its most recent Annual Report on Form 10-K.

CHANGE_IN_ACCOUNTING_STANDARDS

CHANGE IN ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2015
CHANGE IN ACCOUNTING STANDARDS
CHANGE IN ACCOUNTING STANDARDS
	NOTE 7 — CHANGE IN ACCOUNTING STANDARDS
	The Cooperative has not been impacted by any changes in Accounting Standards since the filing of its most recent 10-K.

DISTRIBUTIONS_TO_MEMBERS

DISTRIBUTIONS TO MEMBERS	3 Months Ended
	Mar. 31, 2015
DISTRIBUTIONS TO MEMBERS
DISTRIBUTIONS TO MEMBERS
	NOTE 8 — DISTRIBUTIONS TO MEMBERS
	On February 23, 2015, the Cooperative made distributions to its members totaling $3,253,001 or $.21 per outstanding membership unit.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
	NOTE 9 — COMMITMENTS AND CONTINGENCIES
	The Cooperative contracted with Cargill, Incorporated in connection with the procurement of corn which includes payments of $92,000 annually and terminates December 31, 2017.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
	NOTE 10 — SUBSEQUENT EVENTS
	The Cooperative has evaluated events through the date the financial statements were issued for potential recognition or disclosure in the March 31, 2015 financial statements.

PROGOLD_LIMITED_LIABILITY_COMP1

PROGOLD LIMITED LIABILITY COMPANY (Tables)	3 Months Ended
	Mar. 31, 2015
PROGOLD LLC
Schedule of financial information for ProGold LLC
		March 31,				December 31,
	(In Thousands)	2015		2014		2014
	Current Assets	$	2,816	$	683	$	2,375
	Long-Term Assets	61,803		69,740		65,019
	Total Assets	$	64,619	$	70,423	$	67,394
	Current Liabilities	$	2,619	$	435	$	2,627
	Long-Term Liabilities	700		1,100		800
	Total Liabilities	3,319		1,535		3,427
	Members’ Equity	61,300		68,888		63,967
	Total Liabilities and Members’ Equity	$	64,619	$	70,423	$	67,394
	Rent Revenue on Operating Lease	$	5,650	$	5,698	$	24,125
	Expenses	2,948		2,932		11,919
	Net Income	$	2,702	$	2,766	$	12,206

INVESTMENTS_Tables

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
INVESTMENTS
Schedule of investments held to maturity	The Cooperative’s investments held to maturity are as follows as of March 31, 2015 and December 31, 2014 (in thousands):
		Amortized		Gross		Gross		Fair
		Cost		Unrealized		Unrealized		Value
				Gains		Losses
	March 31, 2015:
	Money Market & CD’s	$	220	$	—	$	—	$	220
	December 31, 2014:
	Money Market & CD’s	$	218	$	—	$	—	$	218

EMPLOYEE_BENEFIT_PLANS_Tables

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
EMPLOYEE BENEFIT PLANS
Components of Net Periodic Benefit Cost
	The following schedules provide the components of Net Periodic Benefit Cost for the three-months ended March 31, 2015 and March 31, 2014 (in thousands):
		March 31,			March 31,
		2015			2014
	Service Cost	$	—		$	—
	Interest Cost	39			10
	Expected return on plan assets	(48		)	(15		)
	Amortization of net (gain) loss	—			—
	Net periodic pension cost	$	(9	)	$	(5	)

EXPENSES_Details

EXPENSES (Details) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2015	Mar. 31, 2015
EXPENSES
Annual contractual payments to Cargill for procurement of corn	$92,000	$92,000

PROGOLD_LIMITED_LIABILITY_COMP2

PROGOLD LIMITED LIABILITY COMPANY (Details) (ProGold Limited Liability Company, USD $)	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
ProGold Limited Liability Company
ProGold Limited Liability Company
Interest ownership (as a percent)	49.00%			49.00%
Financial information for ProGold LLC
Current Assets	$2,816	$2,375	$683	$2,816	$2,375	$683
Long-Term Assets	61,803	65,019	69,740	61,803	65,019	69,740
Total Assets	64,619	67,394	70,423	64,619	67,394	70,423
Current Liabilities	2,619	2,627	435	2,619	2,627	435
Long-Term Liabilities	700	800	1,100	700	800	1,100
Total Liabilities	3,319	3,427	1,535	3,319	3,427	1,535
Members' Equity	61,300	63,967	68,888	61,300	63,967	68,888
Total Liabilities and Members' Equity	64,619	67,394	70,423	64,619	67,394	70,423
Rent Revenue on Operating Lease	5,650	24,125	5,698
Expenses	2,948	11,919	2,932
Net Income	$2,702	$12,206	$2,766

INVESTMENTS_Details

INVESTMENTS (Details) (Money Market & CD's, Level 1 inputs, USD $)	Dec. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Money Market & CD's | Level 1 inputs
Investments held to maturity
Amortized Cost	$218	$220
Fair Value	$218	$220

EMPLOYEE_BENEFIT_PLANS_Details

EMPLOYEE BENEFIT PLANS (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Components of Net Periodic Benefit Cost
Interest Cost	$39,000	$10,000
Expected return on plan assets	-48,000	-15,000
Net Periodic Pension Cost	-9,000	-5,000
Cooperative contributions	0	48,000	74,000
Cooperative anticipated contributions			$25,000

DISTRIBUTIONS_TO_MEMBERS_Detai

DISTRIBUTIONS TO MEMBERS (Details) (USD $)	0 Months Ended	3 Months Ended
	Feb. 23, 2015	Mar. 31, 2015	Mar. 31, 2014
DISTRIBUTIONS TO MEMBERS
Member distributions paid	($3,253,001)	($3,254,000)	($3,099,000)
Distribution to members per outstanding membership unit (in dollars per unit)	$0.21

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2015	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES
Annual contractual payments to Cargill for procurement of corn	$92,000	$92,000