I. General Information

1. Course Title:
Preparation for Farm Business Analysis

2. Course Prefix & Number:
FBMT 1121

3. Course Credits and Contact Hours:

Credits: 4

4. Course Description:

This course will take the student through a step-by-step procedure to close out a complete year of farm business records. This course will emphasize tax planning, completing inputs to livestock and crop enterprises, and emphasizing cash and liabilities accuracy. A completed business and enterprise analysis will be the course focus.

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
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	Complete closeout checklist
Utilize appropriate technology	Complete detailed computerized transaction list

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

• Maintain production and financial business records;
• Demonstrate strategic decision-making skills;
• Evaluate personal and business goals and plans;
• Manage risks; and
• Manage business resources and technologies.

V. Topical Outline

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

1. Lecture Sessions

1. Tax management
• Current federal tax credits
• Current state tax credits
• Current state tax deductions
• Current federal tax deductions
• Tax planning
• Tax estimate
2. Business analysis
• Annual account of financial and production records
• Year end inventory of assets and liabilities
• Validate the accuracy of all information
3. Compatibility of new technology with existing systems
• Current technology system
• Current technology needs
• Appropriate technology products to serve business needs
4. Sources, pricing, and performance of business and production inputs
• Inputs required for production
• Local and regional sources for production inputs
• Information relative to input performance
• Value of inputs based on performance and price
5. Detailed record system
• Crop transactions in accounting system
• Livestock transactions in accounting system
• Enterprise value added transactions in your accounting system
• Detailed and accurate vendor accounts
6. Family and personal goals
• Business, family and personal goals
• Identify goals achieved
• C. Modify goals to reflect current objectives
• Discuss new goals with current stakeholders
7. Cash flow actual vs. planned
• Current accounting records
• Periodic monitoring worksheet (FINFLO)
• Validate the accuracy of the profit loss statement
• Adjust cash flow where necessary
8. Farm management cycle pertains to the farm business
• How to assemble a farm business plan
• Prepare data to assemble your farm business plan
• Process for review of your farm business plan
9.  Implications of asset valuation and depreciation
• Cost valuation of assets
• Market valuation of assets
• Concept of cost value (management) depreciation
10. Year end balance sheet
11. Tax management plan
12. Production records