Page 27 - MFB State Annual Meeting 2018

2018 TREASURER’S
Report
net budget of $442,000. Public Policy, Field Operations, Center for Education and Leadership Development, and Center for Media & Corporate Relations comprise the remaining program activities. There is a year-to-date net income of $943,000. Completing the financial picture is an additional $1.0 million capital contribution from MFB Financial Corporation. Combining the year to date loss of MFB, Inc., the capital contribution and the net income of MFB yields a net equity increase of over $1.3 million. MFB has sufficient reserves to meet its near term operating needs.
With the dissolution of health insurance programs caused by the Affordable Care Act, the Board and management continue to monitor and update its long-range financing plan. This effort is to ensure that MFB can continue to effectively carry out its mission and to represent and enhance the interests of our members.
The Board of Directors follows a long-range financing plan comprised of the following:
• A $2,500,000 annual funding from Farm Bureau Life Insurance Company
• Annual contribution from Farm Bureau Life Insurance Company to the MFA, approximating $770,000
• Annual contribution of $1,000,000 from FB Partners Group to MFA and MFB
• Annual Michigan Foundation for Agriculture funds grants to MFB for its programs approximating $1,886,000 annually
An independent audit report, financial statements and related notes to these financial statements for the fiscal years ending Dec. 31, 2017 and Dec. 31, 2016 can be found on tables in the back of the delegate session room.
Thank you for your continued leadership, volunteer efforts and financial support as we all seek to Grow Michigan as we advance and expand Michigan agriculture.
David Baker, Treasurer
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