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FAQs

Frequently asked questions

    • A complete record of their farm business
      Each farmer maintains a complete production and financial record of their farm business.  Receipts, expenses, inventories and capital accounts, along with crop and livestock production records, provide information for the analysis reports.  At the end of the year, a final edit of entries is made, and totals are input into our FBFM proprietary software that utilizes the farmer’s data to produce financial statements, benchmark reports, and 5-year trend information.

    • Annual business reports

      • The income Statement shows profitability and how much money is available for family living and new investments.

      • Cash Flow helps to plan the availability of funds to meet loan repayment schedules, operating expenses, and family living needs.

      • Net Worth is used to evaluate risk and financial progress.

      • Comparative Analysis compares returns and cost structures of farms and enterprises of similar size and type.

      • Enterprise and Trend Reports are provided as requested and needed by the cooperator

    • Counsel with a specialist
      An experienced Farm Analysis Specialist edits the record information and supervises the preparation of all reports.  They meets regularly with each cooperator to help interpret analysis reports and provide informed counsel on financial management problems:

      • Production costs

      • Tax law changes

      • Capital debt repayment capacity

      • Projected cash flows

      • Selection of business structure

      • Investment analysis alternatives

      • Estate planning

      • Personnel management

    • Newsletters and Publications
      Specialists prepare and distribute, in cooperation with the University of Illinois, Department of Agricultural and Consumer Economics, newsletters offering timely management tips, latest on state and federal tax regulations, and useful farm planning information.

    • Income tax planning and preparation
      Income tax planning and preparation assistance is available for those who request it.

  • Prospective members should contact their local FBFM office.

  • FBFM is a year round program.

    • January: The field staff collaborate with the cooperator to finalize farm records from the previous year.

    • February- March: Financial reports are returned to each cooperator with income tax assistance when requested.

    • March-August: Field staff visit each cooperating farm to discuss financial and benchmark reports, review records, provide financial management counseling, and discuss farm business strategies.

    • September-December: Field staff offer tax assistance, review records for year-end preparation and address farm financial management questions.

  • Additional counsel on estate planning, retirement planning, projected cash flows and other financial and business planning needs are offered in various forms throughout the state.

    • You learn more about your business. The comparative analysis report provides a comprehensive review of your total business. You learn about its strong points and how you can use them to retain profits in your business.

    • You gain confidence in making and implementing better financial management decisions.

    • You enjoy better living. By studying your analysis reports, you can organize your business with a better chance of attaining your business and family goals.

FBFM Delivers Value, Find Yours Here

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