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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.
Your Council has been busy. Council members hit the new year running with presentation to groups in Wisconsin and Iowa all in the past few weeks.
On January 9 Brad Guse, Senor VP with BMO Harris in Arpin, WI was joined by BMO Managing Director Sam Miller, Appleton WI at a special program, Supporting Farmers During Challenging Times held in Kiel, WI.
The program was sponsored by the University of Wisconsin Extension. An audience of well over 100 came from a four-county region to hear the presentations. The two discussed the critical need for helping farmers realize the importance of organizing their financial records and being completely open and honest in their relationship with their lender. Council Administrator Carroll Merry attended and managed the FFSC trade show display. He also gave the audience an overview of the Council and the resources it has to offer.
On January 23 Past Council President Paul Neiffer, a principle with CliftonLarsonAllen, Yakima, WA, in photo at right was joined by past Council Director Curt Covington, Executive Vice President at FarmerMac, Washington, DC, in photo below, at the Farm Futures Ag Financial Boot Camp program in Coralville, IA. Over 170 farmers defied winter storms to attend the one-day event. Neiffer and Covington did the
heavy lifting in terms of presentations at the gathering. Again, the need for good financial record keeping was stressed along with the need to maintain completely open lines of communications with lenders. Administrator Carroll Merry also talked about the evolution of the Council and the resources it offers.
Council Vice President Keith Raynor, principle at TRP CPAs, Dunn, NC is wrapping up details on the program for the Annual Conference which will be held July 24 – 26 at the DoubleTree by Hilton, Raleigh Durham Airport at Research Triangle Park near Durham, NC.
Keith’s program will include an up close look at NC agriculture, how anti-animal agriculture groups are working to get rid of the pork industry, as well as a ‘deep dive’ into some accounting issues that are important to the Council….AND MORE! Details on the entire program will be coming out very soon, but in the meantime please mark your calendars and plan on attending.
Yes, many of us are snow-covered now and somehow getting along with very frigid temperatures, but Keith promises there will be no snow in sight when we are there in July and it should be too early for hurricane season.
The most current listing of Council Members is in the membership directory that accompanied the email version of this newsletter.. We dropped a few members last summer at renewal time and that was expected….but we have added many new names, so look through the Directory and see if any of our new colleagues are near you. If you don’t have a copy, let us know and we’ll send you one.
Send us a Photo of Yourself
We would very much like to have more member photos in the directory….if you have a recent color head and shoulders photo of yourself that you would like to share with other Council Members, please send it my way and we’ll add it to the next directory
Some Changes in the Directory
We have included the roster of our Corporate Partners in a listing at the back of the Directory as well as the names of our new Imeritus Lifetime members.
New Guidelines Out January 1
An updated version of the Financial Guidelines for Agriculture was sent to you on January 1. If you did not receive your pdf copy, please let me know and we’ll try to find out why.
Share your thoughts about the Council
One of the keys to attracting new, and even retaining current members, is the sharing of your thoughts regarding your experience/relationship with the Council…we are always looking for comments from members that can be used to promote membership. Have you met colleagues from across the country? Found participation in one of the committees to be rewarding personally and/or professionally? And if you have a complaint or other concern that should be shared with the leadership, we want those as well!!
Think Spring !!
Carroll Merry
Administrator, FFSC
cmerry@countryside-marketing.com
262-253-6902
More than 100 producers from across the United States (and one from Canada) joined us for our Farm Futures Boot Camp event in Coralville, Iowa.
An updated version of the Financial Guidelines for Agriculture has been released by the Farm Financial Standards Council. With a January 2019 issue date, this 272-page edition replaces other versions of the document that have been in circulation since 1991. The most recent prior update was done in 2017.
“The members of the Technical Committee work very hard to keep the Guidelines relevant,” says Todd Doehring, Centrec Consulting Group, Savoy, IL, current president of the Council. “This has included changes to one of the case farms to reflecting changes in farm size, commodity yields, and prices as well as other inputs to the practical examples that make up so much of the document. In this case, we have integrated new pronouncements on Generally Accepted Accounting Practices (GAAP) in the treatment of deferred income taxes as well as terminology changes as market values is replaced with net realizable value with respect to inventory values.”
