Source: NEW MEXICO STATE UNIVERSITY submitted to
NEW MEXICO FARM BUSINESS MANAGEMENT AND BENCHMARKING
Sponsoring Institution
National Institute of Food and Agriculture
Project Status
ACTIVE
Funding Source
Reporting Frequency
Annual
Accession No.
1031512
Grant No.
2023-38504-41139
Cumulative Award Amt.
$406,193.00
Proposal No.
2023-04319
Multistate No.
(N/A)
Project Start Date
Sep 15, 2023
Project End Date
Sep 14, 2026
Grant Year
2023
Program Code
[FBMB]- Farm Business Management and Benchmarking Program
Project Director
Miller, M.
Recipient Organization
NEW MEXICO STATE UNIVERSITY
1620 STANDLEY DR ACADEMIC RESH A RM 110
LAS CRUCES,NM 88003-1239
Performing Department
(N/A)
Non Technical Summary
This project aims to collect farm-level production and financial data from New Mexico producers using a two-prong approach. First, it utilizes agricultural accountants and takes advantage of farmer's existing relationships to minimize producers' effort for participating in the Farm Business Management and Benchmarking (FBMB) database. The approach will make submissions faster, easier, and more accurate. Second, the project seeds the use of regional Annie's Project locally-led programs to identify and develop relationships with community leaders and ensure by-in and engagement with key farmers in each targeted area. The highly collaborative approach strengthens connections between farmers, university educators, agricultural accountants and other professionals, and NMSU extension systems.The extensive interactions funded through the grant continually highlight the critical role of the collected information for the agricultural service sector, policymakers, and applied agricultural research. The significant portion of the grant dedicated to face-to-face meetings serves to obtain quality information and build a farmer support network. The project also intends to summarize key findings and observations in the form of extension articles and outreach documents.The project does seek designation as a Center of Excellence.
Animal Health Component
95%
Research Effort Categories
Basic
(N/A)
Applied
95%
Developmental
5%
Classification

