Source: UNIVERSITY OF NEBRASKA submitted to
NORTHERN PLAINS REGIONAL FARM BUSINESS MANAGEMENT AND BENCHMARKING PARTNERSHIP
Sponsoring Institution
National Institute of Food and Agriculture
Project Status
COMPLETE
Funding Source
OTHER GRANTS
Reporting Frequency
Annual
Accession No.
1029179
Grant No.
2022-38504-38104
Cumulative Award Amt.
$492,580.00
Proposal No.
2022-04462
Multistate No.
(N/A)
Project Start Date
Sep 1, 2022
Project End Date
Aug 31, 2024
Grant Year
2022
Program Code
[FBMB]- Farm Business Management and Benchmarking Program
Project Director
Walters, C.
Recipient Organization
UNIVERSITY OF NEBRASKA
(N/A)
LINCOLN,NE 68583
Performing Department
Agricultural Economics
Non Technical Summary
The purpose of this project is to improve the knowledge, long-term profitability, and risk management decisions of U.S. farmers and ranchers through the use and development of the National Farm Financial Benchmarking Database. The project will be conducted through the collaborative efforts of three farm business management associations in three states (the North Dakota Farm Business Management [NDFBM] Education Program, the South Dakota Center for Farm/Ranch Management at the Mitchell Technical Institute [SDCFRM], and Nebraska Farm Business, Inc. [NFBI]), and two land-grant universities (Ohio State University [OSU] and the University of Nebraska-Lincoln [UNL]).Our project will address both FBMB Program Objectives to 1) "maintain and expand" the national database and 2) "expand collaborative farm management educational programs and association partnerships that will contribute data" to the national database. We will also help to address all five FBMB Measures identified in the funding announcement. While our organizations already support over 1,610 producer farm financial analyses and contribute to the national database, we are committed to increasing the number of participants (particularly beginning and small- and medium-sized farms), increasing the quality of financial records, and creating a comprehensive annual report to be used in the national database. Our project will also support research aimed at improving knowledge on the role of information avoidance in financial risk management decision-making. Research outcomes will be used to identify information framing strategies that may appeal to uninformed individuals (i.e., those with limited knowledge of financial standing and risk management concepts), thereby enhancing their probabilities of farm success.
Animal Health Component
100%
Research Effort Categories
Basic
(N/A)
Applied
100%
Developmental
(N/A)
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
We will improve the National Farm Financial Benchmarking Database, small- and medium-sized farm profitability and competitiveness, and producers' decision-making skills by achieving the following program goals:Improve the quality, quantity, and diversity of data in the National Farm Financial Benchmarking Database through enhanced producer association partnerships in four states.Use resulting project data to link farm financial indicators to other farm decision-making tools to improve the probability of farm success and survival, particularly for small- and medium-sized and beginning farms.We will accomplish the goals by achieving the following objectives:Expand the already established National Farm Financial Benchmarking Database to support improved farm management for producers.Expand collaborative partnerships with producer associations to improve producers' farm management knowledge and skills and increase data sharing for the national database.Increase data gathering aimed at beginning and small- and medium-sized farms.Increase the profitability and viability of beginning and small- and medium-sized farms and ranches through access to quality, uniform farm business management benchmarking data.Enhance producers' financial knowledge to improve their abilities to survive through periods of high risk, volatility, and financial stress.