He says the most noticeable changes is a new case farm in Appendix A. This one is based on a Kansas farm business.
“It is our goal to take accounting principles and apply them to realistic farm production scenarios. It is especially helpful when users of the Guidelines can identify with the examples that are in the case farms in the document,” Doehring explains.
The purpose of the Guidelines is to help produce standardized financial statements of farm and ranch operations. It is available as a downloadable PDF here. The cost is $30 each for the Financial Guidelines for Agriculture as well as the Management Accounting Guidelines. Another document, An Implementation Guide, is available as a download at no charge. This is designed for those individuals without an accounting degree to better understand how to make the maximum use of the information in the Guidelines.
The Council evolved from the financial crisis of the 1980s and is an all-volunteer organization of farmers and ranchers, accountants, finance and tax professionals, academics, lenders, consultants, and organizations which produce agricultural finance software. Membership on the Council is open to anyone who has an interest in managing agricultural finances. There are currently over 150 members from all across the U.S.
This is the first Board Notes we’ve sent since March, so you have not been missing issues, we’ve just not been preparing and sending any. With all the activity going on with the summer meeting, membership renewals, etc., it’s been hectic.
New Council Leadership
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. Board members elected at the meeting are: Jonathan Shepherd, University of Kentucky; Bill Rutter, MidAtlantic Farm Credit, Westminster, MD; Deena Brown, CGB Agri Finance Services, Louisville, KY; Angela Chesley, Van Bruggen/Vande Vegle, PC, Rock Valley, IA; Kathy Reinhardt, Reinhardt Farms, Seaton, IL; and, Lyle Anderson, Rabo AgriFinance, Billings, MT.
Thank You, Jan
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/Treasurer of the Council as well as on numerous committees. As Vice President she chaired the 2017 Annual Conference which was held in Syracuse, NY.
New Directory Coming Very Soon
The new Council Membership Directory will be coming to you very shortly. This will be updated with the current membership roster and complete contact information on the new leadership group. We are awaiting photos of some of the officers, committee members and directors and will then get it out to all.
We’d Like to See Your Face
It’s always great to know who you are communicating with and an easy way to make that happen with your Council Colleagues is to send us a head-and-shoulders photo of yourself and we’ll add it to the directory. Color jpgs work best, of course. Just send along something you have — does not have to be formal or in a business suit or dress. Will need by Friday, Sept. 7 to make this edition. 250-ppi jpgs are just fine. Please…no low-rez…you will NOT like the way you look.
Share your thoughts about the Council
One of the keys to attracting new, and even retaining current members, is the sharing of your thoughts regarding your experience/relationship with the Council…we are always looking for comments from members that can be used to promote membership. Have you met colleagues from across the country? Found participation in one of the committees to be rewarding personally and/or professionally? And if you have a complaint or other concern that should be shared with the leadership we want those as well!!
Are you Actively Involved with the Council?
When we discussed changing the dues at the Council last year there was concern about membership retention….would the dues get to be too high? What benefits of membership could we offer that would make people really want to stay members of the Council? Our experience has been that those who are actively involved with the happenings of the Council take on an ownership role with the organization. They are not just sitting back and waiting for something to happen….they are MAKING things happen and they develop an enthusiasm that becomes contagious.
Are you missing this spark? Contact any one of our committee chairs and ask them how you can become more involved. And COME TO THE ANNUAL MEETING! Everyone who attends this event has a great time and meets colleagues from across the nation, literally. If you have other possible benefits to membership, let us know. We don’t pretend to know all the ways to make belonging to an organization
2019 Annual Meeting
Mark your calendars now for the 2019 FFSC Annual Meeting. It will be held July 24 – 26 at the DoubleTree by Hilton, Raleigh Durham Airport at Research Triangle Park near Durham, NC.
Going to the ABA Ag Bankers Conference?
This will be in Omaha November 11 – 14 and the Council will be there. If you are attending, stop by our booth in the Exhibit Hall and say ‘hi.’ More information on the conference and registration is on the Council Web site.
That’s probably enough for now.
Watch for your new directory (Send us your photo today!!), and don’t be a stranger… stay in touch and let us know how the Council is a part, however small, of your professional life…….
Carroll Merry
Administrator, FFSC
cmerry@countryside-marketing.com
262-253-6902
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.
