A survey of 2,896 U.S. farmer-owned cooperatives ending their business year during calendar year 2005 showed a net business volume of $106.5 billion with a net income of $2.5 billion. These cooperatives had assets totaling $47 billion, about $27 billion of liabilities, and $20 billion in equity. Cooperatives were a major employer in rural areas, with 125,000 full-time workers, but this was about 40,000 fewer employees than in 2003 due to the bankruptcy of two large cooperatives and the conversion of another two cooperatives to investor-oriented firms. Business volume by commodity is reported for all cooperatives. Number of cooperatives, cooperative memberships, and number of employees are classified according to whether the business is a marketing, farm supply, or service cooperative. Trends in cooperative numbers, memberships, employees, business size, sales volume, net income, assets, liabilities, and net worth are reported.