The mission of the FIRM Educators at Michigan State University is to assist agriculturally-related industries, businesses, families and individuals to improve their lives and achieve their goals through an educational process that applies management and economic knowledge to critical issues, needs and opportunities.

For more information contact the MSU Extension Office 231-592-0792 or Email at msue54@msu.edu.

MSU Agricultural Economics Telfarm System

MSU Extension Farm Management educators offer farm families help in managing their farm financial records and making decisions using the Telfarm system. Telfarm offers computer software for farm management, as well as a paper system for non-computer users. Telfarm helps farm families maintain control of their businesses helping them ensure that they have complete, accurate records to use in making relevant business decisions.  It also helps farm families generate records needed to complete income tax forms, including a depreciation schedule.

Software packages available through the Telfarm system include: accounting, check writing and payroll programs.

Clients enrolled in the Telfarm system receive phone support to answer questions and meet other needs from the Telfarm Center on the MSU campus. Clients also receive on-farm assistance form Farm Management educators.

An important component of the Telfarm System is year-end income tax management and business analysis assistance from Farm Management educators. Learn more about these services in other sections of this site.

Visit the Telfarm web site by clicking here.  http://www.canr.msu.edu/telfarm/

Contact Curtis Talley Jr., MSU Extension Farm Management educator for central and northwest lower Michigan at talleycu@msu.edu or 231.873-2129 for more information.

MSU Extension Balance Sheets

MSU Extension Farm Management educators  help  farm families  develop financial information, including building a year-end balance sheet, or net worth statement.

A balance sheet is an important financial statement that can be used   with other financial documents  to measure a farm’s financial progress.  Lending institutions may require balance sheets before  financing farm loans, and as a yearly progress report on existing loans.

Balance sheets list  farm assets and liabilities as of a particular date, typically December 31. Assets  include items owned by the farm, like cash, stored crops, livestock, machinery and real estate. Liabilities are loans against the farm’s assets and any unpaid bills. The balance sheet shows the farm’s equity, or net worth (assets minus liabilities). Ratios derived from a balance sheet are indicators of a farm’s ability to bear risk.

Another important reason to update balance sheets  annually is that they serve as the foundation for business analyses and long-range budgeting for planning purposes and cash flow projections.

MSUE Farm Management educators build balance sheets using the FinPack software program, developed by the University of Minnesota’s Center for Farm Financial Management.  Visit the  center’s Web site at: http://www.cffm.umn.edu/

Contact Curtis Talley Jr., MSU Extension Farm Management educator for central and northwest lower Michigan at talleycu@msu.edu  or 231.873.2129 for more information.

MSU Extension Long-Range Budgeting

MSU Extension Farm Management educators can assist  farm families that are planning  to expand or make other changes in their businesses.  

Long-range budgets are prepared using the FinPack software program, developed by the University of Minnesota’s Center for Farm Financial Management.  . Visit the CFFM Web site at: http://www.cffm.umn.edu/

Contact Curtis Talley Jr., MSU Extension Farm Management Educator for central and northwest lower Michigan at talleycu@msu.edu  or 231.873.2129 for more information.

MSU Extension Farm Business Analysis

MSU Extension Farm Management educators  assist farm families  in conducting  year-end business analyses. A business analysis includes a detailed income statement, as well as financial measures and financial standards ratios.

A  business analysis  measures a farm’s financial performance and progress from year to year.  It also helps identify financial strengths and weaknesses.

MSU Extension also produces statewide, commodity-specific business analysis reports based on  averages. Farm Business Analysis participants can compare their analysis to the statewide averages. This comparison is helpful in determining where costs may be  cut, and where  improvements might  be made.

Farm Management educators perform business analyses using  the FinPack software program developed by the University of Minnesota’s Center for Farm Financial Management.  Visit the  center’s Web site at: http://www.cffm.umn.edu/.

Contact Curtis Talley Jr., MSU Extension Farm Management educator for central and northwest lower Michigan at talleycu@msu.edu or 231-873-2129 for more information.

Cash Flow Analysis

Farm families can develop long-range cash flow projections with help from MSU Extension Farm Management educators.

Reliable projections are built using the FinPack software program, developed by the University of Minnesota’s Center for Farm Financial Management.  Visit the  center’s Web site at: http://www.cffm.umn.edu/

MSU Extension Farm Management educators may use a simpler Excel spread sheet to project  one-year cash flows.

Contact Curtis Talley Jr., MSU Extension Farm Management educator for central and northwest lower Michigan at talleycu@msu.edu  or 231.873.2129 for more information.

MSU Extension Estate Planning and Business Succession

MSU Extension Farm Management Educators offer help for farm families as they begin thinking about estate planning and/or farm business succession.

When farm families begin thinking about estate planning and business succession, it can be an emotionally trying time. These topics become easy to avoid.

Farm Management Educators help farm families initiate discussions, take stock of assets, develop objectives, and consider alternatives. Farm Management Educators are also familiar with the intricacies of farm businesses; when we provide information, we remember that we are working with farm families, and we help develop a plan that will meet the financial objectives of all families that may be involved.

The information and ideas provided by Farm Management Educators can help streamline discussions with legal professionals who will ultimately draft the estate plan or business succession papers.

The following link contains more than 40 documents related to estate planning and business succession. http://www.msu.edu/user/betz/estateplanning/index.htm

Contact Curtis Talley Jr., MSU Extension Farm Management Educator for Central and Northwest Lower Michigan at talleycu@msu.edu or 231.873.2129 for more information.

MSU Extension Income Tax Management

MSU Extension Farm Management educators help farm families manage their incomes and expenses to help delay or minimize farm income taxes.

Farm families enrolled in the MSU Telfarm system can participate in local year-end tax planning through MSU Extension’s “Telfarm Check-in” program. During check-in, farm families project their year-end incomes. Educators enter appropriate data into a tax estimation program, and offer recommendations to help farm families minimize their income tax liability.

For farm families not enrolled in the Telfarm system, farm management educators offer a year-end tax management tip-sheet and help distribute IRS Farmers Tax guides to county MSU Extension offices.

Contact Curtis Talley Jr., MSU Extension Farm Management Educator for central and northwest lower Michigan at talleycu@msu.edu or 231.873.2129 for more information.