Project Methods
Each organization has or intends to increase their capacity to manage additional farms.South Dakota Center for Farm/Ranch Management (SDCFRM): This center is regaining momentum with the training of new instructors.Nebraska Farm Business, Inc. (NFBI): NFBI will increase awareness of their programming in Nebraska by attending farm shows and working with lenders and extension educators across the state to promote the benefits of participating in their financial analysis program. NFBI will also increase onsite visits to individual producers to help them streamline their data collection process and further develop these relationships.North Dakota Farm Business Management (NDFBM) Education Program:The association will focus on maintaining the over 400 completed, high-quality individual FINANs. Newly enrolled clients and the national database will both benefit from these expansion efforts.Ohio State University (OSU): OSU expects to build on client numbers to grow their program by 20 percent in 2022.Each collaborative partner will work with the producer associations in their state to improve the farm management knowledge and skills of agricultural producers through financial analysis and projected cash flow planning. Commitment letters from producer/commodity associations have been included from collaborating farm management groups. Partners will also offer to speak at meetings of the producer associations to share the collected data with a larger group of producers and provide greater dissemination of the information included in the national database with a wider segment of agricultural producers. This also serves as an opportunity to increase awareness of the programs and the vital services that they provide. With this increased awareness, there will be more participation in the analysis program, which will lead to a larger database and increase the financial management skills of the individual producers.NFBI will expandGood Farmer to Great Manager educational program to a national web-based program. The new web-based educational workshop will include written and instruction-based knowledge on using a financial analysis, spotting "red flags" or problem areas in the operation, and keeping accurate records to improve the knowledge and skills of agricultural producers. NFBI will also work with UNL to nationally expand data and data sharing and Nebraska research-based extension programing to educate producers in management decisions through speaking opportunities and promotion of financial benchmarking.SDCFRM will continue to develop partnerships with organizations such as Ag Resource Management, Farm Credit, First Dakota Bank, and Dacotah Bank, as well as agribusinesses, accountants, and other lenders to increase producer knowledge and skills through educational events, provide data to producers and other stakeholders throughout the state, and seek referrals from producers. Through these efforts, SDCFRM expects to increase the number of South Dakota participants that contribute data to the national database.OSU will collaborate with income tax schools, the Ohio Corn and Wheat Growers Association, and Ag Credit to promote the program. They will also perform outreach on the importance of financial education through the Farm Office Live webinar broadcast, at tax preparer schools, and at their ag issues tax seminars, which will lead to farm business analysis workshops.Objective 3: Increase data gathering aimed at beginning and small- and medium-sized farms: Each organization will use different strategies to increase the number of participating small- and medium-sized farms. SDCFRM will recruit small- and medium-sized farm participants through an educational effort with Ag Resource Management, Farm Credit, First Dakota, and Dacotah Bank. The synergistic efforts will set the stage for long-term relationships between these partners and SDCFRM's farm business analysts. NFBI will expand on content and availability of the Good Farmer to Great Manager program outside of Nebraska to provide small- and medium-sized producers new educational material, resulting in improved financial record keeping and financial analysis. The partnership program at OSU will increase the number of beginning and small- and medium-sized farms in underserved areas of Ohio growing underserved crops (e.g., conventionally and organically managed dairy, beef, crop, and specialty crops).The national database requires high-quality individual farm data. Record closeout manuals will be updated and distributed among collaborating programs for educators to use as a guide in filling out farm analyses. The manual will provide consistency between educators so that the highest quality financial data are uploaded to the national database.Providing additional monetary assistance to beginning and small- and medium-sized farms through program funds makes the program more affordable and consequently allows associations to expand. Farm association program leaders will communicate with the national database center to improve access to quality, uniform farm business management benchmarking data.OSU, NFBI, and the NDFBM Education Program expect to increase their beginning, small- and medium-sized farm and ranch clients by 10 farms, 15 farms, and 40 farms, respectively. Through all programs, consultants will work with producers to help them maintain accurate records throughout the year and then produce a financial analysis of their operations to help producers make sound fiscal management decisions and effectively work with others involved in the monetary aspects of their productions (e.g., lenders, marketing advisors, and agronomists). These financial analyses are submitted to FINBIN for inclusion in the national database.Annual reports of collected benchmarking data will further benefit producers in participating states. NFBI will create three annual reports in Nebraska to help producers and the agricultural professionals working with them benchmark their farm and take their farm management skills to a higher level. These reports will include interpretation of data, comparisons among different groups, and splits among the diverse geographical regions of Nebraska. The NDFBM Education Program will also create a comprehensive annual report that provides benchmarks for program participants, commodity groups, lenders, government agencies, and others. To improve the experience of producers, the association will utilize FINPACK and RankEm comparison software to create individualized benchmarking reports to show how participants compare to their peers and will compile results in the annual report.?

