Category Archives: Farm Recordkeeping

Registration is Open for UVM Maple Business Short Courses

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UVM Extension offers two online short courses for current and prospective maple producers that begin in late October. Each course includes four classes (1.5 hours each), once per week, and teaching assignments that get participants completing real time analysis and making immediate decisions to enhance their business. Registration in now open for the Maple Business Planning and Maple Financial Planning short courses.

For more information see the course descriptions and registration information on the Events page at www.maplemanger.org. Or click the file below to view or share the informational flyer.

Maple-Classes-Flyer_Fall-2021Download

Did I Make A Profit Last Year?

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by Betsy Miller UVM Extension Farm Business Educator

This time of year finds the staff of UVM Extension Agricultural Business holding one-on-one budget/business coaching sessions around the state. Typically, these are a time to prepare year-end financial statements or a budget for the coming year, discuss capital investments and anticipated changes to the business, and/or do some financial analysis of the business.  This year as we help farmers prepare their year-end statements and review the past year, we are seeing many farms that received CARES Act or VCAAP funds. 

While wrapping up my work with one farmer, they commented that at least they made a profit in 2020. Technically, yes, the bottom line was black. On the one hand, they are right to feel relieved. In a very trying year when all was said and done the government funds provided the relief they needed and kept them going. On the other hand, however, this doesn’t necessarily mean that their business was profitable.

When a farm takes in a significant amount of extraordinary income—in this case relief funds— how do we interpret the financial statements to assess the performance in the fiscal year? In the case of the VCAAP funds, they were based on a farm’s “normal” operations and meant to replace the measurable impact of the pandemic on the business. In theory, the addition of these funds could help to normalize the cash flow impact and the result would be a “typical” year. Other relief funds were not as directly tied to replacing lost income and therefore the result is more nebulous.

As I’ve reviewed farm financial statements this year, I’ve concluded that when we record 2020 financials, we should report them with an asterisk and be careful not to draw too many conclusions about the health or profitability of the farm based upon them. Projecting for 2021 and beyond will be challenging as we try to predict what “the new normal” will look like. Don’t let 2020 derail you from efforts to achieve your financial goals.

UVM Extension Agricultural Business Educators are available for consultation

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If your farm, forest or maple business is under pressure to plan for COVID-19 disruption, our educators are available for business coaching and can assist with locating resources. We can help with critical business decision-making, assessing changes to markets, financial planning and other issues facing your enterprises.

Contact one of our educators by email or leaving a voicemail to make an appointment:

Farm, Forest and Maple Business Clinics

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UVM Extension Business Specialists Mark Cannella, Tony Kitsos, Chris Lindgren, Betsy Miller and Zac Smith are available to work one-on-one with farm, forest and maple businesses on their finances. Reserve a 1½ hour appointment to prepare documents that will help manage the business. Use the time to develop a balance sheet, update financial statements, review a business plan, consider changes to the business and more. Bring your financial statements, recent records and questions!

➥ 1½ hour, private meetings
➥ Nearly 100 appointments available from February – April 2020
➥ Held at UVM Extension Offices in 9 locations (Online or phone meetings are also available)
➥ FREE!

Business Clinics Information Sheet (PDF)

Contact Christi Sherlock at Christi.Sherlock@uvm.edu or 802.476.2003 to register for one of the appointments listed below.

To ensure adequate preparation, reservations must be made by the Thursday of the week before your appointment. If you require a disability-related accommodation to participate, please call at least three weeks in advance of your scheduled session.

Farm, Forest and Maple Business Clinics

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UVM Extension Business Specialists Mark Cannella, Tony Kitsos, Chris Lindgren and Betsy Miller are available to work one-on-one with farm, forest and maple businesses on their finances. Reserve a 1½ hour appointment to prepare documents that will help manage the business. Use the time to develop a balance sheet, update financial statements, review a business plan, consider changes to the business and more. Bring your financial statements, recent records and questions!

➥ 1½ hour, private meetings
➥ Nearly 100 appointments available from February – April 2019
➥ Held at UVM Extension Offices in 10 locations
➥ only $25.00
Online Registration Here!

Business Clinics Information Sheet

Business Clinics for Farm Owners

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UVM Extension farm business educators (Mark Cannella, Tony Kitsos and Betsy Miller) are available to work one-on-one with farmers on their finances and business planning.  Reserve a 1½ hour appointment to prepare documents and plans to manage the business. Use the time to develop a balance sheet, update financial statements, review a business plan, consider changes to the business and more. Bring your financial statements, recent records and questions!

The winter-spring schedule has been posted with dates available from mid-January through April at 10 locations statewide.

Register now at this website: http://www.regonline.com/clinicswinter2018 or download the program brochure. 


Farm Business and Budget Clinics in October

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UVM Extension farm business educators (Mark Cannella, Tony Kitsos and Betsy Miller) are available to work one-on-one with farmers on their finances and business planning.Fall 2016 Business and Budget Clinics are scheduled for October 11- October 28 at our statewide offices. Reserve an appointment now at www.regonline.com/fallclinics2016

Bring your financial statements, business plans, recent records and questions for this 1 ½ hour scheduled private meeting. This might include internal accounting statements, the IRS Schedule F and files on a portable farm computer. Use the time to prepare the statements that will help manage the business.The session can also be used to review a written business plan or feasibility plan.

In this session you can expect to develop an accurate balance sheet or a budget for the farm. Alternatively, the time can be used to assess or revise business planning goals including: capital access, marketing,strategic planning, and business plan preparation.

Business Basics for Loggers: Workshops Dec 7th and 8th

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UVM Extension, with financial support from VT Housing Conservation Board, is offering this one day “Business Basics for Loggers” workshop for Vermont loggers on two separate dates and locations:

December 7, 2015 – Chester, VT

December 8, 2015 – St. Johnsbury, VT

Workshop attendees will receive 8 Logger Education to Advance Professionalism (LEAP) credits. Click here for the full program flyer: Business Basics for Loggers

February Class: Intro to Ag Finances

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Intro to Ag Financial Management

Dates: Feb. 4, 11 & 18, 2015 (Snow date, Feb. 25)
Locations: Berlin or Rutland, VT
Times: 1-4 pm.

Make this the year you bravely step into the world of farm finances!  With two top-notch ag financial management specialist to lead the way, Intro to Ag Financial Management  will help you approach farm finances with confidence. This course provides farmers with the knowledge they need to understand and complete a balance sheet, income statement and cash flow statement. Participants will learn the basics of budgeting and skills to anticipate the financial needs of their farm operations. Participants can choose to participate in a clinic with one‐to‐one assistance at no additional charge. Classes will be offered simultaneously in Rutland and Berlin, Vermont, with an on-site instructor at each location.

Course fee: $150. Registration discounts are available for people who have completed Growing Places and for two or more people attending from the same farm/business. Scholarships are also available.  For more information and to register visit http://www.uvm.edu/newfarmer and click on “Classes.”  You can also email or call Heidi Krantz at newfarmer@uvm.edu, 802-223-2389 x 203.