Source: UNIVERSITY OF MISSOURI submitted to
AMPLIFYING THE RELEVANCY OF FINANCIAL BENCHMARKING THROUGH EXPANDED OUTREACH AND ENVIRONMENTAL EMPHASIS TO GROW THE NATIONAL DATABASE
Sponsoring Institution
National Institute of Food and Agriculture
Project Status
ACTIVE
Funding Source
OTHER GRANTS
Reporting Frequency
Annual
Accession No.
1028709
Grant No.
2022-38504-37841
Cumulative Award Amt.
$499,961.00
Proposal No.
2022-04464
Multistate No.
(N/A)
Project Start Date
Sep 1, 2022
Project End Date
Aug 31, 2025
Grant Year
2022
Program Code
[FBMB]- Farm Business Management and Benchmarking Program
Project Director
Simonsen, J.
Recipient Organization
UNIVERSITY OF MISSOURI
(N/A)
COLUMBIA,MO 65211
Performing Department
Applied Social Sciences
Non Technical Summary
Our team aims to enhance relevancy, participation, and support of the FBMB National Database and enrich farmers' understanding and use of benchmarking to improve prosperity. North Carolina A&T State University (NCA&T) will continue program expansion, while strengthening relationships with the 1890's Land Grant Center of Excellence for Food Systems, Rural Prosperity, and Economic Sustainability (CFSRPES) by building trust and educating minority farmers on financial concepts. Farmers in all partner states will benefit from expanded educational programs, expanded crop and livestock enterprise data, expanded non-farm spending data and new benchmarking tools for their farms. Previously collected environmental sustainability data will expand to include Climate-Smart practices. New and early career Farm Benchmarking professionals will be mentored live and using video clips.This project addresses both FBMB objectives. Six partners in five states will collaborate to maintain and grow the FBMB National Database, while expanding producer knowledge and skills. This project will also address each of the five RFA-listed measures for these goals. All partners will work to: improve producer success in uncertain times , ensure uniform financial/benchmarking data, enhance data gathering focusing on non-farm spending, deliver training and assistance, advance small farm profitability efforts, and expand cooperation.
Animal Health Component
50%
Research Effort Categories
Basic
50%
Applied
50%
Developmental
0%
Classification

Knowledge Area (KA)Subject of Investigation (SOI)Field of Science (FOS)Percent
60160303010100%
Knowledge Area
601 - Economics of Agricultural Production and Farm Management;

Subject Of Investigation
6030 - The farm as an enterprise;

