• Prioritize strategies to improve enterprise trend data;
• Predict future changes in financial ratios;
• Prioritize future farm business goals;
• Compare strengths and weaknesses of the farm management system;
• Investigate farm business structure models;
• Explain deferred tax liability;
• Evaluate tax management strategies;
• Appraise the financial and data accounting system;
• Prioritize future personal goals;
• Examine the farm business production records;
• Compare enterprise analysis benchmarking data; and
• Evaluate family living cost.

 

I. General Information

1. Course Title:
Examination of the Context of Farm System Management

2. Course Prefix & Number:
FBMT 2161

3. Course Credits and Contact Hours:

Credits: 4

4. Course Description:

This course is designed to assist students in preparation of improved farm system management procedures. Students in this course will evaluate several years of an improved farm system analysis.

5. Placement Tests Required:

Accuplacer (specify test):

No placement tests required

Score:

6. Prerequisite Courses:

There are no prerequisites for this course.

9. Co-requisite Courses:

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:
Work as a team member to achieve shared goals	Review and modify goal statements

2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of the course:

 

V. Topical Outline

Listed below are major areas of content typically covered in this course.

1. Lecture Sessions

1. Prioritize strategies to improve enterprise trend data

• Students will demonstrate competence by doing the following:
  • Prioritize strategies to improve selected enterprise(s)
• Students will show understanding through the following:
  • Identify areas for improvement within (an) enterprise(s)
  • Identify strategies to improve enterprise performance

2. Predict future changes in financial ratios

• Students will demonstrate competence by doing the following:
  • Defend proforma ratios from a projected cash flow plan
• Students will show understanding through the following:
  • Create a cash flow plan
  • Use current and historical business ratios to predict future changes

3. Prioritize future farm business goals

• Students will demonstrate competence by doing the following:
  • Develop a written list of future business, family, and personal goals
• Students will show understanding through the following:
  • Consider past business, family, and personal goals
  • Assess goals for annual achievement and accuracy
  • Re-establish goals as they are completed and modified
  • Goals address business continuation, retirement, and succession plans
  • Verify goal attainment

4. Compare strengths and weaknesses of the farm management system   

• Students will demonstrate competence by doing the following:
  • Cite strengths and weaknesses of individual business management system
• Students will show understanding through the following:
  • Review individual business plan
  • Consider strengths and weaknesses identified in the risk assessment
  • Explain the relationship of the financial standard ratios as they pertain to the management system
  • List the strengths and weaknesses of the management system

5. Investigate farm business structure models  

• Students will demonstrate competence by doing the following:
  • Investigate business structure model options
• Students will show understanding through the following:
  • List at least one alternative business structure model
  • List the advantages of the alternative business structure model(s)
  • List the disadvantages of the alternative business structure model(s)
  • Discuss how the alternative business structure would function using historical data

6. Explain deferred tax liability   

• Students will demonstrate competence by doing the following:
  • Present the implications of deferred tax liability on the farm business to your FBM instructor
• Students will show understanding through the following:
  • Complete a current cost/market balance sheet
  • Discuss impact of timed asset liquidation
  • Categorize assets for ordinary income, investment recapture, and capital gains taxation

7. Evaluate tax management strategies   

• Students will demonstrate competence by doing the following:
  • Guide the tax planning session
• Students will show understanding through the following:
  • Assess tax law changes as they pertain to the farm business
  • Implement revised tax management strategies
  • Make decisions to manage tax liability

8. Appraise the financial and data accounting system   

• Students will demonstrate competence by doing the following:
  • Appraise the financial and data accounting system.
• Students will show understanding through the following:
  • Address the level of detail used in the current system(s)
  • Identify areas for improvement based on analysis results
  • Compare current system features to other available systems
  • Consider the feasibility of additional system changes

9. Prioritize future personal goals 

10. Examine the farm business production records 

11. Compare Enterprise Analysis Benchmarking Data

12. Evaluate family living cost