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JUNE 1992
1951
1991
A.E. Ext. 92·13 t - · _
Department of Agricultural Economics
New York State College of Agriculture and Life Sciences
A Statutory College of the State University
Cornell University, Ithaca, New York 14853-7801
-

It is the policy of Cornell University actively to support equality of educational and employment opportunity. No person shall be denied admission to any educational program or activity or be denied employment on the basis of any legally prohibited dis­ crimination involving, but not limited to, such factors as race, color, creed, religion, national or ethnic origin, sex, age or handicap~
The University is committed to the maintenance of affirmative action programs which will assure the continuation of such equality of opportunity.
•

1991 DAIRY FARK BUSINESS SUMMARY
EASTERN PLATEAU REGION
Table of Contents
INTRODUCTION
Program Objectives
Format Features
SUMMARY AND ANALYSIS OF THE FARM BUSINESS
Business Characteristics
Income Statement
Profitability Analysis
Farm and Family Financial Status
Cash Flow Statement
Repayment Analysis
Cropping Analysis
Dairy Analysis
Capital and Labor Efficiency Analysis
COMPARATIVE ANALYSIS OF THE FARM BUSINESS
Progress of the Farm Business
Regional Farm Business Chart
New York State Farm Business Chart
Financial Analysis Chart
Comparisons by Type of Barn and Herd Size
Herd Size Comparisons
IDENTIFY AND SET GOALS
GLOSSARY AND LOCATION OF COMMON TERMS
INDEX
. 11
. 13
. 15
17
18
. 18
19
. 20
. 22
. 23
. 23
. 29
.
31
. 34
.
.
.
.
Page
1
1
1
2
.
.
.
.
7
. 10
2
2
4
•

Dairy farmers throughout New York State have been participating in
Cornell Cooperative Extension's farm business summary and analysis program since the early 1950's. Managers of each participating farm business receive a comprehensive summary and analysis of the farm business. The information in this report represents an average of the data submitted from dairy farms in the Eastern Plateau region.
Program Objective
The primary objective of the dairy farm business summary, DFBS, is to help farm managers improve the business and financial management of their business through appropriate use of historical farm data and the application of modern farm business analysis techniques. In short, DFBS identifies business and financial information farmers need and demonstrates how it should be used in identifying and evaluating strengths and weaknesses of the farm business.
Format Features
This regional report follows the same general format as in the 1991
DFBS printout received by all participating dairy farmers. The analysis tables have an open column or section labeled My Farm. It may be used by any dairy farm manager who wants to compare his or her business with the average data of this region. A DFBS Data Check-in Form can be used by non­
DFBS participants to summarize their businesses.
This report features:
(1) an income statement including accrual adjustments for farm business expenses and receipts, as well as measures of profitability with and without appreciation,
(2) a complete balance sheet with analytical ratios;
(3) a cash flow summary including debt repayment ability;
(4) an analysis of crop acreage. yields. and expenses;
(5) an analysis of dairy livestock numbers. production. and expenses; and
(6) a capital and labor efficiency analysis.
Micro DFBS, a computer program which enables Cooperative Extension agents and specialists to calculate and print individual farm business reports in their offices, is now being used by the dairy farm management field staff for nearly 100 percent of the farms cooperating. This innovative approach provides faster processing of farm record data and increased use of the DFBS in farm management programs.
*This summary was prepared by Linda D. Putnam and Robert A. Milligan,
Department of Agricultural Economics, New York State College of
Agriculture and Life Sciences, Cornell University, in cooperation with
Cooperative Extension Agents Jerry LeC1ar and Ed Staehr, and area
Extension Specialist Carl Crispell. The Eastern Plateau Region is comprised of Broome, Chemung, Chenango, Cortland, Delaware, Otsego,
Schuyler, Tioga, and Tompkins Counties.
-

2
SUMMARY AND ANALYSIS OF THE FARM BUSINESS
Business Characteristics
Planning the optimal management strategies is a crucial component of operating a successful farm. Various combinations of farm resources, enterprises, business arrangements, and management techniques are used by the dairy farmers in this region. The following table shows important farm business characteristics and the number of farms with these characteristics.
BUSINESS CHARACTERISTICS
81 Eastern Plateau Region Dairy Farms, 1991
Type of Farm
Dairy
Part-time dairy
Dairy cash-crop
Part-time cash-crop
Number
79 o
2 dairy 0
Type of Ownership
Owner
Renter
Number
70
11
Type of Business
Single proprietorship
Partnership
Corporation
Number
58
22
1
Business Record System Number
ELFAC I I 4
Account Book 32
Agrifax (mail-in only)
On-Farm Computer
Other
7
16
22
Type of Barn
Stanchion/Tie-Stall
Freestall
Combination
Milking System
Bucket & carry
Dumping station
Pipeline
Herringbone parlor
Other parlor
Milking Frequency
2x/day
3x/day
Other
Production Records
DHIC
Owner-Sampler
Other
None
Number
57
20
4
Number
1
2
56
16
6
Number
68
10
3
Number
60
10
3
8
The averages used in this report were compiled using data from all the participating dairy farms in this region unless noted otherwise. There are full-time dairy farms, part-time farms, dairy cash-crop farms, farm renters, partnerships, and corporations included in the average. Average data for these specific types of farms are presented in the State Business Summary.
Income Statement
In order for an income statement to accurately measure farm income, it must include cash transactions and accrual adjustments (changes in accounts payable, accounts receivable, inventories, and prepaid expenses).
Cash paid is the actual cash outlay during the year and does not necessarily represent the cost of goods and services actually used in 1991.
Change in inventory: Increases in inventories of supplies and other purchased inputs are subtracted in computing accrual expenses because they represent an increase in purchased inputs not actually used during the year. Decreases in purchased inventories are added to expenses because they represent inputs purchased in a prior year and used this year.
­

3
Expense Item
CASH AND ACCRUAL FARM EXPENSES
81 Eastern Plateau Region Dairy Farms, 1991
Change in
Cash
Inventory or Prepaid
Change in
Accounts
Paid + Expense* + Payable
$22,079 $0 « $275 Hired Labor
Feed
Dairy grain &
Dairy roughage conc.
Nondairy
Machinery
Mach. hire, rent/lease
Machinery repairs/parts
Auto expo (farm share)
Fuel, oil & grease
Livestock
Replacement livestock
Breeding
Vet & medicine
Milk marketing
Cattle lease/rent
Other livestock expense
Crops
Fertilizer
Seeds
& lime
& plants
Spray, other crop expo
Real Estate
Landjbldg./fence repair
Taxes
Rent
Other
& lease
Insurance
Telephone (farm share)
Electricity (farm share)
Interest paid
Miscellaneous
Total Operating
Expansion livestock
Machinery depreciation
Building depreciation
TOTAL ACCRUAL EXPENSES
58,139
1,058
227
1,894
11,354
840
5,898
1,024
3,449
4,518
11,991
205
9,505
5,581
2,761
2,709
3,107
6,583
5,094
4,590
740
6,327
15,115
2,767
$187,555
3,084
1,247
-74 o o
32
« o «
-7 o «
-13
4 o « o «
44
584
44
293
-1
26
39
«
« o « o «
12
6
-7
$2,229
«
« o «
392 o o
14
-61 o
16
77
10
-33
2 o
-9
322
43 o
-9
449
47
3
3
-11
-3
-5
$1,522 o
Accrual
Expenses
$22,354
59,778
984
227
1,908
11,325
840
5,907
1,101
3,446
4,489
11,993
205
9,540
6,487
2,848
3,002
3,097
7,058
5,180
4,593
743
6,328
15,118
2,755
$191,306
3,084
13,534
6,508
$214,432
Change in prepaid expenses (noted above by « ) is a net change in non-inven­ tory expenses that have been paid in advance of their use, for example, 1992 rent paid in 1991. If 1991 funds used to prepay 1992 rent exceeded the amount of 1991 rent prepaid in 1990, the amount of this excess is entered as a negative number to exclude it from 1991 accrual rental expenses. The excess prepaid rent should be charged against the future year's business operation. A decrease in prepaid rent is added to accrual expenses because it represents use of resources during this year that were paid for in past years.
Change in accounts payable: An increase in accounts payable from beginning to end of year is added and a decrease is subtracted when calculating accrual expenses.
Accrual expenses are the costs of inputs actually used in this year's produc­ tion. They are the total of cash paid, as well as changes in inventory, prepaid expenses, and accounts payable.
•

