Transcript Training

ND Farm & Ranch Business
Management 2010 Region 3
Annual Report
Steve Metzger
Carrington Research Extension Center and
Carrington Public Schools
Carrington, ND
Region III
Farm Business Management
Programs
Bismarck (Eastern)
Carrington
Jamestown
Casselton (Western)
Wahpeton (Western)
North Dakota Farm Business Management Programs are
located in four regions across North Dakota
North Central
RRV
West
South Central
WHAT TYPE OF FARMS
MAKE UP THE
BASE OF INFORMATION?
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Age
Average Farmer Age in Region III
49
47
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43
41
39
37
35
Crop Acres acres totaled
1,797 in 2010, Up 23% since 1997
1400
1200
1000
800
600
400
200
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Own
Cash Rent
Crop Share
Total Farm Assets, Cost Basis
Total farm assets for enrolled farms increased
$167,025 from last year. An increase of 153%
since 1997.
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$535,015
$554,459
$631,196
$626,692
$699,536
$657,201
$693,493
$758,314
$747,601
$892,986
$1,007,440
$1,218,736
$1,188,358
$1,355,383
Growth of Farm Assets in Region 3,
An increase of 153% since 1997
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
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$0
Total Farm Liabilities
Total average farm liabilities increased $55,970 from last year.
Last decreased in 2009. This is an increase of 99% since 1997.
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$ 287,493
$ 294,261
$ 319,213
$ 317,231
$ 347,138
$ 338,736
$ 317,242
$ 356,357
$ 361,193
$ 432,110
$ 453,700
$ 521,883
$ 517,110
$ 573,080
Growth of Farm Liabilities Region 3,
An increase of 99% since 1997
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
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$0
Comparing 1997 to 2010
Cost Basis Values
Crop land acres, including haylands, have
increased 334 acres per farm, up 23%
Asset value per acre has increased from
$365.70 to $754.25 per acre of cropland,
up 106%
Liabilities have increased from $196.51 to
$318.91 per acre of crop land, up 62%
Money Borrowed per Farm Region 3
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
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$0
Principal Paid Per Farm Region 3
$500,000
$400,000
$300,000
$200,000
$100,000
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$0
Money Borrowed & Repaid, Region 3
$500,000
Borrowed
Paid
$400,000
$300,000
$200,000
$100,000
$0
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CAPITAL ASSETS,
REPLACEMENT and
DEPRECIATION
Capital Purchases of Machinery,
Equipment & Farm Vehicles
$300,000
Ave.
Low 20%
High 20%
$250,000
$200,000
$150,000
$100,000
$50,000
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$0
Capital Replacement Margin compared to
Depreciation/Capital Adjustment
$250,000
$200,000
Cap.Available
Cap. Deprec.
$150,000
$100,000
$50,000
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$0
Net Worth Change
(Change in Retained Earnings)
This year we saw a positive net worth change of $199,176
as measured on a cost basis balance sheet.
1997
$ -2,994
1998
$ 19,834
1999
$ 37,745
2000
$ 27,834
2001
$ 10,792
2002
$ 16,848
2003
$ 55,123
2004
$ 29,228
2005
$ 64,109
2006
$ 23,452
2007
$ 169,317
2008
$ 132,714
2009
$ 60,577
2010
$ 199,176
Net Worth Change,
(Retained Earnings Change) Region III
$250,000
$200,000
$150,000
$100,000
$50,000
-$50,000
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$0
Cash Farm Receipts
Farm cash receipts increased approximately $53,142 on the enrolled farms.
1997
$ 222,208
1998
$ 232,647
1999
$ 274,297
2000
$ 264,560
2001
$ 307,971
2002
$ 274,731
2003
$ 312,889
2004
$ 355,869
2005
$ 382,304
2006
$ 395,617
2007
$ 452,249
2008
$ 694,575
2009
$ 597,240
2010
$ 650,382
Total Change ’97 to ’10 =
+
+
+
+
+
+
+
+
+
+
+
+
0.4%
4.7%
17.9%
3.7%
16.4%
10.8%
13.8%
13.7%
7.4%
3.5%
14.3%
53.6%
14.0%
8.9%
193%
Cash Farm Receipts Region 3
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
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$0
Where does the money come from?
