FINBIN Benchmarking For Success

1. FINBINBenchmarking For Success 2007 National Extension Risk Management Education Conference Phoenix, Arizona Dale Nordquist Center for Farm Financial Management University of Minnesota 612-625-6760 dnord@umn.edu

2. Farm Financial Databasewww.finbin.umn.edu

3. Benchmark A measurement or standard that serves as a point of reference by which process performance is measured.

6. 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

8. FINBIN Includes Data From: • Minnesota • North Dakota • Nebraska • Ohio • Missouri • Utah • Wisconsin • South Carolina

9. FINBIN Includes: • 3300 producers (70 organic) • 2.88 million acres of cropland • 65,000 dairy cows • 35,500 sows • 654,000 grow/finish pigs

10. FINBIN Is a Partnership With: • MN Farm Bus Mgt 2200 farms 1996-pres • SW MN Farm Mgt Assn 125 farms 1993-pres • SE MN Farm Mgt Assn 50 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

11. FINBIN Is a Partnership With: • Utah Farm Business Mgt 50 farms 2004-pres • Missouri Farm Bus Mgt 100 farms 2003-pres • Wisc Farm Bus & Prod Mgt 50 farms 2002-pres • South Carolina Farm Mgt Assn 35 farms 2005 • Total for 2005 analysis 3300 farms

12. Data Security • Whole farm reports -- minimum of 10 farms in each report • Enterprise reports -- minimum of 5 farms in each report • Benchmark reports – minimum of 30 farms in each report

13. 5 Steps to Generating a FINBIN Report • Select a report type/enterprise

15. 5 Steps to Generating a FINBIN Report • Select a report type/enterprise • Select location • State • Group • Region • Counties

18. 5 Steps to Generating a FINBIN Report • Select a report type/enterprise • Select location • Select column format • Any characteristic can be chosen as a column format

20. 5 Steps to Generating a FINBIN Report • Select a report type/enterprise • Select location • Select column format • Select characteristics • Years • Type of farm • etc

23. 5 Steps to Generating a FINBIN Report • Select a report type/enterprise • Select location • Select column format • Select characteristics • Run the report

25. Whole Farm Reports

32. FINBIN Key Ratios2004 - 2006

33. FINBIN Key Ratios2004 - 2006

34. FINBIN Key Ratios2004 - 2006

36. Crop Enterprise Reports

37. Corn, Cash Rented, 2006FINBIN Database, So MN

38. Corn, Cash Rented, 2006FINBIN Database, So MN

39. Corn, Cash Rented, 2006FINBIN Database, So MN

40. Corn, Cash Rented, 2006FINBIN Database, So MN

41. Corn, Cash Rented, 2006FINBIN Database, So MN

42. Corn, Bt vs Conventional Cash Rented, 2003-2006, FINBIN Database, So MN

43. Corn, Cash RentedFINBIN Database, All MN

44. Quiz Time! What is the single most important factor in determining your cost of production? • Land cost • Family living • Yield • Government payments • Color of your equipment

45. Soybeans, Cash Rented, 2006FINBIN Database, So MN

46. Soybeans, Roundup vs Conventional Cash Rented, 2003-2006, FINBIN Database, So MN

47. Soybeans, Conventional vs. Organic Owned & Cash Rented, 2006, FINBIN Database, MN

49. Livestock Enterprise Reports

50. Dairy, 2006FINBIN Database, MN