A2O-Lancaster Farming, Saturday, December 16,1989
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MANAGEMENT
What COmeS after you farmers must have this information
bag the buck? to plan feeding straKgics and prog-
BY ROLAND P. FREUND 2. Livestock: Nose counts are
Farm Management Agent not very useful unless they are
When the flurry of excitement combined with a market value and
over the hunting season subsides, inventoried by species, age, and
it will be time to get back to the real production groups. This simplifies
world. For farmers this means the planning of the feeding prog
completing the crop production ram for winter and beyond. Get
cycle for 1989 and being prepared ting the groups inventoried helps
for the rigors of the coming season, us check with production and
This involves the important task of breeding records to determine:
taking inventory, not only of the - reproductive performance and
trophies and the game in the freez- efficiency
er. - death losses
What should we inventory? - breeding schedules
Almost everything on the farm - planned sales
should be inventoried annually. It - future production and cash
is a vital tool to help us with deci- flow
sion making. Knowing how we
can use this information might
help us to carefully lake stock of:
1. Crops: It is important to
know the 1989 production and val
ue of each crop. Estimates based
on the neighbor’s 5-acre yield can
be very misleading. What’s sold or
is in the storage “bin” is what
counts. This could enable us to cal
culate each enterprise’s contribu
tion to farm profits.
Planning cash-crop sales can
only be done when we know what
is in inventory. Likewise livestock
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3. Machinery: Inventory and
evaluation of all equipment may be
convenient at the time it is winter
ized or placed in storage. This
helps managers to plan a mainte
nance and repair program and also
a machinery replacement sche
dule.
4. Buildings and land improve
ments: Taking careful stock of
these structures and their values
will likewise help us to plan their
maintenance, improvement or
replacement.
5. Land: Listing owned and
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rented land areas by soil class and
productivity groups will help with
the planning of crop enterprises.
Real estate values should be
adjusted every few years to reflect
the local market, especially if this
information is to be used for estate
planning.
6. Labor resources: Taking
slock of the family and the hired
labor resources should be done
annually. Evaluation of job perfor
mance and management ability
should be the basis for salary and
benefit adjustments. It might also
reveal the need for restructuring or
reorganizing the work force for
more harmonious and productive
relationships.
Other uses for inventories
In addition to the uses of specif
ic inventory information as already
discussed, there are other valuable
management applications. These
include:
a. Thanksgiving: Particularly
after many people have lost all in
floods, hurricanes and earth
quakes, we need to take stock of
our assets and recognize them as
our blessings.
b. Tax planning: While tax law
changes have reduced the options
available, some income and
expense payments can still be
moved to even out potential tax
burdens.
c. Business analysis: All busi
ness analyses are only as useful
and as accurate as the inventories
and production data that goes into
them.
d. Cash-flow planning: Basing
1990’s cash flow on what hap
pened in 1989 is futile. To be accu
rate it must begin with the invento
ries and continue with the breeding
schedule of livestock and the
planned cropping program.
e. Estate planning: From an
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accurate inventory and current
evaluation of all business and per
sonal assets, much of the informa
tion can be gleaned for basic estate
planning. It is important as family
and economic circumstances, and
tax laws change, that families reg
ularly revise their estate plans.
Watch for Estate Planning
Programs
This winter many counties, par-
Dairymen
sl6s Million To Farmers
LOUISVILLE, KY Mem
bers of Dairymen, Inc. who mark
eted milk through their 17-state
regional milk marketing coopera
tive in 1983 are receiving equity
checks, interest and reinvestment
confirmation notices totaling
$16.3 million this week.
This distribution to approxi
mately 9,100 equity holders
throughout the middle Atlantic,
southeastern and midwestern
states represents an average
amount of $1,790 which is in
addition to members’ regular milk
checks.
The amount distributed pro
vides for the retirement of over
$12.4 million of per unit capital
retains and patronage dividends
allocated to members’ accounts
for the fiscal year which ended
Aug. 31, 1983, together with the
retirement of approximately $3.9
million of Member Equity Rein
vestment Program (MERP) series
1986 investments eligible for
redemption, plus interest.
Dairymen’s Board of Directors
authorized the retirement of this
member equity at its October 1989
board meeting. Each year the
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ticularly in Southcentral Pennsyl
vania, will be conducting basic
estate planning programs. Meet
ings and publications are avail
able, on an equal opportunity
basis, covering such topics as: Set
tling the Estate, Planning the
Estate, and Business Transfer
Arrangements.
Contact your county extension
office for further details.
Inc. Returns
board must take the necessary
action to authorize the retirement
of member equity under the
cooperative’s revolving program.
Dairymen historically has
revolved its equity on one of the
shortest retirement cycles in exis
tence among dairy cooperatives.
“We are pleased to be able to
return such a significant amount
of equity investments to our mem
bers at this time,” said James E.
Mueller, Dairymen chief financial
officer.
Dairymen members have
invested $79.1 million in their
cooperative as of the fiscal year
ended on Aug. 31, 1989. *
Dairymen, Inc. is a regional
milk and dairy products marketing
cooperative headquartered in
Louisville, Ky., with approxi
mately 5,200 members in 17 mid-
Atlantic, southeastern and mid
western states. The cooperative
also processes and distributes a
full line of quality milk and dairy
products under its Flav-O-Rich,
Ehrler’s and Farm Best brand
names throughout its operating
territory.
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