Financial
        Management
            For
        Small Farms




© 2009, University of Minnesota
Dale Nordquist




                         Department of Applied Economics


           800-234-1111                 www....
Financial Management For Small Farms


 • Today’s agenda
          – Financial management concepts (FINPACK)
          – A...
A comprehensive whole farm
financial planning and analysis
system

© 2009, University of Minnesota
FINPACK Components
• Balance sheets                    Where Am I?
• FINAN                             Annual Financial An...
Financial Management For Small Farms


 • Is there a difference?




© 2009, University of Minnesota
Financial Management For Small Farms


 • Small farms:
          –    Use less debt
          –    Rely more on labor than...
Financial Management For Small Farms


 • Is there a difference?
          – Yes and no
          – All want to be profita...
Financial Management For Small Farms


 • Commodity producers
          – Focus on producing at the lowest cost
          ...
Financial Management For Small Farms


 • Small farms
          – Focus on selling at a profitable margin
          – Need...
Financial Analysis vs Business Management

Financial Analysis                  Business Management
• Uses the numbers     ...
Financial Management For Small Farms




© 2009, University of Minnesota
Interpreting Financial Statements
                 and Measures




© 2009, University of Minnesota
Farm Financial Standards Guidelines


 • Financial statements:
          – Balance sheet
          – Income statement
    ...
Farm Financial Standards Guidelines


 • Financial ratios and measures:
          – Farm Financial Standards Sweet 16+



...
Balance Sheet

A snapshot of:
   – Assets
   – Liabilities
   – Net worth (owners equity)
• At a specific point in time


...
Balance Sheet

The accounting equation:

Assets = Liabilities + Net worth (Equity)




  © 2009, University of Minnesota
Balance Sheet

• Assets
  – Everything owned or payable to
    the business




  © 2009, University of Minnesota
Balance Sheet

• Assets
   – Everything owned or payable to
     the business
• Liabilities
   – All obligations owed




...
Balance Sheet

• Assets
   – Everything owned or payable to
     the business
• Liabilities
   – All obligations owed
• Ne...
Balance Sheet

• Measures financial position:




  © 2009, University of Minnesota
Balance Sheet

• Measures financial position:
  – Liquidity
            •The ability of the business to
             gener...
Balance Sheet

• Measures financial position:
  – Liquidity
            •The ability of the business to
             gener...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
                                         Cash accounts
Curr...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
 Assets                               Liabilities
 Current (< 1 year)
Accounts payable                      ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
 Assets                               Liabilities
 Current (< 1 year)                   Current

  Intermedi...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
 Assets                               Liabilities
 Current (< 1 year)                   Current

 Intermedia...
Balance Sheet
Assets                               Liabilities
Current (< 1 year) Non-current Current

Intermediate (1–10 ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet
Assets                               Liabilities
Current (< 1 year)                   Current

Intermediate ...
Balance Sheet

• Management implication
  – Match financing to asset life




  © 2009, University of Minnesota
Balance Sheet: When
  • A snapshot at a specific point
    in time




 © 2009, University of Minnesota
Balance Sheet Analysis
• Current position
• Financial structure
• Total solvency
• Net worth change




  © 2009, Universi...
Balance Sheet Analysis
• Current position
   – Current assets vs. current liabilities
   – Measures of liquidity
• Balance...
Working Capital
= Current assets minus current liabilities

• Important in financial risk management
• Reduced by cash cap...
Balance Sheet Analysis
• Current position
• Balance sheet structure
   – Where is the equity
   – Are assets matched with ...
Balance Sheet Structure
• High current debt to assets
   – Liquidity problems
• High intermediate debt to assets
   – Capi...
Balance Sheet Analysis
• Current position
• Balance sheet structure
• Total solvency
   – Net worth
   – Overall financial...
Balance Sheet Analysis



Let’s look at a balance sheet.




