WOOSTER, Ohio — Understanding your farm financial situation, knowing what to measure, how to measure and then how to analyze the information collected to make farm business decisions is always valuable. In times of tight profit margins and uncertain and volatile markets, knowing how to measure and analyze your farm financial situation is essential when faced with financial decisions.
Wayne County Extension is providing an opportunity for farm owners, operators and managers to sharpen their farm financial management skills. A six-evening farm financial management school (FFMS) is scheduled for Wednesday evenings in January and February. The school begins the evening of January 15 and will be held every Wednesday evening through February 19.
The 2020 FFMS will focus on teaching participants how to develop and use core farm financial documents and statements. The school will use presentations, class discussion, group work, case farm examples and hands-on activities to teach participants how to assemble and use essential farm financial documents. Topics that will be covered include farm mission statements, balance sheets, farm income and cash flow statements, calculating cost of production, use of enterprise budgets, calculating and using farm financial ratios, benchmarking, farm record keeping and working with agricultural lenders.
All sessions will be held in commissioners meeting room located in the upper level of the Wayne County Administration Building. A light meal will be available each evening at 6:30 pm and class instruction will begin at 7:00 pm and conclude by 9:30 pm each evening. The registration cost is $50/person or for up to three people from the same farm business. Sponsorships provided by Farm Credit Mid-America, Farmers National Bank, Wayne Savings Community Bank and Farmers State Bank are helping to cover some of the program expenses.
Pre-registration is requested to the Wayne County Extension office at 330-264-8722 by Monday, January 13. More information, including a flyer and registration form is available on the Wayne County Extension web site at http://go.osu.edu/agwayne, click on the “Farm Financial Management School” heading in the left-hand column.
— Ohio State University Extension Wayne County
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