Golden Growers Cooperative (GGROU) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 07, 2019
Document and Entity Information
Entity Registrant Name	Golden Growers Cooperative
Entity Central Index Key	0001489874
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,490,480
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and Cash Equivalents	$ 3,508	$ 2,403
Short-Term Investments	489	2,758
Other Current Assets	58	244
Total Current Assets	4,055	5,405
Long-Term Investments	4,505	2,163
Investment in ProGold Limited Liability Company	18,359	18,481
Total Assets	26,919	26,049
Current Liabilities:
Accounts Payable	2	1
Accrued Liabilities	2,169	212
Total Current Liabilities	2,171	213
Members' Equity
Membership Units, Authorized 60,000,000 Units, Issued and Outstanding 15,490,480 as of September 30, 2019 and December 31, 2018	24,748	25,836
Total Members' Equity	24,748	25,836
Total Liabilities and Members' Equity	$ 26,919	$ 26,049

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2019	Dec. 31, 2018
BALANCE SHEETS
Membership Units, Authorized	60,000,000	60,000,000
Membership Units, Issued	15,490,480	15,490,480
Membership Units, Outstanding	15,490,480	15,490,480

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATIONS
Corn Revenue	$ 12,081	$ 10,956	$ 42,425	$ 38,675
Corn Expense	(12,097)	(10,971)	(42,470)	(38,720)
Net Income from ProGold Limited Liability Company	1,642	1,474	5,954	5,086
General & Administrative Expenses	(122)	(117)	(437)	(407)
Net Income from Operations	1,504	1,342	5,472	4,634
Other Income	46	19	132	55
Net Income Before Income Tax	1,550	1,361	5,604	4,689
Net Income	$ 1,550	$ 1,361	$ 5,604	$ 4,689
Weighted Average Shares/Units Outstanding	15,490,480	15,490,480	15,490,480	15,490,480
Earnings per Share/Membership Unit
Primary and Fully Diluted (In dollars per share)	$ 0.10	$ 0.09	$ 0.36	$ 0.30

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Comprehensive Income
Net income	$ 1,550	$ 1,361	$ 5,604	$ 4,689
Comprehensive Income	$ 1,550	$ 1,361	$ 5,604	$ 4,689

STATEMENTS OF CHANGES IN MEMBER

STATEMENTS OF CHANGES IN MEMBERS' EQUITY $ in Thousands	USD ($)
BALANCE at Dec. 31, 2017	$ 26,246
Increase (Decrease) in Stockholders' Equity
Net income	4,689
Distribution to Members	(6,831)
BALANCE at Sep. 30, 2018	24,104
BALANCE at Jun. 30, 2018	24,910
Increase (Decrease) in Stockholders' Equity
Net income	1,361
Distribution to Members	(2,167)
BALANCE at Sep. 30, 2018	24,104
BALANCE at Dec. 31, 2018	25,836
Increase (Decrease) in Stockholders' Equity
Net income	5,604
Distribution to Members	(6,692)
BALANCE at Sep. 30, 2019	24,748
BALANCE at Jun. 30, 2019	25,366
Increase (Decrease) in Stockholders' Equity
Net income	1,550
Distribution to Members	(2,168)
BALANCE at Sep. 30, 2019	$ 24,748

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities
Net income	$ 5,604,000	$ 4,689,000
Net (Income) from ProGold Limited Liability Company	(5,954,000)	(5,086,000)
Changes in assets and liabilities
Other Current Assets	186,000	206,000
Accrued liabilities and payables	(211,000)	(225,000)
Net Cash Used in Operating Activities	(375,000)	(416,000)
Cash Flows from Investing Activities
(Purchase) Sale of Investments	(72,000)
Distribution Received from ProGold LLC	6,076,000	6,193,000
Net Cash Provided in Investing Activities	6,004,000	6,193,000
Cash Flows from Financing Activities
Member Distributions Paid	(4,524,000)	(4,663,000)
Net Cash Used by Financing Activities	(4,524,000)	(4,663,000)
Increase (Decrease) in Cash and Cash Equivalents	1,105,000	1,114,000
Cash and Cash Equivalents, Beginning of Period	2,403,000	6,261,000
Cash and Cash Equivalents, End of Period	3,508,000	7,375,000
Non-Cash Financing Activity
Accrued Distributions Payable to Members	$ 2,169,000	$ 2,169,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2019
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The condensed financial statements of Golden Growers Cooperative (the “Cooperative”) for the three and nine-month periods ended September 30, 2019 and 2018 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, 2018. The results of operations for the three and nine-month periods ended September 30, 2019 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2019.

