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University of Wisconsin Center for Cooperatives
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Financial Management of Cooperatives
Also see Management, Risk Management, or a specific type of cooperative

Access to Capital and Firm-Level Investment Behavior in Food Industries: A Comparison of Cooperatives and Publicly Traded Firms
By Fabio Chaddad and Thomas Heckelei
Selected Paper
Annual Meeting of American Agricultural Economics Association
Montreal, Quebec, Canada, July 27-30, 2003

Accounting Standards and Co-operatives ,
Co-operative Federation of Victoria Ltd
2003

Agricultural Cooperatives and Risk Management: Impact on Financial Performance
By Mark Manfredo, Timothy Richards, Scott McDermott
Selected Paper
American Agricultural Economics Association - 2003

Alternative Patronage Refund Mechanism
By Kimberly Zeuli,
NCR-194 Research on Cooperatives Annual Conference Presentation November 2002.

Analysis of Income Statements of Local Farm Supply and Marketing Cooperatives
Research Report 134. 33 pgs. 1994. David S. Chesnick and E. Eldon Eversull
USDA Rural Development

Analysis of Income Statements of Local Farm Supply and Marketing Cooperatives
Research Report 154. 31 pgs. 1997. Eldon Eversull and Beverly L. Rotan
USDA Rural Development

An Analysis of the Relationship between Communications Policies and Member Commitment to Cooperatives.
by David Trechter and Robert P King. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000.

Annual Audits Board Responsibilities
CIR 41. 17 pgs. Reprinted 1995. Rosemary K. Mahoney
USDA Rural Development

Asset growth for largest co-ops shows resilience to declining revenues
by David S. Chesnick, Rural Cooperatives January/February 2000

Balance Sheet Ratios and Analysis for Cooperatives
A Review from the Center for Cooperatives

The Bankruptcy of Tri Valley Growers: What Went Wrong and What Can We Learn From It?
Himawan Hariyoga and Richard J. Sexton, ARE Update, Vol.7, No.6, July/Aug, 2004

Base Capital Financing of Cooperatives
By Robert C. Rathbone and Donald R. Davidson; USDA Rural Development

California co-ops struggle to cope with the state's energy crisis
by Catherine Merlo, Rural Cooperatives March/April 2001

Capital Formation in Agricultural Cooperatives in Developing Countries: Research Issues, Findings and Policy Implications for Cooperatives and Donors
Summary of an analytical paper
by J.D. Von Pischke, FAO Cooperative Finance Consultant (UN) FAO

Capital Structure in Agricultural Cooperatives: U.S. and Israel,
Zvi Lerman and Claudia Parliament, Agricultural Cooperatives in Transition

Changes in Financial Profile of Cooperatives Handling Grain: First Handlers With $5 Million or More in Sales in 1985 and 1983
Research Report 76. 42 pgs. 1988. David E, Cummins and Francis P. Yager
USDA Rural Development

A closer look at grain co-op mergers and acquisitions, 1993-97
by Anthony Crooks, Rural Cooperatives November/December 2000

Comparative Performance of Agricultural Cooperatives and Investor-Owned Firms,
Shermain D. Hardesty and Vikas D. Salgia, Department of Agricultural and Resource Economics, University of California, Davis, 2004

Consolidation of Balance Sheet Components During Cooperative Mergers
Research Report 139. 32 pgs. 1995. James Wadsworth and David Chesnick
USDA Rural Development

Co-op Success and Failure: Finance Remains an Issue,
Christopher Gunn, Paper prepared for the 2004 Conference of the International Association For the Economics of Participation, Saint Mary's University, Halifax, Nova Scotia

Cooperative Equity Retirement: Some Guidelines and Practices
by Michael L. Cook, Richard Vilstrup, Frank Groves
February, 1980.
UWCC Occasional Paper No. 3.

Cooperative Employee Compensation
Research Report 114. 34 pgs. 1993. Beverly Rotan
USDA Rural Development

Cooperative Farm Bargaining and Price Negotiation
CIR 26. 194 pgs. Reprinted 1988. Ralph B. Bunje
USDA Rural Development

Cooperative Financing and Taxation
CIR 1 Section 9. 26 pgs. Revised 1995. Robert C. Rathbone
USDA Rural Development

Cooperative Formation and Financial Contracting in Agricultural Markets
Brent Hueth, Philippe Marcoul, and Roger Ginder, CARD Working Paper 03-WP 349, Iowa State University, Center for Agricultural and Rural Development October 2004

Cooperative Management.
CIR 1 Section 8. 35 pgs. Revised 1995. Galen W. Rapp

Cooperative marketing in the new millennium
by Randall Torgerson Rural Cooperatives January/February 2000

