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Northeast Risk Management Education Projects

Northeast Risk Management Education Projects. Bob Parsons University of Vermont. Today We Examine 2 Projects. UVM Extension Mobile Computer Lab New England “Transfer the Farm” Workshops. Mobile Computer Lab. Funding Sources Northeast Center for Risk Mgmt Education

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Northeast Risk Management Education Projects

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  1. Northeast Risk Management Education Projects Bob Parsons University of Vermont

  2. Today We Examine 2 Projects • UVM Extension Mobile Computer Lab • New England “Transfer the Farm” Workshops

  3. Mobile Computer Lab • Funding Sources • Northeast Center for Risk Mgmt Education • 20 Vermont Ag Businesses/UVM Extension • Equipment: • 10 Laptops • Wireless Router • Laser Printer • Video Projector

  4. Computer Workshops • Objective: Train farmers how to use computers in managing their farm. • Basic Computer operation • Financial packages • Other management software • Farmers have computers….. • But don’t use them!!!

  5. 2003 Computer Workshops • Topics: Quicken and Excel (3) • 45 individuals from 36 farms • 4 sessions / 3 hours each • Homework for each session

  6. Topics… • Excel • Balance Sheet • Annual Budget • Quicken • Chart of accounts • Data Entry • Reports and Graphs

  7. Evaluations • Average age: 44 Yrs farming: 17 • Satisfied with workshop: 4.2 out of 5 • Instructor Effectiveness: 4.5 out of 5 • Usefulness of Quicken: 4.6 out of 5 • Usefulness of Excel: 4.2 out of 5

  8. Comments…. • “Best thing I have ever done!” • “Record keeping is much easier – even impressed my in-laws!” • “I finally have my records up to date.” • “I now use my computer – and actually showed my kids a few computer tricks!”

  9. Future Programs • Basic Computer operation • More financial workshops • Cooperate with DHIA on managing production records • Crop management

  10. Program 2: New England “Transfer the Farm” Workshops • Provide assistance to New England farmers • Major concern of 40% of Vermont dairy farmers • Complicated by high real estate values • Complex with little understanding of alternatives

  11. Regional Support…. • Northeast Center for Risk Mgmt Education • UVM and UNH Extension • Cooperating with Land Link & Ag Depts • Cooperating attorneys • Workshops in 5 New England states

  12. Workshop Agenda • Communication and setting goals • Retirement, estate & business transfers • Nuts & bolts – Legal aspects & methods • Creative alternatives • First-hand experience

  13. Communication • Stress need of talking with family • Goals of each generation • Handling conflict between family members • Aligning goals with situation

  14. Retirement & Transfer Planning • Retirement needs • What consists of estate • Implication of taxes • Methods of transferring assets • Business transitions • Business organizations

  15. Legal Aspects of Transfers • Attorney with estate experience • Probate, estate, and taxes • Wills, inheritance, & heirs • Protecting assets • Picking right business structure • QUESTIONS FOR LAWYER

  16. Creative Alternatives • Sell development rights • Selling conservation easement • Land Link

  17. First Hand Experience • Valuable to hear from experienced • Give success and horror stories • Provides insight on family approaches • Gives courage to move on topic

  18. Results… • 228 people in 5 states • Age distributed: 19% < 35, 21% >65 • 51% male, 49% female • 85% very satisfied • Significant knowledge gain on all topics

  19. Quotes…. • “It is the best workshop I’ve attended on this subject.” • “Eye-opening, good support for farmers.” • “A beautiful well-planned informative day…please put one on next year.” • “I know other farm families who could benefit from programs like this.”

  20. Conclusions • Both programs meet needs • Computer lab long term program • Estate planning constant need • Challenge to take estate planning next step • Made possible from NECRME!

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