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 students 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 and filing, and cash and liabilities checks.

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	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 ownership of capital assets;
• 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. Areas of risk
• Risk order from high to low priority based on perceived risk levels
• Prioritized specific risks
• Risk assessment
2. Method(s) of recording family living expenses and non farm business transactions
• Accepted non-farm expense accounting codes
• Detailed year end non-farm expense reporting
• Comparing previous year(s) reports and local and regional data
3. Marketing strategies and tax planning
• Current levels of income and expense
• Projected levels of income and expense
• Completing a tax estimate worksheet
• Using a tax estimate to create a list of marketing options
• Implications of marketing strategies
4. Advantages and disadvantages of ownership of capital assets
• Evaluating the condition and needs of current capital assets
• Listing potential ownership options of capital asset(s)
• Listing advantages and disadvantages of the ownership options for the capital asset(s)
5. Paid and unpaid labor and management resources for the farm business
• Comparing labor costs and hours to local, regional, and/or state data
• Using information to create a work schedule for all labor
6. Production input acquisition plan
• Current production budgets
• Current balance sheet
• Completing a cash flow plan
• Completing an acquisition plan which includes managerial flexibility
7. Financial data audits using cash and liability accuracy checks
• Liability accuracy checks with 100% accountability
• Cash accuracy checks within acceptable limits of accountability
8. Pre-payment options and implications
• Current levels of income and expense
• Projected levels of income and expense
• Tax estimate worksheets
• Implications of pre-payment options
9. Goals for the business planning process
• Evaluating current goal status
• Documenting the progress on each farm, personal and family goal
• Modifying goals and objectives as necessary
• Implementing new strategies