The Benson Corn Pool, Inc., was formed to assist members of the Chippewa Valley Agrafuels Cooperative in the purchase of corn to satisfy the members’ sale and delivery obligations to the Cooperative.
The Benson Corn Pool, Inc., has entered into an administrative management services agreement with the Chippewa Valley Ethanol Co., LLLP (CVEC) to handle the purchase of the corn for BCP and any day to day administrative duties required by BCP.
Once the sale and delivery of corn has been made to the Cooperative, the Cooperative is obligated to sell and deliver the corn purchased from its members to CVEC for processing into ethanol and other products.
The Benson Corn Pool, Inc., establishes an enrollment fee each year. This enrollment fee is paid by the members before the upcoming fiscal year delivery period commences.
Enrollment into the Benson Corn Pool, Inc., is done annually. All cooperative members are notified by mail of the annual enrollment period, at which time the appropriate forms will be mailed to the member. Members are allowed to add and remove bushels at enrollment time and are also allowed to remove bushels at the end of each trimester.
At the end of each fiscal year, the Benson Corn Pool, Inc., requires the members to reimburse the yearly loss in order to begin the next fiscal year delivery requirements to the Chippewa Valley Agrafuels Cooperative.
Each BCP member must sign the following agreements to become a BCP member:
° Agreement to form corporation and purchase share of stock
° Security agreement and assignment
° Corn pool purchasing agreement