Field Of Science
3010 - Economics;
Goals / Objectives
Goal 1: Enhance the FBMB National Database by emphasizing relevancy of financial benchmarking in uncertain timesIncrease the total number of farms submitted, with a target of 50% being small farmsIncrease the number of farms submitting financial data for Climate-Smart practicesIncrease the amount of crop and livestock enterprise data included in farms submittedIncrease number of farms submitted identifying non-farm income and expenses to determine adequacy of sustained farm profitabilityGoal 2: Enrich understanding of the FBMB National Database with partner-developed resourcesExpand producer knowledge of farm financial health by emphasizing cost of production benchmarks and standards listed on the team designed Plan-on-a-Page.Develop standard method of sharing benchmarking information via electronic devicesUnify project partner stakeholder centered advisory councils for enhancing data and reporting processes to strengthen relevancy and utility of reports for farmers.Goal 3: Promote the value of the FBMB National Database with mentorship and presentationsIncrease the number and availability of face-to-face and online mentoring resources to extend the careers of farm management educators and support farmersDevelop new mentoring programs for first- and second-year participant producers, using " near-peer" farmer mentors in live and video sessions.Strengthen the relationship with the 1890 Land Grant CFSRPES
Project Methods
Fall of 2022 -Activities to be completed jointly by all partners in support of project goals:Attend a face-to-face team meeting hosted by Missouri to begin: planning video clips, mentoring efforts, and development of the Advisory Council.Develop plans to submit additional farms, emphasizing small farm data; promote submission of Climate-Smart practices, enterprise instances, and non-farm spending data.Partners will also complete state-level activities to support project goals and objectives:MO, MNFBM, MNSWOC, IL and WI will each conduct statewide fall in-service for staff development, including instructional techniques and benchmarking updates.NCA&T will: host 1-2 educational workshops for socially disadvantaged farmers about creating and maintaining meaningful financial benchmark information; translate educational materials into Spanish and share with partners; coordinate joint training programs for farmers and extension agents across 1890 Land Grant Institutions via the 1890 Center of Excellence partnership; and use Plan-on-a-page to explain the relevancy of financial benchmarking in enhancing farm profitability.MNSWOC will mentor staff and farmers on the value of benchmarking with the FBMB National Database, and recruit farmers, emphasizing small farms and Climate-Smart practices.WI and IL will identify participants for the proposed project advisory group.MNFBM will make presentations on the state Environmental Report, begin development of online marketing presence, and begin mentoring of new instructors. New Specialty Crop and Urban Small Farmer instructors will begin recruiting new small farm, minority producers.Winter of 2023-Activities to be completed jointly by all partners in support of project goals:Participate in ongoing partner Zoom meetings, work with producers to complete and submit farm data to the FBMB National Database, identify a purpose and function for the advisory council, and promote more enterprises and non-farm spending in submitted data.Partners will also complete state-level activities to support project goals and objectives:MO, MNFBM, MNSWOC, IL and WI will each hold Advisory Council meetings within their programs including participation by all project partners.MO will conduct a workshop at the Missouri Young Farmer Convention on the financial impact of benchmarking Missouri FBMA Climate-Smart farms, and will also hold their advisory committee meeting there. FBMA Instructors will also work with farmers finalizing farm analysis work for inclusion in the National FBMB Database.NCA&T will offer one-on-one financial consultation support and data entry assistance with 5- 6 farmers who have attended the educational workshops.MNSWOC and IL will work with members to increase and improve enterprise and family living/nonfarm income data and will utilize advisory group to promote and expand the value of the National FBMB Database.WI and IL will work one-on-one with farms to organize records for a complete analysis and expand partnerships with lenders and stakeholders to increase the number of farms submitted.MNFBM will work with the Specialty Crop and Urban Small Farmer instructors to expand small farm participation, complete the data accuracy review process, finalize layout for enhanced on-line marketing site, and continue mentoring of new instructors.Spring of 2023 - Activities to be completed jointly by all partners in support of project goals:All partners will participate in partner Zoom meetings, promote benchmarking data, develop the Climate-Smart Practices report, and promote increased use ofFINPACK Plan-on-a-Page.Partners will also complete state-level activities to support project goals and objectives:MO will publish the Missouri FBMA Summary, provide participants with farm financial analysis and benchmarking data, including a Plan-on-a-Page report for their farm.NCA&T will convene an advisory committee, inviting farmers, extension agents, and community organization representatives to discuss benchmarking efforts; and will offer 1-2 educational workshops for socially disadvantaged farmers about the process of, importance and impact of creating and maintaining meaningful financial benchmark information. NCA&T will also use the Plan-on-a-Page to explain the relevancy of financial benchmarking on profitability; incorporate family living expenses and Climate-Smart practices into the farm benchmarking database; and will offer one-on-one financial consultation and data entry assistance with 5-6 farmers. NCA&T will additionally translate educational materials into Spanish and share with project partners (Appendix 1) and coordinate joint training programs for farmers and extension agents across 1890 Land Grant Institutions.MNSWOC will promote the value of National FBMB database through mentorship and meetings with stakeholders, and identify and recruit new members with an emphasis on small and environmentally conscious farmers.WI and IL will complete farm analysis and work one-on-one with farms to expand the producer's knowledge of their farm financial health by emphasizing cost of production benchmarks, non-farm spending and Plan-on-a-Page.MN FBM will prepare the state Environmental report including Climate-Smart farm practices, share state and regional reports with producers and stakeholders, make presentations regarding MN data, launch enhanced on-line marketing site, and continue mentoring of new instructors.Summer of 2023 -Activities to be completed jointly by all partners in support of project goals:All partners will participate in ongoing partner Zoom meetings, work on final reports, and finalize plans for project sustainability.Partners will also complete state-level activities to support project goals and objectives:Missouri will publish an environmental sort of FBMA summary, evaluate the effectiveness of Plan-on-a-Page and benchmarking materials delivered on electronic devices, and other benchmarking activities conducted with farmers in the FBMA program.MN SWOC will use summer visits to enrich members understanding of the National FBFM database emphasizing cost of production benchmarks and Plan-on-a-Page usage.WI will generate a more detailed environmental practices reportMN FBM will gather data from project activities for preparing final reports.

Progress 09/01/23 to 08/31/24

Outputs
Target Audience:The target audience is farmers within a 5 state area. The data collected and the benchmarking analysis will be utilized by not only the farmers that participate in the program but other producers, education specialists, potential lenders, and agricultural business people. Changes/Problems:There were not major changes in approach in relation to the plan. The largest challenge has been the reduction in staff and educators across a couple of the collaborting states. What opportunities for training and professional development has the project provided?Training and professional development were a continuation of activities described in the prior year's progress report. This included numerous workshops, reports, and one-on-one sessions with farmers to discuss their individual financial data. How have the results been disseminated to communities of interest?Results were disseminated through workshops, reports, individual interactions, and posted on collaborators/stakeholders websites. What do you plan to do during the next reporting period to accomplish the goals?This will continue with the current activities and efforts to spark interest in the near-peer mentoring along with the use of different modes of technology.

Impacts
What was accomplished under these goals? The accomplishments were a continuation of the prior year's progress report. The total number of farms submited increased with Climart-Smart practices identified and increased enterprise data. The plan on a page was utilized with farmers and some recommendations for change were identified along with an additional tool that could be developed (initial work happened 09/2024). Collaboration continued to share information and the development of mentorship relationships.