Knowledge Area (KA)Subject of Investigation (SOI)Field of Science (FOS)Percent
6016030310030%
6026030310070%
Goals / Objectives
1. Expand the FBMB prevalence in the West and increase the number of included crops by adding New Mexico farmers, including the addition ofseveral specialty crops and produce crops to the existing National Database. The inclusion of New Mexico producers is also likely to increase the number of minority farmers, especially Hispanic and Native American farmers.2. Offer two types of training to NM agricultural producers. 1) Help expand"Annie's Project" groups and associatedtrainings; 2)offer trainings specific to FBMB to help farmers to submit and utilize their own data.3. Develop a new protocol for working collaboratively with agricultural producers and their accountants to facilitate submission of farm financial data.
Project Methods
Outreach activitiesThe outreach follows two main approaches. In the first year the PIs will present the importance of financial benchmarking at each of the major commodity group meetings. The second approach is to develop deep relationships through the support and creation of "Annie's Projects."Presentations to help generate interest at these commodity group annual conferences will be made in the first year. Workshops targeting these meetings will follow the conference in the second and third years. These commodity groups include:New Mexico Farm & Livestock BureauNew Mexico Joint Stockmen's AssociationSouthwest Hay AssociationNew Mexico Chile AssociationNew Mexico Farmers' Market AssociationNew Mexico Dairy Producers AssociationNew Mexico Cattlegrowers' AssociationNew Mexico Woolgrowers' AssociationNew Mexico Farmers' Marketing AssociationWestern Pecan Growers AssociationAdditional presentations will be made to these conferences to widen the use of FINBIN benchmarking. These meetings all are held in Las Cruces or have online capacity, so no expense is added to the budget.NMSU Cooperative Extension In-Service Training related to FBMB benchmarking tools can be included in the 2023 & 2024 updates. The benefits and method of contributing data can be included in the 2022 update.NMSU Cooperative Extension Service Beef and Livestock Update - This is an extension service training targeted at New Mexico beef producers. Training related to FBMB benchmarking tools can be included in the 2023 & 2024 updates. The benefits and method of contributing data can be included in the 2022 update.New Mexico Agricultural Leadership (NMAL) Program - this program promotes understanding of agricultural issues and policies among recognized and emerging leaders of the industry.To sustain the project outcomes in target regions, we plan to leverage on resources of Center of Excellence in Sustainable Food and Agricultural Systems (CESFAS) within NMSU ACES. One of the project collaborators is the current co-director of the center. Our approach will build on and contribute towards CESFAS's goal to develop and expand the value-added agribusiness New Mexico. The reliance on the Annie's Project creates a natural avenue for extension education. The ability to use financial benchmarking will support efforts for sustainable farm businesses contributing to economic development. The financial benchmarks across different important commodities and regions will strengthen collaborative research efforts and farm management teaching.Annie's Project An agenda for the Annie's Project from Eastern New Mexico is included in the Appendix. One of the main benefits of Annie's Project is the creation of a local advisory committee consisting of respected farmers from the area. This advisory committee helps develop the agenda, so the topics covered are customized to the region. This also allows the focus to expand beyond just financial concerns to include interdisciplinary topics to increase the sustainability of farms and ranches.Annie's Project targets women to offer a new way to recruit farmers. The areas targeted are agriculturally important regions, with careful thought about how the regions would expand the FINBIN database. Regional Annie's Project groups created are shown in the map in the appendix.FBMB WorkshopsAnnie's Projects and commodity conferences will be followed with intensive workshops The locations for the third year may be adjusted based on demand, but with attention paid to serving the entire state and our different farmer types, ethnicities, and sizes.-------Data Contribution ApproachFarmers can choose to provide data through their accountants or by participating in a FBMB workshop. The steps for submitting data include:Participating farmer hears about the importance of the program from a producer meeting, podcasts, social media, an Ag Science Field Day, from an Annie's Program participant, or from their banker or accountant. They receive a participation permission form, sign it, and submit it to his/her/their accountant. The form will include the production yield, acreage, or head count information necessary for creating benchmark data, to be submitted by farmer and passed on as part of total data submission from accountant.The accountant notifies NMSU PIs of their willingness to participate on behalf of a client (the notification instructions will be included with farmer permission form).Accountant assigns an anonymous producer number to that farmer and runs the reports necessary/available for creating a data submission to FBMB Database. The accountant uploads the file to a Dropbox folder shared with them. Each farm will have a subfolder named with the producer number. If there are questions, technical issues, or incomplete reports, this number will allow resolution of issues without revealing the farmer's name.Funding is provided in the grant to pay accountants $100/participating farm. This hopefully prevents any additional cost from being charged to participating farmers. It also provides an incentive for accountants to help promote participation in the program.Permission form may be revoked by farmer at any time, but pending legal approval, it will allow for annual submission until revoked.Alternative to working with an accountant, farmers could submit data developed through participation in an FBMB workshop following an Annie's Program meeting or a commodity group conference.Once data is received, faculty and graduate students use FINPACK software to convert data files to FBMB-compatible format.RankEm Software is used to pull files together into a state database, which is submitted for compilation into the FBMB National Database. After an error-checking process, the data is available online.

