Members of the Farm Financial Standards Council gathered in Kennewick, Washington, for their three-day annual conference. Check out our full summary, including photos, right here.
The audience was literally from coast to coast including individuals from Oregon, California and Nevada to New York state, Florida, and even Winnepeg, Manitoba. The day-long program covered topics including:
• Financial Management IS better decision-making
• Why financial recordkeep- ing is more than cash-basis accounting
• Understanding income statements, cash flows and owner equity
• Accrual transactions
• Using ratio analysis tools
•Financial Resources avail- able.
Presenters from the council were Paul Neiffer, CliftonLarsonAllen, Yakima, WA; Todd Doehring, Centrec Consulting, Savoy, IL; Dale Nordquist, University of Minnesota, St. Paul, MN; and Nate Splett, Center for Farm Profitability, UW Extension, Madison, WI.
The group gathered as a general assembly to start and end the day’s program, but was split into two separate tracks during the day. All attending received a copy of the 2015 Financial Guidelines for Agriculture as part of their registration to attend.
From FBS Systems:
Agricultural producers who use commodity futures and options will have a unique opportunity to learn
the best accounting practices at an intensive workshop held on August 26, 2014, one day prior to the
FBS User Conference at the Stoney Creek Inn in Moline, Illinois.
The AICPA is holding its Agricultural Online Conference from May 7-May 9.
This comprehensive conference is dedicated to the needs of CPAs who work within the agriculture industry. Critical sessions that highlight the latest industry issues, economic trends and techniques used in the agricultural industry are the backbone of this conference. In one convenient location, you’ll hear from leading agriculture speakers who will provide you with the information you need to network, grow your business and your agriculture client base.
You can register here.
*Tax Section Members of the AICPA can also save an additional $100.
(This conference is being broadcast live from Austin, Texas- Central Time.)
Wed., May 7 – 1pm-6:30pm Central Time
Thurs., May 8 – 8:00am-5:40pm Central Time
Fri., May 9 – 8:00am-1:10pm Central Time
This conference will also cover:
· Tips and practice aids to allow a proactive approach with agriculture clients and to help you gain a competitive edge
· Tools to provide better service and greater value to your clients with a proactive approach
· Emerging trends and networking with peers who have a vested interest in the agriculture industry
· Crucial accounting and tax updates and expert advice you need to keep up with the rapidly changing agriculture industry
· Tips on how to keep your clients’ agribusiness on track with the latest technical know-how and updates on new standards
· Estate planning strategies for farmers
Get more information on the conference here.
Join your professional colleagues (and bring the family) as the Farm Financial Standards Council shakes Midwest dust off its boots and heads west to Billings, Montana for its 2014 Annual Conference. The conference is open to anyone with an interest in the activities of the council. Members and non-members alike are welcome!
Tuesday, July 29 – Thursday, July 31, 2014
Hilton Garden Inn, Billings
2465 Grant Road
Billings, MT 59102
Tuesday July 29
1:00 p.m. – Technical Committee Meeting
2:30 p.m. – Marketing Committee Meeting
4:00 p.m. – Finance Committee Meeting
6:00 p.m – Registration opens
6:30 p.m. – Welcome to Montana Opening reception
Wednesday, July 30
7:00 a.m. – Breakfast at leisure
8:30 a.m. – Opening welcome and remarks – Barbara Wheeling/Jim Kelm
8:45 a.m. – Oil in the Bakken – What the Excitement is All About
Scott Rickard, Ph.D., Director, Center for Applied Economic Research, Montana State University Billings.
The Bakken Formation is the largest domestic oil discover since Alaska’s Prudhoe Bay estimated at 503 billion (yes, BILLION) barrels. It has dramatically changed the landscape, culture and economy of the area. It stretches from northern Montana, through North Dakota and into Canada. Scott will provide an overview of the scope of its impact.
9:45 a.m. – Refreshment break
10:00 a.m. — Succession Planning in the Agricultural Industry — Insights from a Certified Financial Planner
Lyle Hill, Certified Financial Planner, Waddell and Reed
Listen along as Lyle reviews some of the challenges facing the ‘retirement generation’ and the impacts farm transitions have on tax liabilities and financial reporting.
11:00 a.m. – FFSC Membership Program
Yes, the Council is considering opening itself for general membership. Be part of the discussion and help shape the Council’s future.
Noon — Luncheon
1:00 p.m. – What’s Available Online and How We Can Access It – an Interactive Presentation
Todd Doehring, Centrec Consulting, and Dale Nordquist, Center for Farm Financial Management lead discussion and interactive research into what IS available online.
3:00 p.m. – Refreshment Break
3:30 p.m. – An Overview of Section IV Revisions
Barb Wheeling, Ph.D., Dean, College of Business, Montana State University, Billings
5:30 p.m. – Depart for an evening at ZOO Montana for an evening of outdoor dining and quiet strolls through the 70-acre wildlife park located in Billings.
