Copyright © 1999 Center for Farm Financial Management ...

Copyright © 1999 Center for Farm Financial Management, University of Minnesota

Supporting Extension Programs with Benchmark

Farm Financial Data Through Multi-State

Cooperation


Uniform Farm Management Project

Comprehensive Farm Financial Information System

FINPACK – Individual Farm Financial Analysis

RankEm – Benchmark Individual vs Group

RankEm Central – Group Summary Reports

FINBIN – Dynamic Web-Based Financial Reports


Goals of the Uniform Project

To support and enhance farm management association activities

To develop a uniform farm financial database to support extension, ag education, and research programs across a broad geographic area

To provide meaningful benchmarks for producer members and other producers


Uniform Farm Management ProgramParticipating Groups

MN Farm Bus Mgt 2200 farms 1996-pres

SW MN Farm Mgt Assn 200 farms 1993-pres

SE MN Farm Mgt Assn 60 farms 1993-pres

ND Farm Bus Mgt 550 farms 1993-pres

Nebraska Farm Bus Assn 160 farms 1995-pres

Ohio Extension 50 farms 1997-pres

Missouri Farm Bus Mgt 91 farms 2003, 2004


Uniform Farm Management ProgramWorks in Process

Utah Farm Business Management

SW Wisconsin Tech College

South Carolina Farm Business Associations


FINBINwww.finbin.umn.edu

Data from 3400 producers 2.88 million acres of cropland 60,000 dairy cows 35,500 sows 654,000 grow/finish pigs


FINBIN Reports

Whole farm reports• Income statements• Balance sheets• Profitability, liquidity, solvency measures• Family living expenditures• Nonfarm income, assets and liabilities

Crop enterprise reports

Livestock enterprise reports


Crop Sort Criteria Year County Net return Cost of production Enterprise size (acres) Tenure Tillage system Row width Manure Roundup Ready Bt crops


Example Crop Report

Corn by Net Return Group

Soybeans, Cash RentedFINBIN Database, Southern MN, 2002 - 2004

Roundup Ready Conventional

Yield 41.6 43.91

Gross return $276.59 $286.72

Seed 24.30 15.75

Chemicals 17.98 24.96

Rent 103.10 105.17

Total costs 241.14 238.67

Net return to operator lbr & mgt 35.45 48.05

Cost of production 5.44 5.21


Livestock Sort Criteria Year County Net return Cost of production Enterprise size


Example Livestock Report

Dairy by Herd Size

Dairy by Herd SizeFINBIN Database, Minnesota, 2002-2004

Herd size 51 - 100 101-200 201-500 500 +

Average number of cows 70 138 304 706

Production per cow 19,059 19,957 21,911 22,429

Gross return $2,650 $2,798 $3,039 $2,971

Feed 1,047 1,110 1,161 1,176

Labor 100 202 342 399

Total expense per cow 2,041 2,284 2,580 2,711

Net return per cow 610 514 458 260

Cost of production 11.78 12.39 12.90 13.66

Net farm income 53,526 82,860 145,460 253,511


Supporting Extension Programs

Historic trends Enterprise budgets Rental rates Costs of production analysis News releases Winning the Game Marketing plan targets Crop insurance workshops Crop enterprise reports Support for publications


FINBIN Reports

56,000 reports since inception in 2001

6,000 since 2004 MN data was available in April

Approximately 75 reports per day in last three months


Farm Management Associations

A unique public/private collaboration

Producer/members Extension and other educators Research Public – Public return for publicly

supported programs

Copyright © 1999 Center for Farm Financial Management ...

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