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 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 an act of Congress. State soybean checkoff organizations do not have the authority to adjust the percentage collected.
Where does the money go that is collected and submitted to PSB?
The funds are split (50/50) between the Pennsylvania Soybean Board (PSB) and the United Soybean Board (USB). The funds are used for program administration, education, marketing, outreach and research.
What is the relationship between PSB and USB?
PSB works in conjunction with the United Soybean Board. USB provides the program oversight, guidance and auditing to ensure all states are in compliance with federal law.
Who should the assessment check be payable to?
Checks are made payable to the Pennsylvania Soybean Board.
What are the deadlines for submitting the forms/checks?
All assessment forms/checks are to be submitted to the PSB 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 is 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 it is 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 Pennsylvania form and the PSB 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.