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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.
Join us July 24-26 in Raleigh, North Carolina, for our annual conference!
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:
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.)
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.
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.)
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, 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.
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.
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%
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.
At the 2016 FFSC Annual Conference and Padlock Ranch, the hospitality and camaraderie were as large as the ranch itself. More than 60 professionals and family members gathered July 13-15 to meet new friends and reacquaint themselves with colleagues they’d not seen for a while.
You can see lots of photos and get a full summary of the conference — both the business and social aspects — by downloading our PDF wrap-up.
