Search
Displaying 191 - 200 of 274
December 8, 2022
Recent Videos, Risk and Profit Online Mini-Conference Presentations
and “Speed’ of Tows
Benchmark tariff rates
Calculating … lbs): (Rate * 1976 tariff benchmark rate per ton)/100
Low …
September 1, 2015
KFMA Newsletters
Mark Wood
How many have heard of the Farm Financial Standards Council?
What influence could this group have on your operation?
Can you benefit from the work of “the council”?
I have heard of the Farm Financial Standards Council (FFSC) over the years while participating with fellow agricultural
economists in National Farm Business Analysis meetings. I have not taken specific interest in FFSC until this summer. I
decided to attend the 2015 summer conference in Kennewick, WA this late July to learn more…..
A bit of history:
The Farm Financial Standards Council was established January, 1989 as a result of the farm crisis of the 1980s. The
desire of FFSC was and still is “dedicated to helping farmers by promoting uniform financial reporting and analysis in the
agriculture industry.” The members of the FFSC are predominantly accountants and bankers. One of the reasons I am
interested in participating with the FFSC is to encourage an ag economist perspective to the activities of the council.
There are Farm Business Analysis representatives from Kansas, Illinois and Kentucky currently on the membership, but
we are few.
http://www.agmanager.info/kfma/ September 2015 E‐newsletter 6
What they do:
Most of the activities of FFSC are focused on maintaining their financial guidelines. Two publications encompass the
guidelines. The first is “2015 Financial Guidelines for Agriculture, Standard”. This represents the more traditional
accounting the majority of bankers and farmers are likely to follow. The Kansas Farm Management Association system is
in agreement with nearly all of this publication. The second publication is “Management Accounting Guidelines for
Agriculture, Standard”. This represents a more advanced “real time” accounting that incorporates what I consider a full
accrual approach to farm records.
What is their influence over organizations like KFMA?
The Kansas Farm Management Association System incorporates traditional cash records with accrual adjustments at the
interval of the analysis processing. KFMA does have the capabilities within our analysis program to provide annual,
quarterly, and monthly processing of whole farm and enterprise analysis on an accrual basis. The process of dissecting a
farm’s records to accomplish monthly analysis is difficult and time‐consuming such that few KFMA members request this
service. Given that larger and more complex operations are becoming common in agriculture, the interest in more
frequent analysis may increase.
One example of the conference focus:
Part of the FFSC Summer conference was to discuss ways to “get the message out” for the council. In other words,
getting the useful information on agriculture finances to the public. The marketing committee discussed increased use
of blogs. The current president of FFSC, Paul Neifer, has a successful blog titled “Farm CPA, Today”. (I would
recommend you consider subscribing….find it on Google) Last winter, Paul did a great job of discussing (in brief bites)
the process of evaluating the farm bill. Currently (August, 2015) Paul is on the Pro‐Farmer Crop tour and reporting daily
observations. The blogs produced by FFSC are featured on the Farm Futures web site (search for “Money Matters”) and
on FFSC.org home page under “Money Matters Blog by Farm Futures”. They have more information about agriculture
finances and about the FFSC itself.
All good meetings (In my humble opinion) need some
perspective challengers. After the meeting was finished on July
31, 2015 we drove 50 miles east of Kennewick, WA to an area of
tremendously hilly wheat fields just east of Waitsburg, WA. A
producer in the middle of harvest “welcomed” a bunch of
accountants, bankers and a few economists to observe and ride
on the combines. I was fortunate enough to enjoy at least one
lap of a 30 degree slope wheat field.
http://www.agmanager.info/kfma/ September 2015 E‐newsletter 7
Comments from Jesse, the operator of the combine I
rode on and a third generation member of this farming
family, indicated that the wheat was rather
disappointing when it was yielding 70 bushels instead
of the more typical 140 bushels per acres……was that
ever a perspective challenger for me…..let alone the
slope of the fields. As a side note, I am riding in the
combine up the hill when the group picture was taken.
The picture on the right is from the combine I was
riding on through the windshield to catch another
combine (Jesse’s dad) on side hill and going down into
a draw at the same time.
I encourage all producers in the current market price/cost of production environment to make the time to keep their
records sharp. Make sure you are evaluating your business using accrual analysis instead of cash basis (tax return). And
finally, most importantly, communicate, communicate, communicate with your banker. We are returning to times of
narrow margins that will eliminate some producers, and allow others to expand. What makes the difference could be in
how you manage your finances along the way. Consider joining the regional Kansas Farm Management Association that
serves your area of the state for record assistance, completion of accrual analysis, and importantly, interpretation and
benchmarking your analysis results with other similar producers in your area …
March 5, 2015
Risk Management Strategies
Reference Price $5.5000
Benchmark Revenue PLC > ARC‐Co, …
Summary Book - All Counties
designed to help you with benchmarking your farming
operations …
Summary Book - All Counties
6
Benchmark Worksheet … Management Assn., NE 6
Benchmark Worksheet
Number of … KFMA members: see your Benchmark Report for your numbers
2018 …
Summary Book - All Counties
6
Benchmark Worksheet … Management Assn., NE 6
Benchmark Worksheet
Number of … KFMA members: see your Benchmark Report for your numbers
2019 …
Summary Book - All Counties
5
Benchmark Worksheet … Management Assn., NE 5
Benchmark Worksheet
Number of Farms … KFMA members: see your Benchmark Report for your numbers
2020 …
Summary Book - All Counties
5
Benchmark Worksheet … Analysis - KFMA, NE 5
Benchmark Worksheet
Number of Farms … KFMA members: see your Benchmark Report for your numbers
2021 …
Summary Book - All Counties
5
Benchmark Worksheet … of this publication.
Benchmark Worksheet
COUNTY
AVERAGE
Number …
Summary Book - All Counties
5
Benchmark Worksheet … of this publication.
Benchmark Worksheet
Number of Farms …