Progress 09/01/22 to 08/31/24

Outputs
Target Audience:Ranchers and Farmers in partnership states. Changes/Problems: Nothing Reported What opportunities for training and professional development has the project provided?Partnering states farm management team continues to work to stay up to speed with the everchanging ag industry and has been fortunate enoughto attend PEP trainings in January and November, RANKEM Training webinar, FINPACK training, North Dakota CTE training, and the Benchmarking Grant leaders meeting. The only way we can continue to serve the needs of the growing requests of farmers is to have consultants who are well-educated, well-trained, and consistent, so they can understand the operations and build a trusted relationship with the producers. While the challenges of the past few years have caused some turnover in staff, we continue to strive to meet the needs of Nebraska's producers by training new staff. Nebraska completed training for four new assistants who will then be promoted to consultants after this processing season. This is huge when providing excellent, consistent and beneficial assistance to Nebraska's farms and ranches. Meeting the needs of farmers. Without this funding we would have been forced back into the "old model" of limited training, and increased stress for everyone. This process allows future consultants to learn, without the responsibility of being the only person a farm operator relies on for important information. The need for help is not limited to just completing an analysis once a year, it also includes decision making regarding major purchases, selling, farm transition, and liquidation. North Dakota farm management education association holds trainings for new and experienced instructors twice per year. We also participate in trainings offered by the Center for Farm Financial Management. Early-career instructors are eligible to have their costs reimbursed. One instructor also participated in a week-long training with new ag lenders to receive additional training on evaluating borrowers' credit worthiness and how to work with borrowers on a personal level. How have the results been disseminated to communities of interest?South Dakota Center For Farm/Ranch Management To market the program and help create more partnerships like these, our instructors attend a number of conferences and conventions to continue to share our annual report data and educate about our program, these include: No till Association Meeting, SD Soil Health Coalition Conference, Hurley Marketing Event for SDCFRM producers, SD No till Association Expo, Agtegra Ag Forum, SD Women in Blue Jeans Conference, Grassland Initiative Summit, National FBM Conference, SD Bankers Conference, Dakota fest, Minnesota FBM Conference, Ag Outlook Conference. The program also hosted a Producer Marketing training at Mitchell Tech let by Mitchell Tech Ag Business/Marketing Instructor, Janelle Guericke. Program instructors were invited to present producer data at several South Dakota Soybean Association Shop Talk events, including Madison, SD, Yankton, SD Aberdeen, SD, and Chamberlain, SD. Other speaking opportunities included: Deuel County NRCS Meeting in Brookings, SD, South Dakota Bankers Conferences, South Dakota Wheat Association, and South Dakota Soybean Genesis. In February, we hosted a marketing meeting for producers where speakers were brought in to give market updates and forecasts for the upcoming year. We have more events like this planned for the upcoming year. Our program instructors also continue to submit monthly articles titled the "Farm Management Minute" to area news and agriculture publications (Farm Forum, Tri-State Neighbor, etc.). Nebraska Farm Business Inc. We have created a partnership with Nebraska Farm Bureau to offer a discounted price to their membership in exchange for the opportunity to speak to their membership. We will be teaching two classes at their meetings this fall, one for their general session and one at their Young and Beginning Farmer conference. At these meetings we will detail the benefits of financial analysis and teach them how to use the data to better understand and improve their farm operation. Ohio State University Promoted FBAB program through in-person meetings and professional/clientele contacts. New in 2023, promoted FBMB to producers enrolled and completing the OSU Farm On Financial Management Course that provides a certificate of completion meeting the eligibilities for the Ohio Department of Agriculture's Beginning Farmer Income Tax Credits and/or USDA-Ohio Farm Service Agency New Borrower Education. Initiated conversations with loan officers and lenders specializing in agricultural finance to raise awareness of potential collaborations for customers at their lending institutions. Highlighted the potential for regional benchmarking reports to help clients identify strengths and weaknesses of their farm business. Reached 610 attendees attending 18 estate planning / farm succession workshops with the curriculum emphasizing farm financial education. North Dakota Farm Management Education In January and February, NDFMEA instructors staffed booths at farm shows in Minot and Grand Forks, ND, respectively, to promote the program and encourage farmers to enroll. Instructors also staffed a booth at the Big Iron Farm Show in West Fargo, ND in September. Booth displays have been updated to reflect the changes in program locations across North Dakota. What do you plan to do during the next reporting period to accomplish the goals? Nothing Reported

Impacts
