Oklahoma agricultural producers interested in getting help with their farm financial plans have an opportunity to increase support for such activities by working with Oklahoma State University Extension.
Farm financial specialists with the OSU Department of Agricultural Economics and OSU Extension field staff economists recently received grant funds through the University of Minnesota to begin doing farm financial plans that will ultimately become part of the benchmarking database FINBIN.
FINBIN is one of the largest and most accessible sources of farm financial and production benchmark information in the world, providing detailed reports about whole farm, crop and livestock financials.
“For this pilot program, we are working to recruit farmers and ranchers and help them complete beginning balance sheets,” said Courtney Bir, OSU Extension agricultural economist. “If we demonstrate there is enough interest, we then can complete full financial plans and contribute to FINBIN, which should be very useful to Oklahoma producers.”
Beginning balance sheets are a great start to the program because they are also useful for farmers and ranchers as they try to secure loans, Bir said. Additionally, many support programs require beginning balance sheets.
For more information or to take part in the farm financial support program, contact Bir by email at firstname.lastname@example.org or by phone at 405-744-9813.
“Benchmark data is extremely important in that it allows producers not only to identify specific areas of concern in their operation but to get an idea how they are doing compared to other producers in the state,” said JJ Jones, OSU Extension area agricultural economist for southeastern Oklahoma.
OSU Extension is one of two state agencies administered by the university’s Division of Agricultural Sciences and Natural Resources and is a key part of OSU’s state and federally mandated teaching, research and Extension land-grant mission.