Transcript Increasing Financial Management Skills in Farm Women

Increasing Financial Management Skills
in Farm Women
Chris Bruynis
Bruce Clevenger
Assistant Professor
Assistant Professor
2012 National Women in Agriculture
Conference
Thursday, March 29, 2012
Farm Finance for Women
• A workshop focused on financial risk
management
• Consisted of four classes held one
evening each week for three hours
• The workshops included lectures, hands
on activities, class exercises, and
homework.
• Taught by Extension Educators with one
guest lecturer from a financial institution
Program Justification
•
Conducted several Annie’s Project
Workshops in 2008 – 2010 in Ohio
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Participants identified financial record
keeping and interpretation as a need
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Ohio received an USDA Risk
Management Education Grant to assist
with the program
Workshop Objectives
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Increase the understanding of basic
financial information relevant to farm
management
•
Improve record keeping systems
•
Increase the use of computerized farm
record keeping
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Improve financial decision making
participation and quality of decision
Program Delivery
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County Educator served as local host.
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If expertise aligned also served as partial
instructor.
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Curriculum development committee
taught most of the workshop
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Grant paid for bulletins, binders,
handouts, speaker costs (mileage)
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Participants paid $50.00
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Covered food
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Local sponsors found if more money was needed
Financial Management
Statements
Financial Management
Statements
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Financial Management
Statements
• Complete the following six financial
statement
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• 9
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Financial Management
Statements
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Financial Management
Statements
Management Quiz Key
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10 = X
Session 1
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Introductions, goals and aspirations
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Women’s relationship with money
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Money Talk Workbook
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How money flows through the family and
business accounts
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Homework – create personal and farm
statements of cash flow
Session 2
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Farm record keeping
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Instruction in a computer lab
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Used Oklahoma State University
Extension’s Quicken Workshop Manual
found at:
http://agecon.okstate.edu/quicken/files/m
anual/2011%20Quicken%20Workshop%
20Manual%20Final-1.pdf
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Homework – set up their categories and
classes in Quicken
Session 3
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Farm financial terms
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Farm financial statements
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Balance sheet
Income statement
Statement of owner equity
Statement of cash flows
Cash flow budget
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Included quizzes and activities
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Homework - case farm income statement
and balance sheet
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Developed by Dr William Edwards, Iowa State
University
Session 4
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Farm financial standards ratios
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FINPACK report of case farm
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Based on ratios – what advise would you give this
farmer?
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Financial trouble shooting
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Guest speaker – lender’s perspective on
financial records, taxes, and demonstrating
repayment capacity.
Outputs
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Three workshops were held with 47 women
attending
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4 farms accepted the offer to complete
FINPACK FINAN Analysis of their business
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More workshops are scheduled for summer of
2012
Impacts
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Using a 4 point Likert scale participants
reported
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Improved financial decision making skills (+.93)
Increase confidence in financial matters (+.85)
Improved financial analysis ability (+1.17)
Impacts
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A six month follow-up survey was conducted.
As a result of the workshop:
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73% believed knowledge gained resulted in a positive
economic impact to the farm business
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47% began or improved their use of Quicken
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80% improved their record keeping system
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80% are more involved in the farm financial decision
making process
For More Information
Chris Bruynis
475 Western Ave., Suite F
Chillicothe, OH 45601
740-702-3200
[email protected]