As Treasurer and At-Large Director for the Illinois Soybean Board (ISB), I help oversee the financial checks and balances of ISB to ensure transparency and compliance. As an Illinois farmer and ISB Director, I feel confident in the measures we have in place to comply with regulations regarding the usage of soybean checkoff funds for research, market development, and education and communication programs.

Budget Process

The budget process begins in March with the Finance Committee, which is made up of individuals nominated from among the Illinois Soybean Board of Directors. All are Illinois soybean farmers.

The Finance Committee reviews forecasted revenue based on external factors including economic and legislative conditions. Upon review, they provide a recommended revenue budget and committee allocation for a framework of budget formulation. Requests for Proposals (RFPs) are opened for submissions from the public at this time, and the RFP window remains open for approximately 60 days.

Once the deadline for RFP submissions has closed, Illinois Soybean Association (ISA) staff thoroughly review each proposal. They examine the services outside organizations have proposed to deliver for the benefit of Illinois soybean farmers and determine which are best aligned with the strategic plan and regulatory compliance before recommending funding to the full board.

ISA’s program areas are guided by committees. These committees oversee Market Development, Soybean Production and Government Relations. Board members serve on these committees, and committee representatives are appointed on an annual basis. Before the annual June meeting of the Board, the committees review each RFP submitted within their program area. Then, they recommend which proposals to fund, and those are sent to the board for final approval. Newly funded initiatives begin once the fiscal year on Sept. 1.

Compliance Reviews

Every two years, compliance reviews are conducted by the United Soybean Board, under U.S. Department of Agriculture governance. An independent Certified Public Accountant (CPA) is engaged to complete the reviews. The review ensures ISB adheres to all requirements of the Soybean Promotion, Research, and Consumer Information Act.

Financial Audits

Once the independent CPA firm has completed its annual audit, the Finance Committee presents the audit report to the board and reviews the findings together. For compliance purposes, a copy of the ISB audit report must be submitted to the United Soybean Board no later than Dec. 1.

Financial Reporting

Financial statements are compiled and provided to the board each month. They must conform to Generally Accepted Accounting Principles (GAAP) as defined by the Financial Accounting Standards Board. This reporting provides financial performance information throughout the fiscal year and assists the board in achieving the organization’s objectives.

Organizational Governance

The purpose of the ISB is to represent members’ interests on public policy issues at the state and national levels. Additionally, the board invests Illinois’ share of soybean checkoff program dollars into research, market development, and education and communication programs that can achieve the organization’s mission of improving the profitability of Illinois soybean farmers. The board determines the organization’s mission and purpose and maintains a clear strategic focus by providing effective, strategic and fiduciary oversight for the organization.