Co-ops share of farm marketing up slightly in '98
by Charles A. Kraenzle

Co-ops' share of farm market, major cash expenditures down in '99
by Charles A. Kraenzle, Rural Cooperatives January/February 2001

Cooperative Restructuring, 1989 - 1998
Service Report 57. 1998. James J. Wadsworth
USDA Rural Development

Cost of Capital for Agricultural Cooperatives
Research Report 163. 1998. Glenn Pederson
USDA Rural Development

Cost Overruns and Expansion Problems
By John Corbett, Cooperative Grocer May/June 2001

Dairy Cooperatives' Role in Managing Price Risks
Research Report 152. 15 pgs. 1996. K. Charles Ling and Carolyn B. Liebrand
USDA Rural Development

Depressed ag sector puts squeeze on largest co-ops
by David S. Chesnick Rural Cooperatives January/February 2000

Downward spiral for commodity prices continues; bottom line mixed for Plains co-ops
by David Cummins, Rural Cooperative November/December 2000

Driving Forces and Success Factors for Strategic Alliances, Joint Ventures, Mergers, and Acquisitions among Local Cooperatives.
by Jennifer Vandeburg, Joan Fulton, Susan Hine, and Kevin McNamara. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000.

A Dynamic Theory of Cooperatives: The Link between Efficiency and Valuation
by Lewis T. Evans and Graeme A. Guthrie,
Victoria University of Wellington, July 13, 2002

The Emergence of Non-Traditional Cooperative Structures: Public and Private Policy Issues,
by Fabio R. Chaddad and Michael L. Cook
NCR-194 Research on Cooperatives Annual Meeting Presentation Paper, October 29, 2003

Equity Management Practices in Italian Agricultural Cooperatives: A Cluster Analysis Approach
Carlo Russo and Massimo Sabbatini, Department Economia e Territorio, University of Cassino, Italy, 2002.

Equity Redemption and Member Equity Allocation Practices of Ag Co-ops,
Research Report 124. 25 pgs. 1993. Robert C. Rathbone and Roger A. Wissman
USDA Rural Development

Equity Redemption Practices: A Study Of Wisconsin Cooperatives,
by Bob Cropp, David Trechter, John Cottingham and Patrick Berends, September 1998.
Follow-up to the 1981 study.

Equity Redemption Practices of Wisconsin Agricultural Cooperatives
by Frank Groves, February, 1981.
UWCC Occasional Paper No. 5.

Equity Redemption Practices of Wisconsin Agricultural Cooperatives
by Robert Cropp, David Trechter, John Cottingham, Patrick Berends September, 1998.
UWCC Occasional Paper No. 12.

Equity Valuation for New Generation Cooperatives,
Alisher Akramovich Umarov, Masters Thesis, Agribusiness and Applied Economics, North Dakota State University, 2002

Factors Underlying Producer Investments in Processing Cooperatives
by Michael A. Boland, Jayson Lusk, and David Barton, Kansas State University
Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on November 11-12, 1999

Financial Characteristics of Wisconsin Farm Supply Cooperatives, 1966-1977
by W. A. Dahl, W. D. Dobson, D. H. Veium, December, 1980.
UWCC Occasional Paper No. 4.

Financial performance declines for largest ag cooperatives in '99
By David Chesnick, Rural Cooperatives January/February 2001

Financial Planning: A Context in Which to Measure Performance
by Scott Beers and Margaret Lund
Cooperative Grocer, September-October 1996.

Financial Planning Part 2: Using the Spreadsheet Template
Scott Beers and Margaret Lund, Cooperative Grocer, November-December 1996.

Financial Profile of Largest 100 Agricultural Cooperatives
By David Chesnick
United States Department of Agriculture
Rural Business - Cooperative Service
Research Report 193

Financial Statistics of Largest Dairy Cooperatives, 1980-95
Research Report 164. 1998. Michael D. Kane
USDA Rural Development

Foreign affairs: USDA Foreign Agricultural Service promotes U.S agriculture abroad
by Karl Hampton Rural Cooperatives March/April 2000

Full-Time Employees, Sales, Assets of Selected Farmer Cooperatives
Research Report 129. 23 pgs. 1994. Charles Kraenzle
USDA Rural Development

Going global: Export certificates a valuable tool in helping co-ops tap overseas markets
by Alan Borst Rural Cooperatives March/April 2000

Group Action and One-one Marketing in Agriculture: An Oxymoron?
by Peter Goldsmith and Hamish Gow. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000.

Guide to Designing Benefit Packages for Cooperatives
Service Report 36. 31 pgs. 1993. Beverly Rotan
USDA Rural Development

Guide for Prospective Agricultural Cooperative Exporters
Research Report 93. 40 pgs. 1990. Alan D. Borst
USDA Rural Development

How a Banker Looks at Financial Leverage, by Lee Estenson. Year in Cooperation, Spring 1996.