What was accomplished under these goals? South Dakota Center For Farm/Ranch Management The 2023 Annual Report Publication showed data from 63 operations in South Dakota. Mitchell Tech's program continues to operate with 2 full-time instructors, 1 part-time instructor, and contracting with a retired instructor. Fall 2024 enrollment totaled 58 producers enrolled with an additional 24students enrolled in the FSA Beginning Farmer Education program. In the past year, we have continued to have great support from local lenders and agribusiness partners with many referring producers, funding scholarships, as well as direct financial support of the program. To market the program and help create more partnerships like these, our instructors attend a number of conferences and conventions: No till Association Meeting, SD Soil Health Coalition Conference, Hurley Marketing Event for SDCFRM producers, SD No till, Agtegra Ag, SD Women in Blue Jeans, Grassland Initiative, National FBM, SD Bankers, Dakota fest, Minnesota FBM, Ag Outlook. The program also hosted an Producer Marketing training at Mitchell Tech led by Mitchell Tech Ag Business/Marketing Instructor, Janelle Guericke. Program instructors were invited to present at producer data at four South Dakota Soybean Association Shop Talk events as well as four other events around the state. In February, we hosted a marketing meeting for producers where speakers were brought in to give market updates and forecasts for the upcoming year. Our program instructors also continue to submit monthly articles titled the "Farm Management Minute" to area news and agriculture publications (Farm Forum, Tri-State Neighbor, etc.). Nebraska Farm Business Inc. The grant project has allowed us to expand and train our consulting staff to better serve the farmers and ranchers in Nebraska. We will finish training four new assistants that will be promoted to consultants after this processing season. This is huge when providing excellent, consistent and beneficial assistance to Nebraska's farms and ranches. Producer Impact Sometimes that advice and improved profitability comes in the decision to no longer farm. One of our clients made this choice this year not because he was being forced to by the bank or other outside influence but because the numbers showed that it just wasn't worth it to him. We were able to use his analysis and cash flow to project what multiple scenarios would look like for him and in the end, he made the informed choice to retire from farming. In addition to continuing to offer the "Good Farmer to Great Manager"class, we have increased our one-on-one work with producers. For 2023, we included 6 young and beginning farmers, 3 women farmers and 3 new farms in the database. We expect an increase of 5% of the number farms included in the National Database. Continued Improvement from Our Side of the Desk The only way we can continue to serve the needs of the growing requests of farmers is to have consultants who are well-educated, well-trained, and consistent, so they can understand the operations and build a trusted relationship with the producers. While the challenges of the past few years have caused some turnover in staff, we continue to strive to meet the needs of Nebraska's producers by training new staff. Increasing Awareness We have created a partnership with Nebraska Farm Bureau to offer a discounted price to their membership in exchange for the opportunity to speak to their membership. We will be teaching two classes at their meetings this fall, one for their general session and one at their Young and Beginning Farmer conference. Ohio State University Promoted FBAB program through in-person meetings and professional/clientele contacts. Promoted FBMB to producers enrolled and completed the OSU Farm on Financial Management. Total enrolled 109 with 41 completers, 68 still engaged. For those completing the course, 88% Agree or Strongly Agree: "I am more confident in my ability to manage my farm finances." Completers of the course "Extremely likely" to: Update balance sheet (88%); improve accounting and production records (79%); utilize tax updates in next return (75%). Promoted and conducted five (5) Quicken® for Farm Recordkeeping Workshops. Reached 40 unique farms with 63 individual learners. 82% indicated they will use recordkeeping for more than a tax return because of the workshop/education. Trained OSU Extension's newest workforce and retooled interested educators about farm business analysis and benchmarking. A two-day in-service was held for 15 OSU Extension personnel where they were trained. 610 attendees attending 18 estate planning / farm succession workshops with the curriculum emphasizing farm financial education. Schroeder conducted training sessions for farmers new to analysis focused on understanding and utilizing their analysis to improve profitability. Reviewed analyses with farmers with multiple years of analysis to continue to build understanding of results and how benchmarking adds tools for decision-making. FBAB staff implemented the option of field level enterprise analysis for the 2023/2024 season. This deeper dive into managerial accounting helps producers understand the impacts and return on investment of different agronomic practices within their farm business. Thirty-two (32) farms are expected to complete the 2023 whole farm analysis with an anticipated goal of forty-three (43) farms enrolled and completing the 2024 whole farm analysis. All analyses will be contributed annually to the FINBIN national database. North Dakota Farm Management Education For 2023, about 230 total farms were submitted to the database and we expect a slightly larger number for 2024. We still work with about 350 farms, but not all complete an analysis. New instructors are working to add students to their programs and grow awareness of the program. We continue to struggle with instructor retention. We had an instructor resign in Bismarck. About 43% of the farmers in the program have been in the program for less than ten years with the remaining 57% participating for ten or more years. So, while student recruitment and retention has been a challenge, we are pleased with the progress we have made on both fronts considering several farms have dropped the program due to ownership changes, retirements, or other reasons. In 2024, NDFMEA instructors staffed booths at three farm shows across North Dakota. Over 500 books are printed that show averages for four regions across the state, as well as the whole state average book. We print over 2,500 tri-fold brochures to share with stakeholders, lenders, policy makers, Extension agents, and other interested parties across the state to share with them a snapshot of farm finances in North Dakota.

