More resources to help farmers manage finances

A farm business can experience financial pressures when market prices decline, a market ceases to exist, a disease reduces production, unexpected cost increases, or business arrangements fall apart.
Dealing with these pressures is a challenge!
Last week’s article listed a number of programs available to assist people to assess a farm business, examine alternatives, deal with issues, and make decisions.
This week’s article lists a number of resources available from the Ontario Ministry of Agriculture, Food and Rural Affairs.
•OMAFRA factsheets and computer tools
Some of the OMAFRA factsheets available that provide information for farm families managing financial pressures are listed below:
—Programs and Services for Ontario Farmers;
—Diagnosing and Managing Cash Flow Problems;
—Options for Farmers Dealing with Financial Difficulties;
—Taxation on the Sale of Farm Business Assets;
—Identifying and Managing Stress: A Business Owner’s Guide;
—A Guide to Agricultural Security Agreements; and
—Resolving Conflict
These are available by contacting the Agricultural Information Contact Centre at 1-877-424-1300 or on the OMAFRA website at www.ontario.ca/omafra
As well, the AICC is available to answer questions, provide information, and put you in touch with one of the ministry’s provincial specialists.
There are several computer programs available on the OMAFRA website to assist producers with planning and decision making.
•Loan calculator
Includes payment schedule, loan comparisons, loan pre-payment schedule, refinancing schedule, plus other schedules.
•Ontario Farm Management Analysis Project (OFMAP)
Input farm financial and production information to generate accrual income statement, balance sheet, financial ratios, and costs of production for the swine and crop enterprises.
•The Farm Financial Analysis and Planning Workbook
Produce a complete set of financial statements including a cash flow, debt servicing worksheet, and current and projected income statements.
•Crop and livestock budgets
The enterprise budgets assess the potential economic impact of production and marketing decisions, as well as risk management factors and strategies.
The challenge and opportunity is to use the available resources and information best suited for the planning and management of your farm business goals.
Recognize the current situation, develop solutions, seek assistance, and keep the communications open with everyone involved.
Dates to remember
•Oct. 27—Final fall cattle sale, Stratton sales barn.

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