Tag Archives: Farm Management

Using Market Maker to Connect Virginia Meat Producers and Processors

Santerra Boyd, Garret Chambers, Matthew Harris, and Montgomery McCarthy, all Virginia Kohl Centre students; Dr. Gordon Groover, Kohl Centre Facilitator, Associate Professor and Extension Program Leader, Virginia Tech; Dr. Kimberly Morgan, Kohl Junior Facility Fellow, Agricultural and Applied Economics, Virginia Tech

Market Maker allows for harvest facilities to more effectively advertise their businesses and for producers to find harvesting facilities that best fit their needs. The purpose of this fact sheet is to provide information about MarketMaker to Extension agents, VDACS employees, harvest and packing facilities, and animal producers. Visit this site to learn more about MarketMaker https://foodmarketmaker.com/main/why. After addressing the need for improved avenues of communication between harvest facilities and animal producers, an educational video tutorial was developed by the authors to demonstrate the steps a manager can take to register their meat processing facility on the Market Maker database https://www.youtube.com/watch?v=Hs1xNzPav4k.

The complete publication an be found at: https://pubs.ext.vt.edu/AAEC/AAEC-86/AAEC-86-pdf.pdf

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The Management Calendar

Gordon Groover (groover@vt.edu), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Listed below are the items to consider adding to your farm business manager’s reading list and calendar for the next two months.

  • Income taxes and related items:
  • Farmers that do not pay estimated taxes, your 2014 return and taxes are due March 2, 2015. For Farmers that pay estimated taxes (using Form 1040-ES). You have until April 15 to file your 2014 income tax return (Form 1040).
  • Virginia income tax returns must be postmarked by May 1, 2014.

Continue reading

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The Management Calendar

By Gordon Groover Extension Economist, Department of Agricultural & Applied Economics, Virginia Tech

Selective information that might be useful to farmers and their advisors:
• The Virginia’s Use Value Assessment Program (http://usevalue.agecon.vt.edu/) web site has been updated for Tax Year 2015 (TY) see the following items: Continue reading

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The Management Calendar

Gordon Groover (groover@vt.edu), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Selective information available that might be useful for fall reading:A must read for all of us involved in agriculture is the current issue of “Choices,” published by the Agricultural and Applied Economics Association and can be found at http://www.choicesmagazine.org/choices-magazine.

o    Fall 2014 Articles center around the: The 2014 Farm Bill – An Economic Welfare Disaster or Triumph? Barry K. Goodwin and Vincent H. Smith Continue reading

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Tax and Financial Management in Profitable Years

Peter Callan, Extension Agent, Farm Business Management, Northern District

 In the first six months of 2014, the prices for feeder and fat cattle and milk have reached record levels. These high prices in conjunction with declining grain prices will likely result in many producers generating significant tax liabilities for 2014. The management and reinvestment of profits generated during times of high prices can impact the long term viability of the business.   Based analysis of the farm’s financial situation, consider paying down short and long term debt as a possible place to spend profits. After addressing the farm’s debt load, plan on accumulating cash reserve equivalent to a minimum of three months’ operating expenses. The next question is where should the profits be spent (e.g., Machinery, retirement accounts, etc.). Continue reading

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Grain Marketing 101: It’s the Fundamentals

Keith Balderson, Extension Agent, Crop & Soil Sciences, Essex County

 I have had several comments lately relative to the grain markets, such as, “the grain markets stink” and others that I can’t repeat in a newsletter. What’s going on? While there are several factors, much of the drop in the grain markets can be explained by supply and demand fundamentals. Simply put, when supply increases relative to demand, stocks increase and prices fall. And even though current prices are well below your cost of production, the market does not care. Continue reading

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Determining Adequate Farm Liability and Property Insurance Coverage Levels

Peter Callan, Extension Agent, Farm Business Management, Northern District

Farm insurance plays important but often overlooked role in the operation of a farm business.  In many cases, coverage levels are not reviewed and updated until a claim is filed.  Farmers need to carry sufficient insurance coverage in order insure the continuation of the business in the event of a loss. Two commons types of farm insurance are property and liability insurance. Continue reading

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The Management Calendar

Gordon Groover, Extension Economist, Farm Management, Department of
Agricultural and Applied Economics, Virginia Tech

Listed below are the items that should be considered for inclusion on the farm business managers’ calendar for spring and summer of 2014:

  • Half the business year will soon be behind us and a six-month financial record check-up is in order.  Updating your records through the month of June allows you to quickly gauge financial progress by comparing the farm’s actual expenses and income to your budgeted amounts.  If you did not develop a budget, compare your mid-year expenses and income to half the items reported on your 2013 Schedule F.  Flag any items that are different from budgeted amounts.  These differences are not necessarily problems, just items that need to be examined and explained. Continue reading
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The Kohl Centre at Virginia Tech: Beyond-the-Classroom Learning Opportunities in the Agricultural and Applied Economics Department.

Kimberly L. Morgan, Extension Economist, Department of Agricultural and Applied Economics, Virginia Tech

KohlThe Kohl Centre Foundation serves a dual mission to: 1), provide business, financial, marketing and management advice, using the resources of VT faculty and students, in the entrepreneurial spirit of Dr. Dave Kohl; and 2), facilitate action-oriented, immersive professional development project opportunities for Kohl Centre teams in response to identified clientele needs in agribusiness and other sectors of the economy. Our primary goal is to develop and implement a branded beyond-the-classroom program that provides undergraduate student experiences in applying the concepts of firm-level strategic decision-making based on economic analyses. Continue reading

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The Management Calendar February-March

Gordon Groover, Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

 Listed below are the items to consider adding to your farm business manager’s reading list and calendar for the next two months.

• Income taxes and related items:

  1. Farmer that do not pay estimated taxes, your 2013 return and taxes are due March 3, 2014. For Farmers that pay estimated taxes (using Form 1040-ES). You have until April 15 to file your 2013 income tax return (Form 1040).
  2. Virginia income tax returns must be postmarked by May 1, 2014.
  3. Need to find out more information about federal taxes relating to your farm business? The Farmers Tax Guide IRS Publication 225 is online and can be found at: http://www.irs.gov/file_source/pub/irs-pdf/p225.pdf Continue reading
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