By CELESTE BAUMGARTNER
Ohio Correspondent

REYNOLDSBURG, Ohio — Approximately 75 farmers will be reimbursed by the Ohio Grain Indemnity Fund because of the shutdown of the Archbold Elevator, Inc. Operations at a branch in Wauseon and at an additional storage bin in Elmira have also been halted.

The Ohio Department of Agriculture (ODA) suspended the elevator’s grain license when its liabilities were found to be significantly higher than its assets.
“ODA performs annual audits of the grain elevators every year, right around the time their license is up for renewal,” said Erica Pitchford, spokeswoman for ODA. “They have to submit a financial disclosure statement, and then we take that and survey the assets to make sure that everything matches.”

In performing that routine examination of the Archbold Elevator’s records it was determined that corn in the storage elevators was estimated around 50,000 bushels short of what its records showed it was supposed to have, Pitchford said.

“The control of the assets of the elevator was transferred to a court-appointed receiver and we have been in the process of completing a more comprehensive audit to make sure that we have a firm grasp on what all of the assets and liabilities were for the company,” she added.

The department has started the formal claim process for anyone who has a claim with the elevator so they can receive reimbursement from the Grain Indemnity Fund. That fund was established in 1983 to reimburse farmers when a licensed elevator becomes insolvent.

Prior to that, Ohio farmers lost about $8 million to grain elevator bankruptcies. Since the fund was established, it has reimbursed farmers more than $8.5 million and is funded through a half-cent per bushel assessment on grain marketed at licensed elevators.

The ODA has been working with approximately 75 farmers that have already contacted the department about potentially impacted grain deposits at the Archbold Elevator, said Andy Ware, ODA communications director. “We believe we’ve been in contact with everyone that might be impacted,” he said. “There have been concerns, but I think our staff, our administrator, Dave Simmons, and his examiners have done a great job and worked hard to contact the impacted farmers.”

Examiners have reviewed scale tickets and additional documents, such as Archbold Elevator settlement sheets, and coached farmers through the claims making process. Anyone who thinks they might have a claim from Archbold Elevator, Inc. should call ODA’s Grain Warehouse Section at 800-282-1955 or 614-728-6410.