  © 2009, University of Minnesota
Balance Sheet Analysis
• Current position
• Balance sheet structure
• Total solvency
• Net worth change
   – Measures over...
Balance Sheet Analysis
• Current position
• Balance sheet structure
• Total solvency
• Net worth change
   – Measures over...
Balance Sheet Analysis
• Current position
• Balance sheet structure
• Total solvency
• Net worth change
   – Measures over...
Earned Net Worth Change

              Net farm income                       $75,000
              Non-farm income        ...
Balance Sheet Challenge



                           Asset Valuation



 © 2009, University of Minnesota
Balance Sheet Challenge
Asset Valuation

   • Market Valuation
            – assets valued at estimated fair market value
...
Market Value Balance Sheet

   Total estimated market value of assets
 - Total debts
 = Net worth




© 2009, University o...
Market Value Balance Sheet
 •Advantage
          – Best estimate of solvency - amount remaining if
            all assets ...
Market Value Balance Sheet
 •Advantage
          – Best estimate of solvency - amount remaining if
            all assets ...
Market Value Balance Sheet
 • Uses
          – Evaluate solvency
          – Evaluation of debt capacity
          – Colla...
Balance Sheet Challenge
Asset Valuation

   • Cost (Book) Valuation
            – assets valued at original cost less depr...
Cost Value Balance Sheet

   Total depreciated value of assets
 - Total debts
 = Retained earnings




© 2009, University ...
Cost Value Balance Sheet
 •Advantage
          – Includes only net worth changes resulting from
            earnings




©...
Cost Value Balance Sheet
 •Advantage
          – Includes only net worth changes resulting from
            earnings


 •D...
Cost Value Balance Sheet
 •Uses
          – Monitor earned net worth change
          – Internal periodic performance
    ...
Balance Sheet Challenge

Asset Valuation
• Market
   – Assets valued at a
     conservative market value
     adjusted for...
Balance Sheet Challenge

Asset Valuation
• Be consistent
• Depreciation
   – Machinery 10%
   – Buildings 5%




  © 2009,...
Balance Sheet

A snapshot of:
   – Assets
   – Liabilities
   – Net worth (owners equity)
• At a specific point in time


...
FFSC Financial Guidelines

Four financial statements:
   – Balance sheet
   – Income statement
   – Statement of owners eq...
Income Statement

Purpose
   – Measure profitability
   – How much money did we
     make




  © 2009, University of Minn...
Income Statement

Types of income statements
   – Cash – IRS Schedule F




  © 2009, University of Minnesota
Income Statement

Types of income statements
   – Cash – IRS Schedule F
   – Accrual




  © 2009, University of Minnesota
Income Statement
Accrual method
   – Revenues recognized when earned
   – Expenses recognized when incurred
   – More accu...
Income Statement

Types of income statements
   – Cash – IRS Schedule F
   – Accrual
   – Accrual adjusted




  © 2009, U...
Accrual Adjusted Income Statement




                                      Cash
                                   Accoun...
Accrual Adjusted Income Statement




