Note 16 - Related Party Transactions

12 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

16. Related Party Transactions

During fiscal years 2024, 2023, and 2022, approximately 1% of vegetables supplied to the Company are grown by a Director of Seneca Foods Corporation. The Company’s grower purchases from the Director were $3.0 million, $3.1 million, and $2.9 million in fiscal years 2024, 2023, and 2022, respectively, pursuant to a raw vegetable grower contract. The Chairman of the Audit Committee reviewed the relationship and determined that the contract was negotiated at arm's length and on no more favorable terms than to other growers in the marketplace.

The Company made charitable contributions to the Seneca Foods Foundation (the “Foundation”), a related party, in the amount of $1.0 million, $0.5 million and $1.0 million in fiscal years 2024, 2023 and 2022, respectively. The Foundation is a nonprofit entity that supports charitable activities by making grants to unrelated organizations or institutions and is managed by current employees of the Company.

The Company maintains a liability for retirement arrangements to beneficiaries that have family relationships to two of the Company’s current Directors. As of March 31, 2024 and 2023, the liability for these benefits totaled $1.0 million and $1.0 million, respectively. Payments are made monthly over the beneficiary’s lifetime.