With the current challenging state of the farm economy, there is a need for financial education to support and assist producers. To address this need, the Agricultural Business Management Team with the University of Minnesota Extension has developed a program to provide farmers with skills necessary to implement a full circle, farm financial management approach, on their operation. Nineteen producer workshops were held to enhance farm financial management skills. This better equipped 282 Minnesota producers with tools to create and put financial statements to use in their operation; be better prepared to evaluate their own financial position; manage their operation for greater financial gain; and have a better relationship with farm partners, like lenders.
The workshop used an interactive approach to teach organizing and using financial records; developing and analyzing financial statements; and making informed decisions regarding finances. Participants acted as a loan review committee and put their newly learned skills to the test, as they reviewed a case study farm and determined its creditworthiness. The group reviewed the interpretation and considered impacts on their operation. Our goal to promote better internal decision-making skills regarding farm management, as well as foster stronger relationships with external partners, was met.
Number of Participants: 282
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REPORTS & EVALUATIONS
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