NORTH EAST AG FAIR
~ PREMIUM AUCTION ~
2024 North East Ag Fair Premium Auction
2024 North East Ag Fair Premium Auction List (download below) - Will be posted by January 17, 2024
2024 North East Ag Fair Premium Auction Add-on Form (download below)
| 2024 North East Ag Fair Premium Auction Add-on Form.pdf |
The 2024 North East Ag Fair Premium Auction is a virtual event hosted online by StockShowAuctions.com on Friday, January 19 – Monday, January 22, 2024.
Eligible Projects: This opportunity is available to James Madison FFA members that exhibit a project in the following divisions at the 2024 North East Ag Fair:
Auction Format: The auction format that is being utilized is a Premium Auction. A Premium Auction is defined as follows:
Registered users of StockShowAuctions.com understand that a Premium Auction acts as a fundraiser for the student exhibitor. THE HIGH BIDDER DOES NOT PURCHASE THE RIGHTS OF LEASE OR OWNERSHIP TO THE PROJECT BEING OFFERED. The student exhibitor may keep the project or sell it to a market buyer through negotiated sale or separate auction. Premium Auction buyers desire to financially assist student exhibitors ONLY. No transfer of lease or ownership is implied when a lot is designated as a “Premium Auction” item. Premium Auction prices are to be strictly considered a gift to the student exhibitor.
Managing Agent: The James Madison FFA Booster Club (JMFFABC) will serve as the managing agent for the 2024 North East Ag Fair Premium Auction. The JMFFABC is recognized as a tax exempt 501(c)(3) organization as a subordinate in good standing of Parent Booster USA, Inc., Group Exemption Number: 5271, EIN# 27-1546608. The JMFFABC will be responsible for the collection of all bids submitted by registered users of StockShowAuctions.com for student projects in the 2023 North East Ag Fair Premium Auction and payment of premiums to those students with a project in the auction.
Number of lots: A student exhibitor in the 2024 North East Ag Fair may not have more than one lot (unit) in the Premium Auction. A lot (unit) may be one livestock animal, one pen of broilers, one pen of rabbits, one ag mechanics build off project, or one creative arts project. If a student has more than one project in a division or divisions that is eligible for the Premium Auction, the student will have the ability to choose which one project they want to be included in the Premium Auction.
Sales Commission: There will be a sales commission of one and one-half percent (1.5%) of the total premium (sales) value that will be deducted on all Premium Auction lots for the online auction service provided by StockShowAuctions.com. Also, donors that pay their auction invoice using a debit or credit card will be charged an additional fee of up to four percent (4.0%) to cover charges by the payment processor.
Thank You Notes: Students that participate in the 2024 North East Ag Fair Premium Auction will receive a list of all registered users that submitted a bid on their Premium Auction lot. After the Premium Auction, a date will be determined, and all participants will be notified of when they must provide Thank You notes to all registered users that submitted a bid on their Premium Auction lot. A student must provide Thank You notes before they receive any payment of premium from the JMFFABC.
Add-On Premiums: Student participants in the 2024 North East Ag Fair Premium Auction are encouraged to promote their individual lot to potential supporters by inviting them to submit an Add-On bid for their lot at StockShowAuctions.com from Friday, January 19 – Monday, January 22, 2024. The student will receive the total dollar amount of Add-On bids received during the online Premium Auction minus the sales commission detailed above. Students will not be limited in the minimum or maximum amount that they can receive through Add-On premiums. If a registered user that submitted a bid or bids during the Premium Auction does not pay their invoice to the JMFFABC, their Add-On premium to any student lot will be deducted from the total premium payment that the student receives.
Points System: Funds raised by the JMFFABC for the purpose of supporting the 2024 North East Ag Fair Premium Auction will be distributed to participants utilizing a points system. The points system will determine the JMFFABC contribution for each student lot in the Premium Auction based on the total dollars fundraised prior to the Premium Auction. This contribution amount is not intended to repay the cost of the project, but it is designed as a reward for the student’s effort. Because projects have varying costs and time commitments involved in completing them, the points system is used to fairly distribute funds raised by the JMFFABC to students. The points system is as follows:
At the conclusion of the 2024 North East Ag Fair Livestock Show, a Premium Auction list and lot order will be determined by the staff of the Agriscience Magnet Program (AMP). From the Premium Auction list, the total number of points will be calculated from the livestock projects in the auction. For example:
The total points for all livestock projects in the Premium Auction will be used as the denominator in the following equation to determine the value per point:
(Total Funds Raised by the JMFFABC for the Premium Auction) – (Premium monies for Ag Mechanics and Creative Arts projects) / Total Points for all Livestock Projects in the Premium Auction
Example: ($15,000.00) – ($200.00) / 245 points = $60.41 per point
Cattle - $60.41 X 4 points = $241.64 contribution from the JMFFABC
Goats, Sheep, Swine - $60.41 X 2 points = $120.82 contribution from the JMFFABC
Broilers, Rabbits - $60.41 X 1 point = $60.41 contribution from the JMFFABC
Eligible Projects: This opportunity is available to James Madison FFA members that exhibit a project in the following divisions at the 2024 North East Ag Fair:
- Breeding Sheep
- Breeding Swine
- Market Broilers
- Market Goats
- Market Lambs
- Market Rabbits
- Market Steers
- Market Swine
- Ag Mechanics Build-Off (Champion and Reserve Champion only)
- Creative Arts (Champion and Reserve Champion Baked Goods and Champion and Reserve Champion Photography only)
Auction Format: The auction format that is being utilized is a Premium Auction. A Premium Auction is defined as follows:
Registered users of StockShowAuctions.com understand that a Premium Auction acts as a fundraiser for the student exhibitor. THE HIGH BIDDER DOES NOT PURCHASE THE RIGHTS OF LEASE OR OWNERSHIP TO THE PROJECT BEING OFFERED. The student exhibitor may keep the project or sell it to a market buyer through negotiated sale or separate auction. Premium Auction buyers desire to financially assist student exhibitors ONLY. No transfer of lease or ownership is implied when a lot is designated as a “Premium Auction” item. Premium Auction prices are to be strictly considered a gift to the student exhibitor.
