The Grain Indemnity Fund Board voted Thursday to cease the assessment on grain sold to Iowa-licensed dealers as well as the participation fees for Iowa licensed grain dealers and warehouse operators as part of the Iowa Grain Depositors and Sellers Indemnity Fund, or Grain Indemnity Fund effective September 1st.
The assessment was reinstated on September 1st, 2023 after the fund fell below the statutory threshold of 3-million dollars due to grain facility failures in 2021 and 2022. Under existing law, the assessment must remain in effect for at least a full year and must also remain active until the board votes to suspend the collection of fees or the fund reaches a balance of 8-million dollars.
The balance of the Grain Indemnity Fund, as of April 16th, was over 10-point-1-million dollars.
