Who exactly is the first purchaser?
The entity that first buys the soybeans from a farmer.
Why does the first purchaser have to pay the checkoff assessment?
Through the checkoff, soybean farmers contribute one-half of 1 percent of the price of each bushel at the first point of sale for farmer-driven research and promotional activities to maximize profit opportunities. The federal Soybean Promotion, Research and Consumer Information Act requires the assessment to be collected by the first purchaser and reported quarterly.
Who sets the percentage that is collected by first purchasers from the soybean farmers?
This was established at the federal level by the United States Department of Agriculture. The states do not have the ability to adjust the percentage collected.
Where does the money go that is collected and submitted to Eastern Region Soybean Board (ERSB)?
The funds are split evenly between the ERSB and the United Soybean Board (USB). The funds are used for program administration, research, education and outreach.
What is the relationship between ERSB and USB?
USB invests checkoff funds for national research and international and domestic demand building. ERSB invests in region-specific research and activities.
Who should the assessment check be payable to?
Checks are made payable to the Eastern Region Soybean Board.
What are the deadlines for submitting the forms/checks?
All assessment forms/checks are to be submitted to the ERSB office as follows:
|Quarter||Market Quarter End Date||Last Date For Remittance|
|1||March 31||April 30|
|2||June 30||July 31|
|3||September 30||October 31|
|4||December 31||January 31|
Is there a penalty for submitting the assessment form/check late?
Yes, if the checkoff assessment was not postmarked by a first purchaser by the due date, the entity remitting must be charged a late fee of 2 percent for each month that they are late in remitting. The late fee is compounded monthly until paid.
Does a first purchaser need to submit the form if soybeans were not purchased during that quarter?
Yes. Although no soybeans were purchased, you must still submit the form and list “zero” and sign/date by the deadline.
How are multistate assessments handled?
If soybeans are purchased from farmers in other states, the first purchaser can report that on their Eastern Region form and the ERSB will remit the appropriate funds to those states.
Is anyone exempt from the assessment fee?
All first purchasers are required to collect and report the assessment fee unless the farmer is 100 percent organic and has filed papers stipulating they grow organic soybeans on a certified organic farm.