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Evolution of FINPACK: A Journey Through Technology and Education

Explore the evolution of FINPACK financial software from the 1970s to today, its tools for support and instruction, audience components, and challenges in enhancing financial literacy. Learn how it aids in farm financial modeling and training for Extension Agents, Ag Lenders, and farmers.

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Evolution of FINPACK: A Journey Through Technology and Education

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  1. FINPACK through the ages… Arlin Brannstrom, MS, MBA, AAC Faculty Associate, UW Center for Dairy Profitability

  2. FINPACK history • 1970’s dial-up dumb terminals • 1980’s DOS based personal computers • 1990’s Windows Interface • 2000’s Windows with remote support via the Internet

  3. Tools for FINPACK support: • Remote Webinars • Citrix Goto Webinar • Adobe Connect • Others • One on one training & support • Citrix GoToMeeting • Adobe Connect • Teaching Labs

  4. FINPACK Audiences: • UW Short Course Students • Extension Agents / Tech College Instructors • Producers • Lenders

  5. FINPACK Components Parts: • Balance Sheets – Asset / Liability Snapshots • FINAN (Financial Analysis of past year) • Annual Plan (Financial project – no changes) • FINLRB (Financial Alternatives steady state 3-5 years out) • FINFLO (Monthly cash flow projections next year)

  6. Tools for Instruction: • Traditional teaching lab • 15-20 students 3x/week for 6 weeks • 1-2 weeks on balance sheets and budgets • 1-2 weeks on FINAN / FINLRB • 2 weeks open lab time to develop a financial plan

  7. Tools for Agent Group Instruction • 10-15 agents via webinars 1-2 hours • Work through case farms • Usually one directional dialog (Instructor only) • Possible alternatives: • Pass keyboard and screen to anyone on the call • Share keyboard and mouse movement between instructor and students.

  8. Tools for One on One instruction • One on one training with specific client cases • Extension Agents • Extension Agents with producers • No direct requests from lenders…

  9. Challenges to financial literacy: • Some loans and loan terms can be difficult to model for example: • Interest only for a specified period • Interest assists tacked on to end of loan • Undocumented accounts payable • Assets difficult to measure and value: • How many tons in a 40x100 bunker 20 feet high? • What’s the value of farm land? Buildings? Mach? • Non-traditional enterprises? Water buffalo, camels? Horse trainers, etc.

  10. Loan Terms and Plan Consistency • Interest rates and terms vary widely • Are principal balances consistent between years? • What values should be assigned to major commodities for long range planning? • Should FINAN results be checked against Schedule F?

  11. Challenges • Agents • Competition for time • General financial literacy • Unfamiliar coefficients and budget data • Conceptual differences between profitability in the long run and cash flow in the interim • Students • General financial literacy • Unfamiliar coefficients and budget data • Conceptual differences between profitability in the long run and cash flow in the interim

  12. Questions for FINPACK trainers • Do we ever take time to follow up to see if the plan was implemented? • Do we know the farmer understands the assumptions implicit in the model? • Can we assume that those with a plan are better off than others?

  13. Questions for other FINPACK trainers: • Is Farm Financial modeling practical for Extension Agents / Ag Lenders? • Is Farm Financial modeling practical for farmers • Is Finpack better suited to financial consultants? • How do we measure modeling competency?

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