$650,382 Cash Income for 2010
Custom
Insur. (5%)Other (2%)
2%
stk. 1%
CullOth.Lv
Lvstk. (1%)
Swine (0%)
All Wheats (18%)
All Dairy (4%)
Oth.B eef (2%)
inish Beef (2%)
rd Beef (4%)
f Calves 3%
& Other (5%)
Soybe ans (25%)
irect & CC (3%)
CRP (0%)
Other Crops
(1%)
Edible Beans (2%)
Flax (1%)
Canola (2%)
All Sunf. (4%)
Barley (4%)
Corn (10%)
All Wheats
Soybeans
Corn
Barley
All Sunf.
Canola
Flax
Edible Beans
Other Crops
CRP
Direct & CC
LDP & Other
Beef Calves
Bckgrd Beef
Finish Beef
Oth.Beef
All Dairy
Swine
Cull Lvstk.
Oth.Lvstk.
Custom
Insur.
Other
Cash Farm Expenses
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$ 183,110
$ 193,613
$ 212,058
$ 220,003
$ 242,972
$ 220,044
$ 241,392
$ 270,147
$ 305,543
$ 314,372
$ 376,242
$ 540,226
$ 444,962
$ 475,020
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+
+
+
+
+
+
+
+
+
+
+
11.8%
5.7%
9.5%
3.7%
10.4%
9.4%
9.7%
11.9%
13.1%
2.9%
19.7%
43.6%
17.6%
9.8%
Total increase ’97 to ’10 = + 159%
Cash Farm Expenses Region 3
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
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$0
Where is the money spent ?
Cash Expenses of $475,020 in 2010
Leases
RE TaxesMisc.
Lvstk.Oth.
CCC Buy.1% 3% 1%
Utilities
2%
Farm Ins
0%
1%
2%
Labor
4%
Land Rent
13%
Custom
3%
Crop Ins.
5%
Seed
13%
Feed
5%
Fdrs,Pur.
5%
Fertilizer
14%
Repairs
8%
Fuel & Oil
7%
Interest
5%
Chemical
8%
Land Rent
Seed
Fertilizer
Chemical
Interest
Fuel & Oil
Repairs
Fdrs,Pur.
Feed
Crop Ins.
Custom
Labor
Farm Ins
Utilities
CCC Buy.
Lvstk.Oth.
RE Taxes
Misc.
Leases
Gross Cash Income and Cash Expenses
$800,000
$700,000
Receipts
Expense
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Total inventory change per farm, Region 3
$250,000
$200,000
$150,000
$100,000
$50,000
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09
20
08
20
07
20
06
20
05
-$50,000
20
04
$0
Net Farm Income
This is the net cash farm income after being
adjusted first for inventory change and then
for depreciation.
This is the calculated profit for the year
If more money than indicated on net farm
income is spent on family living, personal
taxes, and new investments, it must be taken
from inventory sales, the capital replacement
dollars, new borrowings, or from off farm
income. It is also calculated under the cost
balance sheet to avoid the effects of inflation
or deflation of asset values.
Net Farm Income For Region III
Net farm income for farms in Region III
averaged $273,012
Net farm income for the low 20% of the
farms averaged $18,966
Net farm income for the high 20% of the
farms averaged $812,055
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Average Net Farm Income
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Net Farm Income by Profitability Groups
$900,000
$700,000
$500,000
$300,000
$100,000
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-$100,000
-$300,000
Ave.
Low 20%
High 20%
Profitability Based on Crop Acres Only
Average Profit, based on 1,797
acres is $151.93 per acre.
Low Profit, based on 581 acres is
$32.64 per acre.
High Profit, based on 4,261 acres is
$190.58 per acre.
Average Net Farm Income
ND Farm Business Management, Region 3
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
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$0
-$50,000
Avg NFI
Excl Govt Pmts
Excl Govt Pmts & Ins
Cost to produce $1.00 of Accrued Income
This year it cost a Region 3 farmer $.60 (accrual) to
produce a dollar’s worth of income, compared to
$.77 last year.
High profit farms created a dollar of income for $.55
down from $.65 cents in 2009.
Low profit farms created a dollar of income for $.80
of expenses,down from $1.12 in 2009.
These figures do not include depreciation $.05-$.07
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20
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Average Cost per Dollar of Income
100
90
80
70
60
50
40
30
20
10
0
Cost per Dollar
Current Ratio by Profitability Group
3.5
3
2.5
2
1.5
1
0.5
Ave.
