Niman Ranch
Pork Producers
Complete the required noted learning material
AgProfit Strategies has developed several web learning modules to help Niman Ranch producers who have been farming less than 10 years view tips about a variety of subjects. Here you’ll find topics important to beginning hog producers.
For those virtual learners, you can also qualify for a $250 payment by completing this module section. Simply register for this module. Feel free to access all the content in every AgProfit Strategies web learning module at any time. However, you will only receive a maximum payment of $250.
Niman Ranch producers need only view this module offering the required elements for your program.
A module section is complete once you register below and complete viewing all the videos on this page. You must also take a post module survey and learning quiz at the bottom of the page.
Start Learning About The Importance of Farm Financial Aspects To Your Operation. Select The Category.
A myriad of factors impact your ability to profit on your farming operation. From crop insurance and controlling input costs to understanding the importance of monitoring the financial details, it’s all vital for your farm to succeed. Understanding and utilizing farm records is one of the most critical activities that a producer can undertake. Farm records are the result of every decision that the producer makes. Putting them together in organized financial statements helps the producer know where to look to identify issues.
But, in order to utilize the information the farm generates to your advantage, you have to understand HOW to put these statements together and HOW to interpret them. Here, we have videos and hands-on examples to help producers put together and understand the information that comes out of their records.
Financial Module
Livestock Marketing & Risk Management
Looking for more in raising and marketing your cattle? Then this video and work booklet training series is for you. Join Jeff Rose, Cattle Contract Manager for National Farmers as he talks contracting and price risk management that allows you to profit more.
Introductory Cattle Risk Management Questions
This short 3-page document lists questions you can ask yourself about cattle price risk management. It covers cash, forward contracting and futures and options, along with the proper mindset when approaching a marketing plan.
What Is Price Risk Mangement?
This short 5-page sheet defines risk management and explores the contract types of tools availaible to producers. It identifies the steps producers should use early in the risk managment process.
Five Soil Health Principles Demanding Your Attention
Healthy soils have a protective surface layer of plant residue to control soil temperature and reduce evaporation. This maintains a favorable environment for soil biology. You can preserve residue to keep soil covered by leaving crop residues in the field.
Myths and Facts About Farm Profitability
REQUIRED VIEWING
Dale Nordquist, from the Center for Farm Financial Mangement at the University of Minnesota separates the facts from the myths when it comes to making a profit on the farm. He uses actual farm results to show you the secrets of doing the key things to profit more.
Livestock Marketing & Risk Management
Looking for more in raising and marketing your cattle? Then this video and work booklet training series is for you. Join Jeff Rose, Cattle Contract Manager for National Farmers as he talks contracting and price risk management that allows you to profit more.
Introductory Cattle Risk Management Questions
This short 3-page document lists questions you can ask yourself about cattle price risk management. It covers cash, forward contracting and futures and options, along with the proper mindset when approaching a marketing plan.
What Is Price Risk Mangement?
This short 5-page sheet defines risk management and explores the contract types of tools availaible to producers. It identifies the steps producers should use early in the risk managment process.
Five Soil Health Principles Demanding Your Attention
Healthy soils have a protective surface layer of plant residue to control soil temperature and reduce evaporation. This maintains a favorable environment for soil biology. You can preserve residue to keep soil covered by leaving crop residues in the field.
Crop Insurance
REQUIRED VIEWING
National Farmers Crop Insurance expert Al Smith dives into the importance of crop insurance. He examines the latest developments for 2022.
Accounting & Record Keeping
Next up is the Accounting and Record Keeping Module. Below, it’s all about developing financial statements, the need for understanding how to compile records and why they are important, along with defining a business expense.
Ag Finances
Developing Financial Statements and Measures
In this video, Curtis Mahnnken and Rachel Purdy from the University of Minnesota and the Center for Farm Financial Management, provides useful information regarding the financial statements and measures vital to your operation.
REQUIRED VIEWING
Ag Finances
Importance of Records To Beginning Farmers
In this video, Rachel Purdy from the University of Minnesota and the Center for Farm Financial Management, shares useful information on just how important financial records are to the operation of a beginning farmer.
REQUIRED VIEWING
Ag Finances
How Do We Compile Records?
In this video, Rachel Purdy from the University of Minnesota and the Center for Farm Financial Management, provides a deeper insight into exactly how you should compile your operations farming records.
REQUIRED VIEWING
Ag Finances
What Is a Business Expense?
In this video, Rachel Purdy from the University of Minnesota and the Center for Farm Financial Management, provides a deeper insight into exactly how you should compile your operations farming records.
REQUIRED VIEWING
Balance Sheets
The balance sheet is an essential tool used by farmersto understand the current financial health of a business. It is generally used alongside the two other types of financial statements: the income statement and the cash flow statement.
Ag Finances
Balance Sheets
In this video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, goes in depth on what a balance sheet is. Stay tuned to learn how you should best approach this process for your farming operation.