Progress 09/15/23 to 09/14/24

Outputs
Target Audience:In the past year, we focused on building our process for data submission and introducing the value of financial benchmarking to producers. Producer Meeting Presentations. Audiences listed are approximate. 10 beef producers - New Mexico Bull Test Association. 12/12/23 12 hay growers - New Mexico Hay Assoc Annual Conference - Executive Committee. 1/24/24 40 chile growers - New Mexico Chile Conference 2/6/24 50 Native American producers - Tribal Lands Workshop 4/23/24 Guest article in New Mexico Farm & Livestock Bureau magazine - October 2024 20 growers - Specialty Crop Workshop - 9/3/24 Online Trainings Offered to promote NM-FARM Financial Benchmarking Program Online Workshop series to present accounting alternatives 17 registrants, 2 external to NM; 7 of NM producers were beginning farmers Information meeting for accountants - 3 accountant attendees More scheduled for upcoming year Annie's Project meetings to target women farmers 30 participants - Women in Ag Leadership Conference introduced to Annie's Concept - 5/25/23 19 women - Annie's 101 workshop - East side of state - 2/22/24 Began organizing an Annie's Inspired - Know Your Numbers event for upcoming year. Presentation Totals Estimated total of 199 producers 49 women at exclusivly women events 50 Native American producers In addition to presentations, we had a booth about the NM-FARM Financial Benchmarking program at the following events. Booths New Mexico Farm & Livestock Bureau Annual Conference - 9/15-16/23 New Mexico Hay Association Annual Conference - 1/24-26/2024 New Mexico Chile Conference - 2/6/24 New Mexico Soil Health, Soil Carbon Conference - 7/31/24 New Mexico Farm & Livestock Bureau Annual Conference - 11/21/24 Changes/Problems:We intended to hire two graduate students. We have selected potential students, interviewed candidates, issued contract of employments and received signed commitments back twice. In both instances, the student was unable or chose not to attend NMSU. We have not been able to hire a graduate student. This was addressed by recruiting and hiring an outstanding undergraduate student who enrolled in our "Masters Accelerated Program." (MAP)Through this program she has been accepted into the Masters program and will begin her graduate program upon graduation in May 2025. She is already working on the project and will begin her Masters Thesis in the upcoming semester through the MAP program. We will continue working on hiring a second graduate student. What opportunities for training and professional development has the project provided? Miller attended Annie's Project Annual Conference, St. Louis, MO. 10/18/2023 Miller and Regmi attended Farm Benchmarking Meeting, Minneapolis, MN. 11/29-30/23 Miller attended Annie's Project facilitator training (5/28-29/24), became certified, formed steering committee and began work as a facilitator for the Middle Rio Grande Annie's Project, which will start in February 2025. Miller and undergraduate student employee attended FINPACK training, University of Minnesota. 8/14-15/24 Student, Ruebush, presented poster on NM-FARM benchmarking-through-an-accountant process at Farm Financial Standards Council. 7/25/24 How have the results been disseminated to communities of interest?Have verbal commitments from 4 producers in upcoming year(1 pecan only, 1 pecan and sheep, 2 cow-calf producers). Trainings on FINPACK+ completed to allow collected producer data to be submitted through Rank'Em. This is work towards being able to disseminate findings, but do not yet have results for submission. What do you plan to do during the next reporting period to accomplish the goals?Able to shift focus from project development to recruiting participants in the upcoming year. Continue working on using Annie's Project as a recruitment tool. Continue hosting NM-FARM specific trainings online to encourage participation. Article submitted to New Mexico Stockmen's about contest. Currently, invited to present at another 5 producer conferences.

Impacts
What was accomplished under these goals? Goal 1. Significant effort invested to raise awarenes of the benchmarking and financial training program in New Mexico. As noted in targeted audience, almost 200 people were in presentations about this program. Goal 2. Offer two types of training A second "Annie's Project" was held in Tucumcari in February 2024. 19 women attended. Special trainings offered - 4 night series to demonstrate accounting software for agriculture Work completed on organizing additional Annie's Project sessions for early 2025. One will be Annie's 101 for Specialty Growers in Middle Rio Grande Valley. Another will be a Know Your Numbers, Know Your Options training in Santa Rosa, this training focuses on preparing financial data. A session will focus on using benchmarking program. Planning completed for Zoom workshops for Decembr 2025. One will feature FINPACK+ FINLRB capacity, the other will be two bankers discussing Balance Sheets and other financial statements. Goal 3. Develop new protocol Protocol developed and approved through NMSU IRB approval process. Arrangements made with NMSU Purchasing Department to ensure smooth payment of participating accountants. Submission forms for producers to give to accountants approved by NMSU Legal Department. Necessary forms developed and made available to participants through the nmfarm.nmsu.edu website.

Publications

  • Type: Websites Status: Published Year Published: 2024 Citation: Miller, Maryfrances & Regmi, Madhav. (2024) Introducing NMSU's New Mexico FARM Program. New Mexico Farm and Ranch. p 15.