4
Receipt Item
CASH AND ACCRUAL FARM RECEIPTS
81 Eastern Plateau Region Dairy Farms, 1991
Cash Change in
Change in
Accounts
Receipts + Inventory + Receivable
Accrual
Receipts
Milk sales
Dairy cattle
Dairy calves
$197,713
15,491
4,367
Other livestock 625
Crops
Government receipts
Custom machine work
Gas tax refund
Other
2,101
1,495
1,175
184
3,522
Less nonfarm noncash cap.**
Total Receipts $226,673
(-)
$3,297 $201,010
$5,118
1
° 20,609
4,368
207 832
1,979
-86*
-284
°
2
°
2
3,796
1,409
1,177
186
32
(-)
3,554
$7,218
°
$3,050 $236,941
°
*Change in advanced government receipts.
**Gifts or inheritances of cattle or crops included in inventory.
Cash receipts include the gross value of milk checks received during the year plus all other payments received from the sale of farm products, services, and government programs. Nonfarm income is not included in calculating farm profitability.
Changes in inventory of assets produced by the business are calculated by subtracting beginning of year values from end of year values excluding appre­ ciation. Increases in livestock inventory caused by herd growth and/or qual­ ity are added, and decreases caused by herd reduction and/or quality are subtracted. Changes in inventories of crops grown are also included.
Changes in advanced government receipts are calculated by subtracting the end year balance from the beginning year balance (balances are listed with the current liabilities on the Balance Sheet).
Changes in accounts receivable are calculated by subtracting beginning year balances from end year balances. The January milk check for this December's marketings compared with the previous January's check is included as a change in accounts receivable.
Accrual receipts represent the value of all farm commodities produced and services actually generated by the farm business during the year.
Profitability Analysis
Farm owner/managers contribute labor, management, and equity capital to their businesses and the combination of these resources selected determines income. Farm profitability can be measured as the return to all family resources or as the return to one or more individual resources such as labor and management.
•

5
Net farm income is the return to the farm operators and other unpaid family members for their labor, management, and equity capital. It is the farm family's net annual return from working, managing, financing, and owning the farm business. This is not a measure of cash available from the year's business operation. Cash flow is evaluated later in this report.
Net farm income is computed both with and without appreciation. Appreciation represents the change in values caused by annual changes in prices of live­ stock, machinery, real estate inventory, and stocks and certificates (other than Farm Credit). Appreciation is a major factor contributing to changes in farm net worth and must be included for a complete profitability analysis.
NET FARM INCOME
81 Eastern Plateau Region Dairy Farms, 1991
Item
Total accrual receipts
Appreciation: Livestock
Machinery
Real Estate
Other Stock/Certificates
Total Including Appreciation
Total accrual expenses
Net Farm Income
Net Farm Income
(with appreciation)
(without appreciation)
Average
$236,941
625
5,426
6,568
-113
$249,447
- 214,432
$35,015
$22,509
My Farm
$ - - ­
$ - - ­
$ - - ­
$ - - - ­
The chart below shows the relationship between net farm income per cow
(with appreciation) and pounds of milk sold per cow. Generally, farms with a higher production per cow have higher profitability per cow.
Net: FarID. IncoID.e/Covv and :M:ilk/Covv
81 Eastern Plateau Region FarlDs, 1991
1500 •
•
!
1 1000
.
•
•
•
,
•
• •
•
.,.
•
.,.
•
•
••
•
8::
-!!.
~ J
500
•
•
•
•
•
•
••
•
• o 1 - - - -....- - - . . . . ; ; . . - - - - - - - , . . - - - - - - - - - - . ,
•
•
-500
10000 12000 14000 16000 16000 20000 22000 24000
Pounds MUk Per CoW'
..
•

6
«data C:\WORD5-5\FBS\HEAD90E.DOC.b:merge.9l6»Return to operators' labor. management. and equity capital measures the total net farm income for the farm operator(s). It is calculated by deducting a charge for unpaid family labor from net farm income. Operators' labor is not included in unpaid family labor. Return to operators' labor, manag",wt:!nt, dna equity capital has been calculated both with and without appreciation. Appreciation is an important part of the return to ownership of farm assets.
Item
RETURN TO OPERATORS' LABOR, MANAGEMENT, AND EQUITY
81 Eastern Plateau Region Dairy Farms, 1991
Average
With
Apprec.
Without
Apprec.
With
My Farm
Apprec.
Without
Apprec.
Net farm income
Family labor unpaid
@ $1,300 per month
Return to operators' labor, management, & equity
$35,015
- 3,783
$31,232
$22,509
- 3,783
$18,726
$ - - ­
$ - - ­
$ - - ­
$ - - ­
Labor and management income is the return which farm operators receive for their labor and management used in operating the farm business. Appreciation is not included as part of the return to labor and management because it results from ownership of assets rather than management of the farm business.
Labor and management income is calculated by deducting the opportunity cost of using equity capital, at a real interest rate of five percent, from the return to operators' labor, management, and equity capital excluding appreciation. The interest charge of five percent reflects the long-term average rate of return above inflation that a farmer might expect to earn in comparable risk investments.
LABOR AND MANAGEMENT INCOME
81 Eastern Plateau Region Dairy Farms, 1991
Average Item
Return to operators' labor, management,
& equity without appreciation
Real interest @ 5% on $429,917 average equity capital
Labor
Labor
&
&
Management Income
Management Income per
1.32 Operator/Manager
$18,726
- 21,496
$-2,770
$-2,098
My Farm
$ - - ­
$ - - ­
$ - - ­
•

7
Return on equity capital measures the net return rema~n~ng for the farmer's equity or owned capital after a charge has been made for the owner-operator's labor and management. The earnings or amount of net farm income allocated to labor and management is the opportunity cost of operators' labor and management estimated by the cooperators. Return on equity capital is calculated with and without appreciation. The rate of return on equity capital is determined by dividing the amount returned by the average farm net worth or equity capital. Return on total capital is calculated by adding interest paid to the return on equity capital and then dividing by average farm assets to calculate the rate of return on total capital.
RETURN ON EQUITY CAPITAL AND RETURN ON TOTAL CAPITAL
81 Eastern Plateau Region Dairy Farms, 1991
Average Item
Return to operators' labor, management,
& equity capital with appreciation
Value of operators' labor & management
Return on equity capital with appreciation
Interest paid
Return on total capital with appreciation
Return on equity capital without appreciation
Return on total capital without appreciation
Rate of return on average equity capital: with appreciation without appreciation
Rate of return on average total capital: with appreciation without appreciation
$31,232
- 28,765
$2,467
$15,118
$17,585
$-10,039
$5,079
.57%
-2.34%
2.88%
.83%
My Farm
$
$
$
$
$
$
%
%
%
%
Farm and Family Financial Status
The first step in evaluating the financial position of the farm is to construct a balance sheet which identifies all the assets and liabilities of the business. The second step is to evaluate the relationship between assets, liabilities, and net worth and changes that occurred during the year.
Financial lease obligations are included in the balance sheet. The present value of all future payments is listed as a liability since the farmer is committed to make the payments by signing the lease. The present value is also listed as an asset, representing the future value the item has to the business. For 1991, leases were discounted by 10.0 percent.
Advanced government receipts are included as current liabilities. Government payments received in 1991 that are for participation in the 1992 program are the end year balance and payments received in 1990 for participation in the
1991 program are the beginning year balance.
•

8
1991 FARM BUSINESS & NONFARM BALANCE SHEET
81 Eastern Plateau Region Dairy Farms, 1991
Farm Assets Jan. 1
Current
Farm cash, checking
& savings
Accounts rec.
Prepaid expo
Feed & supplies
$5,810
15,633
421
49,245
Total $71,109
Intermediate
Dairy cows: owned leased
Heifers
$89,886
163
37,981
Bulls/other 1vstk. 1,239
Mach./eq. owned
Mach./eq. leased
Farm Credit stock
Other stock/cert.
120,495
863
724
2,561
Dec, 31
$5,961
18,684
337
49,078
$74,060
$93,739
72
39,846
1,472
127,495
497
577
2,453
Farm Liabilities
& Net Worth Jan. 1
Current
Accounts payable
Operating debt
Short-term
Advanced govt.
$4,010
7,089
4,564 rec.
- - ­ o
Total
Intermediate
Structured debt
1-10 years
Financial lease
(cattle/mach.)
Farm Credit stock
Total
$15,663
$75,012
1,026
724
$76,762
Total
Long-Term
Landjbuildings: owned leased
Total
Total Farm
Assets
$253,912
$273,890 o
$273,890
$598,911
$266,151
$282,820 o
$282,820
$623,031
Long Term
Structured debt
>10 yrs
Financial lease
(structures)
Total
Total Farm Liab.
FARM NET WORTH
$85,163 o
$85,163
$177,588
$421,323
Dec. 31
$5,302
7,400
3,294
86
$16,082
$82,675
569
577
$83,821
$84,617 o
$84,617
$184,520
$438,511
Nonfarm Assets, Liabilities & Net Worth
Assets Jan. 1 Dec. 31
(Average of 51 farms reporting)
Liabilities
& Net Worth Jan. 1 Dec. 31
$2,689 Personal cash, chkg.
& savings $5,910 $5,500
Cash value life ins. 10,421 10,704
Nonfarm real estate 9,020
Auto (personal sh.)
Stocks & bonds
Household furn,
3,955
7,696
9,943
All other 2,622
9,345
3,857
8,576
10,600
1,637
Total Nonfarm $49,568 $50,219
Nonfarm Liab. $2,802
NONFARM NET WORTH $46,766 $47,530
Farm & Nonfarm Assets. Liabilities, & Net Worth* Jan. 1 Dec. 31
Total Assets
Total Liabilities
TOTAL FARM
$648,479
180,390
$468,089
$673,250
187,209
$486,041 & NONFARM NET WORTH
*Assumes that average nonfarm assets and liabilities for the nonreporting farms were the same as for those reporting.
-

