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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

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agecon.okstate/ifmaps

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  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

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