I. General Information
1. Course Title:
Managing and Modifying Farm System Data
2. Course Prefix & Number:
FBMT 1131
3. Course Credits and Contact Hours:
Credits: 4
4. Course Description:
This course will help the student refine their farm business data system and assist them in applying year end procedures for farm business analysis. Students improve accuracy in the following: farm enterprise analysis, tax planning, data filing, and cash and liabilities checks.
5. Placement Tests Required:
Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
FBMT 1131 - Managing and Modifying Farm System Data
There are no prerequisites for this course.
9. Co-requisite Courses:
FBMT 1131 - Managing and Modifying Farm System Data
There are no corequisites for this course.
II. Transfer and Articulation
III. Course Purpose
1. Program-Applicable Courses – This course is required for the following program(s):
Essentials in Farm Business Management Certificate
IV. Learning Outcomes
1. College-Wide Outcomes
College-Wide Outcomes/Competencies |
Students will be able to: |
Analyze and follow a sequence of operations |
Gather data to complete a cash accuracy check |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Prioritize areas of risk;
- Refine method(s) of recording family living expenses and nonfarm business transactions;
- Apply goals to business planning processes;
- Analyze the advantages and disadvantages of capital asset ownership;
- Organize paid and unpaid labor and management resources for the farm business;
- Design a production input acquisition plan;
- Audit financial data using cash and liability accuracy checks;
- Determine pre-payment options and implications;
- Apply marketing strategies to tax planning;
- Compare business analysis with regional averages;
- Devise a data filing system; and
- Analyze a tax estimate for the business.
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
1. Prioritize areas of risk
- Students will demonstrate competence by doing the following:
- Complete and prioritize a risk assessment
- Students will show understanding through the following:
- Rank risks in order from high to low priority based on perceived risk levels
- Provide a prioritized list of specific risks to instructor
- Discuss risk assessment with FBM instructor
2. Refine method(s) of recording family living expenses and nonfarm business transactions
- Students will demonstrate competence by doing the following:
- Create a list of nonfarm expense categories that will be properly detailed
- Students will show understanding through the following:
- Review accepted nonfarm expense accounting codes
- Produce a detailed year end nonfarm expense report
- Compare to previous year(s) reports and local and regional data
3. Apply goals to business planning processes
- Students will demonstrate competence by doing the following:
- Demonstrate how the objectives are being met for each of the farm, personal and family goals
- Review options with the instructor
- Students will show understanding through the following:
- Evaluate current goal status
- Document the progress on each of the farm, personal, and family goals
- Modify goals and objectives as necessary
- Implement new strategies
4. Analyze the advantages and disadvantages of capital asset ownership
- Students will demonstrate competence by doing the following:
- Create a capital asset replacement schedule or acquisition plan
- Students will show understanding through the following:
- Evaluate the condition and needs of current capital assets
- Develop a list of potential ownership options of the capital asset(s)
- Prepare a list of advantages and disadvantages of the ownership options for the capital asset(s)
5. Organize paid and unpaid labor and management resources for the farm business
- Students will demonstrate competence by doing the following:
- Create a work schedule for paid and unpaid labor using individual task analysis data
- Students will show understanding through the following:
- Compare labor costs and hours to local, regional, and/or state data
- Complete the task analysis on all paid and unpaid labor
- Use the information to create a work schedule for all labor
6. Design a production input acquisition plan
- Students will demonstrate competence by doing the following:
- Produce a plan for the upcoming year
- Students will show understanding through the following:
- Review personal current production budgets
- Complete a current balance sheet
- Complete a cash flow plan with instructor
- Complete the acquisition plan which includes managerial flexibility
7. Audit financial data using cash and liability accuracy checks
- Students will demonstrate competence by doing the following:
- Complete a cash accuracy check
- Complete a liability accuracy check
- Students will show understanding through the following:
- Complete the liability accuracy check with 100% accountability
- Complete the cash accuracy check within acceptable limits of accountability
8. Determine pre-payment options and implications
- Students will demonstrate competence by doing the following:
- Create a list of pre-payment options
- Students will show understanding through the following:
- Determine current levels of income and expense
- Determine projected levels of income and expense
- Complete a tax estimate worksheet with instructor
- Discuss implications of pre-payment options with instructor
9. Apply marketing strategies to tax planning
- Students will demonstrate competence by doing the following:
- Create a list of marketing options
- Students will show understanding through the following:
- Determine current levels of income and expense
- Determine projected levels of income and expense
- Complete a tax estimate worksheet
- Use personal tax estimate to create a list of marketing options
- Discuss implications of marketing strategies with instructor
10. Compare business analysis with regional averages
11. Devise a data filing system
12. Analyze a tax estimate for the business