Purdue Extension
Making a Difference in Howard County


Farmers Sharpen Their Financial Skills

Farming is big business and has many risks associated with it. Farm families need many tools to protect their investments and manage risk.

Farm Financial Boot Camp provided risk management strategies and timely information for area farm families on family health insurance, crop insurance, and personal finance options, including stocks, bonds, IRAs, and retirement programs.

Farmers worked through a case study to develop financial skills in accrual accounting, financial ratios, and benchmarking to measure financial success.

Survey results from 10 participants:

  • Total acres represented—11,350 acres


  • 50% of respondents planned to analyze their financial records in the immediate future.


  • Respondents would keep better records.


  • Respondents would use accrual accounting for a more accurate picture of the farm.


  • Respondents would use financial analysis in creating farm plans (i.e., succession, estate, business, marketing.)


  • 100% learned things that would help them to better evaluate the farm business.


  • 90% were helped to make more informed business decisions and increase profitability.
Purdue Extension Delivers
  • Every $1 spent on the Indiana Family Nutrition Program is expected to create $35.75 in economic returns.


  • In a recent survey, 94% of Indiana 4-H participants graduating from high school planned to pursue post-secondary education.


  • In a similar Midwest state, an independent study concluded that every $1 invested in Extension yielded $15 in economic impact.


  • Beginner's Guide to Grant Writing workshop recipients received more than $7 million in grants to support community projects.
 
Succession Planning for Farm Families

Farm families want to bring the next generation into the business but often find it difficult to make the transition. Area Extension educators held a two-day workshop to provide families a clear path for the next generation while safeguarding the current generation’s income.

79% said the workshop increased their confidence in having effective conversations with family members about succession planning.

100% said it provided them with resources to support their future succession planning decisions.

One participant said, “Every family farming operation is different, but we can all learn to improve communication.”

 
  
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