 Beginning                            Cash       Ending
  Balance                   ...
Accrual Adjusted Income Statement
                      Jones Farm                              Smith Farm
Gross income   ...
Accrual Adjusted Income Statement
                      Jones Farm                              Smith Farm
Gross income   ...
Accrual Adjusted Income Statement
                      Jones Farm                              Smith Farm
Gross income   ...
Accrual Adjusted Income Statement
                      Jones Farm                              Smith Farm
Gross income   ...
Accrual Adjusted Income Statement
                      Jones Farm                              Smith Farm
Gross income   ...
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  1. 1. Financial Management For Small Farms © 2009, University of Minnesota
  2. 2. Dale Nordquist Department of Applied Economics 800-234-1111 www.cffm.umn.edu © 2009, University of Minnesota
  3. 3. Financial Management For Small Farms • Today’s agenda – Financial management concepts (FINPACK) – AgPlan Business Planning Software – MN Organic Farm Business Management Project – Interpreting Financial Statements and Measures workshop © 2009, University of Minnesota
  4. 4. A comprehensive whole farm financial planning and analysis system © 2009, University of Minnesota
  5. 5. FINPACK Components • Balance sheets Where Am I? • FINAN Annual Financial Analysis • FINFLO Monthly Cash Flow Planning • Annual Plan Annual Cash Flow Planning • FINLRB Financial Long Range Planning © 2009, University of Minnesota
  6. 6. Financial Management For Small Farms • Is there a difference? © 2009, University of Minnesota
  7. 7. Financial Management For Small Farms • Small farms: – Use less debt – Rely more on labor than technology – Manage risk through diversification – Earn more off farm income – Have more interests than just maximizing profit – Tend to be more entrepreneurial – Need to focus on margin (marketing and operating efficiencies) © 2009, University of Minnesota
  8. 8. Financial Management For Small Farms • Is there a difference? – Yes and no – All want to be profitable – All want to be able to pay bills – All want to grow net worth © 2009, University of Minnesota
  9. 9. Financial Management For Small Farms • Commodity producers – Focus on producing at the lowest cost – Earn a small margin on sales – Make their money on volume © 2009, University of Minnesota
  10. 10. Financial Management For Small Farms • Small farms – Focus on selling at a profitable margin – Need to earn a high margin on sales – Need to be entrepreneural to take advantage of niche markets and market opportunities © 2009, University of Minnesota
  11. 11. Financial Analysis vs Business Management Financial Analysis Business Management • Uses the numbers • Uses knowledge of the • Diagnostic business • Keep score (trends) • Prescriptive • Decision-making © 2009, University of Minnesota
  12. 12. Financial Management For Small Farms © 2009, University of Minnesota
  13. 13. Interpreting Financial Statements and Measures © 2009, University of Minnesota
  14. 14. Farm Financial Standards Guidelines • Financial statements: – Balance sheet – Income statement – Statement of owner’s equity – Statement of cash flows or cash flow budget © 2009, University of Minnesota
  15. 15. Farm Financial Standards Guidelines • Financial ratios and measures: – Farm Financial Standards Sweet 16+ © 2009, University of Minnesota
  16. 16. Balance Sheet A snapshot of: – Assets – Liabilities – Net worth (owners equity) • At a specific point in time © 2009, University of Minnesota
  17. 17. Balance Sheet The accounting equation: Assets = Liabilities + Net worth (Equity) © 2009, University of Minnesota
  18. 18. Balance Sheet • Assets – Everything owned or payable to the business © 2009, University of Minnesota
  19. 19. Balance Sheet • Assets – Everything owned or payable to the business • Liabilities – All obligations owed © 2009, University of Minnesota
  20. 20. Balance Sheet • Assets – Everything owned or payable to the business • Liabilities – All obligations owed • Net worth/Owners Equity – Total assets minus total liabilities © 2009, University of Minnesota
  21. 21. Balance Sheet • Measures financial position: © 2009, University of Minnesota
  22. 22. Balance Sheet • Measures financial position: – Liquidity •The ability of the business to generate cash when needed © 2009, University of Minnesota
  23. 23. Balance Sheet • Measures financial position: – Liquidity •The ability of the business to generate cash when needed – Solvency •The relation ship between total assets and total liabilities © 2009, University of Minnesota