9
Balance sheet analysis involves examination of relative asset and debt levels for the business. Percent equity is calculated by dividing end of year net worth by end of year assets and multiplying by 100. The debt to asset ratio is compiled by dividing liabilities by assets. Low debt to asset ratios reflect business solvency and the potential capacity to borrow. Debt levels per productive unit represent old standards that are still useful if used with measures of cash flow and repayment ability. The change in farm net worth without appreciation is an excellent indicator of farm generated financial progress.
BALANCE SHEET ANALYSIS
81 Eastern Plateau Region Dairy Farms, 1991
Item Average My Farm
Financial Ratios - Farm:
Percent equity
Debt/asset ratio: total long-term intermediate/current
Change in Net Worth:
Without appreciation
With appreciation
Farm Debt Analysis:
Accounts payable as % of total debt
Long-term liabilities as a % of total debt
Current & inter. liab. as a % of total debt
Farm Debt Levels:
Per Tillable
Per Cow Acre Owned
Total farm debt $2,097
Long-term debt
Intermediate
962
& current debt 1,135
$1,281
588
694
70%
.30
.30
.29
$4,682
$17,188
- - - - _ %
$ - - - ­
$ - - - ­
3%
46%
54%
- - - _ %
- - - - _ %
- - - - _ %
Per Tillable
Per Cow Acre Owned
$ - $ - - - ­
Farm inventory balance is an accounting of the value of assets used on the balance sheet and the changes that occur from the beginning to end of year.
Changes in the livestock inventory are included in the dairy analysis. Net investment indicates whether the capital stock is being expanded (positive) or depleted (negative).
FARK INVENTORY BALANCE
81 Eastern Plateau Region Dairy Farms, 1991
Item
Value beg. of year
Purchases
Gift/inheritance
Lost capital
Sales
Depreciation
Net investment
Appreciation
Value end of year
Average of Region's Farms
Real Estate Machinery & Equipment
$11,890*
+ 1,771
2,591
2,130
6,508
$273,890
2,432
+ 6,498**
$282,820
+
$15,674
25
592
13,534
*$593 land and $11,297 buildings and/or depreciable improvements.
**Excludes $70 of appreciation on assets sold during the year.
$120,495
1,573
+ 5,426
$127,495
•

10
Cash Flow Statement
Completing an annual cash flow statement is an important step in understanding the sources and uses of funds for the business. Understanding last year's cash flow is the first step toward planning and managing cash flow for the current and future years.
The annual cash flow statement is 'structured to compare all the cash inflows including beginning balances with all the cash outflows including ending balances for the year. By definition, total cash inflows must equal total cash outflows when beginning and ending balances are included. Any imbalance is, therefore, the error from incorrect accounting of cash inflows and cash outflows. Whenever an imbalance exists, all other financial measures may also be in error.
ANNUAL CASH FLOW STATEMENT
81 Eastern Plateau Region Dairy Farms, 1991
My Farm Item
Cash Inflows
Beginning farm cash, checking & savings
Cash farm receipts
Sale of assets: Machinery
Real estate
Other stock & certificate
Money borrowed (intermediate & long-term)
Money borrowed (short-term)
Increase in operating debt
Nonfarm income
Cash from nonfarm capital used in the business
Money borrowed - nonfarm
Total
Cash Outflows
Cash farm expenses
Capital purchases: Expansion livestock
Machinery
Real estate
Other stock & certificate
Principal payments (intermediate & long-term)
Principal payments (short-term)
Decrease in operating debt
Personal withdrawals & family expenditures including nonfarm debt payments
Ending farm cash, checking & savings
Total
Imbalance (error)
Average
$ 5,810
226,674
592
2,111
5
31,110
1,966
311
4,401
4,940
278
$278,198
$187,555
3,084
15,674
11,890
10
23,993
3,236 o
27,349
5,961
$278,754
$-556
$ - - - ­
$ - - - ­
$ - - - ­
$ - - - ­
$ - - - ­
•

11
Repayment Analysis
A valuable use of cash flow analysis is to compare the debt payments planned for the last year with the amount actually paid. The measures listed below provide a number of different perspectives on the repayment performance of the business. However, the critical question to many farmers and lenders is whether planned payments can be made in 1992. The cash flow projection worksheet on the next page can be used to estimate repayment ability, which can then be compared to planned 1992 debt payments shown below.
FARM DEBT PAYMENTS PLANNED
Same 68 Eastern Plateau Region Dairy Farms, 1990 & 1991
Debt Payments
Average
1991 Payments
Planned Made
My Farm
Planned 1991 Payments
1992 Planned Made
Long-term $11,527 $13,212 $11,524
Intermediate-term 23,383 27,605 24,269
Short-term 2,667 3,805 1,809
Operating (net reduction) 1,821 0 567
Accounts payable
(net reduction) 443 0 40
Total $39,840 $44,622 $38,208
Per cow
Per cwt. 1991 milk
Percent of total
1991 receipts
Percent of 1991 milk receipts
$458
$2.53
16%
19%
$513
$2.83
18%
22%
Planned
1992
$ - - - $ - - - $ - - ­
$ - - - $ - - - $ - - ­
$ - - ­ $ - - ­
$ - - - $ - - ­
The cash flow coverage ratio measures the ability of the farm business to meet its planned debt payment schedule. The ratio shows the percentage of payments planned for 1991 (as of December 31, 1990) that could have been made with the amount available for debt service in 1991. Farmers who did not participate in DFBS in 1990 have their 1991 cash flow coverage ratio based on planned debt payments for 1992.
CASH FLOW COVERAGE RATIO
Same 68 Eastern Plateau Region Dairy Farms, 1990 & 1991
Item
Cash farm receipts
- Cash farm expenses
+ Interest paid
- Net personal withdrawals from farm**
(A) Amount Available for Debt Service
(B)
=
Debt Payments Planned for 1991
(as of December 31, 1990)
(A + B) - Cash Flow Coverage Ratio for 1991
Average
$232,400
190,474
15,732
24,369
$33,289
$39,840
.84
My Farm
$ - - - ­
$ - - - ­
$ - - - ­
**Personal withdrawals and family expenditures less nonfarm income and nonfarm money borrowed. If family withdrawals are excluded, or inaccurately included, the cash flow coverage ratio will be incorrect.
•

12
ANNUAL CASH FLOW WORKSHEET
Item
Regional
Average
(per cow)
85.3
My Farm
Total Per Cow
Average number of cows
Accrual Oper. Receipts
Milk
Dairy cattle
Dairy calves
Other livestock
Crops
Misc. receipts
Total
$2,356.51 $
241. 61
51.21
9.75
44.51
74.15
$2,777.74 $
_
$ - - ­
_
$ - ­
Accrual Oper. Expenses
Hired labor
Dairy grain &
Dairy roughage conc.
Nondairy feed
Mach. hire/rent/lease
Mach. rpr./parts & auto
Fuel, oil & grease
Replacement 1vstk.
Breeding
Vet & medicine
Milk marketing
Cattle lease
Other livestock exp.
Fertilizer & lime
Seeds & plants
Spray/other crop exp.
Land, b1dg.,fence repair
Taxes
Real estate rent/lease
Insurance
Utilities
Miscellaneous
Total Less Int. Paid
$262.06 $
700.80
11.54
2.66
22.36
142.63
69.25
12.91
40.40
52.63
140.60
2.40
111.84
76.05
33.39
35.21
36.31
82.74
60.73
53.85
82.91
32.30
$2,065.57
$
- - ­
Net Accrual Operating Income
(without interest paid)
Change in 1vstk./crop inv.*
Change in accts. rec.
+ Change in feed/supply inv.**
+ Change in accts. payab1e***
NET CASH FLOW
- Net personal withdrawals from farm (see footnote on pg. 12)
Available for Farm Debt
Payments & Investments
- Farm debt payments
Available for Farm Investment
- Capital purchases: cattle, machinery & improvements
Additional Capital Needed
(total)
$60,751 $
7,218
3,050
2,229
1,525
_
$54,237 $
- - - ­
22,670
$31,567 $
41,418
$-9,851 $
$30,658
$
*Inc1udes change in advance government receipts.
**Inc1udes change in prepaid expenses.
***Exc1udes change in interest account payable.
Expected 1992
Change Projection
$ - - - ­
$ - - - ­
$ - - - ­
$ - - - ­
$ - - - ­
$ - - - ­
$
$
$
•

13
Cropping Analysis
The cropping program is an important part of the dairy farm business and often represents opportunities for improved management. A complete evaluation of what the available land resources are, how they are being used, how well crops are producing, and what it costs to produce them is important to evaluating alternative cropping and feed purchasing alternatives.
LAND RESOURCES AND CROP PRODUCTION
81 Eastern Plateau Region Dairy Farms, 1991
Item Average My Farm
Land
Tillable
Nontillab1e
Other nonti11ab1e
Oats
Wheat
Idle
Total
Crop Yields
Hay crop
Corn silage
Other forage
Total forage
Corn grain
Other crops
Tillable pasture
Total Tillable Acres
Owned Rented Total
144
58
99
109
23
14
253
81
113
301 146 447
Farms Acres* Prod/Acre
80 146 2.42 tn DM
77 62 13.88 tn
4.88 tn DM
8
81
36
13
1
6
21
19
81
22
204
21
17
27
23
253
1. 21 tn DM
3.11 tn DM
70 118.54 bu
25 40.73 bu
48.10 bu
Owned
- - ­
- - ­
Rented
Acres
Total
Prod/Acre tn DM tn tn DM tn DM tn DM bu bu bu
*This column represents the average acreage for the farms producing that crop. Average acreages including those farms not producing were hay crop
144, corn silage 59, corn grain 31, oats 4, tillable pasture 7, and idle 5.
Average crop acres and yields compiled for the region are for the farms reporting each crop. Yields of forage crops have been converted to tons of dry matter using dry matter coefficients reported by the farmers. Grain production has been converted to bushels of dry grain equivalent based on dry matter information provided.
The following crop/dairy ratios indicate the relationship between forage production, forage production resources, and the dairy herd.
CROP/DAIRY RATIOS
81 Eastern Plateau Region Dairy Farms, 1991
Item
Total tillable acres per cow
Total forage acres per cow
Harvested forage dry matter, tons per cow
Average
2.97
2.40
7.45
My Farm
•

