by Rory Lewandowski, Extension Educator-Wayne County
Many sectors of the commercial agriculture economy are facing very thin to non-existent profit margins. In these situations, knowing your financial position and the cost of production of various enterprises is critical to making financial decisions and charting a course for the future.
A 6-evening farm financial management school (FFMS) is scheduled for Wednesday evenings in January and February in Wayne County beginning the evening of January 16 and running consecutively through February 20. The 2019 FFMS will focus on teaching participants how to develop and use core farm financial documents and statements.
The school will use presentations, class discussion, group work, case farm examples and hands-on activities to teach participants how to assemble and use essential farm financial documents. Participants will learn how to put together and use financial documents to measure their current farm financial situation, track expenses and cash flow, make decisions to help improve or maintain the financial situation, and work more effectively with Ag lenders. Topics covered over the 6-week school include: mission statements, balance sheets, cost of production, family living expense, farm income statements, farm cash flow statements, enterprise budgets, benchmarking, financial standards/ratios, record keeping, and working with Ag lenders. Each participant will receive a 3-ring binder notebook with materials and handouts from each session.
The 2019 FFMS will meet in the commissioners meeting room located in the upper level of the Wayne County Administration Building in Wooster. A light meal will be available each evening at 6:30 pm and class instruction will begin at 7:00 pm and conclude by 9:30 pm each evening. The registration cost is $50/person or for up to three people from the same farm business. Sponsorships provided by Farm Credit Mid-America, Farmers National Bank, Wayne Savings Community Bank and Farmers State Bank are helping to cover some of the program expenses. Pre-registration is requested to the Wayne County Extension office at 330-264-8722 or by email to firstname.lastname@example.org by Friday, January 11. A program flyer that includes a registration form is available on-line at http://go.osu.edu/2019FFMS.