Conferences

2020 Annual Conference Canceled

July 2, 2020 by David Leave a Comment

The leadership of the Farm Financial Standards Council has postponed the meeting scheduled for Amarillo in late July and is rescheduling the event until July 28-30, 2021. The meeting will be held at that time in Amarillo.

“The Council has been meeting annually since 1993, and this is the first time we’ve had to take action such as this,” says Keith Raynor, CPA, current Council president. “However, the actions of Texas’ governor over this past weekend effectively shut down the hospitality industry in Texas, which made it impossible to pursue the meeting there this year.

“The group considered a number of options and decided to move forward with the postponement until the same timeframe in 2021. We will use the same hotel property, just a year later.”

The Council will proceed with video-conferencing of its various working committees on the morning of July 29 and will conduct its annual business meeting that same afternoon. The agenda for that video-conferenced event will include the election of officers and action on committee recommendations moving forward.

“As is usual for the Council, all its activities are open to anyone who has an interest in participating,” Raynor clarified. He suggested they watch the Web site for details on the committee sessions as well as the annual business meeting.

Annual Conference Photo Summary

August 9, 2019 by David Leave a Comment

As the rains and high humidity gave way on Tuesday, drier and much more comfortable air settled in over the Raleigh/Durham area July 24th and stayed the rest of the week making the climate for the 2019 FFSC Annual Conference downright comfortable.

Want to know what you missed? Just take a look at our summary of the event (with lots of photos, too) right here.

And here’s more of what some attendees had to say…

My husband attended with me and he was very impressed with everything. Thanks for including the guests.”

Met a lot of people committed to improving farm health.”

I was pleased to see the engagement by the attendees with the speakers.”

The speaker on hemp had a lot more boots on the ground knowledge than I expected.”

Had more opportunities to interact one-on-one with some FFSC members I did not know well before.”

I like that FFSC moves this around the country and highlights regional ag in the region that is hosting the conference.”

Enjoy sitting in on the various committees. I’ve attended three conferences and this was the best conference yet.. largely due to the slate of general session presentations.”

FFSC Conference: Nothing Could Be Finer

June 19, 2019 by David Leave a Comment

Join us July 24-26 in Raleigh, North Carolina, for our annual conference!

Nothing Could Be Finer than to be in Carolina in the Morning

The words of Gus Kahn in a song first published in 1922 as “Carolina in the Morning” will serve as our mantra for the 2019 Farm Financial Standards Council Conference.

The Farm Financial Standards Council will take a closeup and intimate look at some of the influencers affecting the ag industry and ag financial reporting, both locally and nationally, when it gathers in Raleigh-Durham, North Carolina. Not only is Raleigh-Durham home of North Carolina State University with its ag financial training and education center, it is also the site of the Research Triangle Park, the largest research park in the United States with the 3 points of the RTP being the research university North Carolina State University, Duke University and the University of North Carolina at Chapel Hill. As well, the Triangle, as its more loosely known, is home to the world’s best college basketball and the annual World of Blue Grass Conference each September, the International Bluegrass Music Associations annual showcase and awards show.

Here are some highlights:

Wednesday Committee Meetings (always open to anyone interested in joining in)
An overview of regional agriculture and some of the extreme pressures being felt
Land is Your Legacy…..the challenges in transitioning farm ownership
Lease Accounting – taking a deep dive into a difficult subject
The Hemp revolution….it’s not just ditch weed anymore
Agriculture under attack …. It’s happening HERE!
The 2018 Farm Bill…did anything really change?
Mixing Fin Tech with Ag Tech…..Oil and Water?
Great Opportunities for Networking
Unique free time entertainment that can ONLY BE FOUND in Carolina…

Get more information by downloading this file. (If you prefer to register via mail instead of online, there’s a registration form included in the downloadable document.)

Join Us at the National Farm Business Management Conference

May 7, 2019 by David Leave a Comment

The FFSC is proud to be a sponsor of the National Farm Business Management Conference! We’d love to have you join us in Sheboygan, Wisconsin, from June 9-13.

You can find an agenda here, and you can register online here. Information about lodging at the beautiful Blue Harbor Resort and Conference Center is here.

Annual Conference Recap

September 4, 2018 by David Leave a Comment

Over 70 agricultural finance professionals, spouses and other family members gathered in Champaign, IL July 25 – 27 for the 2018 annual conference of the Farm Financial Standards Council. The program consisted of committee meetings and topical discussion, general speaker presentations, a tour of local agricultural facilities, and LOTS of networking. Those attending were from across the U.S., literally, with representatives coming from as far as Washington state, Maryland and North Carolina, Texas to Montana and states in between.

We’ve compiled a photo recap of the festivities. (See the PDF version here.)

: Kim Kidwell, Ph.D., Dean of the University of Illinois College of Agriculture, Consumer and Environmental Sciences, welcomed the group to the area and explained how the campus had become the ‘Silicon Valley” of ag technology development, a factor that became apparent with the speakers and subjects on the program agenda.