14
Cropping Analysis (continued)
A number of cooperators have allocated crop expenses among the hay crop, corn, and other crops produced. Fertilizer and lime, seeds and plants, and spray and other crop expenses have been computed per acre and per production unit for hay and corn. Additional expense items such as fuels, labor, and machinery repairs are not included.
CROP RELATED ACCRUAL EXPENSES
Eastern Plateau Region Dairy Farms, 1991
Item
Total
Per
Till.
Acre
Per
Hay Crop
Acre
Per
Ton OM
All
Corn
Per
Acre
Corn
Silage
Per Ton
OM
Corn
Grain
Per Dry
Shell Bu.
Number of farms reporting
Average number
81 17 of acres
Fertilizer
Seeds
& lime
& plants
253
$25.64
11.26
$21. 27
8.14
161
$8.36
3.20
Spray & other crop expense 11.87 4.95 1. 95
Total $48.77 $34.36 $13.51
My Farm:
Fertilizer
Seeds &
& lime $
- - $ - $ - plants
Spray & other crop expense
Total
$ - -
$
- - $ - -
17
136
$34.01 $7.06
23.32 4.84
29.99
- - -
$87.32 $18.13
$ - -
$ - -
$
- - -
- - -
$ - -
$.31
.21
.28
$.80
$ - ­
$
- - ­
Most machinery costs are associated with crop production and should be analyzed with the crop enterprise. Total machinery expenses include the major fixed costs (interest and depreciation), as well as the accrual operating costs. Although machinery costs have not been allocated to individual crops, they are shown below per total tillable acre.
Machinery
Expense Item
ACCRUAL MACHINERY EXPENSES
81 Eastern Plateau Region Dairy Farms, 1991
Total
Average
Expenses
Per Til.
Acre
My Farm
Total
Expenses
Per Til.
Acre
Fuel, oil & grease
Machinery repairs & parts
Machine hire, rent & lease
Auto expense (farm share)
Interest (5%)
Depreciation
Total
$5,907
11,326
1,908
840
6,200
13,534
$39,714
$23.35
44.77
7.54
3.32
24.50
53.49
$156.97
$ - - -
$ - - - -
$ - - ­
$ - - - ­
•

15
Dairy Analysis
Analysis of the dairy enterprise can reveal a great deal about the strengths and weaknesses of the dairy farm business. Information on this page should be used in conjunction with DHI and other dairy production information. Changes in dairy herd size and market values that occur during the year are identified in the table below. The change in inventory value without appreciation is attributed to physical changes in herd size and quality. Any change in inventory is included as an accrual farm receipt when calculating all of the profitability measures on pages 6 and 7.
Item
DAIRY HERD INVENTORY
81 Eastern Plateau Region Dairy Farms, 1991
Dairy Cows
No. Value
Bred
Heifers
Open Calves
No. Value No. Value No. Value
$89,886
3,487
366
$93,739
25
23
$20,212
-89
354
$20,477
23
23
$11,903
896
-100
$12,699
21
22
$5,866
823
-20
$6,669
Beg. year (owned)
+ Change w/o apprec.
+ Appreciation
End year (owned)
End incl. leased
Average number
My Farm:
Beg. of year (owned)
+ Change w/o apprec.
+ Appreciation
End of year (owned)
End including leased
Average number
85
88
88
85
$ - -
$ - -
68 (all age groups)
$
$
- - $ - ­
$ - -
(all age groups)
$
$
- - ­
Total milk sold and milk sold per cow are extremely valuable measures of size and productivity, respectively, on the dairy farm. These measures of milk output are based on pounds of milk marketed during the year. Farm managers on DHI should compare milk sold per cow with their rolling herd average on the test date nearest December 31 to see how close the DHI estimate of milk produced is to actual milk sales.
MILK PRODUCTION
81 Eastern Plateau Region Dairy Farms, 1991
Item
Total milk sold, lbs.
Milk sold per cow, lbs.
Average milk plant test, percent butterfat
Average
1,545,579
18,120
3.69
My Farm

16
The cost of producing milk has been compiled using the whole farm method and is featured in the following table. Accrual receipts from milk sales can be compared with the accrual costs of producing milk per cow and per hundredweight of milk. Using the whole farm method, operating costs of producing milk are estimated by deducting nonmilk accrual receipts from total accrual operating expenses including expansion livestock purchased. Total costs of producing milk include the operating costs of producing milk plus depreciation on machinery and buildings, the value of unpaid family labor, the value of operators' labor and management, and the interest charge for using equity capital. Total costs without operator's labor, management, and capital are the operating costs plus depreciation and unpaid family labor.
ACCRUAL RECEIPTS FROM DAIRY AND COST OF PRODUCING MILK
81 Eastern Plateau Region Dairy Farms, 1991
The accrual operating expenses most commonly associated with the dairy enterprise are listed in the table below. Evaluating these costs per unit of production enables an evaluation of the dairy enterprise.
DAIRY RELATED ACCRUAL EXPENSES
81 Eastern Plateau Region Dairy Farms. 1991
Item Per Cow
Average
Per Cwt. Per Cow
My Farm
Per Cwt.
Purchased dairy grain
& concentrates
Purchased dairy roughage
Total Purchased
Dairy Feed
Purchased grain & conc. as % of milk receipts
Purchased feed & crop expo
Purchased feed & crop expo as % of milk receipts
Breeding
Veterinary & medicine
Milk marketing
Cattle lease
Other livestock expense
$701
12
$712
$857
$40
53
141
2
112
30%
36%
$3.87
.06
$3.93
$4.73
$.22
.29
.78
.01
.62
$
$
$
$
$
$
%
$
%
$
-

17
Capital and Labor Efficiency Analysis
Capital efficiency factors measure how intensively the capital is being used in the farm business. Measures of labor efficiency are key indicators of management's success in generating products per unit of labor input.
Item
Farm capital
Real estate
Machinery &
CAPITAL EFFICIENCY
81 Eastern Plateau Region Dairy Farms, 1991
Per
Yorker
Per
Cow
Per Tillable Per Tillable
Acre Acre Owned equipment
Capital turnover, years
$210,914
43,039
2.45
$7,163
3,263
1,462
$2,415
493
$4,243
1,933
My Farm:
Farm capital
Real estate
Machinery & equipment
Capital turnover, years
$ $
$ - - - ­ $ - - ­
Labor Force
Operator number 1
Operator number 2
Operator number 3
Family paid
Family unpaid
Hired
Total
LABOR FORCE INVENTORY AND ANALYSIS
81 Eastern Plateau Region Dairy Farms, 1991
Months Age
Years of Educ.
My Farm: Total
Operator's
11.65
3.43
.72
4.69
2.91
11.37
43
40
45
34.78 + 12 - 2.90
+
+
12
12
-
1. 32
14
14
14
Value of
Labor & Mgmt.
$21,637
5,745
1,383
Yorker Equivalent
Operator/Manager Equiv.
Yorker Equivalent
Operator/Manager Equiv.
Labor
Efficiency
Cows, average number
Milk sold, pounds
Tillable acres
York units
Total
Average
Per Yorker
85
1,545,579
253
892
29
533,550
87
308
Total
My Farm
Per Yorker
Labor Costs
Average
Per Per
Total Cow Til. Acre Total
Value of operator(s) labor ($l,300/mo.) $20,527
Family unpaid
($l,300/mo.)
Hired
3,783
22,354
Total Labor
Machinery Cost
Total Labor & Mach.
$46,664
$39,714
$86,378
$241 $81.13 $
44
262
14.95
88.36
$547 $184.44 $
$466 $156.97 $
$1,013 $341.41 $
$
$
$
$
My Farm
Per
Cow
Per
Til. Acre
$
$
$
$
'<

