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Northeast Risk Management Education Projects

Learn about UVM's projects: Mobile Computer Lab for farmers & Transfer the Farm workshops. Topics include computer skills and estate planning. Evaluation feedback emphasizes effectiveness and practical knowledge gained. Future workshops aim to support farmers in managing their farms and transitioning ownership. The programs aim to bridge the knowledge gap in technology and estate planning for farmers in New England.

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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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