Low 20%
High 20%
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20
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07
20
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0
% Return on Assets, Cost Basis
ND Farm Business Management, Region 3
35
30
25
20
15
10
5
0
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20
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20
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20
06
20
07
20
08
20
09
20
10
-5
-10
-15
-20
-25
Average
Low 20%
High 20%
% Return on Equity, Cost Basis
50
40
30
20
10
0
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97
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-10
-20
-30
-40
-50
Average
Low 20% High 20%
Crop Yields, Costs
and
Returns for 2010
Net Return for Crops
Does not include Direct or CounterCyclical Government Payments.
Does include LDP and Insurance which
shows up in the price of the commodity
and the other crop income
HRSW Average Yields, Region 3
70
HRSW
60
60.3
54.1
51.4
50
47.2
47.2
43.8
40
43.8
39.5
36.4 35.8
36.3
32 31.2
30
25.4
25.3
20
10
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
HRSW Net Return per Acre on
Cash Rented Land
$150
141.56
$130
$110
136.96
110.69
$90
$70
65.5
$50
$30
37.4138.03
26.35
$10
22.04
9.07
3.79
10.06
-9.55
-$10 '96 '97 '98-11.96
'99 '00 '01-18.25
'02 '03 '04 '05 '06 '07 '08 '09 '10
-$30
-24.12
Spring Wheat Net Return/Acre
on Cash Rented Land
Average
High 20%
Low 20%
$ 136.96 at 55.7 Bu.
$ 228.52 at 42.4 Bu.
- $ 3.40 at 62.1 Bu.
Average Price Received, Cash Sales
Spring Wheat
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1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
3.72
4.04
4.53
3.87
3.33
3.05
2.90
2.99
3.26
3.46
3.48
3.34
3.89
5.05
7.48
6.14
5.45
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
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Barley Average Yields, Region 3
100
81.4
80
73.7
60
61.3
57.8
53.5
76.7
71.3
68
58.5 60.3
59.2
57.2
55
47.7
40
20
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
77.5
Barley Net Return per Acre on
Cash Rented Land
$250
241.65
$200
$150
109.32
102.99
$100
81.4
$50
51.35
28.76
$0
3.46
-10.74
62.91
52.34
39.1
17.78
16.44
-4.66-0.64
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
-$50
Average Received for Cash Sales
$6.00
Barley
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1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1.82
2.46
2.80
2.13
1.82
1.91
1.83
1.85
2.14
2.70
2.50
1.95
2.26
3.12
4.75
5.32
4.05
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10
Soybean Average Yields, Region 3
40
38.1
34.6
30
29.1
35.6
34.9
32.9 33.4 33.4
32.1 32.1
30.0
26.8
26.3
22.9
20
10
0
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Soybean Net Return per Acre on
Cash Rented Land
160
157.49
140
132.95
120
100
80
77.92
66.69
60
56.38
47.15
40
20
11
0
-20
41.02
16.2517.07
9.51
2.1 0.8 1.47
-6.22
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Soybeans Net Return per Acre
on Cash Rented Land
Average
High 20%
Low 20%
$ 132.95 at 35.3 Bu.
$ 249.07 at 38.8 Bu.
$
2.10 at 30.2 Bu.
Average Price Received for Cash Sales
Soybeans
$10.00
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1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
6.26
5.24
4.05
4.19
3.97
4.75
5.59
5.84
5.56
5.45
7.06
9.73
9.30
9.64
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
'97'98'99'00'01'02'03'04'05'06'07'08'09'10
Corn Average Yields, Region 3
140
130.5
128.8
120
119.22
114
101.5
100
95.5
108.2
105.6
102.8
98.3
107.7
106.78
89.3
88.1
80
60
63.6
40
20
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Corn Net Return/Acre
on Cash Rented Land
Average
Low 20%
High 20%
$ 234.21 at 134.2 Bu.
$ 29.83 at 118.1 Bu.
$ 411.94 at 146.7 Bu.
