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FINBIN Benchmarking For Success. 2007 National Extension Risk Management Education Conference Phoenix, Arizona Dale Nordquist C enter for F arm F inancial M anagement U niversity of M innesota 612-625-6760 dnord@umn.edu. Farm Financial Database www.finbin.umn.edu. Benchmark.

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finbin benchmarking for success
FINBINBenchmarking For Success

2007 National Extension Risk Management Education Conference

Phoenix, Arizona

Dale Nordquist

Center for Farm Financial Management

University of Minnesota

612-625-6760

dnord@umn.edu

benchmark
Benchmark

A measurement or standard that serves as a point of reference by which process performance is measured.

comprehensive farm financial information system
Comprehensive Farm Financial Information System

FINPACK – Individual Farm Financial Analysis

RankEm – Benchmark Individual vs Group

RankEm Central – Group Summary Reports

FINBIN – Dynamic Web-Based Financial Reports

finbin includes data from
FINBIN Includes Data From:
  • Minnesota
  • North Dakota
  • Nebraska
  • Ohio
  • Missouri
  • Utah
  • Wisconsin
  • South Carolina
finbin includes
FINBIN Includes:
  • 3300 producers (70 organic)
  • 2.88 million acres of cropland
  • 65,000 dairy cows
  • 35,500 sows
  • 654,000 grow/finish pigs
finbin is a partnership with
FINBIN Is a Partnership With:
  • MN Farm Bus Mgt 2200 farms 1996-pres
  • SW MN Farm Mgt Assn 125 farms 1993-pres
  • SE MN Farm Mgt Assn 50 farms 1993-pres
  • ND Farm Bus Mgt 550 farms 1993-pres
  • Nebraska Farm Bus Assn 160 farms 1995-pres
  • Ohio Extension 50 farms 1997-pres
finbin is a partnership with1
FINBIN Is a Partnership With:
  • Utah Farm Business Mgt 50 farms 2004-pres
  • Missouri Farm Bus Mgt 100 farms 2003-pres
  • Wisc Farm Bus & Prod Mgt 50 farms 2002-pres
  • South Carolina Farm Mgt Assn 35 farms 2005
  • Total for 2005 analysis 3300 farms
data security
Data Security
  • Whole farm reports -- minimum of 10 farms in each report
  • Enterprise reports -- minimum of 5 farms in each report
  • Benchmark reports – minimum of 30 farms in each report
5 steps to generating a finbin report
5 Steps to Generating a FINBIN Report
  • Select a report type/enterprise
5 steps to generating a finbin report1
5 Steps to Generating a FINBIN Report
  • Select a report type/enterprise
  • Select location
    • State
    • Group
    • Region
    • Counties
5 steps to generating a finbin report2
5 Steps to Generating a FINBIN Report
  • Select a report type/enterprise
  • Select location
  • Select column format
    • Any characteristic can be chosen as a column format
5 steps to generating a finbin report3
5 Steps to Generating a FINBIN Report
  • Select a report type/enterprise
  • Select location
  • Select column format
  • Select characteristics
    • Years
    • Type of farm
    • etc
5 steps to generating a finbin report4
5 Steps to Generating a FINBIN Report
  • Select a report type/enterprise
  • Select location
  • Select column format
  • Select characteristics
  • Run the report
quiz time
Quiz Time!

What is the single most important factor in determining your cost of production?

  • Land cost
  • Family living
  • Yield
  • Government payments
  • Color of your equipment