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
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
- 90% were helped to make more informed business decisions and
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
- In a similar Midwest state, an independent study concluded
that every $1 invested in Extension yielded $15 in
- Beginner's Guide to Grant Writing workshop recipients
received more than $7 million in grants to support
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
One participant said, “Every family farming operation is different, but we can
all learn to improve communication.”
|Howard||Home and Money; Seniors||2013||Making a Difference|
|Howard||Animal Agriculture; Field Crops; Home and Money; Natural Resources/Environment||2012||Making a Difference|
|Howard||Animal Agriculture; Economic and Community Development; 4-H Youth Development||2012||Making a Difference|
|Howard||4-H Youth Development||2012||Making a Difference|
|Howard||4-H Youth Development||2011||Making a Difference|
|Howard||Economic and Community Development; Natural Resources/Environment||2011||Making a Difference|