Agricultural News
Farm Financial Planning Assistance & Benchmarking Offered at OSU
Thu, 09 Jun 2022 08:17:02 CDT
OSU Extension offers Oklahoma producers free assistance with farm financial planning. This program is open for all types of animal and crop operations and will result in aggregated benchmarking data that can be used through FINBIN by producers throughout the state.
This assistance includes helping develop beginning balance sheets and other financial statements which are useful for farmers and ranchers as they try to secure loans. Additionally, many USDA support programs require beginning balance sheets as part of the application process.
These financial statements can help producers see how their operation performed. Extension will provide additional financial analysis as desired by producers participating in this program. Producers may earn Farm Service Agency Borrower Training certification by paying $150 and participating in this program for two years.
Participation in this program entails a producer providing farm financial records to us, which will be kept confidential. We use these records, working with the producer to generate beginning and ending balance sheets and provide some financial analysis based on information drawn from these balance sheets. Involved producers can have additional analysis completed including cash flow, and the evaluation of changes to the farm enterprise. Producers would need to do this for two years to satisfy the borrower training requirement.
To get signed up click here:
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