EXPENSES

EXPENSES	9 Months Ended
	Sep. 30, 2019
EXPENSES
EXPENSES	NOTE 2 – EXPENSES The Cooperative contracts with Cargill, Incorporated (“Cargill”) in connection with the procurement of corn and other agency services for an annual fee of $60,000, which is paid by the Cooperative to Cargill in quarterly installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold Limited Liability Company (“ProGold LLC”), which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.

PROGOLD LIMITED LIABILITY COMPA

PROGOLD LIMITED LIABILITY COMPANY	9 Months Ended
	Sep. 30, 2019
PROGOLD LIMITED LIABILITY COMPANY
PROGOLD LIMITED LIABILITY COMPANY	NOTE 3 – PROGOLD LIMITED LIABILITY COMPANY The Cooperative has a 49% ownership interest in ProGold LLC. Following is summary financial information for ProGold LLC, which was derived from the interim September 30 and year end December 31 financial statements of ProGold LLC: September 30, December 31, (In Thousands) 2019 2018 2018 Current Assets $ 248 $ 564 $ 245 Long-Term Assets 39,316 38,889 38,643 Total Assets $ 39,564 $ 39,453 $ 38,888 Current Liabilities $ 54 $ 485 $ 5 Long-Term Liabilities 2,042 875 1,167 Total Liabilities 2,096 1,360 1,172 Members’ Equity 37,468 38,093 37,716 Total Liabilities and Members’ Equity $ 39,564 $ 39,453 $ 38,888 Rent Revenue on Operating Lease $ 14,768 $ 13,153 $ 17,571 Expenses 2,617 2,773 3,440 Net Income $ 12,151 $ 10,380 $ 14,131

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2019
INVESTMENTS
INVESTMENTS	NOTE 4 – INVESTMENTS The Cooperative has determined fair value of its investments held to maturity based on Level 2 inputs. September 30, 2019: Level 1 Level 2 Level 3 Total US Treasury Note $ — $ $ — $ 250 Corporate Bonds — — 4,340 Money Market & CD’s — 489 — 489 $ — $ 5,079 $ — $ 5,079 December 31, 2018: Corporate Bonds $ — $ $ — $ 2,164 Money Market & CD’s — 2,758 — 2,758 $ — $ 4,922 $ — $ 4,922 Net Carrying Fair Amount Value Due in 1 year or less $ 1,052 $ 1,054 Due in 2 to 5 years 3,453 3,536 Due in 6 to 10 years - - $ 4,505 $ 4,590 The Coopertive’s investments held to maturity are as follows as of September 30, 2019 and December 31, 2018: Amortized Unrealized Unrealized Cost Gains Losses Fair Value September 30, 2019: US Treasury Note $ $ $ — $ 250 Corporate Bonds — 4,340 Money Market & CD’s — — 489 $ 4,994 $ 85 $ — $ 5,079 December 31, 2018: Corporate Bonds $ $ $ (1) $ 2,164 Money Market & CD’s — — 2,758 $ 4,921 $ 2 $ (1) $ 4,922 Maturities are as follows as of September 30, 2019: Less than 1 year 1 to 5 Years Total Coporate Bonds $ 803 3,453 $ 4,256 US Treasury Note 249 — 249 $ 1,052 $ 3,453 $ 4,505

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019 and September 30, 2018 (in thousands) : September 30, September 30, 2019 2018 Interest Cost $ 24 $ 26 Expected Return on Plan Assets (29) (39) Amortization of Net (Gain) Loss 58 — Net Periodic Pension Cost $ 53 $ (13) Through the nine months ended September 30, 2019, the Cooperative has made $0 in contributions as compared to $4,000 through the nine months ended September 30, 2018. The Cooperative does not anticipate making a contribution in 2019. Contributions in 2018 totaled $4,000.

