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Risk Management and Financial Management Training Modules with FAST Tools

Risk Management and Financial Management Training Modules with FAST Tools. FAST Tools. farmdoc companion project initiated in 1999 Development of 48 spreadsheet-based tools to aid decisions for producers, lenders, consultants and investors

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Risk Management and Financial Management Training Modules with FAST Tools

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  1. Risk Management and Financial Management Training Modules with FAST Tools

  2. FAST Tools • farmdoc companion project initiated in 1999 • Development of 48 spreadsheet-based tools to aid decisions for producers, lenders, consultants and investors • Facilitate use, access, distribution of tools and resources through CD and internet distribution • Quarterly subscription (400 subscribers) • farmdoc download (www.farmdoc.uiuc.edu/fasttools/ • via workshops • Approximately, 45,000 CDs produced, 39,000 downloads • Increased demand for education and training

  3. Current Resources and Activities • 40 laptop computer lab • FAST educator / coordinator • CD duplication • 50+ meetings in Illinois / integrated FAST last 2 years • Teaching modules for each program • Case studies and examples • Outside of educator, operate at “full” cost recovery • Prairie Farmer monthly column Theme & Focus Teach Decision Making Integrate and utilize FAST Not just computer training

  4. Past Educational Efforts3 Dimensions Host(s) Intended Audience Content/Meeting Type

  5. Hosts“Getting the right people at the table” • Typical Extension Channels • Farm Business Farm Management Assn. • Farm Bureau • Farm Credit System • Commercial Banks • Banking organizations • Growmark • Crop Insurance Organizations

  6. AudiencesTargeted and General • Farmers • General and women via Annie’s project • Lenders • Farm Service Agency • University and Junior College Students • Educators (train the trainer programs) • College and Jr College instructors • Vo-Ag Teachers • Extension Educators • State record fieldstaff (Iowa, KY, Illinois and Alabama)

  7. Observations from past • Innovative and high revenue producers • Computers skills have expanded substantially • Economic skills of participants have been very high • Handling meeting logistics (meals, registrations, etc) are usually the most time consuming

  8. DAY 1: Exploring Risk Management and Marketing Strategies Using FAST • 9:30 am – 12:00 pm • Updates to crop insurance • Crop insurance tools • 1:00 pm – 4:00 pm • Crop rotation decisions • Exploring grain delivery alternatives • Grain marketing tools • Grain inventory management

  9. Demo of DAY 1 teaching modules Gary Schnitkey

  10. DAY 2: Improving Your Financial Management Using FAST • 9:30 am – 12:00 pm • Preparing financial statements • Assessing your performance: • How do you compare? • How do you improve? • Farm investment decision-making: • Grain storage, farmland, machinery • 1:00 pm – 4:00 pm • Farm investment decision-making: • Grain storage, farmland, machinery • Proforma financial planning

  11. Demo of DAY 2 teaching modules Paul Ellinger

  12. Tentative Plans for 2007/2008 • Summer “Train the Trainer” targeted towards extension professionals in other states • Campus lender program • Customized lender tools • Database capabilities • Expanded balance sheet and financial management programs • Larger focus towards host-sponsored programs • Lenders • FBFM • Growmark • Farm Bureau • Out-of-state training and assistance to other state extension personnel

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