I. General Information
1. Course Title:
Strategies in Farm System Data Management
2. Course Prefix & Number:
FBMT 2151
3. Course Credits and Contact Hours:
Credits: 4
4. Course Description:
This course will help the student focus on long term strategies necessary to maintain and enhance the farm business and personal future financial goals. The student will complete the year by developing an accurate, usable business analysis.
5. Placement Tests Required:
Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
FBMT 2151 - Strategies in Farm System Data Management
There are no prerequisites for this course.
9. Co-requisite Courses:
FBMT 2151 - Strategies in Farm System Data Management
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):
Applications 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 |
Develop revised family and business goals. |
Utilize appropriate technology |
Complete computerized farm records. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Evaluate tax management relative to estate planning;
- Analyze capital asset ownership options;
- Evaluate labor and management performance;
- Evaluate financial and production data;
- Evaluate best farm management practices;
- Evaluate farm financial trend data to establish a tax management strategy;
- Relate farm tax laws to the farm business liability;
- Incorporate farm financial trend data in establishing a tax management strategy;
- Manage farm business resources and technologies;
- Evaluate implications of farm tax laws to the overall personal tax liability;
- Assess the profitability of technology investments; and
- Evaluate current year tax management plan.
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
1. Evaluate tax management relative to estate planning
- Students will demonstrate competence by doing the following:
- Apply tax management strategies to the estate plan
- Students will show understanding through the following:
- Describe advantages of different tax strategies
- Describe the tax advantages of having an estate plan
- Investigate tax strategies for Individual estate plan
2. Analyze capital asset ownership options
- Students will demonstrate competence by doing the following:
- Assessing individual capital asset ownership options
- Students will show understanding through the following:
- Review the selected options of asset ownership
- Assess the options
- Reflect on the performance of the selected option
3. Evaluate labor and management performance
- Students will demonstrate competence by doing the following:
- Evaluate the performance of labor and management
- Students will show understanding through the following:
- Observe labor and management activities outlined by best management practices
- Measure performance of labor and management by enterprise
- Recommend opportunities for improvement, if needed
4. Evaluate financial and production data
- Students will demonstrate competence by doing the following:
- Validate the importance of financial and production data being collected for enterprise analysis
- Students will show understanding through the following:
- Complete accurate accounting records
- Complete an accurate financial statement
- Complete detailed production records
5. Evaluate best farm management practices
- Students will demonstrate competence by doing the following:
- Evaluate best management practices for the business
- Students will show understanding through the following:
- Identify applicable best management practices
- Incorporate selected best management practices
- Observe results of implementing selected best management practices
- Measure changes in business performance
6. Evaluate farm financial trend data to establish a tax management strategy
- Students will demonstrate competence by doing the following:
- Establish a tax management strategy based on financial trend data
- Students will show understanding through the following:
- Review the farm financial trend data
- Evaluate current tax management plan
- Compare trend data with current tax scenarios
- Establish a tax management strategy which incorporates current and historical trend data
7. Relate farm tax laws to the farm business liability
- Students will demonstrate competence by doing the following:
- Apply tax laws to your tax management plan
- Students will show understanding through the following:
- Investigate sources of tax law information
- Summarize the current farm tax laws
- Apply the tax law information to individual situation
- Revise a tax management plan
8. Incorporate farm financial trend data in establishing a tax management strategy
- Students will demonstrate competence by doing the following:
- Compile returns on technology investments
- Students will show understanding through the following:
- Assess the practicality and availability of technology
- Assess the cost/benefits of technology investments
- Calculate the change in profitability
- Compare to current levels of profitability
9. Manage farm business resources and technologies
10. Evaluate implications of farm tax laws to the overall personal tax liability
11. Assess the profitability of technology investments
12. Evaluate current year tax management plan