Corn Net Return per Acre on
Cash Rented Land
240.00
234.21
200.00
192.28
160.00
120.00
80.00
40.00
0.00
48.5
45.8
29.69
19.34
10.69 9.55 10.13
30.15
33.2533.51
39.53
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
-32.63
-40.00
-62.24
-80.00
Average Price Received Cash Sales
4.50
Corn
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1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2.33
1.91
1.70
1.64
1.70
1.90
2.03
2.18
1.70
2.09
3.13
4.31
3.14
3.46
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Oil Sunflower Average Yields, Region 3
2000
1841
1800
1600
1400
1200
1000
1646
1523
1378
1476
13591329
1261
1173
1066
17281715
1608
1473
1412
800
600
400
200
0
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Oil Sunflowers Net Return per Acre
Average
High Profit
$ 107.49 at 1739#
$ 186.77 at 1999#
Oil Sunflower Net Return per Acre on
Cash Rented Land
$140
121.64
$120
108.47
107.49
$100
$80
75.19
$60
$40
36.57
$20
41.63
33.61
33.34
15.9515.44
8.05
16.5615.61
12.46
$0
'96 '97 '98 '99-13.66
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
-$20
Average Price Received Cash Sales
Oil Sunflowers

















1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
14.84
10.65
11.40
10.94
10.66
8.90
6.50
7.73
10.71
11.32
12.41
12.94
12.68
16.74
21.74
18.18
17.32
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10
Canola Average Yields, Region 3
2000
1945
1800
1200
1782
1629
1600
1400
1910
1852
1369
1225
1291 1318
1160
1281
1190
1198
1000
800
600
400
200
0
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Canola Net Return per Acre on
Cash Rented Land
$120
118.33
$100
$80
74.2
65.39
58.2
$60
45.2547.13
$40
30.03
$20
$0
-$20
-$40
15.1316.98
10.08
7.18
-2.53
-7.07
'96 '97 '98 '99 '00-11.93
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10
-20.13
Average Price Received Cash Sales
Canola














1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
11.20
11.38
8.78
7.03
7.98
9.97
10.34
11.10
9.95
10.68
13.52
17.85
19.57
17.71
$20.00
$18.00
$16.00
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$0.00
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
2010 Income, Expenses & Net Return/Acre on Cash Rented,
Does not included direct or counter-cyclical payments.
700.00
650.00
600.00
550.00
500.00
450.00
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
-50.00
Income
617
Expense
Net Return
431
383
378
389
373
360
363
349
302
271
234
219
212
241
240
241
240
255
257
237
221
164
137
133
118
118
109
107
107
65
rn
o
C
57
149
112
36
f.
y
s
a
s
s
l
m
W
lfa
nt
W
n
e
a
n
n
l
o
u
a
a
e
S
u
r
a
l
W
r
n
lf
a
P
S
e
ea
P
a
R
.
A
l
b
B
B
HR
d
i
Du
v
C
H
l
y
e
O
o
e
So
Pr
Fi
nt
i
P
35
Return to Overhead per Cash Rented Acre without Direct
or Counter-Cyclical Payments, Region 3, 2010
$300.00
298
Return to Ovhd.
256
Overhead Exp.
$250.00
$200.00
182
181
172
168
160
150
$150.00
105
$100.00
84
64
44
$50.00
49
44
54
59
42
43
41
77
69
49
32
21
$rn
o
C
f.
y
s
a
s
s
l
m
W
lfa
nt
W
e
n
a
n
n
l
o
u
a
a
e
S
u
r
a
l
r
lf
a
e
S
ea
R
P
an
RW d P
.
A
l
b
B
B
H
Du
i
v
C
H
y
e
o
O
el
t
i
So
n
F
Pr
i
P
2009 Income, Expenses & Net Return/Acre on Cash Rented,
Does not included direct or counter-cyclical payments.
550.00
500.00
450.00
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
-50.00
to
in
Income
491.14
Expense
Net Return
364.72
333.37
332.09
325.78
298.11
297.29
310.44
276.9
264.43
251.58
230.38
244.94
230.6
231.38
207.68
193.03
252.03
250.11
163.37
102.99
100.46
74.2
66.69
65.5
62.91
23.7
Be
s
an
y
le
r
Ba
n
a
C
a
ol
yb
o
S
e
s
n
a
W
S
HR
12.46
t
f.
s
W
n
n
a
a
e
u
l
W
P
.P
lS
d
i
v
HR
l
e
O
e
Pr
Fi
1.92
r n -32.63
o
C
Return to Overhead per Cash Rented Acre without Direct
or Counter-Cyclical Payments, Region 3, 2009
$300.00
Return to Ovhd.
$250.00
Overhead Exp.