How Does Your Local Farm Supply Cooperative Rate?
by Beverly L. Rotan Rural Cooperatives March/April 2000

How well are dairy cooperatives performing?
by Carolyn Liebrand Rural Cooperatives July/August 2000

Human Resources Survey Gives a Close Look at Co-op Compensation
By Walden Swanson and Dave Gutnecht, Cooperative Grocer March/April 2001

Ill-Defined Property Rights in Collective Action: The Case of US Agricultural Cooperatives
by Cook, Michael L. and C. Ilopoulos, in C. Menard (ed.) Institutions, Contracts and Organizations, London, UK, Edward Elgar Publishing, 2000.

The Impact of Alternative Payment Arrangements on the Performance of Florida Sugarcane Cooperative ,
by Rigoberto A. Lopez and Thomas H. Spreen
Southern Journal of Agricultural Economics, Volume 16, Number 2, pages 99-107

Impact of the Farmland Bankrupty on Oklahoma Cooperatives
Phil Kenkel, Oklahoma State University; Amy Hagen, Texas A&M University

Innovative financing for entrepreneurial and market-oriented agricultural cooperatives
Kyriakos Kyriakopoulos, Gert van Dijk 1997

Inventory Management Strategies for Local Farm Supply Cooperatives
Service Report 41. 22 pgs. 1994. James Wadsworth
USDA Rural Development

Is a National Pork Marketing Cooperative Viable?
by Brad Gehrke and James Matson. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000.

Keeping Cooperative Membership Roles Current
CIR 37. 28 pgs. Reprinted 1991. Donald A. Frederick
USDA Rural Development

Leasing As An Alternative Method of Financing for Agricultural Cooperatives
Research Report 83. 56 pgs. 1990. Glenn D. Peterson and Eric E. Gill
USDA Rural Development

Lessons from a Failed Cooperative: The Rice Growers Association Experience.
Jennifer. Keeling, ARE Update, Vol.7, No.3, Jan/Feb, 2004

Leveraging the Future? Higher Debt Levels Among Large Ag Co-ops May Be Cause for Concern
by David S. Chesnick, Rural Cooperatives, November/December 1997.

The Limited Liability Company Versus the New Generation Cooperative: Alternative Business Forms for Rural Economic Development
New Generation Cooperatives Project Output, Institute for Rural Affairs, Western Illinois University, Macomb, IL, 2000.

Long-Term Financing in US and European Agricultural Cooperatives: Emerging Methods for Ameliorating Investment Contraints ,
by Constantine Illiopoulos
NCR-194 Research on Cooperatives Annual Meeting Presentation Paper, October 29, 2003

Lower commodity prices cause drop in co-op sales
Information for this article was compiled by the statistics staff of the Rural Business-Cooperative Service, a division of USDA Rural Development: Charles A. Kraenzle, Celestine C. Adams, Katherine C. DeVille, Jacqueline E. Penn and Ralph M. Richardson Rural Development September/October 2000

Managing Your Cooperative's Equity, a USDA Cooperative Information Report
by Robert Rathbone, October 1997.

Mergers, Acquisitions, Joint Ventures, and Strategic Alliances in Agricultural Cooperatives
by Darren Hudson and Cary W. "Bill" Herndon
Research Report 2000-009, September 2000
University of Mississippi

Minnesota leads nation in co-op business volume
by Anthony Crooks, Rural Cooperatives March/April 2001

Modeling Members Response to Farmer Owned Alternative Capital Management Strategies
by Francisco Diaz-Hermelo, Edward Smith, and Allan Gray. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000.

Mutual Funds as a Potential Source of Equity Capital for Traditional Ag Co-ops,
By JoAnne Paynler, Tom Sporleder, Dave Hahn
NCR-194 Research on Cooperatives Annual Meeting Presentation Paper, October 29, 2003

The Nature of Financial Constraints in U.S. Agricultural Cooperatives,
Fabio R. Chaddad, Department of Agricultural and Resource Economics, University of Washington, 2003

Net savings dipped in 1999 for most corn- soybean and wheat-barley co-ops
by David Cummins, Rural Cooperatives September/October 2000

A New Approach To Measuring Dairy Co-op Performance.
Research Report 166. 1998. K. Charles Ling and Carolyn Betts Liebrand
USDA Rural Development

New Generation Cooperatives: External Environment and Investor Characteristics
A paper by David Cobia, professor of Agricultural Economics at North Dakota State University. Presented at the Food and Agricultural Marketing Consortium Conference, Las Vegas, NV, January 16-17, 1997.