REQUIRED VIEWING
Ag Finances
Balance Sheet Foundations
Curtis Mahnnken from the Center for Farm Financial Management, provides information for you to learn more about how balance sheets work, when they should be completed, and some of the financial analysis that could be done as a great benefit to your operation.
REQUIRED VIEWING
Ag Finances
When To Prepare a Balance Sheet
In this Video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, provides tips on how to learn the importance of when you should compile your operational balance sheet, and why it should be done on a regular schedule.
REQUIRED VIEWING
Ag Finances
Balance Sheet Structure
In this Video, UMN’s Mahnnken from the Center for Farm Financial Management, asks why you would need to create a balance sheet for your operation. Stay tuned to for helpful insight on the structure of your balance sheet, and what insights you can derive from it.
REQUIRED VIEWING
Ag Finances
Current Assets
In this Video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, describes what current assets could be within your operation. This is an important concept to understand in the overall process of constructing your balance sheet.
RECOMMENDED VIEWING
Ag Finances
Diving Into Current Assets
UMN’s Mahnnken from the Center for Farm Financial Management, digs into a little more detail on the topic of current assets. This includes a wide variety of items within your operation, take notes to make sure you don’t miss out on this information!
RECOMMENDED VIEWING
Ag Finances
Intermediate and Long Term Assets
Here, Mahnken delves further in depth on the topic of assets. After reviewing current assets, tune in to this video to better understand what intermediate and long term assets could be for your operation.
RECOMMENDED VIEWING
Ag Finances
Assets Valuation
The Center for Farm Financial Management helps you understand how to approach a great challenge in asset valuation in this video. For current assets a current market value would suffice, but how do you figure this for intermediate and long-term assets? Stay tuned to find out!
RECOMMENED VIEWING
Ag Finances
Current Liabilities
It’s time for more financial discussion from the Center for Farm Financial Management. Here, they cover the opposite side of your balance sheet, liabilities. These could vary from a great many things, stay tuned to learn more about liabilities and the impact they have on your balance sheet.
REQUIRED VIEWING
Ag Finances
Loans
In this Video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, helps you understand how to handle and include loans in your balance sheet should you face some challenges.
REQUIRED VIEWING
Ag Finances
Intermediate and Long Term Liabilities
UMS’s Mahnnken from the Center for Farm Financial Management, touches further on the structure of your balance sheet, and how your operation would be financed. These typically include loans that would provide your operating cash, machinery, and other requirements for your operation.
RECOMMENDED VIEWING
Ag Finances
Net Worth
In this Video, Mahnnken from the University of Minnesota informs you how to calculate the total net worth of your operation. Using the knowledge you’ve gained through these videos so far, how do you think this would be done?
RECOMMENDED VIEWING
Ag Finances
What Is Depreciation
In this Video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, covers a big cost value topic, depreciation. While this is not a cost that you pay out of your check book every year, it is a real cost to your operation and is certainly something you should understand.
REQUIRED VIEWING
Ag Finances
How Do We Handle a Hedging Account
The Center for Farm Financial Management goes over what a hedging account is, what you can do with it, and the benefits that come along with it. Price risk management is important, so see how this option might work for your operation.
REQUIRED VIEWING
Ag Finances
What Are Deferred Liabilities
In this brief Video, UMN’s Mahnnken covers the topic of deferred liabilities. These would include some liabilities or expenses that could occur within the dissolution of your operation. Tune in to learn how you can prepare for this should this ever occur.
RECOMMENDED VIEWING
Ag Finances
Balance Sheet Recap
In this Video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, wraps a nice bow on the topic of balance sheets. After this recap you should be ready to make your own balance sheet, and plant a firm understanding on your operations finances. Thanks for tuning in!
RECOMMENDED VIEWING
Income Statements
An income statement is one of the three—along with balance sheet and statement of cash flows—major financial statements that reports a farms financial performance over a typical year.
Net Income = (Total Revenue + Gains) – (Total Expenses + Losses)
Ag Finances
Introduction To The Income Statement
In this video, Curtis Mahnnken from the University of Minnesota and the Center for Farm Financial Management, provides great details regarding income statements. Watch this short video to learn how to construct this statement for your farming operation.
REQUIRED VIEWING
Ag Finances
Income Statement Foundations
Income statements are the summary of your revenues and expenses that occured during a given year. It can tell you your net farm income, and your return regarding labor and management, and also offer comparisons.
REQUIRED VIEWING
Ag Finances
Why Analyze My Farm
Farmers must look at their farm as a business. That’s why you need to understand what is going on in your business from a financial standpoint. You need to not only know how you did for the year, but also how you can do better next year.
REQUIRED VIEWING
Ag Finances
Income Statement Basics
It’s all about profit in the income statement. There three types of income statements: cash, accrual adjusted or accrual. In this video you will learn the ins and outs of the three types of statements, and why you may want to consider using the accrual method.
