Finance

To help avoid financial stress, a good farm management program needs to be in place. Even then, weather, equipment, or an unexpected legal issue are just a few influencers on your farm’s profitability.

Below are resources to help you through a financial crisis as well as steps to take to avoid your risks.

Websites

OSU Ag Manager provides management information for today’s agricultural businesses. Subscribe to the blog and receive weekly updates on the latest news and events affecting Ohio’s agricultural mangers. Visit https://u.osu.edu/ohioagmanager and click on the subscribe button at the bottom of the page.

OSU Farm Office is a website that hosts resources in Agricultural & Resource Law, Dairy Production Economics, Farm Business Analysis and Benchmarking, Farm Risk Management, Ohio Ag Manager, Production Business Management and Tax. Visit the site at https://farmoffice.osu.edu.

Farm Office Website Resources:

Farm Office Live:

Farm Office Live provides the latest outlook and updates on ag law, farm management, ag economics, farm business analysis and other related issues via the Zoom platform. Targeted to farmers and agri-business stakeholders, our specialists digest the latest news and issues and present it in an easy-to-understand format. Get details at http://go.osu.edu/farmofficelive.

OSU Farm Profitability works with the Ohio Farm Business Analysis and Benchmarking Program to complete a financial analysis of your farming operation. This analysis will help you understand where your areas of profitability are in the business.  We will give you tools to understand the numbers behind your analysis, and will show you how to use them to further your success.  Finally, you will be able to compare your farm business to similar businesses across Ohio to see how you stack up to the competition.  Get details on their website at https://farmprofitability.osu.edu.

OSU FCS Healthy Finances is a program where Extension educators assist families in improving both present and future economic well-being by helping them assess their financial circumstances, increase their financial management skills, and improve consumer decision-making abilities. Access these resources at https://fcs.osu.edu/programs/healthy-finances.

Ag Lease 101 helps both land owners and land operators learn about alternative lease arrangements and includes sample written lease agreements for several alternatives and can be accessed at https://aglease101.org/.

The Center for Farm Financial Management (CFFM) develops applications and educational programs that provide educators, lenders, other professionals, and farmers resources to successfully manage farms and the financial activities related to farms and small businesses. Products and training focus on farm financial planning, financial analysis, business planning, commodity marketing, and credit analysis. Visit their website at https://www.cffm.umn.edu/.

FINBIN is one of the largest and most accessible sources of farm financial and production benchmark information in the world. FINBIN places detailed reports on whole farm, crop, and livestock financials at your fingertips. Visit their website at https://finbin.umn.edu/. Link to Ohio State Extension FINBIN information: https://farmprofitability.osu.edu/ Getting started is as simple as reaching out to your county Agriculture and Natural Resources educator, or Clint Schroeder, program manager, at 567-242-6693 or via email at schroeder.307@osu.edu.

The Ohio Benefit Bank – make your money go further. Find out if you qualify for budget-stretching tax credits and assistance at benefits.ohio.gov.

Publications

The Basics of a Farm Balance Sheet is an OSU Extension fact sheet available to view at https://ohioline.osu.edu/factsheet/anr-64.

The 15 Measures represent key characteristics of the most competitive dairy producers in the Midwest. View the report at https://go.osu.edu/15measures.