Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Supporting Extension Programs with Benchmark
Farm Financial Data Through Multi-State
Cooperation
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Uniform Farm Management Project
Comprehensive Farm Financial Information System
FINPACK – Individual Farm Financial Analysis
RankEm – Benchmark Individual vs Group
RankEm Central – Group Summary Reports
FINBIN – Dynamic Web-Based Financial Reports
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Goals of the Uniform Project
To support and enhance farm management association activities
To develop a uniform farm financial database to support extension, ag education, and research programs across a broad geographic area
To provide meaningful benchmarks for producer members and other producers
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Uniform Farm Management ProgramParticipating Groups
MN Farm Bus Mgt 2200 farms 1996-pres
SW MN Farm Mgt Assn 200 farms 1993-pres
SE MN Farm Mgt Assn 60 farms 1993-pres
ND Farm Bus Mgt 550 farms 1993-pres
Nebraska Farm Bus Assn 160 farms 1995-pres
Ohio Extension 50 farms 1997-pres
Missouri Farm Bus Mgt 91 farms 2003, 2004
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Uniform Farm Management ProgramWorks in Process
Utah Farm Business Management
SW Wisconsin Tech College
South Carolina Farm Business Associations
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
FINBINwww.finbin.umn.edu
Data from 3400 producers 2.88 million acres of cropland 60,000 dairy cows 35,500 sows 654,000 grow/finish pigs
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
FINBIN Reports
Whole farm reports• Income statements• Balance sheets• Profitability, liquidity, solvency measures• Family living expenditures• Nonfarm income, assets and liabilities
Crop enterprise reports
Livestock enterprise reports
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Crop Sort Criteria Year County Net return Cost of production Enterprise size (acres) Tenure Tillage system Row width Manure Roundup Ready Bt crops
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Example Crop Report
Corn by Net Return Group
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Soybeans, Cash RentedFINBIN Database, Southern MN, 2002 - 2004
Roundup Ready Conventional
Yield 41.6 43.91
Gross return $276.59 $286.72
Seed 24.30 15.75
Chemicals 17.98 24.96
Rent 103.10 105.17
Total costs 241.14 238.67
Net return to operator lbr & mgt 35.45 48.05
Cost of production 5.44 5.21
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Livestock Sort Criteria Year County Net return Cost of production Enterprise size
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Example Livestock Report
Dairy by Herd Size
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Dairy by Herd SizeFINBIN Database, Minnesota, 2002-2004
Herd size 51 - 100 101-200 201-500 500 +
Average number of cows 70 138 304 706
Production per cow 19,059 19,957 21,911 22,429
Gross return $2,650 $2,798 $3,039 $2,971
Feed 1,047 1,110 1,161 1,176
Labor 100 202 342 399
Total expense per cow 2,041 2,284 2,580 2,711
Net return per cow 610 514 458 260
Cost of production 11.78 12.39 12.90 13.66
Net farm income 53,526 82,860 145,460 253,511
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Supporting Extension Programs
Historic trends Enterprise budgets Rental rates Costs of production analysis News releases Winning the Game Marketing plan targets Crop insurance workshops Crop enterprise reports Support for publications
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
FINBIN Reports
56,000 reports since inception in 2001
6,000 since 2004 MN data was available in April
Approximately 75 reports per day in last three months
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Copyright © 1999 Center for Farm Financial Management, University of Minnesota
Farm Management Associations
A unique public/private collaboration
Producer/members Extension and other educators Research Public – Public return for publicly
supported programs