MINNEAPOLIS – The Central Kansas Extension District will be hosting a farm financial series in Minneapolis this winter from December through March.
This four-part series is designed to help farm and ranch operators better understand their financial records, analyze the performance of their businesses, have more meaningful conversations with their lenders, and, ultimately, take ownership of their livelihoods.
The first session will be held on December 19 and focus on Balance Sheet Basics. This is scheduled near the end of year for the purpose of preparing and understanding the balance sheet – knowing what assets and liabilities go where and how to utilize the information provided. Participants will have the ability to work with Joe Farmer and his case farm to analyze his balance sheet.
Next will be Cash Flow Analysis on January 16. As producers begin thinking about tax season, this session will look at how tax return figures and profitability can be analyzed using a simple cash flow or a full income statement. Calculating debt service, inventories, and making projections will be discussed. Participants will look at Joe Farmer’s financials and see if he is making money.
Ratios and Renewals is scheduled for February 13 where participants will learn how to combine information from the balance sheet and cash flow to evaluate the performance of an operation and aid in decision making for the upcoming production year. Other topics will include considerations for enterprise budgeting and preparing for an operating loan renewal. Attendees will get the opportunity to be the banker and decide if Joe Farmer’s credit request is approved.
The final session will be held on March 13. Titled Ag Finance Tools and Resources, this wrap-up will highlight several of the financial assistance programs available to both experienced and young or beginning producers in Kansas. Discussion will be had on a few best management practices for farmers and ranchers to implement that can help put them on a path to success.
Each session will start at 7 pm and last approximately one hour. All of the meetings will be held in the Ottawa County Courthouse Basement Meeting Room located at 307 N Concord in Minneapolis. There is no cost to attend and no RSVP is required. Participants can come to one or come to all. For more information call the CKD-Minneapolis office at (785) 392-2147 or email [email protected].