Completed Project Report


Accrual Adjusted Financial Statement Education and Linkages with Whole Farm Revenue Protection (WFRP) Insurance

  • Award Amount: $29,736
  • Regional Center: Southern Extension Risk Management Education Center
  • Grant Program: 2018 Education Projects
  • Project Director: Aaron Smith
  • Email: aaron.smith@utk.edu
  • Organization: University of Tennessee

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Project Overview

Overall the project was successful, however we had lower enrollment numbers in our programs than we anticipated (141 versus our target of 200; this included adding 2 additional meeting to try to boost participation). It was more challenging than anticipated to get producers to come to a WFRP insurance program. In hind sight, many producers that grow a diverse group of commodities are interested in evaluating different insurance products suitability for their operation. As such, providing education on a more complete array of insurance products may have attracted greater interest from producers. Also, the project had greater success (disclosure of farm financial data to conduct accrual adjustments and analyze WFRP suitability) with the one-on-one meetings conducted by area farm management specialists

We were able to secure substantial outside support from banks and insurance providers when hosting meetings. Farm Credit Mid-america and other crop insurance providers provide meals  and speakers upon request to support the program. The group meetings were;y supported by industry indicating the value they see in the programming. Our area farm management specialists did a great job identifying producers at the meetings that they could work with to do whole farm financial plans and evaluate suitability for WFRP insurance 

Number of Participants: 141

Results

Project Steps

PROMOTIONAL MATERIALS

There are no promotional materials available for this project.

EDUCATIONAL MATERIALS

There are no educational materials available for this project.

REPORTS & EVALUATIONS

There are no reports or evaluations available for this project.

DELIVERY AREA

DESCRIBE ANY UNEXPECTED RESULTS OF THE PROJECT:

HOW WOULD YOU IMPROVE THE PROJECT IF YOU WERE TO DO IT AGAIN?

WHAT WERE THE KEYS TO SUCCESS FOR YOUR PARTICIPANTS?

INDIVIDUAL STORIES / EXAMPLES OF SUCCESS / QUOTES