Farm financial risk may be greater than ever before because of historically high input costs and lower commodity prices, creating uncertain profitability margins. The Finances and the Farm online asynchronous course was designed in 2020 for financial risk management education. This project made it possible to revise the existing Finance and the Farm course into a more evergreen curriculum, using a professional company to produce it's 24 short videos, and enhance participant's experience through interactive reviews and activities.
The Finances and the Farm online class provides in-depth education for managing financial risk of the farm business; focusing on good recordkeeping as the foundation, using those records to develop financial statements (balance sheet, income statement, enterprise budgeting, cash flow), conducting benchmarking and performance analysis on those statements, and then using that information to make management decisions. The overall goal is to increase the economic viability of the farm business and strengthen its ability to withstand price and production challenges. In addition, the project team understands that the financial health of the business is also connected to the wellbeing of the farm family. Therefore, class curriculum also includes modules on farm stress and managing family living costs. Finally, the class discusses goal-setting for the farm and the family's future.
Since the launch of the revised class in Jan. 2024, 64 participants registered for the course throughout the year and 41 have completed by the end of the project period. It is anticipated that many more producers across Kansas and surrounding states will take the revised course in future years. The course is designed for any type of agricultural operation; using both traditional row crop and CSA/Farmer's market example farms. Participants can obtain Farm Service Agency Borrower's training financial credits by taking this course or take it for education only.