: Bill Rutter, at right, chats with Duane Huge and Rilee Mood, guests representing the National FFA: at the Marketing Committee meeting.

: U of I’s Dwight Raab explains the FarmDOC program.

: Bill Rutter

: Finance Committee Co-chair Mark Compton listens as the group discusses membership dues structure during his committee’s session.

: Newly-elected FFSC Secretary/Treasurer Brenda Duckworth presides over the Marketing Committee presentation during the business meeting on Friday morning. (She is the other Co-chair of the Marketing group.)

: New FFSC President Todd Doehring introduces guests.

: Angela Chesley leads a Technical Committee presentation on upcoming projects with Jonathan Shepherd and Paul Neiffer.

: The group is briefed by Bob Stewart, partner at Stewart Farms, during the Friday tours.

: Celebrating a perfect summer evening dinner at the Stone Creek Golf Course in Champaign.

: Gathered around the Stewart’s Challenger tractor after lunch at Steward Farms near Farmer City.

: Jeff Bushey discusses changes coming with the 2019 edition of the Financial Guidelines for Agriculture which will be released January 1.

: Lyle Anderson, left, served as the official host of Rabo AgriFinance as the Council welcomed special guests from The FFA. Under a Rabo AgriFinance program FFA member Rilee Mood and her Chapter Advisor, Duane Huge, from Danville, IN, were provided special guest status to attend the Council meeting. Joining in the program were Rebecca Carter and Jim Armbruster with the National FFA in Indianapolis. Rabo AgriFinance has a national program that promotes FFA member involvement with organizations such as the Council and underwrites the costs of memers’ registration, travel and lodging. Based on their experience at this year’s conference, the FFA and the Council are working at developing meaningful programs for FFA members to attend future Council Conferences.

: FFSC President Jan Bitter presented an Emeritus Lifetime Membership to Steve Hofing, partner at Centrec Consulting, and John Crowgey, Jr., for their year’s of work and leadership of the Council. The two were cited for their personal efforts and leadership during the formative years of the Council “and beyond.” In accepting the special plaque, Hofing recalled the beginning of the Council and the tragic years of the Farm Crisis of the 80s…”It drove those of us in the industry to come together and develop standardized guidelines that could be used by farmers and ranchers and all those who helped manage financial record keeping. It’s not that these alone can solely prevent a farm crisis like this from ever happening again,” Hofing told the audience, “but by following the Guidelines and the financial ratios that were developed, there can be advance warning signs of pending problems.” The first gathering included individuals from around the industry on Super Bowl Sunday in 1989 in St. Louis. Crowgey, who was unable to attend the Champaign event, was with the Farm Credit Bank of Baltimore at the time. Hofing noted that the creation of the initial Guidelines documents took ‘thousands of hours of volunteer time and everyone pitched in to do their share.” The tradition continues.

: New FFSC President Todd Doehring presents a special commemorative president’s gavel to Outgoing President Jan Bitter. Prior to being elected Council President in 2017, Bitter served as Vice President and Secretary/Treasure of the Council as well as on numerous committees. As Vice President she chaired the 2017 Annual Conference which was held in Syracuse, NY.

Join the Council in Omaha!

September 4, 2018 by David Leave a Comment

Many members of the FFSC will be at the ABA National Agricultural Bankers Conference in Omaha November 11-14. You can join us by registering here.

Information from the conference organizers:

The Ag Banking landscape is evolving, and sustaining a successful connection to your customers and communities is more important than ever. How do you find your ground in an environment of ever-changing customer expectations, economic factors and risks?

Join us to learn about opportunities to position you and your customers for future success, network with colleagues and experts and gain unique perspectives into the world of agricultural banking.

Todd Doehring Heads New FFSC Leadership Team

July 30, 2018 by David Leave a Comment

Todd Doehring, second from left, heads up the new FFSC leadership team elected at the Council’s annual meeting held July 27 in Champaign, IL. Doehring is a director with Centrec Consulting Group, Savoy, IL. Other members of the leadership group are, from left: Jan Bitter, Immediate Past president, vice president at Farm Credit East, Homer, NY; Keith Raynor, Vice President, principal with TRP CPAs, Dunn, NC; and, Brenda Duckworth, Secretary/Treasurer, farm staff accountant with AgriVision Farm Management, Hartley, TX.

Annual Conference Recap & New Leadership

August 8, 2017 by David Leave a Comment

Janice Bitter, vice president at Farm Credit East, Homer, NY, and new President of the Farm Financial Standards Council, is flanked by her team of officers who will serve for the next year. Behind Bitter, from left, are: Todd Doehring, director with Centrec Consulting Group, Savoy, IL, FFSC Vice President; Keith Raynor, principal with TRP CPAs, Dunn, NC, Secretary/Treasurer, and; Stephen Severe, CFO at Padlock Ranch, Ranchester, WY, Immediate Past President. The four were elected to their terms at the Council’s Annual Conference held in Syracuse, NY.

