Every dollar works for U.S. soybean farmers

Farmer-leaders watch investments to ensure a strong return-- now at $6.40 in increased profit for every dollar

Some farmer-leaders who volunteer their time for the soybean checkoff are focused on tracking USB investments, ensuring every dollar spent to develop the U.S. soybean industry makes a strong return that helps soybean farmers remain profitable and efficient.

Currently, independent audit reports show that every dollar USB invests returns $6.40 in increased profit for U.S. soybean farmers, a standard your farmer-leaders are committed to maintaining and, where possible, growing. Tracking this return on investment is conducted every five years by Gary Williams, Ph.D., of the Texas Agribusiness Market Research Center at Texas A&M University.

“We are mindful of keeping our farmers’ interests and investments top of mind,” says Rick Stern, soybean farmer from Cream Ridge, N.J., and chairman of the USB’s Audits and Evaluation (A&E) Committee. “We are overseeing checkoff funds so they are used properly and meet the requirements of our bylaws and strategic objectives,” he says.

Stern and nine other farmer-leaders from across the U.S. are charged with regularly examining the extensive work the checkoff does around the world on the behalf of U.S. soybean farmers by closely tracking how checkoff funds are spent, and what farmers get back for their investments. These ten people comprise the A&E Committee.

A&E farmer-leaders receive information from USB staff members whose job it is to monitor full time the experts and businesses hired by USB to carry out checkoff programs. USB’s compliance coordinator, for example, assists the 31 Qualified State Soybean Boards (QSSBs) and regions supporting their efforts by helping them evaluate their state checkoff-funded research and projects. The coordinator also serves as their everyday resource on everything QSSB compliance.

“Our mission is to ensure high profitability with the use of checkoff funds for all soybean farmers,” Stern says.