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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

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what is 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
    • Specially trained part-time Extension employees with business and farm backgrounds
    • Extension area agricultural economics specialists
ifmaps can
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
examples of analyses completed
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.
producers gain
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
ifmaps process
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
ifmaps process continued
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
what farmers and ranchers say
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.”