CHANGE IN ACCOUNTING STANDARDS

CHANGE IN ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2019
CHANGE IN ACCOUNTING STANDARDS
CHANGE IN ACCOUNTING STANDARDS	NOTE 6 – CHANGE IN ACCOUNTING STANDARDS Leases - In February 2016, the Financial Accounting Standards Board (“FASB”) issued a standard related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. The standard was effective for the Cooperative beginning January 1, 2019. The standard did not have a significant impact on the Cooperative’s financial statements. Revenue Recognition - On January 1, 2018, the Cooperative adopted ASU 2014-09, Revenues from Contracts with Customers. The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Cooperative determined that the timing, pattern and amount of revenue recognized under the new standard is substantially the same as previously recognized by the Cooperative. Annually, the Cooperative is required to deliver approximately 15,490,480 bushels of corn to Cargill for processing at the ProGold LLC wet-milling facility. To fulfill that requirement, the Cooperative’s members are contractually obligated to annually deliver corn to the Cooperative by either Method A or Method B or a combination of both. Under Method A, a member is required to physically deliver corn to the Cooperative and under Method B a member appoints the Cooperative as its agent to arrange for the acquisition and delivery of corn on the member’s behalf. The Cooperative contractually appoints Cargill as its agent to arrange for the delivery of the corn by its members who elect to deliver corn using Method A and to acquire corn on its behalf for its members who elect to deliver corn using Method B. In exchange for these services, the Cooperative pays an annual fee of $60,000, paid in quarterly installments. Members who deliver corn under Method A are paid the market price or contracted price for their corn at the time of delivery, as well as an incentive payment of $.05 per bushel. Cargill pays the aggregate purchase price for corn purchased from the Cooperative’s members to the Cooperative and then, on the Cooperative’s behalf, makes individual payments for corn and incentive payments directly to the Cooperative’s members. If a Method A member fails to fully satisfy the corn delivery requirement, Cargill purchases replacement corn. If the market price or contracted price for corn at the time delivery was due was less than the price of the replacement corn, the Cooperative reimburses Cargill for the difference. The Method A member who fails to deliver corn is then invoiced by the Cooperative for the price of the replacement corn. Members who elect Method B to deliver corn pay the Cooperative a $.02 per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. The price per bushel paid to such member is equal to the price per bushel paid by Cargill to acquire the corn as the Cooperative’s agent. Because Cargill purchases the corn on behalf of Method B delivering members, the purchase price for the corn that would be paid to the Cooperative’s members if they actually delivered the corn offsets against the payment to be made by the Cooperative to Cargill for the cost to purchase the corn, thus no payment is made from Cargill to the Cooperative for corn delivered using Method B. The Cooperative has determined Corn Expense for Method B deliveries based on the average quarterly cost per bushel paid by Cargill to the Cooperative’s members for Method A quarterly deliveries. The incentive payment and agency fee are also a component of Corn Expense. The Cooperative’s Board of Directors has the discretion to change the incentive payment and the agency fee based on the Cooperative’s corn delivery needs. For the three month periods ended September 30, 2019 and 2018, the Cooperative recognized corn revenue of $12.1 million and $11.0 million, respectively. For the nine month periods ended September 30, 2019 and 2018, the Cooperative recognized corn revenue of $42.4 million and $38.7 million, respectively. Disaggregated revenue for the three month periods ended September 30, 2019 and 2018 is as follows: revenue from Method A deliveries totaled $1.4 million and $2.2 million respectively; revenue from Method B deliveries totaled $10.7 million and $8.8 million, respectively. Disaggregated revenue for the nine month periods ended September 30, 2019 and 2018 is as follows: revenue from Method A deliveries totaled $12.2 million and $11.3 million respectively; revenue from Method B deliveries totaled $30.2 million and $27.4 million, respectively. Financial Instruments – Recognition, Measurement, Presentation, and Disclosure – On January 1, 2018, the Cooperative adopted ASU 2016-01 related to certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The adoption of the standard did not have a significant impact on the Cooperative’s financial statements.

DISTRIBUTIONS TO MEMBERS

DISTRIBUTIONS TO MEMBERS	9 Months Ended
	Sep. 30, 2019
DISTRIBUTIONS TO MEMBERS
DISTRIBUTIONS TO MEMBERS	NOTE 7 – DISTRIBUTIONS TO MEMBERS On February 28, 2019, the Cooperative made distributions to its members totaling $2,354,553, or $0.152 per outstanding membership unit. On June 18, 2019, the Cooperative made distributions to its members totaling $2,168,667 or $0.14 per outstanding membership unit. At its September meeting, the Cooperative’s Board of Directors authorized a distribution to its members totaling $2,168,667, or $0.14 per outstanding membership unit, to be paid in October 2019. On October 10, 2019 the Cooperative made the distribution to its members.

LINE OF CREDIT

LINE OF CREDIT	9 Months Ended
	Sep. 30, 2019
LINE OF CREDIT.
LINE OF CREDIT	NOTE 8 – LINE OF CREDIT The Cooperative established a $2,000,000 line of credit with a variable interest rate based on the prime rate that was scheduled to terminate on October 16, 2019. This line of credit has been extended to October 16, 2020. The line of credit is secured by the investment management agency account for Golden Growers maintained by Bell Bank. There is no outstanding balance as of September 30, 2019 or December 31, 2018.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES The Cooperative contracts with Cargill in connection with the procurement of corn and other agency services for an annual fee of $60,000, which is paid by the Cooperative to Cargill in quarterly installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold LLC, which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 financial statements and concluded that no subsequent events have occurred that would require recognition in the September 30, 2019 financial statements.

