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2016 Annual Report

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This annual report covers the 2016 calendar and fiscal year for The Cotton Board, the oversight and administrative arm of the Cotton Research and Promotion Program (the “Program”). The objectives of the Program are to strengthen cotton’s competitive position and to maintain and expand domestic and foreign markets and uses for cotton by developing, funding, and implementing a coordinated plan of research and promotion. The Cotton Board is responsible for providing strategic leadership and oversight of the economic resources devoted to the Program. The Board’s membership, consisting of key stakeholders - U.S. cotton producers and importers of cotton apparel and other cotton products - brings a broad range of industry experience and insight to the Program.

During 2016, The Cotton Board made available $76 million to Cotton Incorporated to carry out the research and promotion program. This was down from $80 million in 2015, as decreased assessment revenues necessitated a funding level that was more in line with revenue. The leadership of the Cotton Board and Cotton Incorporated has developed a long-term budget plan as revenue continues to decline. Reserves are being used as needed in order to prevent sudden and disruptive decreases in program funding. As a result, Cotton Incorporated is able to maintain our most valuable resource, the professionals who work for Cotton Incorporated. The long-term budget plan is enabling the program to retain the benefit of this investment, while evaluating spending from the ground up, narrowing our focus and cementing the program’s commitment to projects and research that are more likely to enhance demand for cotton and improve margins throughout the industry. The program has “tightened its budget belt” and focused resources. I am proud of the foresight and thoughtful decisions that made this effort possible. I am confident the program will continue to generate significant returns for all stakeholders.

The Cotton Board maintains a strong collection rate, positive audit results, strong communication efforts, and effective reviews of Program activities. I am proud of the organization and its staff.

2016 marked the fiftieth anniversary of the Cotton Research and Promotion Program. Today’s industry leaders draw inspiration from this heritage as cotton again faces significant competitive challenges. As we enter cotton’s next 50 years, it is important to reflect on the vast array of accomplishments the Program has generated so far and renew our commitment to the same kind of hard work and dedication required to make cotton the preferred fiber for the world.

Cotton Incorporated and its leadership are paving the way for innovative answers to the task of increasing demand. We have an incredibly strong partnership with Cotton Incorporated and USDA’s Agricultural Marketing Service. We could not have a successful program without the sense of unity and purpose that guides our organizations. Most importantly, I want to acknowledge The Cotton Board’s many dedicated Members and Alternates for their commitment and hard work throughout this past year. Thank you for your friendship and support.

Sincerely,
Janet Ydavoy
Chairman

2015 Annual Report

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This annual report covers the 2015 calendar and fiscal year for The Cotton Board, the oversight and administrative arm of the Cotton Research and Promotion Program (the “Program”). The objectives of the Program are to strengthen cotton’s competitive position and to maintain and expand domestic and foreign markets and uses for cotton by developing, funding, and implementing a coordinated plan of research and promotion. The Cotton Board is responsible for providing strategic leadership and oversight of the economic resources devoted to the Program. The Board’s membership, consisting of key stakeholders - U.S. cotton producers and importers of cotton apparel and other cotton products - brings a broad range of industry experience and insight to the Program.


During 2015, The Cotton Board maintained a funding level of $80 million to Cotton Incorporated despite overall declines in assessment revenue. This funding level necessitated a significant draw from reserves and led to an evaluation of longer-term funding levels (2016 and beyond) that are more in line with revenue. Reserves were established precisely to bridge annual gaps in revenue so that the Program can make long-term, predictable investments in projects and resources. Our most valuable resources are the professionals who work for Cotton Incorporated. It is important to manage our finances so that we can retain the benefit of this investment, but we cannot ignore the overall decline in revenue.

Looking ahead, I am pleased that The Cotton Board and Cotton Incorporated are structuring future budgets from the ground up, narrowing our focus, and cementing our commitment to projects and research that are more likely to turn around demand for cotton and improve margins throughout our industry. We will bring budgets closer in line with revenue and sharpen our market promotion and research efforts while ensuring we continue to generate significant returns for all stakeholders in this program.

The Cotton Board continues to maintain a strong collection rate, positive audit results, strong communication efforts, and effective reviews of Program activities. I am proud of the organization and its staff.

Cotton Incorporated and its leadership continue to pave the way for innovative answers to the task of increasing demand. We have an incredibly strong partnership with Cotton Incorporated and USDA’s Agricultural Marketing Service. We could not have a successful program without the sense of unity and purpose that guides our organizations. Most importantly, I want to acknowledge The Cotton Board’s many dedicated Members and Alternates for their commitment and hard work throughout this past year. Thank you for your friendship and support.

