Farm financial management workshops Feb. 21-22
LAMBERTON — The Southwest Minnesota Farm Business Management Association has joined with the University of Minnesota Extension to present “Taking Charge of Your Finances: How to Survive and Thrive.”
This full-day workshop is filled with an interactive case study that provides information and strategies to help farm families be better prepared to make internal farm management decisions and also build stronger relationships with external partners.
In “Taking Charge of Your Finances: How to Survive and Thrive,” participants gain a greater understanding of balance sheets, income statements, and cash flows. They will also be better equipped to utilize their farm financial records and will have a greater understanding of the financial tools that will assist them with making better financial management and financing decisions. As part of the workshop, participants will act as a loan review committee to analyze the credit worthiness of a case study farm. As a result they will be better equipped to manage the finances of their own farming operation
With the current volatility in the ag economy, producers are feeling financial pinched and unsure of how to manage their finances and assess how the financial future of their operation may play out. According to the 2015 FINBIN Report on Minnesota Farm Finances, published in April 2016, over 40 percent of Minnesota farms lost money in 2015. And there has been an 86 percent drop in Median Net Farm Income for Minnesota producers for the 4 years from 2012 to 2015.
“Taking Charge of Your Finances: How to Survive and Thrive” is scheduled for Tuesday, Feb. 21 at the Worthington Regional Extension Office in Worthington and Wednesday, Feb. 22, at Southwest Research and Outreach Center near Lamberton. Registration costs $20 if registered prior to Feb. 15th and $30 after the 15th and at the door. To pre-register for the workshop, contact Gretchen Thillen, firstname.lastname@example.org or 507-752-5094. This workshop is sponsored by the Southwest Minnesota Farm Business Management Association in cooperation with University of Minnesota Extension. For more information, visit swroc.cfans.umn.edu and click on Event.