A farm business association is a business management service for the individual farm business. The association is controlled and operated by its members, who hire an agricultural consultant to assist them with financial management, record keeping, total farm and enterprise analysis, income tax management and other related farm management areas.
Iowa Farm Business Association will be the most preferred financial consulting service; supporting members through local associations.
Iowa Farm Business Association will be responsive to needs that improve members financial and family goals.
Iowa Farm Business Association will research, develop, and supply data processing capabilities that aid members in increasing their financial knowledge and abilities.
Iowa Farm Business Association will respond to the educational and informational needs of consultants and members; providing training, workshops, and seminars.
Iowa Farm Business Association will develop a positive image of the organization and its services.
How is the Service Operated?
The association is supervised by a farmer board of directors elected by the membership. The directors carry out the policy of the association and employ the consultants. The directors establish a budget and annual dues for the membership and are responsible for the accounting of all income and expense, as well as the type of services emphasized.
The Association services are quite flexible and can be adjusted to individual member needs. That's due to the fact that the organization's goals represent those of its membership. We place a high value on the farm analysis and the cost/return comparisons it provides us."
Bill and Mark Ellerman
Diamond E Farms
Dallas Center, Iowa
What does the member receive?
An Organized Farm Record Keeping System.
The member has his choice of 3 variations of accounting:
A farm account book for keeping a complete record of all receipts, expenditures, inventories, capital assets, crops produced, land use and soil treatments, livestock feed records, etc.
An optional computerized monthly accounting system is also available to members. This is a coded check mail in service that many Farm Business Association members find give them the monthly cash flow and periodic net worth statements that they need in today's operation.
A computer software version called PC Mars that operates on IBM compatible computers. This is available "at cost" to Farm Business Association members who have their own computers. Other IFBA software is also available.
Computerized Business Reports
A complete financial analysis of his farm prepared by computer. The reports contain information on the capital structure, sources of income and related costs, net income, net worth, management factors in crop and livestock production, usage of labor and equipment, detailed depreciation schedules, etc.
The member also is able to compare his farm operation with averages for other farms of similar size in the same area.
The individual and comparative analysis both have enterprise analysis segments in them. The comparative analysis allows you to compare your farm's performance with the other farms in your size group; the average and the high profit farms.
"Since joining the Iowa Farm Business Association in 1965 we've been extremely satisfied with the advice we've received. The advice on business structure and how to expand the operation to support another family was very sound."
Glenn and Lee Hein
Scheduled Farm Visits by Consultant
Each member receives on-the -farm consultation from an experienced farm management consultant. The consultant is able to advise on marketing, investments, costs, production practices and individual management problems. He knows what farmers' problems are and how these problems can be solved. He becomes well acquainted with each individual operator and his business.
Income Tax Assistance
The consultant can aid the member in wise tax planning and management as well as tax law changes that affect his operation. He will then complete the tax return for the member at year end.
for tours, seminars
The Iowa Farm Business Association and local Associations periodically sponsor seminars and informational meetings concerning timely topics such as marketing, labor management, analysis interpretation, estate planning, and computer software. Such meetings feature top-notch resource people at nominal registration costs for Association members.
Other specialized services are made available to members such as assistance in reorganizing the farm business to partnerships, limited liability partnerships, joint ventures, and farm incorporation. As specialized needs evolve, Associations will try to facilitate the fulfillment of those needs at the highest possible level, but at reasonable costs.
Why Members Like This Service
The opportunity to talk over their management decisions, gain knowledge of their business and organize their operation in a confidential manner with an experienced person who understands their problems and spend all his time working with good farmers.