Sincerely,
Aaron Barcellos
Chairman

2014 Annual Report

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This annual report covers the 2014 calendar and fiscal year for The Cotton Board, the oversight and administrative arm of the Cotton Research and Promotion Program (the “Program”). The objectives of the Program are to strengthen cotton’s competitive position and to maintain and expand domestic and foreign markets and uses for cotton by developing, funding, and implementing a coordinated plan of research and promotion. The Cotton Board is responsible for providing strategic leadership and oversight of the economic resources devoted to the Program. The Board’s membership, consisting of key stakeholders - U.S. cotton producers and importers of cotton apparel and other cotton products - brings a broad range of industry experience and insight to the Program.

During 2014, The Cotton Board provided $80 million in funding to Cotton Incorporated, enabling it to focus its expertise and enormous talent on the betterment of the cotton industry. With declines in overall income, maintaining this level of funding required a draw from reserves of $4.4 million. The Cotton Board determined, however, that a strong, long-term investment in the Program is critical in a highly competitive marketplace. The experts at Cotton Incorporated need the resources to keep cotton in the forefront of technology and fashion worldwide. Our united effort enhances our market impact and helps ensure a bright future for cotton.

The Cotton Board continues to maintain a strong collection rate, positive audit results, strong communication efforts, and effective reviews of Program activities. I am proud of the organization and its staff.

We thank Cotton Incorporated and its leadership for the sense of unity that guides our organizations. We sincerely appreciate the work of USDA’s Agricultural Marketing Service and its continued support of the Program. Finally, I send warm regards and thanks to The Cotton Board’s many dedicated Members and Alternates for their commitment and hard work throughout 2014 and 2015, and for their friendship and support.

Sincerely,
David Grant, Chairman

2013 Annual Report

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This annual report covers the 2013 calendar and fiscal year for The Cotton Board, the oversight and administrative arm of the Cotton Research and Promotion Program (the "Program"). The objectives of the Program are to strengthen cotton’s competitive position and to maintain and expand domestic and foreign markets and uses for cotton by developing, funding, and implementing a coordinated plan of research and promotion. The Cotton Board is responsible for providing strategic leadership and oversight of the economic resources devoted to the Program. The Board’s membership, consisting of key stakeholders - U.S. cotton producers and importers of cotton apparel and other cotton products - brings a broad range of industry experience and insight to the Program.

During 2013, The Cotton Board provided a record $83 million in funding to Cotton Incorporated, enabling it to focus its expertise and enormous talent for the betterment of the cotton industry. This long-term investment pays tremendous dividends. The experts at Cotton Incorporated keep cotton in the forefront of technology and fashion worldwide. Our united effort enhances our market impact and helps ensure a bright future for cotton even as we face very strong competition in the market.

The Cotton Board continues to maintain a strong collection rate, positive audit results, strong communication efforts, and effective reviews of Program activities. I am proud of the organization and its staff.

We thank Cotton Incorporated and its leadership for the sense of unity that guides our organizations. We sincerely appreciate the work of USDA’s Agricultural Marketing Service and its continued support of the Program. Finally, I send warm regards and thanks to The Cotton Board’s many dedicated Members and Alternates for their commitment and hard work throughout 2013 and for their friendship and support.

Sincerely,

Gary Ross, Chairman

2012 Annual Report

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This annual report covers the 2012 calendar and fiscal year for The Cotton Board, the oversight and administrative arm of the Cotton Research and Promotion Program (the “Program”). As indicated by this report, The Cotton Board is responsible for providing the Program with strategic leadership and oversight of the economic resources devoted to the Program. The Program’s ongoing goal is to develop, fund and implement a coordinated plan of research and promotion designed to strengthen cotton’s competitive position and to maintain and expand domestic and foreign markets and uses for cotton. The Board’s membership, consisting of key stakeholders (U.S. cotton producers and importers of cotton apparel and other cotton products), brings a broad range of industry experience and insight to the Program.

During 2012, The Cotton Board was able to increase funding for Cotton Incorporated from $71 to $80 million and approve an $83 million Cotton Incorporated budget for 2013 — the highest ever. The Cotton Board continues to maintain a strong collection rate, positive audit results, strong communication efforts, and effective reviews of Program activities.

I would like to thank our partners at Cotton Incorporated for the very capable research and promotion efforts they develop and implement on behalf of the Program. I would also like to thank the USDA’s Agricultural Marketing Service for its continued support of the Program. Finally, thanks to The Cotton Board’s many dedicated Members and Alternates for their commitment and hard work throughout 2012.

Sincerely,
Kevin Rogers Chairman