18
COMPARATIVE ANALYSIS OF THE FARM BUSINESS
Progress of the Farm Business
Comparing your business with average data from regional DFBS coopera­ tors that participated in both of the last two years is one part of a business checkup. It is equally important for you to determine the progress your business has made over the past two or three years and to set targets or goals for the future.
PROGRESS OF THE FARM BUSINESS
Same 68 Eastern Plateau Region Dairy Farms, 1990 & 1991
Selected Factors
Average of 68
1990
Farms*
1991
Size of Business
Average number of cows
Average number of heifers
Milk sold, lbs.
Worker equivalent
Total tillable acres
84
69
1,474,543
2.89
256
87
69
1,577 ,534
2.89
257
Rates of Production
Milk sold per cow, lbs.
Hay DM per acre, tons
Corn silage per acre, tons
17,462
2.67
15
18,169
2.44
14
Labor Efficiency
Cows per worker
Milk sold/worker, lbs.
29
510,859
30
546,427
Cost Control
Grain & cone. purchased as % of milk sales
Dairy feed & crop expo per cwt. milk
Labor & mach. costs/cow
28%
$5.36
$1,049
30%
$4.77
$1,009
$
$
1990
%
$
$
My Farm
1991
%
$
$
Goal
%
Capital Efficiency**
Farm capital per cow
Mach. & equip. per cow
Capital turnover, years
$6,798
$1,373
2.16
$7,057
$1,469
2.39
$
$
$
$
$
$
Profitability
Net farm inc. w/o apprec.
Net farm inc. w/apprec.
Labor & mgt. income per oper./manager
Rate of return on eq. capital w/apprec.
Rate of return on all capital w/apprec.
Financial Summary
Farm net worth, end year
Debt to asset ratio
Farm debt per cow
$36,391
$41,886
$9,928
3%
5%
$25,234
$37,770
$
$
$316 $
1%
3%
$402,311
.32
$2,183
$431,613
.31
$
$2,156 $
*Farms participating both years.
%
%
$
$
$
$
$
**Average for the year.
%
$
%
$
$
$
$
%
%

19
Regional Farm Business Chart
The Farm Business Chart is a tool which can be used in analyzing your business. Compare your business by drawing a line through or near the figure in each column which represents your current level of performance. The five figures in each column represent the average of each 20 percent or quinti1e of farms included in the regional summary.
FARM BUSINESS CHART FOR FARM MANAGEMENT COOPERATORS
81 Eastern Plateau Region Dairy Farms. 1991
Size of Business
Worker No. Pounds
Equiv­ of alent Cows
(10)*
5.2
3.3
2.5
2.0
1.4
(10)
Milk
Sold
(10)
Rates of Production Labor Efficiency
Pounds
Milk Sold Hay Crop Silage
Per Cow
Tons
DM/Acre
Tons Corn
Per Acre
Cows
Per
Pounds
Milk Sold
Worker Per Worker
(9) (8) (8) (10) (10)
166 3.046,275 21,313
92 1,735,473 18,989
70 1.275.104 17,863
54 910,571 16,750
40 666,680 14,357
3.8
2.9
2.4
1.9
1.5
20
17
15
13
9
39
32
28
26
21
712,386
589,878
514,273
445,021
347,169
Grain
Bought
Per Cow
(9)
$454
579
682
780
921
% Grain is of Milk
Receipts
(9)
20%
26
30
33
41
Machinery
Costs
Per Cow
Cost Control
Labor &
Machinery
Costs Per Cow
(10) (10)
Feed & Crop
Expenses
Feed & Crop
Expenses Per
Per Cow Cwt. Milk
(9) (9)
$263
380
446
505
673
$727
889
996
1,093
1.337
$604
746
824
910
1,075
$3.56
4.14
4.50
5.06
6.20
Value and Cost of Production Profitability
Milk Oper. Cost Total Cost Net Farm Net Farm
Receipts Milk Production Income Inc. w/o
Labor & Change in
Mgt. Inc. Net Worth
Per Cow Per Cwt. Per Cwt. w/Apprec. Apprec. Per Oper. w/Apprec.
(9) (9) (9) ( 3) (3) (3) (5)
$2.787
2.471
2,298
2,163
1,820
$7.59
9.10
9.95
10.94
12.44
$12.73
14.08
14.91
15.95
19.14
$76,418
49,449
31,585
17,914
-2,878
$63,109
34,333
21,708
9,266
-18,409
$26,837
11,034
-869
-8,622
-42,474
$66,852
23,046
9,564
116
-16,744
*Page number of the participant's DFBS where the factor is located.

20
New York State Farm Business Chart
The Farm Business Chart is a tool which can be used in analyzing your business. Compare your business by drawing a line through or near the figure in each column which represents your current level of performance. The figure at the top of each column is the average of the top 10 percent of the 395 farms for that factor. The other figures in each column are the average for the second 10 percent, third 10 percent, etc. Each column of the chart is independent of the others. The farms which are in the top 10 percent for one factor would not nec­ essarily be the same farms which make up the top 10 percent for any other factor.
The cost control factors are ranked from low to high, but the lowest cost is not necessarily the most profitable. In some cases, the "best" management position is somewhere near the middle or average. Many things affect the level of costs, and must be taken into account when analyzing the factors.
FARM BUSINESS CHART FOR FARM MANAGEMENT COOPERATORS
395 New York Dairy Farms, 1990
Size of Business
Worker No. Pounds
Equiv­ alent
(10)*
8.7 of
Cows
(10)
349
Milk
Sold
(10)
4.7
3.9
157
6,643,712
2,871,316
2,089,248
3.3
3.0
118
98
81
1,691,784
1,417,006
2.6
2.3
2.1
1.8
1.3
70
60
53
46
35
1,151,117
968,206
837,604
693,783
507,451
Rates of Production
Pounds Tons Tons Corn
Milk Sold Hay Crop Silage
Per Cow
Per Acre
(9)
21,193
19,629
18,650
17 ,988
17,422
(8)
4.5
3.6
3.2
3.0
2.8
(8)
20
18
17
16
15
16,875
16,322
15,455
14,054
11,686
2.5
2.3
2.0
1.8
1.3
14
13
12
11
8
Labor Efficiency
Cows Pounds
Per Milk Sold
Worker Per Worker
(10)
48
(10)
870,895
40
35
32
30
691,021
615,415
561,437
510,328
28
26
24
22
17
463,936
429,166
387,958
339,968
240,302
Cost Control
Grain
Bought
% Grain is Machinery of Milk Costs
Labor &
Machinery
Feed & Crop
Expenses
Feed & Crop
Expenses Per
Per Cow
(9)
$ 366
476
Receipts
(9)
15%
20
Per Cow
(10)
$265
351
Costs Per Cow
(10)
$ 692
823
Per Cow
(9)
$ 517
645
Cwt. Milk
(9)
$3.40
4.13
542
611
667
23
25
27
390
429
466
901
945
999
721
781
833
4.46
4.74
4.97
--------------------------------------------------------------------------------
719
770
827
899
1,058
29
31
32
35
40
496
530
575
638
807
1,058
1,109
1,173
1,273
1,474
891
949
1,014
1,099
1,279
5.26
5.52
5.80
6.24
7.11
*Page number of the participant's DFBS where the factor is located.

Milk
Receipts
Per Cow
(9)
$3,201
2,966
2,806
2,669
2,589
2,496
2,390
2,262
2,064
1,721
21
Milk
Receipts
Per Cwt.
(9)
$16.32
15.63
15.27
14.98
14.83
14.69
14.57
14.44
14.23
13.59
FARM BUSINESS CHART FOR FARM
MANAGEMENT COOPERATORS
395 New York Dairy Farms, 1990
Oper. Cost Oper. Cost
Milk Milk
Per Cow Per Cwt.
(9) (9)
$1,112
1,425
1,547
1,668
1,791
$ 7.19
8.96
9.65
10.15
10.68
1,922
2,036
2,151
2,281
2,593
11.20
11.69
12.29
13.14
14.90
Total Cost
Production
Per Cow
(9)
$1,997
2,311
2,461
2,594
2,710
2,802
2,921
3,041
3,196
3,651
Total Cost
Production
Per Cwt.
(9)
$12.78
14.06
14.77
15.32
15.80
16.29
16.99
17.69
19.04
22.69
Profitability
Net Farm Income
With Without
Return to Operator's Labor,
Management,
With
& Equity Capital
Without
Management Income
Per
Appreciation Appreciation Appreciation Appreciation Farm
Labor &
Per
Operator
(3)
$231,926
91,230
66,354
50,670
42,626
(3)
$190,057
81,401
56,580
44,618
34,580
(3)
$230,419
89,849
61,893
47,120
38,335
(3)
40,525
31,926
(3)
20,689
14,330
(3)
$188,587 $130,403 $96,579
79,191 47,621 31,927
52,316 29,650 21,508
15,542
10,878
33,267
25,805
19,089
11,588
-11,058
28,118
20,654
13,852
6,798
- 9,971
29,721
21,927
14,945
6,513
-14,637
24,485
16,616
10,124
1,732
-14,241
7,592
1,361
6,034
1,060
-5,365 -4,331
-15,640 -13,572
-34,015 -30,508
Farm Business Charts for farms with freesta11 barns and 120 cows or less and more than 120 cows, and farms with conventional barns with 60 cows or less and more than 60 cows are shown on pages 25-28.
Financial Analysis Chart
The farm financial analysis chart on page 22 is designed just like the
Farm Business Chart and may be used to assess the financial health of the farm business. Most of the financial measures used in the chart are defined on pages
6, 9, 11, and 17 of this publication. References to DFBS output page numbers for participating dairy farmers are provided in the table headings.
-