Publications

  • Type: Other Status: Published Year Published: 2024 Citation: Fewell, J., "2023 North Dakota State Beef Average Summary" Available at: www.ndfarmmanagement.com/_files/ugd/f6a401_59854dd14d8c4f46bee238d03aa3cd8a.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Fewell, J., "Highlights from the 2023 North Dakota Averages" Available at: https://www.ndfarmmanagement.com/_files/ugd/f6a401_19278e5d7eda456d8d6107eab4e6d9e1.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Fewell, J., "2023 Annual Report State Averages" Available at: https://www.ndfarmmanagement.com/_files/ugd/f6a401_04edf70579e54e468d943e3e45517f8e.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Hoffman, K., et al., "2023 Red River Valley 2023 Report" Available at: www.ndfarmmanagement.com/_files/ugd/f6a401_dec9b7a53a26471fb18809bf18cf6fa6.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Fewell, J., "2023 Annual Report North Central North Dakota" Available at: www.ndfarmmanagement.com/_files/ugd/f6a401_e2ae90663b0f4e9db0974b5df3d8134b.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Fewell, J., "2023 Annual Report South Central North Dakota" Available at: www.ndfarmmanagement.com/_files/ugd/f6a401_55fefeca4baf4928bd29ddc0e9c30ab9.pdf
  • Type: Other Status: Other Year Published: 2024 Citation: Fewell, J., "2023 Annual Report Western North Dakota" Available at: www.ndfarmmanagement.com/_files/ugd/f6a401_06854998e4844f74a87f8415fa99a230.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "Attention all LLC and Entities: Required Reporting" Available at: https://nfbi.net/wp-content/uploads/2024/11/BOI-Article.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "2023 Whole State" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "2023 Top Efficient" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "2023 Regional" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "2023 Whole State Quick Facts" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "2023 Top Efficient Quick Facts" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2024 Citation: Barrett, T., "2023 Regional Quick Facts" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2024 Citation: Clevenger, B., "Beef with a Business Mindset" Available at: https://farmprofitability.osu.edu/news/beef-business-mindset
  • Type: Other Status: Published Year Published: 2023 Citation: Fang, X., A., Katchova and C. Schroeder. "Ohio Crop Production and Enterprise Benchmarking for 2022" Available at: https://aede.osu.edu/sites/aede/files/publication_files/OhioFarmBenchmarking2024.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Tonak, N. and C. Blaine, "2023 Annual Report" Available at: www.mitchelltech.edu/wp-content/uploads/2024/04/2023-Annual-Report.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Tonak, N. and C. Blaine, "2023 Age of Operator Reports" Available at: www.mitchelltech.edu/wp-content/uploads/2024/04/2023-Ag-of-Operator-Report.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Tonak, N. and C. Blaine, "2023 Crop Reports" Available at: www.mitchelltech.edu/wp-content/uploads/2024/04/2023-Crop-Pages-Report.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Tonak, N. and C. Blaine, "2023 Financial Scorecard" Available at: www.mitchelltech.edu/wp-content/uploads/2024/04/2023-Financial-Scorecard-Report.pdf
  • Type: Other Status: Published Year Published: 2024 Citation: Tonak, N. and C. Blaine, "2023 Financial Scorecard where you rank (Excel)" Available at: https://www.mitchelltech.edu/programs/south-dakota-center-for-farm-ranch-management/#curriculum


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

Outputs
Target Audience:Farmers and ranchers in the particiating partnership states. Changes/Problems: Nothing Reported What opportunities for training and professional development has the project provided?Each organization offers FINPAC training in addition to employee training. How have the results been disseminated to communities of interest?Yes. This is an ongoing process. What do you plan to do during the next reporting period to accomplish the goals?The benchmarking season is upon us as farmers and ranchers are for the most part out of the field. Individual partnerships are visiting with clients on benchmarking while alsoattending trade shows (to entice new clients).

