Completed Project Report

Learning to use Farm Financial Management Tools to Improve Profitability

  • Award Amount: $47,847
  • Regional Center: North Central Extension Risk Management Education Center
  • Grant Program: 2007 Competitive Grant Program
  • Project Director: Dale Nordquist
  • Email: dnord@umn.edu
  • Organization: Center for Farm Financial Management

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Project Overview

A unique aspect of agriculture is that most producers are also their own chief financial officer. As agriculture becomes more complex, managers need to understand and communicate in the financial world.

This project created an online workshop series to help ag producers understand and use common financial statements and measures. Interpreting Financial Statements and Measures (IFSaM) is intended to teach producers the basics of interpreting the 4 major financial statements and the 21 financial measures recommended by the Farm Financial Standards Council.

IFSaM is a series of online videos that producers can work through at their own pace. Each session provides benchmarks that producers can use to evaluate their own financial position and performance. Case farm examples are used to bring the data to life and optional “test your knowledge” quizzes are available at the end of each session. In total, there is over 2 ½ hours of information.

Number of Participants: 1689

Outcomes

Project Steps

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EDUCATIONAL MATERIALS

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DELIVERY AREA

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