22
Debt
Payments
Per Cow
(7)*
$ 59
181
253
341
400
454
501
560
642
899
Available for
Debt Service
Per Cow
(11)
$932
742
663
582
513
452
395
315
207
-196
FINANCIAL ANALYSIS CHART
395 New York Dairy Farms, 1990
Liquidity (repayment)
Cash Flow
Coverage
Ratio
(7)
5.22
2.11
1. 59
1. 30
1.15
1.01
0.85
0.69
0.43
-0.23
Debt Payments as Percent of Milk Sales
(7)
4%
8
11
14
16
18
20
22
25
37
Leverage
Ratio**
0.02
0.11
0.21
0.33
0.43
0.55
0.72
0.93
1.22
2.40
Debt/Asset Ratio
Percent Current & Long
Equity
(5)
98
90
82
75
69
64
58
51
45
32
Solvency
Intermediate
(5)
0.01
0.06
0.12
0.19
0.25
0.31
0.37
0.44
0.53
0.73
Term
(5)
0.00
0.00
0.07
0.18
0.27
0.39
0.50
0.61
0.74
1.00
Profitability
Percent Rate of Return with appreciation on:
Equity Investment***
(3)
21%
11
8
5
(3)
16%
10
8
6
3
1
-1
-3
-7
-23
5
4
3
1
-2
-7
Capital
Turnover
(years)
(10)
1. 38
1.68
1.84
2.03
2.18
2.34
2.50
2.70
3.08
4.27
Per Cow
Efficiency (Capital)
Real Estate
Investment
Machinery
Investment
Per Cow
(10) (10)
$1,390
1,972
2,262
2,594
2,865
3,125
3,504
4,037
4,705
6,762
$ 596
817
940
1,050
1,194
1,318
1,472
1,658
1,946
2,646
Total Farm
Assets
Per Cow
(10)
$ 4,264
5,087
5,667
6,103
6,482
6,869
7,340
7,990
8,937
11,419
Change in
Net Worth w/Appreciation
(5)
$110,353
53,680
33,094
22,571
15,798
10,557
3,939
-3,080
-11,458
-47,167
*Page number of the participant's DFBS where the factor is located.
**Do11ars of debt per dollar of equity, computed by dividing total liabilities by total equity.
***Return on all farm capital (no deduction for interest paid) divided by total farm assets.
Debt
Per Cow
(5)
$ 119
680
1,210
1,632
2,025
2,386
2,735
3,178
3,737
4,726
-

23
Comparisons by Type of Barn and Herd Size
When analyzing a dairy farm business by comparing it to a group of farms, it is important that the group of farms used has as many of the same physical characteristics as possible as the farm being analyzed. To assist in this endeavor, dairy farms in the 1990 State Summary* have been divided into those with freestall and those with conventional housing. Within each group is a further classification by size of the dairy herd.
The table on page 24 shows the average values for the resulting four groups of dairy farms. Within each housing type, the larger herd size has the highest crop yields and pounds of milk sold per cow. The total cost of producing milk was lower on the larger farms and labor efficiency greater.
Profitability was also greater on the larger farms within each housing type.
Farm business charts have been computed for each of the four housing and herd size categories. References to DFBS output page numbers for participating dairy farmers are provided in the table headings. From these charts on pages
25-28, the range in size of business, rates of production, labor efficiency, value and cost of producing milk, and profitability can be observed. The range in every category of business performance is tremendous.
By comparing the farm's performance on the most appropriate business chart, a farm manager will be better able to evaluate his or her business performance. Farm managers should remember, however, that their competition is not limited to the other farms in their own barn type and herd size category.
They should observe how their management performance compares with farms in other categories as well.
Herd Size Comparisons
A detailed comparison of profitability, financial situation, and business analysis factors across herd sizes is contained on pages 36-43 of the 1990 State
Summary*. As herd size increases, the average profitability also increases
(pages 36-37). Net farm income without appreciation was $227,064 per farm for the 300 or more herd size group and $10,520 per farm for those with less than 40 cows. This relationship generally holds for all measures of profitability including rate of return on capital.
Farm net worth increases rapidly as herd size increases (pages 38-41), but percent equity and debt/asset ratios do not show a significant variation between size groups. Debt payments per cow were lowest for the moderate size herd groups and they demonstrated a strong ability to make debt payments.
Crop yields generally increased as herd size increased, but fertilizer and lime expenses, and machinery cost per tillable acre also increased (pages 42­
43). Milk sold per cow increased as herd size increased, ranging from 15,372 pounds on the farms with less than 40 cows to 19,199 pounds on farms with 300 or more cows. Farm capital per worker generally increased, and farm capital per cow decreased as herd size increased. Milk sold per worker increased dramatically as herd size increased, ranging from 304,000 pounds at the lowest herd size category up to 872,000 pounds at the largest size cateogry.
*Smith, Stuart F., Wayne A. Knoblauch, and Linda D. Putnam, Dairy Farm
Management Business Summary, New York, 1990, Department of Agricultural
Economics, Cornell University, A.E. Res. 91-5, August 1991.

24
SELECTED BUSINESS FACTORS BY TYPE OF BARN
AND HERD SIZE
364 New York Dairy Farms, 1990
Farms with:
Item
Number of farms
Conventional
<60 Cows >60 Cows
127 97
Freestall
<120 Cows >120 Cows
60 80
Cropping Program Analysis
Total Tillable acres
Tillable acres rented*
Hay crop acres*
Corn silage acres*
Hay crop, tons DM/acre
Corn silage, tons/acre
Oats, bushels/acre
Forage DM per cow, tons
Tillable acres/cow
Fert. & lime exp./til. acre
Total machinery costs
Machinery cost/tillable acre
162
50
105
28
2.3
13.2
55.8
7.9
3.5
$19.38
$22,362
$138
287
105
168
57
2.6
14.2
58.1
8.2
3.3
$27.87
$42,595
$148
287
115
156
65
2.5
15.3
61.4
8.6
3.4
$25.81
$44,486
$155
647
249
258
213
2.9
14.5
57.2
7.3
2.7
$33.56
$113,711
$176
Dairy Analysis
Number of cows 47 87
Number of heifers
Milk sold, lbs. 741,903 1,461,585
Milk sold/cow, lbs. 15,959
Operating cost of prod. milk/cwt. $10.62
Total cost of prod. milk/cwt.
37
$17.45
73
16,860
$11.12
$16.12
Price/cwt. milk sold $14.70 $14.90
Purchased dairy feed/cow $693 $719
Purchased dairy feed/cwt. milk
Pure. grain
Pure. feed
& cone. as % milk rec.
& crop exp./cwt. milk
$4.34
28%
$5.13
$4.27
28%
$5.22
Capital Efficiency
Farm capital/worker
Farm capital/cow
Farm capital/til. acre owned
Real estate/cow
Machinery investment/cow
Capital turnover, years
$172 ,643
$7,444
$3,090
$3,790
$1,444
2.58
$199,664
$6,914
$3,294
$3,195
$1,346
2.33
Labor Efficiency
Worker equivalent
Operator/manager equivalent
Milk sold/worker, lbs.
Cows/worker
Work units/worker
Labor cost/cow
Labor cost/tillable acre
2.00
1. 21
370,048
23
248
$589
$169
3.00
1. 38
486,820
29
309
$512
$155
Profitability & Balance Sheet Analysis
Net farm income (w/o apprec.)
Labor & mgmt. income/operator
Farm debt/cow
Percent equity
$18,620
$2,279
$2,426
67%
$35,416
$8,017
$2,093
70%
*Average of all farms, not only those reporting data.
85
69
1,451,384
17,015
$11.04
$16.13
$14.95
$695
$4.09
26%
$5.08
243
196
4,558,311
18,739
$11. 22
$14.56
$15.00
$813
$4.34
28%
$5.28
$204,685
$6,834
$3,389
$3,016
$1,463
2.29
2.85
1. 37
509,605
30
321
$510
$152
$35,472
$8,594
$2,194
68%
$234,105
$6,066
$3,706
$2,660
$1,053
1.81
6.30
1.63
723,398
39
400
$550
$207
$115,054
$39,642
$2,231
64%
-

25
FARM BUSINESS CHART FOR SMALL CONVENTIONAL STALL DAIRY FARMS
127 Conventional Stall Dairy Farms with 60 or Less Cows, New York, 1990
Size of Business
Worker No. Pounds
Equivalent
(10)* of
Cows
(10)
Milk
Sold
(10)
Rates of Production
Pounds Tons Tons Corn
Labor Efficiency
Cows Pounds
Milk Sold Hay Crop
Per Cow
(9)
OM/Acre
(8)
Silage
Per Acre
(8)
Per Milk Sold
Worker Per Worker
(10) (10)
3.2
2.6
59 1,063,570 19,694
57 956,623 18,135
3.9
3.2
20
17
38
30
601,872
514,801
2.4
2.1
2.0
54
51
49
886,369
821,538
757,836
17,515
17,016
16,617
3.0
2.7
2.5
16
15
13
28
26
25
465,011
431,581
394,554
1.9
1.7
1.5
1.3
1.1
45
42
40
36
28
707,062
658,951
608,772
536,080
367,339
16,066
15,340
14,202
13,081
10,584
2.3
2.0
1.8
1.6
1.0
12
12
10
10
7
23
22
20
18
14
368,897
341,474
298,433
260,744
196,088
Grain
Bought
Per Cow
(9)
$ 360
476
527
577
632
698
737
781
827
1,007
% Grain is of Milk
Receipts
(9)
16%
22
24
26
28
29
31
33
37
41
Machinery
Costs
Per Cow
(10)
$221
317
359
391
455
Cost Control
Labor &
Machinery
Costs Per Cow
(10)
$ 683
829
917
962
1,022
490
516
556
619
848
1,077
1,138
1,219
1,320
1,596
Feed & Crop Feed & Crop
Expenses Expenses Per
Per Cow
(9)
$ 475
608
684
722
762
Cwt. Milk
(9)
$3.42
4.11
4.45
4.71
4.92
817
873
934
1,013
1,247
5.17
5.38
5.72
6.19
7.23
Value and Cost of Production
Milk
Receipts
Per Cow Per Cwt. Per Cwt.
Profitability
Oper. Cost Total Cost Net Farm Income
Milk Production With Without
Labor &.
Mgmt. Inc.
Change in
Net Worth
Apprec. Apprec. Per Oper. w/Apprec.
(9)
$2,982
2,729
(9)
$ 6.69
8.42
(9)
$13.63
14.78
(3) (3)
$72,739 $48,969
44,695 35,933
(3)
$25,562
17,760
(5)
$42,873
22,785
2,604 9.10 15.38 36,555 29,744 13,303 16,110
2,490 9.60 16.04 29,556 25,100 8,783 12,312
2,408
2,224
10.10
2,337 10.77 17.50 21,881 15,365 339 3,309
11.45
16.81
18.18
25,909
17,294
19,976
10,762
4,369
-2,731
6,962
247
2,073
1,877
1,522
11. 98
12.74
15.51
19.28
20.39
26.07
12,480 6,635
5,188 2,872
-14,724 -12,754
-7,250
-16,427
-32,617
-4,426
-11,086
-36,059
*Page number of the participant's DFBS where the factor is located.