  24. 24. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  25. 25. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  26. 26. Balance Sheet Assets Liabilities Cash accounts Current (< 1 year) Current inventories Crop Livestock held for sale Intermediate (1–10 yrs) Intermediate expenses Prepaid Long term (> 10 years) LongSupplies term Accounts receivable Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  27. 27. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  28. 28. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate & equipment Machinery Breeding livestock Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  29. 29. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  30. 30. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Land Long term Buildings Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  31. 31. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  32. 32. Balance Sheet Assets Liabilities Current (< 1 year) Accounts payable Current Accrued expenses Operating loans yrs) Intermediate (1–10 Intermediate Principal due on term debt Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  33. 33. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  34. 34. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Loans with an original term Intermediate of from 1 to 10 years Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  35. 35. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  36. 36. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Loansterm (> 10original term Long with an years) Long term of greater than 10 years Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  37. 37. Balance Sheet Assets Liabilities Current (< 1 year) Non-current Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  38. 38. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Personal Personal Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  39. 39. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Personal Personal Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  40. 40. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Personal Personal Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  41. 41. Balance Sheet Assets Liabilities Current (< 1 year) Current Intermediate (1–10 yrs) Intermediate Long term (> 10 years) Long term Personal Personal Total liabilities Net worth Total assets Total Liabs + Net worth © 2009, University of Minnesota
  42. 42. Balance Sheet • Management implication – Match financing to asset life © 2009, University of Minnesota
  43. 43. Balance Sheet: When • A snapshot at a specific point in time © 2009, University of Minnesota
  44. 44. Balance Sheet Analysis • Current position • Financial structure • Total solvency • Net worth change © 2009, University of Minnesota
  45. 45. Balance Sheet Analysis • Current position – Current assets vs. current liabilities – Measures of liquidity • Balance sheet structure • Total solvency • Net worth change © 2009, University of Minnesota
  46. 46. Working Capital = Current assets minus current liabilities • Important in financial risk management • Reduced by cash capital purchases and family withdrawals © 2009, University of Minnesota
  47. 47. Balance Sheet Analysis • Current position • Balance sheet structure – Where is the equity – Are assets matched with liabilities – No right or wrong answer • Total solvency • Net worth change © 2009, University of Minnesota
  48. 48. Balance Sheet Structure • High current debt to assets – Liquidity problems • High intermediate debt to assets – Capital replacement problems • High long term debt to assets – Limited expansion capacity © 2009, University of Minnesota
  49. 49. Balance Sheet Analysis • Current position • Balance sheet structure • Total solvency – Net worth – Overall financial risk position of the business – Future borrowing capacity – Debt to asset ratio = Total Debt ÷ Total Assets • Net worth change © 2009, University of Minnesota
  50. 50. Balance Sheet Analysis Let’s look at a balance sheet. © 2009, University of Minnesota
  51. 51. Balance Sheet Analysis • Current position • Balance sheet structure • Total solvency • Net worth change – Measures overall progress © 2009, University of Minnesota
  52. 52. Balance Sheet Analysis • Current position • Balance sheet structure • Total solvency • Net worth change – Measures overall progress – Net worth growth can only happen if: •Earnings exceed consumption or © 2009, University of Minnesota
  53. 53. Balance Sheet Analysis • Current position • Balance sheet structure • Total solvency • Net worth change – Measures overall progress – Net worth growth can only happen if: •Earnings exceed consumption or •Market values are increased © 2009, University of Minnesota
  54. 54. Earned Net Worth Change Net farm income $75,000 Non-farm income + 25,000 Family living/owner withdrawals - 50,000 Income taxes - 10,000 Earned net worth change = $40,000 © 2009, University of Minnesota
  55. 55. Balance Sheet Challenge Asset Valuation © 2009, University of Minnesota
  56. 56. Balance Sheet Challenge Asset Valuation • Market Valuation – assets valued at estimated fair market value – a price that could be expected is sold at arms length to an unrelated buyer – after selling costs © 2009, University of Minnesota
  57. 57. Market Value Balance Sheet Total estimated market value of assets - Total debts = Net worth © 2009, University of Minnesota