Managing Agent: The James Madison FFA Booster Club (JMFFABC) will serve as the managing agent for the 2024 North East Ag Fair Premium Auction. The JMFFABC is recognized as a tax exempt 501(c)(3) organization as a subordinate in good standing of Parent Booster USA, Inc., Group Exemption Number: 5271, EIN# 27-1546608. The JMFFABC will be responsible for the collection of all bids submitted by registered users of StockShowAuctions.com for student projects in the 2023 North East Ag Fair Premium Auction and payment of premiums to those students with a project in the auction.
Number of lots: A student exhibitor in the 2024 North East Ag Fair may not have more than one lot (unit) in the Premium Auction. A lot (unit) may be one livestock animal, one pen of broilers, one pen of rabbits, one ag mechanics build off project, or one creative arts project. If a student has more than one project in a division or divisions that is eligible for the Premium Auction, the student will have the ability to choose which one project they want to be included in the Premium Auction.
Sales Commission: There will be a sales commission of one and one-half percent (1.5%) of the total premium (sales) value that will be deducted on all Premium Auction lots for the online auction service provided by StockShowAuctions.com. Also, donors that pay their auction invoice using a debit or credit card will be charged an additional fee of up to four percent (4.0%) to cover charges by the payment processor.
Thank You Notes: Students that participate in the 2024 North East Ag Fair Premium Auction will receive a list of all registered users that submitted a bid on their Premium Auction lot. After the Premium Auction, a date will be determined, and all participants will be notified of when they must provide Thank You notes to all registered users that submitted a bid on their Premium Auction lot. A student must provide Thank You notes before they receive any payment of premium from the JMFFABC.
Add-On Premiums: Student participants in the 2024 North East Ag Fair Premium Auction are encouraged to promote their individual lot to potential supporters by inviting them to submit an Add-On bid for their lot at StockShowAuctions.com from Friday, January 19 – Monday, January 22, 2024. The student will receive the total dollar amount of Add-On bids received during the online Premium Auction minus the sales commission detailed above. Students will not be limited in the minimum or maximum amount that they can receive through Add-On premiums. If a registered user that submitted a bid or bids during the Premium Auction does not pay their invoice to the JMFFABC, their Add-On premium to any student lot will be deducted from the total premium payment that the student receives.
Points System: Funds raised by the JMFFABC for the purpose of supporting the 2024 North East Ag Fair Premium Auction will be distributed to participants utilizing a points system. The points system will determine the JMFFABC contribution for each student lot in the Premium Auction based on the total dollars fundraised prior to the Premium Auction. This contribution amount is not intended to repay the cost of the project, but it is designed as a reward for the student’s effort. Because projects have varying costs and time commitments involved in completing them, the points system is used to fairly distribute funds raised by the JMFFABC to students. The points system is as follows:
- Cattle – 4 points
- Goats – 2 points
- Sheep – 2 points
- Swine – 2 points
- Broilers – 1 point
- Rabbits – 1 point
- Ag Mechanics Build Off – $50 maximum premium for Champion and $30 maximum premium for Reserve Champion
- Creative Arts - $25 maximum premium for Category Champion and $15 maximum premium for Reserve Champion
At the conclusion of the 2024 North East Ag Fair Livestock Show, a Premium Auction list and lot order will be determined by the staff of the Agriscience Magnet Program (AMP). From the Premium Auction list, the total number of points will be calculated from the livestock projects in the auction. For example:
- 15 cattle projects in the Premium Auction (includes Breeding Heifers and Market Steers)
- 15 X 4 points = 60 points
- 30 goat projects in the Premium Auction (includes Breeding Goats and Market Goats)
- 30 X 2 points = 60 points
- 30 sheep projects in the Premium Auction
- 30 x 2 points = 60 points
- 25 swine projects in the Premium Auction (includes Breeding Swine and Market Swine)
- 25 X 2 points = 50 points
- 10 broiler projects in the Premium Auction
- 10 X 1 point = 10 points
- 5 rabbit projects in the Premium Auction (includes Breeding Rabbits and Market Rabbits)
- 5 X 1 point = 5 points
- Total points for all livestock projects in the Premium Auction = 245 points
The total points for all livestock projects in the Premium Auction will be used as the denominator in the following equation to determine the value per point:
(Total Funds Raised by the JMFFABC for the Premium Auction) – (Premium monies for Ag Mechanics and Creative Arts projects) / Total Points for all Livestock Projects in the Premium Auction
Example: ($15,000.00) – ($200.00) / 245 points = $60.41 per point
Cattle - $60.41 X 4 points = $241.64 contribution from the JMFFABC
Goats, Sheep, Swine - $60.41 X 2 points = $120.82 contribution from the JMFFABC
Broilers, Rabbits - $60.41 X 1 point = $60.41 contribution from the JMFFABC