26
97
Conventional Stall Dairy Farms with More Than 60 Cows, New York, 1990
Size of Business
Worker
(10)*
5.1
No. of
Cows
Pounds
Milk
Sold
(10) (10)
149 2,584,859
Rates of Production
Pounds Tons Tons Corn
Milk Sold Hay Crop Silage
Labor Efficiency
Cows Pounds
Equivalent Per Cow
(9)
20,718
DM/Acre Per Acre
(8) (8)
4.3 20
Per
Worker
(10)
44
Milk Sold
Per Worker
(10)
760,541
4.0
3.4
3.1
2.9
106
96
86
80
1,875,410
1,629,899
1,517,394
1,403,263
19,377
18,581
18,068
17,315
3.5
3.1
2.9
2.6
18
17
16
15
37
33
31
30
637,992
576,615
541,546
486,292
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2.6
2.5
2.4
2.1
1.7
76
71
68
66
63
1,328,227
1,219,172
1,101,764
988,499
819,905
16,794
16,108
14,940
13,591
11,401
2.4
2.2
2.1
1.8
1.5
14
12
12
11
8
28
26
25
23
19
456,646
426,507
404,925
375,631
297,511
Grain
Bought
Per Cow
(9)
$ 373
442
506
579
649
700
774
842
919
1,086
% Grain is of Milk
Receipts
(9)
16%
19
23
24
26
28
31
33
35
40
Machinery
Costs
Per Cow
(10)
$298
368
393
421
456
485
531
585
640
742
Cost Control
Labor &
Machinery
Costs Per Cow
(10)
$ 720
812
864
913
954
994
1,079
1,137
1,216
1,362
Feed & Crop
Expenses
Per Cow
(9)
$ 493
598
695
759
826
886
936
1,011
1,087
1,279
Feed & Crop
Expenses Per
Cwt. Milk
(9)
$3.38
4.08
4.39
4.69
4.89
5.24
5.43
5.72
6.14
7.14
Value and Cost of Production
Milk
Receipts
Per Cow Per Cwt.
Profitability
Oper. Cost Total Cost
Milk
Net Farm Income
Production With Without
Labor &.
Mgmt. Inc.
Change in
Net Worth
Per Cwt. Apprec. Apprec. Per Oper. w/Apprec.
(9)
$3,162
2,902
(9)
$ 7.30
9.22
(9)
$13.04
14.11
(3) (3)
$106,960 $91,167
72 ,165 61,082
(3)
$46,704
27 ,104
(5)
$77 , 975
39,645
2,744
2,651
9.91
10.20
14.94
15.55
54,447
48,672
49,457
43,537
19,419
13,118
29,725
23,556
2,576 10.59 15.93 43,293 34,340 9,424 17,338
........
------------------------------------------------------------------­
2,478
2,362
2,205
2,025
1,730
11.13
11.69
12.34
13.24
14.19
16.38
16.82
17.30
18.04
20.13
36,204
25,594
18,611
12,273
-4,728
27,752
21,420
14,713
9,758
-5,646
4,553
380
-5,082
-13,809
-23,429
12,420
5,334
-2,665
-11,179
-47,564
*Page number of the participant's DFBS where the factor is located.
,
•
-
..

27
FARM BUSINESS CHART FOR SMALL FREESTALL DAIRY FARMS
60 Freesta11 Barn Dairy Farms with 120 or Less Cows, New York, 1990
Size of Business
Worker No. Pounds
Equivalent of
Cows
Milk
Sold
(10)*
4.3
3.8
(10)
116
109
(10)
2,158,034
1,944,413
103 1,846,013 3.5
3.1
2.9
97 1,696,622
Rates of Production
Pounds
Per Cow
(9)
20,788
19,249
18,571
17,923
90 1,536,651 17,237
Tons Tons Corn
Milk Sold Hay Crop Silage
DM/Acre
(8)
4.6
3.6
3.3
3.0
2.8
Per Acre
(8)
21
19
17
16
15
Labor Efficiency
Cows Pounds
Per Milk Sold
Worker Per Worker
(10)
48
40
36
33
31
(10)
828,578
676,371
605,256
578,887
547,092
2.7
2.5
2.2
1.9
1.4
80 1,343,093 16,615
77 1,213,815 16,147
67 1,049,918 15,476
56
46
881,600
632,120
13,672
12,126
2.5
2.1
1.9
1.6
1.0
15
14
14
13
9
29
27
25
23
18
501,972
456,111
410,748
354,502
253,915
Cost Control
Grain
Bought
Per Cow
(9)
$ 286
426
520
606
666
% Grain is Machinery of Milk Costs
Receipts Per Cow
(9)
11%
18
21
25
27
(10)
$270
331
393
440
464
Labor
(10)
$ 653
802
885
933
970
&
Machinery
Costs Per Cow
Feed & Crop Feed & Crop
Expenses
Per Cow
(9)
$ 512
620
665
767
838
Expenses Per
Cwt. Milk
(9)
$3.01
3.77
4.40
4.76
5.12
704
764
840
906
1,006
28
31
33
34
39
496
567
614
686
877
1,046
1,092
1,153
1,267
1,481
921
969
1,041
1,091
1,219
5.52
5.65
5.85
6.34
7.12
Value and Cost of Production
Milk
Receipts
Per Cow
Oper. Cost
Milk
Per Cwt.
Total Cost Net Farm Income
Production With
Labor &. Change in
Without Mgmt. Inc. Net Worth
Per Cwt.
Profi tab il ity
Apprec. Apprec. Per Oper. w/Apprec.
(9)
$1,854
2,012
(9)
$ 7.95
9.22
9.65
(9)
$12.98
14.11
14.91
(3) (3)
$101,819 $96,206
79,708
69,020
70,840
56,741
(3)
$44,877
27,364
19,085
(5)
$75,638
48,824
33,368 2,295
2,435
2,509
10.09
10.72
15.41
15.85
59,252
41,880
48,026
36,075
13 ,408
10,018
23,325
15,763
2,588
2,667
2,759
2,898
3,100
11. 21
11.78
12.71
13.84
15.22
16.19
16.95
17.81
19.65
22.15
31,702
23,015
16,564
5,105
27,444
15,348
10,333
-2,985
-18,572 -12,043
6,031
433
-9,174
-18,460
-26,264
10,534
1,011
-7,476
-19,705
-77 ,443
*Page number of the participant's DFBS where the factor is located.

28
FARM BUSINESS CHART FOR LARGE FREESTALL DAIRY FARMS
80 Freesta11 Barn Dairy Farms with More Than 120 Cows, New York, 1990
Worker
Equiv­ alent
(10)*
14.7
7.9
7.0
6.0
5.5
Size of Business
No. of
Cows
Pounds
Milk
Sold
Rates of Production
Pounds
Labor Efficiency
Tons Tons Corn Cows Pounds
Milk Sold Hay Crop Silage
Per Cow DM/Acre Per Acre
Per
Worker
Milk Sold
Per Worker
(10) (10)
665 12,936,108
(9)
21,844
338 6,399,112
257 4,683,440
205 3,760,735
20,930
20,025
19,243
181 3,413,110 18,723
(8)
4.7
4.0
3.5
3.2
3.0
(8)
19
18
17
16
16
(10)
57
44
42
40
38
(10)
1,002,686
866,986
793,600
734,560
694,646
5.1
4.5
4.0
3.8
3.1
169 3,070,859
156 2,884,946
142 2,714,383
130 2,432,639
122 1,908,456
18,168
17,731
17,106
16,404
14,467
2.8
2.6
2.3
2.1
1.5
15
14
13
12
9
36
34
32
30
25
659,232
627,685
587,006
530,645
428,608
Grain
Bought
Per Cow
(9)
$ 416
550
632
689
738
783
826
857
926
1,078
% Grain is Machinery of Milk Costs
Receipts
(9)
15%
19
23
25
26
Per Cow
(10)
$287
368
405
441
480
29
30
32
34
40
506
535
555
609
748
Cost Control
Labor &
Machinery
Costs Per Cow
(10)
$ 670
839
919
975
1,025
1,054
1,089
1,162
1,217
1,354
Feed & Crop
Expenses
Per Cow
Feed & Crop
Expenses Per
Cwt. Milk
(9)
$ 655
785
829
888
941
(9)
$3.48
4.17
4.50
4.84
5.10
979
1,019
1,085
1,160
1,293
5.44
5.64
6.01
6.32
7.01
Value and Cost of Production
Milk
Receipts
Profitability
Oper. Cost
Milk
Total Cost
Production
Net Farm Income
With
Labor &. Change in
Without Mgmt. Inc. Net Worth
Per Cow
(9)
$3,303
3,107
3,016
2,927
2,843
Per Cwt.
(9)
$ 6.85
9.20
10.18
10.75
11.1l~
Per Cwt.
(9)
$11.75
13.08
13.77
14.20
14.82
Apprec. Apprec. Per Oper.. w/Apprec.
(3)
$420,314 $341,186
237,008
165,693
127,779
104,366
(3)
196,670
153,705
111,389
92,999
(3)
$207,822
89,608
61,282
42,376
31,694
(5)
$187,516
102,826
80,200
65,041
46,573
--------------------------------------------------------------------------------
2,713
2,644
2,548
2,443
2,169
11.44
11.90
12.42
13.04
14.07
15.22
15.61
15.94
16.51
17.72
85,705
71,032
50,070
35,473
-1,111
74,817
58,137
43,367
31,356
9,388
20,966
15,068
7,425
-5,216
-35,772
35,148
21,132
1,876
-14,390
-58,492
*Page number of the participant's DFBS where the factor is located.
•