Impacts
What was accomplished under these goals? Collaborating partners expanded on the number farms and ranches in National Farm Financial Benchmarking Database, each in different ways due to conditions they faced. South Dakota Center for Farm/Ranch Management We had an instructor leave the program and in the process of filling this position, we were excited to have multiple qualified candidates and we made the decision to expend the program and add a 3rd full-time instructor position along with a retired instructor who works with clients as a consultant to the program. Another partnership that has created many participant referrals to the program is with a group that works specifically with farmers and ranchers on transition planning from one generation to the next. We have found that our services are very complementary, and they have had clients that they said the only way they would take them on is if they enroll in the program at Mitchell Tech. Nebraska Farm Business, Inc. Having experienced consultants help producers make good management decisions leads to reports such as: Jared started the analysis in 2019. When we met with Jared to do benchmarking, one thing that stood out as a problem was his repairs and maintenance expenses. After verifying that everything was categorized right, Jared made the statement that he had to quit his "Chrome Addiction". He had been spending money on non-essential updates to his trucks and he saw what it was costing him.Since then, Jared has reduced his repair expenses and is controlling his other costs. His financial ratios, and net farm income have continued to improve. These sorts of accounts can be made from so many producers who have done the work and have generated the reports to make good decisions instead of just what looks good. Another producer wrote this about finally finding the analysis program: "We have been working with NFBI for past the 18 months. We wish it had been for the past 18 years! Our farm has always had solid bookkeeping and accounting procedures but what we lacked was the real understanding of our farm numbers that only deep financial analysis can provide. NFBI's financial analysis allows our numbers speak to us in terms of what changes we need to make to drive efficiencies into the farm as well as what we can do to propel our farm forward in terms of generating more revenue. For the first time in 24 years, our farm, along with Tina and Michelle, has been able to put together an exceedingly accurate break-even projection for the coming year. Our banker is thrilled! NFBI financial analysis has brought an unprecedented clarity into the financial health of our farm. The working relationship we have with NFBI is indispensable and is helping us make the tough decisions allowing us to farm for generations to come." Paul & Deb Gangwish North Dakota Farm Business Management Education Program A recent story from a producer participating in the program. "I wouldn't be without it!" quotes a farmer in the program. He values the insight from the instructor and especially the benchmarking analysis on the farm to compare himself against other operations. As a beginning farmer, learning from others provides knowledge not available anywhere else. The farm has expanded significantly over the last five years and having tools provided through the farm management education program and being able to ask questions of the instructor to assess major financial decisions and to evaluate different enterprises has helped make good decisions to achieve the successful farm operation. Ohio State University Informational PowerPoint for farmers developed and shared with Educators to insert in local programming with farmer audiences. Promotional materials/fliers for farmers distributed and shared with Educators and ag lenders to insert in local programming with farmer audiences. Presentation about analysis opportunities made to 46 Extension Agriculture and Natural Resources colleagues at farm management in-service training. Challenging them to recruit at least one new farm in their counties to participate. Three articles focusing on use of farm business analysis results in management decision-making and opportunities for analysis were written and published popular ag press and OSU's electronic newsletter. Twenty-nine (29) farms completed a 2022 analysis. Balance sheets and other work completed on an additional 6 farms. Two technicians, two consultants, program manager and one Extension educator completed the work in 2023 on the 2022 analysis year.

Publications

  • Type: Other Status: Published Year Published: 2022 Citation: Barrett, T., 2022. "Annual Farm Average Books" Available at: https://nfbi.net/farm-analysis/annual-reports/
  • Type: Other Status: Published Year Published: 2022 Citation: Hofer, J., 2022. "2022 Annual Report" Available at:https://www.mitchelltech.edu/programs/south-dakota-center-for-farm-ranch-management/
  • Type: Other Status: Published Year Published: 2022 Citation: Fewell, J., 2022. "Farm Averages 2013-2022" Available at:chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ndsu.edu/agriculture/sites/default/files/2023-04/JFewell%202023%20Farm%20Averages%20for%20the%20South%20Central%20Region.pdf
  • Type: Other Status: Published Year Published: 2022 Citation: Clevenger, B., 2022. "Farm Profitability" Available at: https://farmprofitability.osu.edu/