USB review reveals financial responsibility

The USDA recently conducted an 18-month review of the United Soybean Board (USB) and the soybean checkoff. The USDA’s Office of Inspector General (OIG) concluded that there was no basis for any of the allegations of wrong doing. The independent USDA report confirms that the United Soybean Board farmer directors are performing their duties in a financially responsible manner in accordance with the federal law that created the soybean checkoff.

“USB directors and staff are encouraged by the OIG’s report,” said Philip Bradshaw, USB chairman and soybean farmer from Griggsville, Ill. “The report confirms that, as farmer-directors, we’re doing our jobs as financially responsibly as the federal law that created the soybean checkoff set out for us to do.  USB will continue to move forward in achieving profit opportunities for every U.S. soybean farmer.”

A survey of U.S. soybean farmers conducted in February showed that 75 percent of U.S. soybean farmers support the soybean checkoff.  Based on the most recent return-on-investment study required by federal law, U.S. soybean farmers received a $6.40 return for every one checkoff dollar invested for U.S. soy research and promotion. In addition, last year U.S. soybean farmers had the opportunity to request a referendum on the soybean checkoff and only 759 of more than 589,000 eligible U.S. soybean farmers did so.

“Soybean checkoff farmer-leaders appreciate the continued support of our fellow soybean farmers,” Bradshaw said. “We look forward to our continued productive partnership with USDA that enables us to invest in programs that work to strengthen the bottom line for every U.S. soybean farmer.”

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