Completed Project Report


Farm/Ranch Cost & Profit Center Analysis Using FINPACK's Financial Analysis Software Tool (FINAN) to Benchmark Farm & Ranch Enterprises for South Central Utah Beginning & Progressing Farmers and Ranchers

  • Award Amount: $43,146
  • Regional Center: Western Extension Risk Management Education Center
  • Grant Program: 2016 Education Projects

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Project Overview

Participants increased their management knowledge and ability to identify and manage financial and production risk by focusing on their farms' cost and profit centers. Through face-to-face instruction, participants: 1) used QuickBooks® classes to assign financial transactions to cost and profit centers, 2) identified useful benchmarks within their cost and profit centers, 3) completed a FINAN® enterprise analysis, 4) participated in an individual confidential RANKEM report, 5) analyzed the reports for variances of critical benchmarks compared to industry enterprise benchmarks, and 6) developed strategies to reduce their financial and production risks. At the end of the project, 31 producers recognized their financial and production risks and developed strategies to improve their critical benchmarks and gained skills to monitor implementation and success of their plans. Face-to-face instruction facilitated approximately 151 instructional activities during the project’s duration, approximately five face-to-face visits per participating farm/ranch family (business).

Number of Participants: 76

Results

Project Steps

PROMOTIONAL MATERIALS

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EDUCATIONAL MATERIALS

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REPORTS & EVALUATIONS

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DELIVERY AREA

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