PROGOLD LIMITED LIABILITY COM_2

PROGOLD LIMITED LIABILITY COMPANY (Tables)	9 Months Ended
	Sep. 30, 2019
PROGOLD LIMITED LIABILITY COMPANY
Schedule of financial information for ProGold LLC	September 30, December 31, (In Thousands) 2019 2018 2018 Current Assets $ 248 $ 564 $ 245 Long-Term Assets 39,316 38,889 38,643 Total Assets $ 39,564 $ 39,453 $ 38,888 Current Liabilities $ 54 $ 485 $ 5 Long-Term Liabilities 2,042 875 1,167 Total Liabilities 2,096 1,360 1,172 Members’ Equity 37,468 38,093 37,716 Total Liabilities and Members’ Equity $ 39,564 $ 39,453 $ 38,888 Rent Revenue on Operating Lease $ 14,768 $ 13,153 $ 17,571 Expenses 2,617 2,773 3,440 Net Income $ 12,151 $ 10,380 $ 14,131

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
INVESTMENTS
Schedule of fair value of investments held to maturity based on level 2 inputs	The Cooperative has determined fair value of its investments held to maturity based on Level 2 inputs. September 30, 2019: Level 1 Level 2 Level 3 Total US Treasury Note $ — $ $ — $ 250 Corporate Bonds — — 4,340 Money Market & CD’s — 489 — 489 $ — $ 5,079 $ — $ 5,079 December 31, 2018: Corporate Bonds $ — $ $ — $ 2,164 Money Market & CD’s — 2,758 — 2,758 $ — $ 4,922 $ — $ 4,922
Schedule of investments held to maturity	Net Carrying Fair Amount Value Due in 1 year or less $ 1,052 $ 1,054 Due in 2 to 5 years 3,453 3,536 Due in 6 to 10 years - - $ 4,505 $ 4,590
Schedule of gain (loss) on investments	The Coopertive’s investments held to maturity are as follows as of September 30, 2019 and December 31, 2018: Amortized Unrealized Unrealized Cost Gains Losses Fair Value September 30, 2019: US Treasury Note $ $ $ — $ 250 Corporate Bonds — 4,340 Money Market & CD’s — — 489 $ 4,994 $ 85 $ — $ 5,079 December 31, 2018: Corporate Bonds $ $ $ (1) $ 2,164 Money Market & CD’s — — 2,758 $ 4,921 $ 2 $ (1) $ 4,922
Schedule of maturities	Maturities are as follows as of September 30, 2019: Less than 1 year 1 to 5 Years Total Coporate Bonds $ 803 3,453 $ 4,256 US Treasury Note 249 — 249 $ 1,052 $ 3,453 $ 4,505

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2019
EMPLOYEE BENEFIT PLANS.
Components of Net Periodic Benefit Cost	The following schedules provide the components of Net Periodic Benefit Cost for the nine months ended September 30, 2019 and September 30, 2018 (in thousands) : September 30, September 30, 2019 2018 Interest Cost $ 24 $ 26 Expected Return on Plan Assets (29) (39) Amortization of Net (Gain) Loss 58 — Net Periodic Pension Cost $ 53 $ (13)

EXPENSES (Details)

EXPENSES (Details)	Jan. 01, 2018USD ($)installment
EXPENSES
Annual contractual payments to Cargill to arrange for the delivery of the corn and other agency services | $	$ 60,000
Number Of Installments | installment	4

PROGOLD LIMITED LIABILITY COM_3

PROGOLD LIMITED LIABILITY COMPANY (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Financial information for ProGold LLC
Current Assets	$ 248	$ 564	$ 245
Long-Term Assets	39,316	38,889	38,643
Total Assets	39,564	39,453	38,888
Current Liabilities	54	485	5
Long-Term Liabilities	2,042	875	1,167
Total Liabilities	2,096	1,360	1,172
Members' Equity	37,468	38,093	37,716
Total Liabilities and Members' Equity	39,564	39,453	38,888
Rent Revenue on Operating Lease	14,768	13,153	17,571
Expenses	2,617	2,773	3,440
Net Income	$ 12,151	$ 10,380	$ 14,131
ProGold LLC
ProGold Limited Liability Company
Ownership percentage in joint venture	49.00%

INVESTMENTS - (Details)