242.31
$200.00
145.6
$150.00
111.84
111.07
101.99
$100.00
86.02
63.99
49.29
$50.00
42.61
44.38
37.64
40.29
36.48
52.84
40.38
23.11
52.18
34.34
32.42
19.55
$-
o
nt
i
P
Be
s
an
y
le
r
Ba
n
Ca
a
ol
yb
o
S
e
s
an
W
S
HR
ev
r
P
l
.P
t
an
el
i
F
d
as
e
P
Oi
f.
n
u
lS
W
W
HR
rn
o
C
Machinery Costs per Acre
Fuel
Repairs
Custom Hire
Equipment Leases
Interest on Intermediate Debt (Machinery portion)
Machinery Depreciation (Crop portion only)
Small Grains at $50-$60, Row Crops $80-$110
Machinery Costs per acre, Cash Rented
102.58
66.58
66.63
60.42
57.63
71.39
54.87
71.16
64.88
60.98
Ba
rle
HR y
SW
O
il
S.
HR F .
So WW
yb
ea
Ca n
no
la
F i Co
el
d rn
in Pe
to
as
Be
an
Du s
ru
m
Al
fa
lfa
$120.00
$110.00
$100.00
$90.00
$80.00
$70.00
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
52.32
Beef Production in 2010
Direct & Overhead Expenses per Cow, does
not include inventory change of $45.72
$600
$500
$400
$300
$200
$100
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
$0
Other Beef Cow Items:
Total average costs are $524.99/cow
Average Profit per cow at $102.87
20% High Profit netted $186.01 per cow
20% Low Profit netted -$17.35 per cow
Avg. weaning wt. 548 lbs. (20# less than 2009)
Pounds weaned per exposed female 500 lbs.
Avg. feed cost per cow of $300.88
Avg. range or pasture cost per cow $106.65
Avg. cost per aum was $16.41
Avg. cost to produce a ton of grass hay $50.27
Avg. cost to produce a ton of alfalfa hay $41.78
Avg. cost to produce a ton of corn silage $24.52 wet,
or approximately $60-65/ton for 90% dry matter
Net Return per Cow, Beef Cow Calf
Beef Cow/Calf

















1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
47.67
-40.46
-50.16
20.21
8.52
92.51
114.80
101.03
62.82
117.38
187.63
217.72
98.40
108.46
37.75
-11.35
102.87
$250
$200
$150
$100
$50
$0
-$50
-$100
'94'95'96'97'98'99'00'01'02 '03'04'05'06'07'08'09'10
Beef Backgrounding, Net Return/Head
Per Calf
$100.00

















1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
39.35
21.43
.56
26.71
26.62
34.56
16.23
15.52
17.37
-4.35
4.29
26.62
28.90
24.74
.49
11.54
84.63
$90.00
$80.00
$70.00
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
-$10.00
'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10
Net Return per Dairy Cow
$800.00
Dairy Cow

















1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
634.22
640.49
457.99
409.67
799.50
497.41
370.63
403.94
413.60
422.63
713.67
501.60
115.65
-543.74
$600.00
$400.00
$200.00
$0.00
-$200.00
-$400.00
-$600.00
'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09
Non-Farm Income
and
Family Living Information
Non-Farm Income Per Farm
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Net Non-Farm
Average Family Living Expenditures
and Income Taxes for Region 3
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
Family Living Expenses
Income Taxes
Family Living Expenses, 2.6 members,
Based on itemization from 81 Farms
Food & Meals
Medical Care
Health Insur.
Donations
Household
Clothing
Personal
Child Care
Gifts
Education
$ 7,222
$ 3,647
$ 4,297
$ 1,506
$ 5,021
$ 1,577
$ 6,063
$ 437
$ 1,476
$ 1,368
Utilities
Veh. Exp.
Household Rep
NF Interest
Life Insurance
Miscellaneous
Recreation
Prop. Insurance
Other Items
Total of all
$ 2,332
$ 3,034
$ 1,779
$ 576
$ 1,703
$ 1,656
$ 2,723
$
79
$ 650
$47,146
For More Information:
Steve Metzger
701-652-2951
[email protected]
The North Dakota Farm Business Management
Education Program is sponsored by the
North Dakota Department of
Career and Technical Education
Thank You!