  58. 58. Market Value Balance Sheet •Advantage – Best estimate of solvency - amount remaining if all assets were sold and all debts paid © 2009, University of Minnesota
  59. 59. Market Value Balance Sheet •Advantage – Best estimate of solvency - amount remaining if all assets were sold and all debts paid •Disadvantage – Mixes net worth changes from earnings with market value changes © 2009, University of Minnesota
  60. 60. Market Value Balance Sheet • Uses – Evaluate solvency – Evaluation of debt capacity – Collateral analysis – External comparison with other farms – Estate planning © 2009, University of Minnesota
  61. 61. Balance Sheet Challenge Asset Valuation • Cost (Book) Valuation – assets valued at original cost less depreciation – land value never changes © 2009, University of Minnesota
  62. 62. Cost Value Balance Sheet Total depreciated value of assets - Total debts = Retained earnings © 2009, University of Minnesota
  63. 63. Cost Value Balance Sheet •Advantage – Includes only net worth changes resulting from earnings © 2009, University of Minnesota
  64. 64. Cost Value Balance Sheet •Advantage – Includes only net worth changes resulting from earnings •Disadvantage – Does not provide accurate solvency picture © 2009, University of Minnesota
  65. 65. Cost Value Balance Sheet •Uses – Monitor earned net worth change – Internal periodic performance – Calculation of periodic net income © 2009, University of Minnesota
  66. 66. Balance Sheet Challenge Asset Valuation • Market – Assets valued at a conservative market value adjusted for selling costs • Cost of book value – Assets valued at original cost minus depreciation © 2009, University of Minnesota
  67. 67. Balance Sheet Challenge Asset Valuation • Be consistent • Depreciation – Machinery 10% – Buildings 5% © 2009, University of Minnesota
  68. 68. Balance Sheet A snapshot of: – Assets – Liabilities – Net worth (owners equity) • At a specific point in time © 2009, University of Minnesota
  69. 69. FFSC Financial Guidelines Four financial statements: – Balance sheet – Income statement – Statement of owners equity – Statement of cash flows © 2009, University of Minnesota
  70. 70. Income Statement Purpose – Measure profitability – How much money did we make © 2009, University of Minnesota
  71. 71. Income Statement Types of income statements – Cash – IRS Schedule F © 2009, University of Minnesota
  72. 72. Income Statement Types of income statements – Cash – IRS Schedule F – Accrual © 2009, University of Minnesota
  73. 73. Income Statement Accrual method – Revenues recognized when earned – Expenses recognized when incurred – More accurately matches income with the expenses incurred to produce that income © 2009, University of Minnesota
  74. 74. Income Statement Types of income statements – Cash – IRS Schedule F – Accrual – Accrual adjusted © 2009, University of Minnesota
  75. 75. Accrual Adjusted Income Statement Cash Accounting Records © 2009, University of Minnesota
  76. 76. Accrual Adjusted Income Statement Beginning Cash Ending Balance Accounting Balance Sheet Records Sheet © 2009, University of Minnesota
  77. 77. Accrual Adjusted Income Statement Jones Farm Smith Farm Gross income $500,000 Gross income $500,000 Cash expenses -450,000 Cash expenses -450,000 Net cash income 50,000 Net cash income 50,000 Depreciation -40,000 Depreciation -40,000 Schedule F income 10,000 Schedule F income 10,000 © 2009, University of Minnesota
  78. 78. Accrual Adjusted Income Statement Jones Farm Smith Farm Gross income $500,000 Gross income $500,000 Cash expenses -450,000 Cash expenses -450,000 Net cash income 50,000 Net cash income 50,000 Inventory change +100,000 Depreciation -40,000 Depreciation -40,000 Schedule F income 10,000 Schedule F income 10,000 © 2009, University of Minnesota
  79. 79. Accrual Adjusted Income Statement Jones Farm Smith Farm Gross income $500,000 Gross income $500,000 Cash expenses -450,000 Cash expenses -450,000 Net cash income 50,000 Net cash income 50,000 Inventory change +100,000 Depreciation -40,000 Depreciation -40,000 Schedule F income 10,000 Net farm income 110,000 © 2009, University of Minnesota
  80. 80. Accrual Adjusted Income Statement Jones Farm Smith Farm Gross income $500,000 Gross income $500,000 Cash expenses -450,000 Cash expenses -450,000 Net cash income 50,000 Net cash income 50,000 Inventory change +100,000 Inventory change -100,000 Depreciation -40,000 Depreciation -40,000 Net farm income 110,000 Schedule F income 10,000 © 2009, University of Minnesota
  81. 81. Accrual Adjusted Income Statement Jones Farm Smith Farm Gross income $500,000 Gross income $500,000 Cash expenses -450,000 Cash expenses -450,000 Net cash income 50,000 Net cash income 50,000 Inventory change +100,000 Inventory change -100,000 Depreciation -40,000 Depreciation -40,000 Net farm income 110,000 Net farm income -90,000 © 2009, University of Minnesota

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