INVESTMENTS - (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments
Fair Value	$ 5,079	$ 4,922
Level 2
Investments
Fair Value	5,079	4,922
US Treasury Note
Investments
Fair Value	250
US Treasury Note | Level 2
Investments
Fair Value	250
Corporate Bonds
Investments
Fair Value	4,340	2,164
Corporate Bonds | Level 2
Investments
Fair Value	4,340	2,164
Money Market & CD’s
Investments
Fair Value	489	2,758
Money Market & CD’s | Level 2
Investments
Fair Value	$ 489	$ 2,758

INVESTMENTS - Net Carrying Amou

INVESTMENTS - Net Carrying Amount (Details) $ in Thousands	Sep. 30, 2019USD ($)
Net Carrying Amount
Due in 1 year or less	$ 1,052
Due in 2 to 5 years	3,453
Total	4,505
Fair Value
Due in 1 year or less	1,054
Due in 2 to 5 years	3,536
Total	$ 4,590

INVESTMENTS - Investments held

INVESTMENTS - Investments held to maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments
Amortized Cost	$ 4,994	$ 4,921
Unrealized Gains	85	2
Unrealized Losses		(1)
Fair Value	5,079	4,922
US Treasury Note
Investments
Amortized Cost	249
Unrealized Gains	1
Fair Value	250
Corporate Bonds
Investments
Amortized Cost	4,256	2,163
Unrealized Gains	84	2
Unrealized Losses		(1)
Fair Value	4,340	2,164
Money Market & CD’s
Investments
Amortized Cost	489	2,758
Fair Value	$ 489	$ 2,758

INVESTMENTS - Maturities (Detai

INVESTMENTS - Maturities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Investments
Less than 1 year	$ 1,052
1 to 5 years	3,453
Total	4,505
Corporate Bonds
Investments
Less than 1 year	803
1 to 5 years	3,453
Total	4,256
US Treasury Note
Investments
Less than 1 year	249
Total	$ 249

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2012USD ($)employee	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Components of Net Periodic Benefit Cost
Interest Cost		$ 24,000	$ 26,000
Expected return on plan assets		(29,000)	(39,000)
Amortization of net (gain) loss		58,000
Net periodic pension cost.		$ 53,000	(13,000)
Cooperative contributions				$ 0	$ 4,000
Number of new employees eligible under the plan | employee	0
Anticipated contributions	$ 0		$ 4,000		$ 4,000

CHANGE IN ACCOUNTING STANDARDS

CHANGE IN ACCOUNTING STANDARDS (Details) $ in Thousands	Jan. 01, 2018installment$ / bu	Sep. 30, 2019USD ($)item
Revenue from Contract with Customer [Abstract]
Annual delivery of bushels of corn | item		15,490,480
Number Of Installments | installment	4
Incentive Payment Per Bushel to Members on Delivery of Corn under Method A	0.05
Annual Cooperative fee for corn delivery | $		$ 60,000
Payment for Corn Delivered Using Method B	0.02

CHANGE IN ACCOUNTING STANDARD_2

CHANGE IN ACCOUNTING STANDARDS - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue
Corn Revenue	$ 12,081	$ 10,956	$ 42,425	$ 38,675
Method A
Revenue
Total	1,400	2,200	12,200	11,300
Method B
Revenue
Total	$ 10,700	$ 8,800	$ 30,200	$ 27,400

DISTRIBUTIONS TO MEMBERS (Detai

DISTRIBUTIONS TO MEMBERS (Details) - USD ($)	Jun. 18, 2019	Feb. 28, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
DISTRIBUTIONS TO MEMBERS
Member distributions paid	$ 2,168,667	$ 2,354,553		$ 4,524,000	$ 4,663,000
Distribution to members per outstanding membership unit (in dollars per unit)	$ 0.140	$ 0.152
Authorized distribution			$ 2,168,667	$ 2,169,000	$ 2,169,000
Distribution to members per outstanding membership unit to be paid (in dollars per unit)			$ 0.14

LINE OF CREDIT (Details)

LINE OF CREDIT (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
LINE OF CREDIT.
Line of credit maximum borrowing capacity	$ 2,000,000	$ 2,000,000
Line of credit	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jan. 01, 2018USD ($)installment
COMMITMENTS AND CONTINGENCIES.
Annual contractual payments to Cargill for procurement of corn | $	$ 60,000
Number Of Installments | installment	4

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
SUBSEQUENT EVENTS
Authorized distribution	$ 2,168,667	$ 2,169,000	$ 2,169,000
Distribution declared (in dollars per unit)	$ 0.14