Dates & Time: February 3rd & 10th, 2024
9:00 am to 3:00 pm (Lunch is included!)
Location: Camp Whitewood, 7983 S Wiswell Rd, Windsor, OH 44099
Register: CLICK HERE TO REGISTER
Cost: $100 per person ($50 for additional family/farm member)
Details: This course will offer 10 hours of farm management education, 5 hours on each Saturday. There are 4 main areas that will be covered, and they are outlined below. These topics will be covered by Andrew Holden, Ashtabula County OSU Extension, Lee Beers, Trumbull County OSU Extension, and David Marrison, Field Specialist in Farm Management; Interim Director for the Farm Financial Management & Policy Institute. This two Saturday course will feature both live, in-person lectures, recordings from other state specialist, hands-on activities, take home assignments, and the ability to apply what is taught directly to your new or current farming operation.
Topics:
1. Getting Started on Your New Farm Business
- Developing real-life expectations for your farm
- Assessing your property and resources
- Developing a mission and goals for your farm
- Developing a farm business plan
- Farm business structures
2. You Can’t Measure What You Don’t Track. Recordkeeping, Budgets and Taxes
- Recordkeeping for farm business
- Using enterprise budgets to project farm income
- Developing cost of production projections
- Introduction to farm taxes
3. Money, Money, Money! Managing Your Small Farm’s Finances
- Developing a farm and family balance sheet
- Cash flow statements
- Other financial statements- income statements and cash flow
- Managing family & farm income and expenses.
4. The Legal Side of Farm Financial Management
- Legal instruments for farm financing
- Loan options for small farms
- Farm leases and contracts
- Overview of risks on the farm
- Liability insurance
Add-ons/options:
This course is $100 per person for the two days of education, lunches, and a binder of resources and material covered.
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Spouses/partners/other family member can also attend for an additional $50. (One binder of materials per family/farm)
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Completing HB 95 requirements can be done for an additional $200
The Beginning Farmer Tax Credit program was created through House Bill 95, signed into law by Governor Mike DeWine on April 21, 2022. It offers two income tax credits beginning in tax year 2023 in two categories:
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- Beginning farmers who attend a financial management program (Can receive reimbursement for this course)
- Individuals/businesses that sell or rent farmland, livestock, buildings, or equipment to beginning farmers (Can receive tax credit for selling/renting land)
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More information on HB 95 here.
Talk to Andrew Holden (Holden.155@osu.edu or 440-576-9008) if interested in receiving this credit.
Sponsors:
OSU Extension-Ashtabula & Trumbull Counties
OSU Beginner and Small Farms Program
Farm Financial Management and Policy Institute
Risser Farm Management Fund
For more information call 440-576-9008.