I. General Information

1. Course Title:
Introduction to Farm Business Management

2. Course Prefix & Number:
FBMT 1211

3. Course Credits and Contact Hours:

Credits: 4

4. Course Description:

This course introduces basic farm business management concepts. Students will study the farm management planning cycle and develop an understanding of its relationship to: family and farm business goal setting, cash and enterprise accounting principles, and tax planning.

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:
Demonstrate interpersonal communication skills	Examine with instructor the farm management cycle concept
Analyze and follow a sequence of operations	Examine procedures for goal setting, cash accounting principles and tax planning
Work as a team member to achieve shared goals	Coordinate with family and/or labor pool desired goal outcomes

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

• Explain the farm business management cycle (plan, implement, control);
• Describe a risk management assessment in all aspects of both farm and non farm operations;
• Explain tax and management depreciation;
• List income and expenses for the tax year;
• Describe farm business enterprise characteristics (i.e. crops, livestock, value added);
• Identify a comprehensive record system;
• Describe the components of a balance sheet;
• Identify available technologies for improving the farm business;
• identify business, family, and personal goals;
• Identify current enterprise resource needs (i.e. feed, seed, fertilizer);
• List time management strategies for the operation; and
• Relate how current tax return impacts your farm business.

V. Topical Outline

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

1. Lecture Sessions

1. Risk management assessment with aspects of both farm and nonfarm operations
• Current farm fire, wind and liability assessment
• Health, disability and long term care assessment
• Comprehensive life insurance assessment
• Federal crop insurance assessment
• Assessment of estate plan/will/trust
2. Farm business enterprise characteristics (i.e., crops, livestock, value added)
• Livestock enterprises for the farm operation
• Crop enterprises for the farm operation
3. Comprehensive record system
• Comprehensive chart of accounts to track income and expense
• Record system includes all enterprises for the farm
• Record system can be reconciled with bank statement
4. Financial statements (i.e., balance sheet)
• Current assets and liabilities
• Intermediate assets and liabilities
• Long term assets and liabilities
5. Business, family, and personal goals
• Short term goals
• Long term goals
• Specific, measurable, attainable, realistic, and time limited (SMART)
• Ways to participate in business professional organizations
• Plans for personal retirement