Special Annual Report Issue - AgGeorgia Farm Credit

AgGeorgia Farm Credit, ACA2006, he served 9 days at Association board meetings and 35 daysin other official activities and was paid $14,800 includingconference call and retainer. His principal occupation andemployment for the past 5 years has been with D & D Poultry, Inc.& Morris Hatchery, Inc.J. Dan Raines, Jr. is a cattle farmer. His term of office beganJanuary 1, 2005 and ends December 31, 2007. He also serves onthe following boards, which involve agricultural lending: AgFirstFarm Credit Bank and Federal Agricultural Mortgage Corp.(Farmer Mac). During 2006, he served 8 days at Associationboard meetings and 14 days in other official activities and waspaid $8,600 including retainer. His principal occupation andemployment for the past 5 years has been as a vegetable and beefcattle farmer.George R. Reeves is a general row crop farmer. His term beganJanuary 1, 2004 and ends December 31, 2006. He was re-electedat the 2006 Annual Stockholders Meeting for a three year termending December 31, 2009. During 2006, he served 9 days atAssociation board meetings and 30 days in other official activitiesand was paid $13,700 including retainer. His principal occupationand employment for the past 5 years has been as a general rowcrop farmer.Anne G. Sisk is a broiler grower and operates a cow-calfoperation. Her term of office began January 1, 2006 and endsDecember 31, 2008. During 2006, she served 9 days atAssociation board meetings and 30 days in other official activitiesand was paid $13,700 including retainer. Her principal occupationand employment for the past 5 years has been as a broiler growerand operating a cow-calf operation.David H. Smith is a cotton producer and operates a cotton gin andwarehouse. His term of office began January 1, 2005 and endsDecember 31, 2007. During 2006, he served 7 days at Associationboard meetings and 12 days in other official activities and waspaid $7,700 including retainer. His principal occupation andemployment for the past 5 years has been as a cotton producer andoperator of a cotton gin and warehouse.J. T. Woodard, Sr. is a row crop farmer. His term of office beganJanuary 1, 2005 and ends December 31, 2007. During 2006, heserved 9 days at Association board meetings and 13 days in otherofficial activities and was paid $8,600 including retainer. Hisprincipal occupation and employment for the past 5 years has beenas a general row crop farmer.Ira T. Paulk, Jr., was a general row crop farmer whose termexpired December 31, 2006. He was unable to attend any boardmeetings in 2006 due to illness. He was paid $1,000 in retainerfees.Relationship with Independent Public AccountantsThere were no material disagreements with our independent publicaccountants on any matter of accounting principles or financialstatement disclosure during this period.Consolidated Financial StatementsThe consolidated financial statements, together with the reportthereon of PricewaterhouseCoopers LLP dated February 28, 2007and the report of management, which appear in this annual reportto shareholders are incorporated herein by reference.Copies of the Association’s quarterly reports are available uponrequest free of charge by calling 770-536-3660, or writingChristopher H. Scott, Chief Financial Officer, AgGeorgia FarmCredit, P.O. Box 2536, Gainesville GA 30503, or accessing thewebsite, www.aggeorgia.com. The Association prepares aquarterly report within 45 days after the end of each fiscal quarter,except that no report need be prepared for the fiscal quarter thatcoincides with the end of the fiscal year of the institution.Borrower Information RegulationsSince 1972, Farm Credit Administration (FCA) regulations haverequired that borrower information be held in strict confidence byFarm Credit System (FCS) institutions, their directors, officers andemployees. These regulations provide Farm Credit institutionsclear guidelines for protecting their borrowers’ nonpublic personalinformation.On November 10, 1999, the FCA Board adopted a policy thatrequires FCS institutions to formally inform new borrowers at loanclosing of the FCA regulations on releasing borrower informationand to address this information in the annual report toshareholders. The implementation of these measures ensures thatnew and existing borrowers are aware of the privacy protectionsafforded them through FCA regulations and Farm Credit Systeminstitution efforts.Shareholder InvestmentShareholder investment in the Association could be affected by thefinancial condition and results of operations of AgFirst Farm CreditBank. Copies of the District annual and quarterly reports areavailable upon request free of charge by calling 1-800-845-1745,ext. 316, or writing Wanda Martin, AgFirst Farm Credit Bank, P. O.Box 1499, Columbia, SC 29202. Information concerning AgFirstFarm Credit Bank can also be obtained by going to AgFirst’swebsite at www.agfirst.com.Transactions with Senior Officers and DirectorsThe reporting entity’s policies on loans to and transactions with itsofficers and directors, to be disclosed in this section areincorporated herein by reference to Note 12 to the consolidatedfinancial statements, “Related Party Transactions,” included in thisannual report to shareholders.Involvement in Certain Legal ProceedingsThere were no matters which came to the attention of managementor the board of directors regarding involvement of current directorsor senior officers in specified legal proceedings which should bedisclosed in this section.AgGeorgia.49.Winter 2007182006 Annual Report