9:00 p.m. – Return to Hotel
Thursday, July 31
7:00 a.m. – Breakfast at Leisure
8:00 a.m. – Committee Reports
9:30 a.m. – Refreshment break
9:45 a.m. – Bylaws Committee Report
10:30 a.m. – Business Meeting
11:30 a.m. — Adjournment
Over 80 farmers and land owners from as far away as Washington, D.C. and Upstate New York attended the 2014 Farm Futures Ag Finance Boot Camp held in St. Louis on February 20. Addressing the group were officers and board members of the Farm Financial Standards Council. Topics during the day-long event included the role of financial record keeping, the basics of understanding balance sheets and income statements, using ag accounting in decision-making, and an open panel forum on key issues. The program was hosted by Farm Futures magazine and was sponsored by John Deere, Farm Credit, and the Council.
We’ll be updating this article with information on the 2013 conference in Bloomington. Stay tuned for more, and keep checking back!
A WHOLE BUNCH OF DEADLINE ARE RUNNING OUT SOON !!
Monday, July 8 – LAST DAY to register for lodging at the Crowne Plaza Minneapolis, Airport !!
Monday, July 8 – LAST DAY to reserve tickets for the Minnesota Twins/Kansas City Royals baseball game !! And you don’t have to pay for them until you get there!
Friday, July 12 – LAST DAY to register for the meeting itself !! After that we have to provide head counts for meals and other details.
DON’T LET THESE DATES GET AWAY FROM YOU !!
If you have already registered, and many of you have…thanks.
Otherwise, take the time NOW to fill out the forms and make the phone calls!! Don’t get left behind.
Download the full information packet and registration form here.
The annual conference of the Farm Financial Standards Council is scheduled for July 30-August 1 in Minneapolis. We’ll be talking a lot about our ongoing effort to “tune up” the Financial Guidelines for Agriculture as tax laws, practices, and industry standards change. The focus on this year’s conference will be on refining some specific areas of the Guidelines so they will continue to fit everyone who sits down to “play.”
(Please note that the conference will be held in Bloomington, Minnesota — not Illinois, as one earlier registration form indicated.)
Download the full information packet and registration form here.
Topics to be covered include:
— Recommendations on Using Financial Information (Section IV)
• Trends toward using financial data in farm benchmarking
• Issues to consider when using financial data for farm benchmarking • Accounting issues that can affect comparisons and interpretation of financial performance
— Using Financial Information in Farm Benchmarking
• How we use farm financial benchmarks with our clients
• How can financial benchmarking help farmers improve the financial
performance of their businesses
• What are some of the pitfalls of using financial benchmarks with
— How do you handle Hedging?
• The difference between a cash flow hedge and a fair value hedge
• Two different methods for accounting for hedges
• Examples for crops and livestock using the two methods
— Evaluating the New Century Go-Go Farmers — The FFSC Online Education Program
• A Special Presentation by Thomas Gillaspy, Ph.D., retired Minnesota State Demographer
• Annual FFSC Pro/Am Golf Classic (Want to put together a 4-some?)
• Minnesota Twins vs Kansas City Royals
(Optional activity. A block of tickets has been reserved for FFSC. Uncommitted tickets will be released on July 9. Therefore, reservations to be part of this group activities are required by July 8th. Those attending the game will go to the game as a group on the afternoon of July 31. You will be notified of a final price prior to the July 8 cutoff. Payment can be made with your conference registration.)
The FFSC Annual Conference was a great time, as always. You can download the full report, or check out a few highlights below.
FFSC Pro-Am Golf Tournament
Sunny skies greeted the duffers at the Prairie Vista Golf Course in Bloomington. The losing team of Jim Kelm, Joe Daughhetee, Mary Kelm and Ken Hilton (left) lodged a formal complaint against the winning team of George and Janet Moriarty, Owen Thompson and Gregg Howell (right) for allowing “gimmies” to qualify as winning putts.
All were encouraged to visit Clonmel Ireland, home of Merrys Irish Cream, to carry on their arguments with the governors at that organization. Great interest was shown, but no flight reservations were made.
At left, “Hole-in-One” Hilton shows off his expertise with his sand wedge — look carefully. Good shot, Ken! Notice how he kept his head down.
Twin Groves Wind Farm
Those visiting the Twin Groves Wind Farm received an up-close and personal presentation by Karen Buss, a local landowner who happens to have one of the giant towers on her farm. The towers reach nearly 400 feet at the tip of the turbine arc and were the largest available when the farm was built in 2008. A total of 240 towers are on 130 different properties and provide enough electricity to power 109,000 average Illinois homes each year.
The concrete walkway replicates the dimensions of a 67-meter tower. The main towers at this farm are 80 meters tall, not including the blades.
Kent and Karen Meister opened their home to a casual opening reception. The food was great and the weather fantastic, although locals would have loved to have seen some rain. At left, Kent (far right) and Jeff Bushey (center) visit with Teruhisa Homman, a Japanese student current studying at the University of Oregon.
Online Education Program
Janet Schneider, Stewart Peterson Company, discussed the online education programs her company currently offers to vocational agriculture instructors around the country.
Alex White provided an update on the status of the feasibility study he is doing regarding launching an online education program sponsored by the Council. His final report is due in early September.
He noted that if the Council proceeds with developing the program, structural changes within the Council itself may be required to provide staffing to launch and manage the effort on a continuing basis.