Increasing Financial Management Skills in Farm Women Chris BruynisAssistant Professor Bruce ClevengerAssistant 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 Participants identified financial record keeping and interpretation as a need Ohio received an USDA Risk Management Education Grant to assist with the program

Workshop Objectives Increase the understanding of basic financial information relevant to farm management Improve record keeping systems Increase the use of computerized farm record keeping Improve financial decision making participation and quality of decision

Program Delivery County Educator served as local host. –If expertise aligned also served as partial instructor. Curriculum development committee taught most of the workshop Grant paid for bulletins, binders, handouts, speaker costs (mileage) Participants paid $50.00 –Covered food Local sponsors found if more money was needed

Financial Management Statements

1 = 2 = 3 = 4 = 5 = 6 = 7 = 8 = 9 = 10 =

Financial Management Statements Complete the following six financial statement

Financial Management Statements 1 = 2 = 3 = 4 = 5 = 6 = 7 = 8 = 9 = 10 =

Financial Management Statements Management Quiz Key

Session 1 Introductions, goals and aspirations Women’s relationship with money –Money Talk Workbook How money flows through the family and business accounts Homework – create personal and farm statements of cash flow

Session 2 Farm record keeping Instruction in a computer lab Used Oklahoma State University Extension’s Quicken Workshop Manual found at: anual/2011%20Quicken%20Workshop% 20Manual%20Final-1.pdf anual/2011%20Quicken%20Workshop% 20Manual%20Final-1.pdf Homework – set up their categories and classes in Quicken

Session 3 Farm financial terms Farm financial statements –Balance sheet –Income statement –Statement of owner equity –Statement of cash flows –Cash flow budget Included quizzes and activities Homework - case farm income statement and balance sheet –Developed by Dr William Edwards, Iowa State University

Session 4 Farm financial standards ratios FINPACK report of case farm –Based on ratios – what advise would you give this farmer? Financial trouble shooting Guest speaker – lender’s perspective on financial records, taxes, and demonstrating repayment capacity.

Outputs Three workshops were held with 47 women attending 4 farms accepted the offer to complete FINPACK FINAN Analysis of their business More workshops are scheduled for summer of 2012

Impacts Using a 4 point Likert scale participants reported –Improved financial decision making skills (+.93) –Increase confidence in financial matters (+.85) –Improved financial analysis ability (+1.17)

Impacts A six month follow-up survey was conducted. As a result of the workshop: –73% believed knowledge gained resulted in a positive economic impact to the farm business –47% began or improved their use of Quicken –80% improved their record keeping system –80% are more involved in the farm financial decision making process

For More Information Chris Bruynis 475 Western Ave., Suite F Chillicothe, OH