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:

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):

Name of Program(s)	Program Type
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;
• Compare and contrast capital asset ownership options;
• Evaluate labor and management performance;
• Evaluate financial and production data;
• Evaluate best management practices;
• Revise farm financial trend data in establishing a tax management strategy;
• Relate farm tax laws to the business;
• Incorporate farm financial trend data in establishing a tax management strategy;
• Manage 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. Relate tax management to estate planning
• describe advantages of different tax strategies
• describe the tax advantages of having an estate plan
• investigate tax strategies for your estate plan
2. Assess capital asset ownership options
• review the selected options of asset ownership
• assess the options
• reflect on the performance of the selected option
3. Evaluate labor and management performance
• 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. Incorporate farm financial trend data in establishing a tax management strategy
• 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
5. Justify the necessary types of financial and production data
• complete accurate accounting records
• complete an accurate financial statement
• complete detailed production records
6. Relate farm tax laws to the business
• investigate sources of tax law information
• summarize the current farm tax laws
• apply the tax law information to your situation
• devise a tax management plan
7. Assess the profitability of technology investments
• 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
8. Evaluate best management practices
• identify applicable best management practices
• incorporate selected best management practices
• observe results of implementing selected best management practices
• measure changes in business performance