A farm business association is a business management service for the individual farm business. The association is controlled and operated by its members, who hire an agricultural consultant to assist them with financial management, record keeping, total farm and enterprise analysis, income tax management and other related farm management areas.
The association is supervised by a farmer board of directors elected by the membership. The directors are responsible for:
The member has his choice of 3 variations of accounting:
A complete financial analysis of his farm prepared by computer. The reports contain information on the capital structure, sources of income and related costs, net income, net worth, management factors in crop and livestock production, usage of labor and equipment, detailed depreciation schedules, etc. The member also is able to compare his farm operation with averages for other farms of similar size in the same area. The individual and comparative analysis both have enterprise analysis segments in them. The comparative analysis allows you to compare your farm’s performance with the other farms in your size group; the average and the high profit farms.
Each member receives on-the -farm consultation from an experienced farm management consultant. The consultant is able to advise on marketing, investments, costs, production practices and individual management problems. He knows what farmers’ problems are and how these problems can be solved. He becomes well acquainted with each individual operator and his business.
The consultant can aid the member in wise tax planning and management as well as tax law changes that affect his operation. He will then complete the tax return for the member at year end.
The Iowa Farm Business Association and local Associations periodically sponsor seminars and informational meetings concerning timely topics such as marketing, labor management, analysis interpretation, estate planning, and computer software. Such meetings feature top-notch resource people at nominal registration costs for Association members.
Other specialized services are made available to members such as assistance in reorganizing the farm business to partnerships, limited liability partnerships, joint ventures, and farm incorporation. As specialized needs evolve, Associations will try to facilitate the fulfillment of those needs at the highest possible level, but at reasonable costs.
The opportunity to talk over their management decisions, gain knowledge of their business and organize their operation in a confidential manner with an experienced person who understands their problems and spend all his time working with good farmers.
To find out more about Iowa Farm Business Services and the Cost to become a member contact your local consultant or the Iowa Farm Business Association state office.