Download our PDF Photo Recap

Presentations

Tax Opportunities with Succession Planning

Benchmarking FFSC July 2017 Full Slides

Board Notes: A Membership Update

February 2, 2017 by David 1 Comment

: Paul Neiffer, CPA, CliftonLarsonAllen, and past president of the Council, addresses the group at the Ag Finance Boot Camp.

: Stephen Severe, CFO at Padlock Ranch and current FFSC president, is asked questions during one of the breaks.

: Brenda Duckworth, CPA, a staff accountant with AgriVision Farm Management and co-chair of the FFSC Marketing Committee, fields a question.

Welcome to 2017

The celebrating is over and it’s back to the routine for most of us. But what a way to greet the new year….with lots of NEW MEMBERS!! We hit the 152 mark last week while at the Farm Futures Boot Camp Program……it has made it a challenge to keep the membership directory up to date….no sooner do we get an issue put together and we get a handful of new members, so we do it again….just wanting to keep it as current as we can.

New Guidelines Document is Out

You should have received your copy of the 2017 Financial Guidelines for Agriculture right at the first of the year. I was accompanied with the Summary of Changes which highlights the primary changes to the document. If you did not receive your copy of these please let me know and we’ll resend.

Boot Camp was Biggest Yet !!

When the entire concept of the Ag Finance Boot Camp was launched over 4 years ago no one knew for sure just what kind of reception it would get. And there were weather problems the second year which threw everything sideways. Last week’s Boot Camp in Bettendorf, IA was the largest audience yet….officially 137 at the beginning of the day and then they added extra tables and chairs. Obviously there is a demand for the information and Paul Neiffer, Brenda Duckworth and Stephen Severe were on hand to provide some of the ‘tutoring.’ Former Council Board Member Curt Covington was also on the program representing FarmerMac.

In addition to a handful of FFSC members we were pleased to see Past President Ron Swanson join the group. All in all a great day with some preliminary planning already underway to look at how we may be involved with Boot Camp V next January.

Here are some stats from the meeting.

Are you familiar with the Farm Financial Standards Council?

Yes — 21%

Somewhat — 19%

No — 60%

What accounting system do you use?

Quickbooks — 38%

Other — 32%

Excel / Manual — 20%

What is your age?

35 or younger — 39%

36 – 50 — 39%

51 – 60 — 15%

Over 60 — 8%

Which best describes your farming operation?

Cash grain — 53%

Grain & Livestock — 39%

Other — 5 %

Primariliy Livestock — 3 %

Your financial statements are:

Self-prepared — 75%

Accountant-prepared — 25%

How confident do you feel your lender is with your financial management?

High — 60%

Moderate — 35%

Low — 5 %

Do you know more about your finances than yur banker?

Yes — 68%

It’s a tie — 23%

No — 9 %

Do you know your deferred tax liability?

No — 66%

Yes — 24%

I don’t want to know — 10%

What method of accounting do you use to measure performance of your operation?

Accrual Basis — 59%

Cash Basis — 41%

Ag Finance Boot Camp: Sharpen Your Financial IQ

December 9, 2016 by David Leave a Comment

By Mike Wilson

Ramping up your business skills makes sense any time, but especially now, with thin projected margins for agriculture. If you can spare a day, join us for the 2017 Farm Futures Ag Finance Boot Camp, taking place Jan. 18 at the Quad-Cities Waterfront Convention Center in Bettendorf, Iowa. This one-day workshop, sponsored by FarmerMac, Farm Credit and Grinnell Mutual, is designed for business-focused farmers, bookkeepers and office managers of all skill levels. In just one day you will:

— learn to more accurately assess the strengths and weaknesses of your farm operation, and understand how to work with lenders to get what you need;

— be able to use financial information to improve, year-over-year, and learn the importance of accurate year-end information;

— learn why working capital is considered a risk management tool for your operation, how your decisions impact working capital, and why it matters to your agricultural lender;

— learn the difference between cash and accrual accounting and how to use them both in management analysis;

— learn why contribution margin analysis is more valuable to your operation than net income;

— learn how to determine if you need to employ management accounting in your farm business.

Using financial standards in your business.

Today’s business environment in agriculture is becoming increasingly complex. The accounting systems that farmers and ranchers use must generate information for external reporting to creditors, government agencies and others. You also need good information to make good business decisions.

The Farm Financial Standards Council (FFSC) offers two sets of guidelines to aid farmers in capturing this information, preparing reports and performing financial analysis in a uniform manner. Attendees will be able to get these guidelines for free by attending the boot camp. Perhaps even more important, FFSC experts will be on hand to lead sessions and help answer questions on how the standards can help make your business more profitable.

Time is running out. To register, go to www.farmfuturesbootcamp.com or click the boot camp tab at www.farmfuturessummit.com. The boot camp is just $225 per person, and room rates at the Isle Casino Hotel Bettendorf are just $69.99 per night. While you’re browsing, be sure to register for the Farm Futures Business Summit, Jan. 19-20 at the same venue and convention center.

We are bringing experts to the workshop to help you learn how to manage the business of farming. If you fully engage and take advantage of this opportunity, you will master new skills that will help you the rest of your career.