Local feeder associations are formed under the Co-operatives Act and Regulations. There are currently 45 local associations.
In each feeder association a Board of Directors approves and monitors contracts with individual members. Each board hires a Supervisor and a Secretary/Treasurer to administer contracts and maintain financial records.
Before receiving cattle, individual feeder association members must submit a security deposit of 5% of the value of the contract to their local feeder association. Assessment of financial strength, credit worthiness and cattle feeding experience of the individual continue to be key elements of risk management performed by the local associations. No additional security is required.
The program provides farmers with a competitive method of acquiring livestock (interest rates less than prime) for growing and finishing purposes. Individual Members are eligible to obtain up to $2 million and Corporations $3 million worth of livestock (with board approval). Members may also access one of the Livestock Indemnity Trust plans that reduce the extreme financial hardship that might result from animal death loss.
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