Check out our latest tidbits and news for the officers, committee chairs, members of the board of directors, and the general membership of the Farm Financial Standards Council. (Download in PDF form.)
New Membership Directory
A new FFSC Membership Directory has now been produced and distributed to all active FFSC Members. If you did not get one in your e-mail box, let me know and I’ll happily send you a replacement. Total membership has climbed to 182.
We’d Like to See Your Face
Past FFSC President Paul Neiffer and past FFSC Director Curt Covington discuss their presen- tatoins before addressing the crowd of 150 at the event. This is the 5th Boot Camp the Council has co-sponsored with Farm Futures magazine. Other Council board members attending this year included David Olson, co-chair of the Marketing Committee, and Mark Compton, co-chair of the Finance Committee. If we missed noting other Council members please accept our apology.
It’s always great to know who you are communicating with and an easy way to make that happen with your Council Colleagues is to send us a head-and-shoulders photo of yourself and we’ll add it to the directory. Color jpgs work best, of course. Just send along something you have — does not have to be formal or in a business suit or dress.
Kent Meister is doing well
A past FFSC President and our current CFO, Kent suffered a stroke in mid-January andafter many weeks in a hospital in hometown Bloomington, IL is now recovering and receiving therapy at home. Fortunately, his wife, Karen, retired recently so she is available to assist him in getting around the house. He has regained dexterity in both hands and is now doing ‘some tax work’ to stay busy. He is up and functioning completely in his CFO capacity. As soon as he is able to get in and out of their personal vehicle he will go to continued therapy sessions. The two are looking forward to seeing all their friends at the July meeting in nearby Champaign.
Of the get-well gift sent by the Council, Karen writes: Thank you for the rubber tree plant. It is a very nice plant and looks great in our home now that we have been able to come home.
Upcoming Trade Shows
The Council will be present with a display at the annual NFRBMEA Conference which will be held June 10 – 14 in Harrisburg, PA; the AICPA Conference which will be in Las Vegas in July, and the ABA’s National Agricultural Bankers Association conference in Omaha November 11-14. If you are going to be attending any of these events and can spend some time assisting in managing the FFSC display, please let me know.
Annual Conference Coming July 25 – 27
Past FFSC President Ron Swanson and current Director Kathy Reinhardt were part of a panel discussion at the Farm Futures Financial Boot Camp held January 17 in Coralville, IA.
This year’s FFSC Annual Conference will be held at the Hilton Garden Inn in Cham- paign, IL July 25 – 27 and ALL ARE WELCOME TO ATTEND. The final agenda along with registration information will be coming out right around April 1 (no joke!!). The agenda will follow that from previous years….
• Wednesday afternoon (July 25) Committee Meetings — These are open to anyone wishing to participate with NO OBLIGATIONS. What we really want are your ideas. That evening we will have a welcoming reception and barbecue. This is open to all who attend including spouses, significant others and family members who just happen to be traveling with you.
• Thursday (July 26) — Speakers throughout the day with enough programming to qualify for 6 hours of professional CE. (The Council is a registered CPA education provider and certificates of attendance will provided to all who request them. An evening activity is in the works.
• Friday (July 27) — Committee reports and the annual business meeting and election of officers and directors. We will be electing two directors for three-year terms and a secretary/treasurer who will then serve in the chairs to advance to vice president and president of the Council. IF YOU WANT TO BE NOMINATED let us know. The Nominating Committee will be meeting soon to develop the slate for election. Optional afternoon activities are being developed but will likely include a visit to a local grain farm and elevator.
There will PLENTY TO DO in the area if you want to consider bringing family for a bit of a vacation….at the top of the list should be the Abraham Lincoln Library in Springfield….AWESOME is the only word we know of to describe the experience there and it is for the entire family. We will include links to the local Convention and Visitor’s Bureau website with the registration information.
Like Us On Facebook
The Council is expanding its presence on Social Media and has a Facebook Page…. please visit us…just type in Farm Financial Standards Council, Like us and help us get this train moving. We’re also looking for members who have experience working with Twitter… please contact David Olsen, co-chair of the Marketing Committee, if you want to lend a hand and offer us some advice. We are also on LinkedIn. But we need your involvement to help us grow our networks.
