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Define your land ethic
Assessment Strategies
Written Product
Criteria
Use Aldo Leopold’s vision for land ethic
Demonstrate the connection to your financial strategies
Develop your land ethic in connection with the principles of sustainable agriculture
Explain how you demonstrate your land ethic in your farm management systems
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Evaluate farm financial management systems
Assessment Strategies
Written Product
Criteria
System includes costs to start or maintain a farm
System includes a business plan
Includes cash flow plan
Explain the purpose of farm financial management
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Create a farm accounting and record keeping system
Assessment Strategies
Written Product
Criteria
You identify when data collection occurs
You choose bookkeeping tools
You enter data
System tracks financial and non-financial data
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Organize farm financial information
Assessment Strategies
Written Product
Criteria
Balance sheet includes assets and liabilities
Utilize a balance sheet to interpret farm’s current net worth
Track longitudinal changes in net worth
Income statement includes items as indicated by instructor
Utilize income statement to interpret
Develop a statement of cash flow
Cash flow statement includes items as indicated by instructor
Evaluate cash flow needs throughout the year
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Use ratios to analyze farm financials
Assessment Strategies
Written Product
Criteria
Calculate sweet 16 ratios
Ratios follow the Farm Financial Standard Scorecard system
Ratios identify farm liquidity, solvency, profitability
Ratios determine credit capacity of farm
Ratios determine debt repayment capacity and margin
Ratios are calculated correctly
Make financial decisions based ratio data
Seek benchmark data if appropriate
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Analyze production, pricing, and marketing of farm enterprises
Assessment Strategies
Written Product
Criteria
Develop enterprise budgets according to given template
Develop a partial budget according to given template
Develop a monthly cash flow budget according to given template
Compare expected revenue to costs
Identify breakeven point/conduct breakeven analysis
Calculate costs of production
Set pricing to cover costs of production
Develop up a cash flow budgeting system
Adjust pricing and marketing strategy of product to meet demand
Determine best timeline of product release
Manage distribution of product to meet market demand
Relate labor needs to cost (FINPAK)
Use benchmarking data to improve practices
Budgets are calculated correctly
Budgets follow given templates
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Set up a monitoring plan
Assessment Strategies
Team/Group Project
Criteria
Assemble an advising team (Wisconsin Farm Center)
Determine need for private financial consultant
Identify specialists available
Locate resources for future professional development and education
Assess need for new action