New State Statutes Allow Nonmember Equity Capital for Cooperatives
Shermain D. Hardesty, Director, Rural Cooperatives Center, University of California-Davis

Nonqualified Notices: An Alternative for Distributing Cooperative Earnings
Research Report 80. 61 pgs. 1989. Jeffrey S. Royer and Roger A. Wissman
USDA Rural Development

Online training program for underestanding cooperative financial statements
from Cenex Harvest States/Land O'Lakes

Optimal Capital Structure in Centralized Agricultural Cooperatives,
David Barton; Joe L. Parcell; Allen Featherstone. Western Agricultural Economics Association, Selected Papers of the 1997 Annual Meeting, July 13- 16, 1997, Reno/Sparks, Nevada. This paper requires Adobe Acrobat for viewing.

Origins of a Current Conflict? An Examination of Stock-Nonstock Cooperative Law,
by Mike Cook
Journal of Agricultural Cooperation
Vol. 8, 1993, pp. 54-62

Patron Demand Deposit Account Financing: An Update.
by Ken Duft and Erica Brueckner. Publications for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000

Post Merger Performance of Agricultural Cooperatives
By Timothy J. Richards, Mark R. Manfredo
American Agricultural Economics Association - 2001, Annual Meeting

Price Pooling and the Gains from Hedging: Application to a Swedish Grain Cooperative
by Demcey Johnson, Tomas Nilsson, and Hans Andersson
American Agricultural Economics Association - 2001 Annual Meeting

The Real Options Approach to Evaluating a New Generation Cooperative
by Michael D. Bailey and Thomas L. Sporleder. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000

Reasserting the Co- operative Advantage: Report Commissioned by the Society for Co-operative Studies
by Roger Spear, Peter Davis, John Donaldson, Richard Bickle, and Alan Wilkins

Retail Operations Survey 2000
By Walden Swanson, Peg Nolan, and Dave Gutknecht, Cooperative Grocer July/August 2001

Selecting Alternative Federal Income Tax Structures for Farm Supply Cooperatives,
Lynn W. Robbins and Marion F. Simon
Southern Journal of Agricultural Economics, Volume 14, No. 2, Pages 57-63

Some say Pork America represents best, and possibly last, chance for hog farmers to gain significant market access
by James Matson and Brad C. Gehrke Rural Development September/October 2000

The Southwest Cooperatives and Producer Associations Research
by Eric Thor. Publication for the NCR - 194 Research on Cooperatives Annual Meeting held on December 12-13, 2000.

Starting a Value-Added Agribusiness: The Legal Perspective
New Generation Cooperatives Project Output, By Mark J.Hanson Institute for Rural Affairs, Western Illinois University, Macomb, IL, 2000.

Strategic Positioning Under Agricultural Structural Change: A Critique of Long Jump Co-operative Ventures
by Peter Goldsmith and Hamish Gow
American Agricultural Economics Association - 2001 Annual Meeting

Tax Treatment of Cooperatives
CIR 23. 10 pgs. Revised 1995. Donald A. Frederick
USDA Rural Development

Trade Takes a Tumble: Cooperative trade plunges 41% as Asian markets cool
by Tracey L. Kennedy Rural Cooperatives September/October 2000

Tri Valley Growers files Chapter -11 bankruptcy
by Dan Campbell Rural Cooperatives July/August 2000

Understanding Cooperative Bookkeeping and Financial Statements
CIR 57. 36 pgs. 1998. Robert W. Binion
USDA Rural Development

Understanding Ratios
by Scott Beers and Margaret Lund, Cooperative Grocer, January-February 1998.

The Use of Discriminant Growth Analysis in Measuring Cooperative Growth Factors ,
By Biran M. Henehan and Neil H. Pelsue
Northeastern Journal of Agricultural and Resource Economics ,
Volume 15, No. 2, Pages 178-184 (October 1986)

USDA Rural Development programs help fuel co-op movement
by Jill Long Thompson Rural Cooperatives May/June 2000

Using Real Options to Evaluate Producer Investment in New Generation Cooperatives
by Thomas L. Sporleder and Michael D. Bailey
American Agricultural Economics Association - 2001 Annual Meeting

Vertical Coordination of Agriculture in Farming -Dependent Areas
by Luther G. Tweeton and Cornelia B. Flora, Council for Agricultural Science and Technology, March 2001. This report includes a section on cooperatives

What Are Patronage Refunds?
CIR 9. 7 pgs. Reprinted 1993. Donald A. Frederick and Gene Ingalsbe
USDA Rural Development

Wheat Grain Cooperatives Adjust to Challenges of 1980s, Poised for 1990s
Research Report 132. 60 pgs. 1994. David E. Cummins
USDA Rural Development

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