One-On-One Sessions Help Farmers Profit From Financial Planning

10/17/2012

Good financial planning is integral to the success of a farm operation. To help farmers understand their current finances and set up a farm budget for the coming year, University of Vermont (UVM) Extension is offering farm financial consultations at two locations in November and December.

Mark Cannella, UVM Extension farm business management specialist, will meet individually with interested farmers to go over their records to provide an accurate financial analysis, prepare balance sheets to track farm net worth or develop a budget. Each Ag Finance Hour session will last 60 to 90 minutes and be tailored to the financial planning needs of the individual farm, with a focus on helping owners better understand and manage their farm finances to increase profitability.

Individual consultations may be scheduled between 9 a.m. and 3:30 p.m. at the following locations:
UVM Extension Office, 617 Comstock Rd., Suite 5, Berlin: November 2 or December 7
UVM Extension Office, 23 Pond Lane, Suite 300, Middlebury: November 30 or December 28

Appointments may be requested up until the day before, although early sign-up is encouraged as slots are expected to fill up quickly. The fee for a consultation is $15.

To schedule an appointment, call 866-860-1382 (toll-free in Vermont) or 802-223-2389 to speak with Christi Sherlock (ext. 200) or Erin Clark (ext. 213). If requiring a disability-related accommodation to attend, please call at least one week in advance of the scheduled consultation.

Farmers are expected to bring relevant business records to the session, either as hard copy or on their laptop computer or portable storage device. Helpful documents include recent bank account statements, farm bookkeeping reports, the most recent IRS Schedule F tax form, loan documentation and any farm notes used to track previous production and yields.

Cannella directs the UVM Extension Farm Viability program, which provides one-on-one business planning support to farms throughout Vermont. He also conducts workshops on farm business management, farm finance and marketing.

Additional Ag Financial Hours will be scheduled at various locations in 2013.