1 / 25

Maintaining SAE Records

Maintaining SAE Records. Modified by Georgia Agricultural Education Curriculum Office July, 2002. Objectives. Define terminology and explain the Virginia SAE Recordbook Open and close out a record book Develop an SAE budget including an entrepreneurial enterprise

walker
Télécharger la présentation

Maintaining SAE Records

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MaintainingSAERecords Modified by Georgia Agricultural Education Curriculum Office July, 2002

  2. Objectives • Define terminology and explain the Virginia SAE Recordbook • Open and close out a record book • Develop an SAE budget including an entrepreneurial enterprise • Develop expense and income statements • Develop and maintain inventory and depreciation schedules • Develop and maintain net worth statement • Develop and maintain other records

  3. Why Keep Records? • Income tax reporting • Social security tax reporting • Budgeting • Credit planning • Cash flow analysis • Management decisions • Applying for awards

  4. What Records Are Needed • Personal information, plans, & goals • Entrepreneurship agreement • Enterprise record • Goals • Plans • Practices • Budgets (not found in VA Recordbook)

  5. Records Needed (cont.) • Expenses • Income • Placement plans • Monthly work experiences and wages • Annual placement summary • Other income

  6. Records Needed (cont.) • Summary of SAE • Inventory • Net worth statement • Leadership activities • Awards • FFA • Other • Teacher SAE supervision

  7. Opening the Recordbook • Personal Information (pg 5) • Enterprise Programs (pg 5) • Farm production entrepreneurial enterprises • Non-farm entrepreneurial enterprises • Placement (pg 5) • Productive enterprise agreement (pg 6) • Farm production entrepreneurial enterprises • Non-farm entrepreneurial enterprises

  8. What is a budget? • A plan for how money will be made and spent • An estimate of inputs and capital needed • An estimate of production and income expected • An estimate of potential profit or loss

  9. Who uses budgets? • Governments • Agencies • Schools • Businesses • Farms • Families • Individuals • Entrepreneurs

  10. Where is budgeting information found? • Efficiency factor records • Records from previous years • Market reports • Input from others in the same business • Experts in the field • Cooperative Extension Service

  11. Developing a Budget (Expenses) • Forecast expense items required: • For fiscal year • Break down by month • Estimate cost of each anticipated expense item: • For fiscal year • Break down by month

  12. Developing a Budget (Income) • Forecast income items that will result: • For fiscal year • Break down by month • Estimate income from each income item: • For fiscal year • Break down by month

  13. Developing a Cash Flow Forecast • Record beginning cash status • Record anticipated expenses monthly • Record anticipated income monthly • Estimate net cash flow monthly • Estimate cash status monthly

  14. Recording Expense Items • Date • Item Description • Quantity and Unit • Unit Price • Cash Expense • Non-Cash Expense • Total Cost • Allocate among enterprises

  15. Recording Income Items • Date • Item Description • Quantity and Unit • Unit Price • Cash Income • Non-Cash Income • Total Income • Allocate among enterprises

  16. Maintaining Inventory Records • Real Property • Date Acquired • Purchase price OR actual value on date acquired • Value today • Capital Equipment • Date Acquired • Purchase price OR actual value on date acquired • Value today

  17. Special Inventory for Ag Production SAE • Breeding livestock • Date Acquired • Purchase price OR actual value on date acquired • Value today • Crops in storage, value today • Production supplies on hand, purchase cost • Machinery & equipment • Date Acquired • Purchase price OR actual value on date acquired • Value today

  18. Special Inventory for Ag Bus Entrepreneurship SAE • Machinery & equipment • Date Acquired • Purchase price OR actual value on date acquired • Value today • Product on hand for sale, retail value • Production supplies on hand, actual cost

  19. Maintaining Depreciation Schedules • Date Acquired • Purchase price, actual value on date acquired, or basis cost • Previous depreciation • Value today of: • Buildings • Equipment • Breeding livestock

  20. Income Analysis • Expenses • Cash expenses • Non-cash expenses • Depreciation • Income • Cash receipts • Non-cash receipts • Income – Expenses = Net Income • Net Income * share = Student Net Income (SNL) • SNI / Hours Self Labor = Income per Hour (IPH) • IPH – Min Wage = Profit (Loss) per Hour for Enterprise

  21. Building a Net Worth Statement • Assets • Cash in checking • Cash in savings • Cash value of insurance • Value of stocks, bonds • Accounts receivable • Value of real property • Value of business inventory • Value of personal property

  22. Net Worth Statement (cont) • Liabilities • Loans • Mortgages • Credit card balances • Other unpaid bills

  23. Net Worth Statement (cont) • Assets – Liabilities = Net Worth • Net Worth Dec 31 – Net Worth Jan 1 = Net Gain (or loss) in Net Worth

  24. What records are necessary? • Preliminary Materials • Budgets • Cash Flow • Depreciation • Inventory • Income • Expense • Income Analysis • Placement Records • Net Worth

  25. Seems Like a Lot, BUT… Records are necessary to: • Make decisions • Pay only appropriate taxes • Operate a profitable business • Determine profit or loss • Stay out of jail

More Related