The assessment on grain sold to or deposited at Iowa-licensed grain dealers and warehouses as part of the Iowa Grain Depositors and Sellers Indemnity Fund will continue for an additional year. Barring any further claims made against the fund, the assessment is anticipated to cease on Aug. 31, 2025, in accordance with Iowa law.
Due to claims made against the fund following grain facility failures in 2021 and 2022, the balance of the fund fell below the statutory threshold of $3 million. By law, this required the Grain Indemnity Fund Board to reinstate the participation fees for grain dealers and warehouses as well as a quarter cent per bushel assessment. The assessment was reinstated on Sept. 1, 2023. Under existing law, the assessment must remain in effect for at least one 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.
Prior to the start of the assessment, the balance of the fund was $311,929.98. Assessment collection during the first three quarters, which occurred in December 2023, March 2024 and June 2024, has produced a balance now of $4,731,299.22.