REQUIRED VIEWING
Ag Finances
Accrual Income Statements
Here, you’ll go into detail about the Accrual method of compiling an income statement. This method is a better way to understand your farm’s profitability. There can be swings between times of the year when you purchase something, compared to when you will actually use it
RECOMMENDED VIEWING
Ag Finances
Actual Income Statement Example
This video gives an example of two farms, compared with an Accrual income statement. One farm factors in remaining crop inventory at the end of the year, compared to the beginning. An accrual method gives you a much better picture compared to a cash income statement.
RECOMMENDED VIEWING
Ag Finances
Cash Versus Accrual
You may feel like you need advanced accounting training to adopt the accrual accounting method. But you don’t! You can produce an accrual income statement without using accrual accounting. View this video for the secret.
REQUIRED VIEWING
Ag Finances
Income Statement Construction
Cash income is the place to start. Next, there must be adjusted revenue. Then, you address direct expenses and separate them from overhead expenses. After compiling these, you are getting closer to having a business indicator of how you are doing.
REQUIRED VIEWING
Ag Finances
What If I Don’t Have Detailed Records
If you don’t have enough detailed records, there is a Schedule F tax tool from the Center for Farm Financial Management that can help you. Find it here: https://www.cffm.umn.edu/wp-content/uploads/2020/05/How-Schedule-F-Income-Is-Determined-in-FINPACK.pdf
REQUIRED VIEWING
Ag Finances
Income Statement Recap
In this wrap-up for the income statement section, major take-aways are examined. The income statement only measures what you earn and what you spend. It’s a map to what happened during the given time perios the statment covers.
REQUIRED VIEWING
Introduction to Cash Flows
A cash flow statement is a financial statement that provides aggregate data regarding all cash inflows a farm receives from its ongoing operations. It also includes all cash outflows that pay for farm-business activities and investments during a given period.
Ag Finances
Introduction To Cash Flows
In this video, Rachel Purdy from the University of Minnesota and the Center for Farm Financial Management, shares information regarding what a cash flow statement is. Stay tuned in order to learn how to build one for your operation, and why understanding how this statement works is essential to your success.
REQUIRED VIEWING
Ag Finances
Cash Flow Components
Cash flow components include inflows, which factor in income and sales, and outflows covering expenses and purchases. Think about your plans for the year, include marketing stored inventories and new production. Then consider inputs and major purchases too.
REQUIRED VIEWING
Ag Finances
Cash Flow Considerations
Base your plan by considering historical production records, prices and past expense levels. Do your best to project major expenses, like fuel and other inputs. Are your cash flow needs quarterly, annually or monthly?
RECOMMENDED VIEWING
Ag Finances
Budgets
With cash flow planning, it’s important to keep in mind that life happens, and you can make changes going forward in the year. Some tools can take into account your budget and create cash flows for the year. Cash flow planning can use Enterprise or Whole Business budgets.
RECOMMENDED VIEWING
Pulling It All Together
It’s time to assemble all the knowledge you’ve gained from the other major financial learning sectors and put it to work for the benefit of your farming business. Take a look at these final videos.
Ag Finances
Pulling It Together
Now it’s time to step back and consider all that you have viewed in this entire learning module. The goal of pulling everything together is to better understand the strenghts and weaknesses of your operation so you can make changes, and do better.
REQUIRED VIEWING
Ag Finances
Evaluating Your Business
Preparing the four types of individual farm statements is an important foundation that allows you to move to the next step. Evaluating your entire business. You are attempting to better understand where you are, where you have been and where you are going.
REQUIRED VIEWING
Ag Finances
Preparing For a Loan Request
Agriculture is a capital intensive business, and visiting with your lender can make you pretty nervous. But preparation is truly important. Make sure you take three years worth of tax returns, your financial statements and your action plan for your farm.
REQUIRED VIEWING
Ag Finances
The 5 Cs Of Credit
Your lender is assessing the credit worthiness of you and your operation when loan time comes. He will factor character, capital, conditions, capacity and collateral to make judgements about whether he can approve your credit line.
REQUIRED VIEWING
Ag Finances
Communicating With My Lender
In this video, Pauline Van Nurden from the University of Minnesota and the Center for Farm Financial Management, goes over what you should expect when meeting with your lender. From topics ranging from how your credit is built, how to establish trustworthiness, and securing collateral. She does a fantastic job of walking you through the motions, and preparing for meeting with your lender for the first time.
REQUIRED VIEWING
That’s it! For further growth, you can take advantage of our mentoring program, where experienced farmers and leaders help you with your farming questions.
Contact Details
If you have any quetions or need help with anything, feel free to get in touch with our amazing team.
Location
28, Blocs City, BL12345 USB
Phone
If you want, you can place some other information or contact details here.
Copyright © 2021 Blocs Templates