1 / 9

agecon.okstate/ifmaps

www.agecon.okstate.edu/ifmaps. What is IFMAPS?. A free and confidential service assisting Oklahoma farmers and ranchers with business planning for over 25 years Specialists work with families one-on-one to develop business plans and evaluate alternative plans

kieran-witt
Download Presentation

agecon.okstate/ifmaps

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. www.agecon.okstate.edu/ifmaps

  2. What is IFMAPS? • A free and confidential service assisting Oklahoma farmers and ranchers with business planning for over 25 years • Specialists work with families one-on-one to develop business plans and evaluate alternative plans • Specially trained part-time Extension employees with business and farm backgrounds • Extension area agricultural economics specialists

  3. IFMAPS can • Prepare crop/livestock budgets plus financial statements • Cash flow • Balance sheet • Income statement • Financial ratios • Identify strengths and potential areas of improvement in the whole farm plan • Provide an objective point of view

  4. Examples of analyses completed: • What is income likely to be with a scaled down herd or changed livestock enterprises? • Can additional machinery or equipment (or land) be purchased and will it pay? • How will a new enterprise impact finances? • How can the operation earn enough income to support a second generation? • Documentation for loan applications, Linked Deposit loans, Ag Diversification grants, etc.

  5. Producers gain… • Improved understanding of the farm’s financial position and performance • Assistance in identifying strategies to improve the farm finances • Referrals to other educators and agencies where appropriate

  6. IFMAPS process • Producer initiates contact with IFMAPS • 1-800-522-3755 • Case is assigned to local IFMAPS specialist through Stillwater office • IFMAPS contacts producer to discuss information needed • Producer gathers and summarizes farm records

  7. IFMAPS process (continued) • IFMAPS and producer arrange a mutually convenient time to meet • IFMAPS uses computer software to develop budgets and financial statements • IFMAPS reviews the financial statements with the producer • Confirms data is correct • Discusses financial situation and expected performance • Helps identify and develop alternative plan when requested

  8. What farmers and ranchers say: • “…helps individuals look at their overall program and see what pays and what does not.” • “The information received was very important in establishing future plans for my farm operation.” • “I think it’s a tool all of us in production need to use. It puts it on paper to see, what a lot of us assume we know. I appreciate what you are doing.” • “It is a very good program. It puts information in order and perspective and makes it easier to understand.”

  9. Thanks for Attending

More Related