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Supporting Extension Programs with Benchmark Farm Financial Data Through Multi-State Cooperation

Supporting farm management extension programs across multiple states with benchmark farm financial data. Includes a comprehensive farm financial information system and individual and group benchmarking tools.

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Supporting Extension Programs with Benchmark Farm Financial Data Through Multi-State Cooperation

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  1. Supporting Extension Programs with Benchmark Farm Financial Data Through Multi-State Cooperation

  2. Uniform Farm Management Project

  3. Comprehensive Farm Financial Information System FINPACK – Individual Farm Financial Analysis RankEm – Benchmark Individual vs Group RankEm Central – Group Summary Reports FINBIN – Dynamic Web-Based Financial Reports

  4. Goals of the Uniform Project • To support and enhance farm management association activities • To develop a uniform farm financial database to support extension, ag education, and research programs across a broad geographic area • To provide meaningful benchmarks for producer members and other producers

  5. Uniform Farm Management ProgramParticipating Groups • MN Farm Bus Mgt 2200 farms 1996-pres • SW MN Farm Mgt Assn 200 farms 1993-pres • SE MN Farm Mgt Assn 60 farms 1993-pres • ND Farm Bus Mgt 550 farms 1993-pres • Nebraska Farm Bus Assn 160 farms 1995-pres • Ohio Extension 50 farms 1997-pres • Missouri Farm Bus Mgt 91 farms 2003, 2004

  6. Uniform Farm Management ProgramWorks in Process • Utah Farm Business Management • SW Wisconsin Tech College • South Carolina Farm Business Associations

  7. FINBINwww.finbin.umn.edu • Data from 3400 producers • 2.88 million acres of cropland • 60,000 dairy cows • 35,500 sows • 654,000 grow/finish pigs

  8. FINBIN Reports • Whole farm reports • Income statements • Balance sheets • Profitability, liquidity, solvency measures • Family living expenditures • Nonfarm income, assets and liabilities • Crop enterprise reports • Livestock enterprise reports

  9. Crop Sort Criteria • Year • County • Net return • Cost of production • Enterprise size (acres) • Tenure • Tillage system • Row width • Manure • Roundup Ready • Bt crops

  10. Example Crop Report • Corn by Net Return Group

  11. Soybeans, Cash RentedFINBIN Database, Southern MN, 2002 - 2004

  12. Livestock Sort Criteria • Year • County • Net return • Cost of production • Enterprise size

  13. Example Livestock Report • Dairy by Herd Size

  14. Dairy by Herd SizeFINBIN Database, Minnesota, 2002-2004

  15. Supporting Extension Programs • Historic trends • Enterprise budgets • Rental rates • Costs of production analysis • News releases • Winning the Game • Marketing plan targets • Crop insurance workshops • Crop enterprise reports • Support for publications

  16. FINBIN Reports • 56,000 reports since inception in 2001 • 6,000 since 2004 MN data was available in April • Approximately 75 reports per day in last three months

  17. Farm Management AssociationsA unique public/private collaboration • Producer/members • Extension and other educators • Research • Public – Public return for publicly supported programs

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