Publications


    Progress 09/01/22 to 08/31/23

    Outputs
    Target Audience:The target audience is farmers within a 5 state area. The data collected and the benchmarking analysis will be utilized by not only the farmers that participate in the program but also other producers, education specialists, potential lenders, and agricultural business people. Changes/Problems: Nothing Reported What opportunities for training and professional development has the project provided?In Illinois...Over 100 producer visits have been completed from September of 2022 through August of 2023. In Minnesota...3 retired/current FBM instructors mentored new instructors, mentored professionals and producers in North Carolina. In Wisconsin...Held monthly trainings on data interpretation and delivery.Held one-on-one mentoring sessions during the analysis season. In Missouri...Fall conference was conducted for adult educators and pre-service college students. How have the results been disseminated to communities of interest?In Illinois....All 120-enterprise analysis have been completed and delivered to producers. In Minnesota...MN State FBM Database information shared with farmers and stakeholders around MN at spring meetings (In excess of 3,000 attending), updates made to official MN FBM website including new reports (FBM webpage receives in excess of 10,000 visits per year), QR code to the website.Partnership in Cover Crop data efforts generated two reports. Conservation economic data in general led to more new partnerships than anticipated. In Wisconsin...Attended many industry seminars and trainings, and worked to promote and recruit others to participate. Worked with regional NRCS agency to collect more data on conservation practices.Expanded the state environmental report. In North Carolina....14 workshops were presented with 999 participants. Those included: Liang, C. (2023). The rols of underserved producers in the bioeconomy, Conference, September 21, Greensboro, NC. (59 participants) Liang, C., Lacy, D., and Olander, K. (2023). Small farm financial benchmarking training, Goldsboro, NC, Hurdle Mill, NC. August 15-18. (22 participants) Liang, C. (2023). Specialty crop production demonstration, cooking demonstration, and financial/risk analysis, Small Farm Unit, Goldsboro, NC. July 12 and July 13. (150 participants) Liang, C. (2023). How to turn numbers into profits? Zoom, June 26. (42 participants) Liang, C. (2023). Next Level Marketing Strategies for Local, Niche Meat BusinessesNC Choices Meat Conference - N.C. A&T University Farm Pavilion, April 4, Greensboro, NC. (300+ participants) Liang, C. (2023). Specialty crop training with small farmers, April 1, Kingstown, NC. (21 participants) Liang, C. (2023). Supporting new and beginning farmers to grow and market specialty fruit and vegetables, March 23 and March 26, Canetoe, NC. (72 participants) . Liang, C. (2023). Financial analysis for agri-tourism operations, March 4, online. (6 participants) Liang, C. (2023). Growing specialty crops for ethnic market and cooking demonstration, February 23, Hillsborough, NC. (81 participants) Gu, S. and Liang, C. (2023). High Tunnel Winter Field Day. Facilitated by Liang, C. February 10. CEFS Small Farm Unit, Goldsboro, NC. (35 participants) 11. Liang, C. (2022). Growing and marketing specialty vegetables for small farmers, Hurdle Mill, NC, September 19. (16 participants) 12. Liang, C. (2022). Small Farm Unit Demonstration Day, organizer, July 13, Goldsboro, NC. (121 participants) 13. Liang, C. (2022). Pricing strategies for cut flowers, online training workshop, July 6. (7 participants). 14. Liang, C. (2022). Farm Financial Analysis, webinar, Jan 13 and Jan 14. (67 participants) In Missouri....presentations have been conducted at the College of the Ozarks and University of Missouri. What do you plan to do during the next reporting period to accomplish the goals?In Illinois....the climate smart metrics will be recorded for 25 farms and work toward all the objectives will continue. In Minnesota...3 Cover Crop grants totaling $273,000 were in process. Second grant of $99,000 received from 1 entity to support cover crop data collection. Environmental Report continues to garner interest and financial support. In Wisconsin...Still need to do a multi-state comparison of climate smart practices and more work toward all the objectives. In Missouri...Work will be done to determine farms identified by adult instructors utilizing environmentally sustainable practices (submitting whole farm with enterprise analysis.

    Impacts
    What was accomplished under these goals? In Illinois...All 60 farms have been identified for submission to FINPACK. We are about 25% complete with input into FINPACK.60 comparative analysis reports have been completed and sent to producers.60 Plan on a Page reports have been completed. Distribution to farmers still needs to occur which is planned for this winter. In Minnesota...New Common Curriculum Assessment Tool developed for all FBM colleges.As a part of Goal 3: Developed new partnership with MN NRCS as they work with producers to help them understand farm financials using the FINBIN database. In Wisconsin....Increase the average number of FINANS submitted by instructor to 24.4 farms up from 16.9. Worked with local NRCS and watershed groups to grow environmental report. 34% of farms completing an analysis had implemented an environmental practice verses 30% in 2021. 76% of farms completed an enterprise analysis, up from 62% in 2021. There were 34 enterprises that grew a crop after a cover crop, up from 22 in 2021. In Missouri....102 farms are included in the financial summary and work is being done to identify the farms utilizing environmentally sustainable practices.

    Publications