K-State Research and Extension Central Kansas District to Host a Farm Financial Series This Winter

By Toby Nosker
KNCK News Director

K-State Research and Extension Central Kansas District will host a Farm Financial Series, beginning this month. This four-part series is designed to help farm and ranch operators better understand their financial records, analyze the performance of their businesses, have more meaningful conversations with their lenders, and, ultimately, take ownership of their livelihoods.

Each session begins at 7 pm at the Ottawa County Courthouse Meeting Room, located at 307 N. Concord in Minneapolis.

Wednesday, December 19 - Balance Sheet Basics
This session is scheduled near the end of year for the purpose of preparing and understanding the balance sheet - knowing what assets and liabilities go where, what values to use, and how to utilize the information provided. Participants will have the ability to work with Joe Farmer and his case farm to analyze his balance sheet.

Wednesday, January 16 - Cash Flow Analysis
As you begin thinking about tax season, this session will look at how your tax return figures and profitability can be analyzed using a simple cash flow or full income statement. Calculating debt service, matching up inventories, and making projections will be discussed. Participants will look at Joe Farmer's financials and see if he is making money.

Wednesday, February 13 - Ratios and Renewals
Here they will combine information from the balance sheet and cash flow to evaluate the performance of an operation and aid in decision making for the upcoming production year. They will also talk about considerations for enterprise budgeting and preparing for an operating loan renewal. Participants will get the opportunity to be the banker and decide if Joe Farmer's credit request is approved.

Wednesday, March 13 - Ag Finance Tools and Resources
Their final session will highlight several of the financial assistance programs available to both experienced and young or beginning producers in Kansas. They will also discuss a few best management practices for farmers and ranchers to implement that can help put them on a path to success.

Each session will be approximately one hour. No RSVP is required. Come to one, come to all.

For more information, please contact the Central Kansas District - Minneapolis Office at (785) 392-2147 or email crensink@ksu.edu.