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What does a cooperator receive?
What does a cooperator receive?
- A complete record of his farm business
Each farmer maintains a complete production and financial record of his 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 accounting period, totals are transferred via remote computer terminals for computers to take over the routine jobs of summarizing, analyzing, and printing the reports.- Computerized business reports
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.
New 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. He 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 informations.- Income tax planning and preparation
Income tax planning and preparation assistance is available for those who request it
How often does the cooperator see the FBFM Specialist?
FBFM is a year round program.
- January. The specialist meets you and checks your records to see that they are complete. The records of all cooperators are then summarized under the supervision of experienced personnel.
- February-March. Financial reports of the year's business are returned to each cooperator. Assistance with income tax is provided for those who request it.
- March-May. Each cooperator meets individually with the specialist (either in his office or on the farm) to discuss the financial and comparative business analysis reports and to review proposed changes in the farm operation.
- June-July-August. The specialist schedules a visit to each cooperating farm. The visit provides an opportunity for counsel on business organization and financial management problems--capital purchases, repayment capacity, etc. In addition to editing the record-keeping activities, the specialist can monitor progress on your farm and assist in planning for next year's business operation.
- September-October-November. The specialist makes another visit to your farm to continue editing the record-keeping activities, to discuss management problems, and to provide income tax planning assistance.
- December. Additional tax planning assistance is offered to those with unique problems. Current management problems, including tax law changes, and directions for completing the business records for analysis may be discussed at county meetings.
What other services are available?
Because each area of Illinois is unique, each FBFM association is unique in the amount and types of services it offers. Some associations provide additional counsel on estate planning, retirement planning, projected cash flows and other financial and business planning needs.
What do cooperators like about this program?
- 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.
How do I enroll in the FBFM program?
Prospective members should contact the Association office serving his area.
How can I find the FBFM association office serving my area?
See the map on our home page. Click on your county to find the FBFM Association serving your area.
What does it cost to enroll?
The cost to enroll in the FBFM program is determined by each local association. Various schedules are used taking into consideration total acres farmed, number and type of livestock raised, and the services which the member is planning to use. Typical fees may range from $500-$800 plus $275 for income tax preparation. Each cooperator is advised to enroll for more than one year to experience the variety of benefits.