Committee Co-Chairs (Contact information is in the directory)
Technical Committee
Jeff Bushey, Nietzke & Faupel, PC
Alan Miller, Purdue University (retired)
Marketing Committee
Brenda Duckworth, AgriVision Farm Management
David Olsen, Agrifamily Consulting, Inc.
Finance Committee
Scotty Elston, AgTexas Farm Credit Services
D. Mark Compton, Compton Accounting
Membership Committee
Grace Richardson, Freed Maxick CPAs
Thomas Groppel, Cedar Ridge Farm
That wraps it up for now… Keep an eye out for information coming on the July meeting….and start looking at things to do and see on the way to and from Champaign….make it a family event and bring ’em all.
Happy St. Patrick’s Day!!
Carroll Merry
Administrator, FFSC
cmerry@countryside-marketing.com
262-253-6902
Tidbits and news for the officers, committee chairs, members of the board of directors, and the general membership of the Farm Financial Standards Council.
A new FFSC Membership Directory has now been produced and distributed to all ac-
tive FFSC Members. If you did not get one in your e-mail box, let me know and I’ll
happily send you a replacement.
It’s always great to know who you are communicating with
and an easy way to make that happen with your Council Colleagues is to send us a
head-and-shoulders photo of yourself and we’ll add it to the directory. Color jpgs work
best, of course. Just send along something you have — does not have to be formal or
in a business suit or dress, any ol’ pic will do — and we’ll add it to the next issue of the
directory. If you sent us one and it’s not in this issue, my apologies….send it again and
we’ll get it added.
Share it with us. If you’ve been in your local news lately,
share the information with us so we can spread the word to your fellow Council mem-
bers. Did you make presentation to a local service club? Even a grand opening at your
business or being named a C of C Amabassador. Or did you serve on a panel talking
ag finance?…..We want to put a very human face on the Council and the best way to do
that is to show our industry that we are just normal folks who are business people who
just happen to have a penchant for working with ag financial programs. It would really
be great if we could get some pix of our folks and post them on our web site…..at which
we do NOT share contact information on members (nor do we share our membership
roster with anyone!!)
Owen Thompson served as president of the Council some years ago and was the real
driver behind getting a membership program going with the Council. After he was
finished serving his ‘terms’ in the leadership chairs he was ‘convinced’ (read coerced)
into being the Chair of the Membership Committee, a role he eventually shared with
Keith Raynor. When Keith left his spot on the committee to become Council Secetary/
Treasurer we were fortunate enough to have two ‘new’ members come forward and
volunteer to take on the shared roles of Membership Committee Co-Chairs,….Grace
Richardson and Tom Groppel….. finally giving Owen a break as well. So after his many
years of leadership, Owen has relinquished his duties as the head of the committee….he
did stick around for a couple of conference calls the help get Grace and Tom launched
with their new duties….
This is just a long way of saying “Thank You, Owen” for the vision you had of devel-
oping a membership program and for being a constant driver in making it successful.
And good luck with the deer hunting!!
(Contact information is in the directory)
Technical Committee
Jeff Bushey, Nietzke & Faupel, PC
Alan Miller, Purdue University (retired)
Marketing Committee
Brenda Duckworth, AgriVision Farm Management
David Olsen, Agrifamily Consulting, Inc.
Finance Committee
Scotty Elston, AgTexas Farm Credit Services
D. Mark Compton, Compton Accounting
Membership Committee
Grace Richardson, Freed Maxick CPAs
Thomas Groppel, Cedar Ridge Farm
Stop by the ABA National Ag Bankers Conference in Milwaukee November 12 – 15 or
at the Farm Futures Boot Camp in Cedar Rapids, IA on January 17. The Council will
be well represented at both in the trade show areas and at the podiums where members
will be making presentaitons. So if you are in the area….stop by and say “Hi.”
There will be NO updates to the Financial Guidelines for Agriculture at the end of this
year so the current document will remain in use for 2018.
Hilton Garden Inn, Champaign, IL, July 25 – 27, 2018.
Todd Doehring is in charge and has been working on the program for some time.
Contact
Carroll Merry
Administrator, FFSC
cmerry@countryside-marketing.com 262-253-6902
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.
Tax Opportunities with Succession Planning
Benchmarking FFSC July 2017 Full Slides