29
IDENTIFY AND SET GOALS
If businesses are to be successful, they must have direction. Written goals help provide businesses with an identifiable direction over both the long and the short term. Goal setting is as important on a dairy farm as it is in other businesses. Written goals are a tool which farm operators can use to ensure that the business continues to move in the proper direction. Goals should be SMART: l. Goals should be Specific.
2. Goals should be Measurable.
3. Goals should be Achievable but challenging.
4. Goals should be Rewarding.
5. You should designate a Time when each goal will be achieved.
Goal setting on a dairy farm does not have to be a complex process. In many cases it provides a process for writing down and agreeing on goals that you have already given some thought to. It is also important to remember that once you write out your goals they are not cast in concrete. If a change takes place which has a major impact on the farm business, the goals should be reworked to accommodate that change. Refer to your goals as often as necessary to keep the farm business progressing.
It is important to identify both objectives (long-range) and goals (short­ range) when looking at the future of your farm business.
A suggested format for writing out your goals is as follows: a. Begin with a mission statement which describes why the business exists based on the preferences and values of the owners. b. Identify 4-6 objectives. c. Identify SMART goals.
Worksheet for Setting Goals
I. Mission and Objectives
...
----'_'~~
..
'
•..
" - "
~._
...
_- - - - - - - - - - - - - - - - - - - - - - - - - - - ­
..

II. Goals
What
30
Worksheet for Setting Goals (continued)
How When
Who is
Responsible
Summarize Your Business Performance
The Farm Business and Financial Analysis Charts on pages 19-22 and 25-28 can be used to help identify strengths and weaknesses of your farm business.
Identify three major strengths and three areas of your farm business that need improvement.
Strengths : _ Need Improvement : _ -

31
GLOSSARY AND LOCATION OF COMMON TERMS
Accounts Payable - Open accounts or bills owed to feed and supply firms, cattle dealers, veterinarians and other providers of farm services and supplies.
Accounts Receivable - Outstanding receipts from items sold or sales proceeds not yet received such as the payment for December milk sales received in
January.
Accrual Expenses - (defined on page 3)
Accrual Receipts - (defined on page 4)
Annual Cash Flow Statement - (defined on page 10)
Appreciation - (defined on page 5)
Balance Sheet - A "snapshot" of the business financial position at a given point in time, usually December 31. The balance sheet equates the value of assets to liabilities plus net worth.
Capital Efficiency - The amount of capital invested per production unit.
Relatively high investments per worker with low to moderate investments per cow imply efficient use of capital.
Capital Turnover. Years - The number of years required for total farm income to equal total farm assets, calculated by dividing average total farm assets by total accrual operating receipts plus appreciation.
Cash From Nonfarm Capital Used in the Business - Transfers of money from nonfarm savings or investments to the farm business where it is used to pay operating expenses, make debt payments and/or capital purchases.
Cash Flow Coverage Ratio - (defined on page 11)
Cash Paid - (defined on page 2)
Cash Receipts - (defined on page 4)
Change in Accounts Payable - (defined on page 3)
Change in Accounts Receivable - (defined on page 4)
Change in Inventory - (defined on page 2)
Dairy (farm) - A farm business where dairy farming is the primary enterprise, operating and managing this farm is a full-time occupation for one or more people and cropland is owned.
Dairy Cash-Crop (farm) - Operating and managing this farm is the full-time occupation of one or more people, cropland is owned but crop sales exceed
10 percent of accrual milk receipts.
Debt Per Cow - Total end-of-year debt divided by end-of-year number of cows.
Debt to Asset Ratios - (defined on page 9)
•

32
Dry Matter - The amount or proportion of dry material that remains after all water is removed. Commonly used to measure dry matter percent and tons of dry matter in feed.
Equity Capital - The farm operator/manager's owned capital or farm net worth.
Expansion Livestock - Purchased dairy cattle and other livestock that cause an increase in herd size from the beginning to the end of the year.
Farm Debt Payments as Percent of Milk Sales - Amount of milk income committed to debt repayment, calculated by dividing planned debt payments by total milk receipts.
Farm Debt Payments Per Cow - Planned or scheduled debt payments per cow represent the repayment plan scheduled at the beginning of the year divided by the average number of cows for the year. This measure of repayment ability is used in the Financial Analysis Chart.
Financial Lease - A long-term non-cancellable contract giving the lessee use of an asset in exchange for a series of lease payments. The term of a financial lease usually covers a major portion of the economic life of the asset. The lease is a substitute for purchase. The lessor retains ownership of the asset.
Income Statement - A complete and accurate account of farm business receipts and expenses used to measure profitability over a period of time such as one year or one month.
Labor and Management Income - (defined on page 6)
Labor and Management Income Per Ooerator - The return to the owner/manager's labor and management per full-time operator.
Labor Efficiency - Production capacity and output per worker.
Liquidity - Ability of business to generate cash to make debt payments or to convert assets to cash.
Net Farm Income - (defined on page 5)
Net Worth - The value of assets less liabilities equal net worth. It is the equity the owner has in owned assets.
Operating Costs of Producing Milk - (defined on page 16)
Opportunity Cost - The cost or charge made for using a resource based on its value in its most likely alternative use. The opportunity cost of a farmer's labor and management is the value he/she would receive if employed in his/her most qualified alternative position.
Other Livestock Expenses - All other dairy herd and livestock expenses not included in more specific categories. Other livestock expenses include; bedding, DHIC, milk house and parlor supplies, livestock board, registration fees and transfers.
Part-Time Cash-Crop Dairy (farm) - Operating and mahaging this farm is not a full-time occupation, crop sales exceed 10 percent of accrual milk receipts and cropland is owned.
•

33
Part-Time Dairy (farm) - Dairy farming is the primary enterprise, cropland is owned but operating and managing this farm is not a full-time occupation for one or more people.
Personal Withdrawals and Family Expenditures Including Nonfarm Debt Payments ­
All the money removed from the farm business for personal or nonfarm use including family living expenses, health and life insurance, income taxes, nonfarm debt payments, and investments.
Profitability - The return or net income the owner/manager receives for using one or more of his or her resources in the farm business. True "economic profit" is what remains after deducting all costs including the opportunity costs of the owner/manager's labor, management, and equity capital.
Repayment Analysis - An evaluation of the business' ability to make planned debt payments.
Replacement Livestock - Dairy cattle and other livestock purchased to replace those that were culled or sold from the herd during the year.
Return on Equity Capital - (defined on page 7)
Return on Total Capital - (defined on page 7)
Return to Operators' Labor. Management. and Equity Capital - (defined on page 6)
Solvency - The extent or ability of assets to cover or pay liabilities.
Debt/asset and leverage ratios are common measures of solvency.
Total Costs of Producing Milk - (defined on page 16)
Whole Farm Method - A procedure used to calculate costs of producing milk on dairy farms without using enterprise cost accounts. All non-milk receipts are assigned a cost equal to their sale value and deducted from total farm expenses to determine the costs of producing milk.

34
INDEX
Page(s)
Accounts Payable
Accounts Receivable
Accrual Expenses
Accrual Receipts
Acreage
Advanced Government
Age
Receipts
Amount Available for Debt Service
Annual Cash Flow
Statement
Appreciation
Balance Sheet
.
.
.
.
.
.
.
.
3,8
4,8
3,5
4,5
13
7,8
17
11
Barn Type
Business Type
Capital Efficiency
Capital Turnover, Years
Cash From Nonfarm
Capital Used in the Business .
Cash Flow Coverage Ratio .
Cash Paid
Cash Receipts
.
.
Change in Accounts
Payable
Change in Accounts
.
Receivable..............
Change in Inventory........
Change in Net Worth
.
.
. 10
. 5,9,15
. 8
2
.
2
17
17
10
11
2
4,10
3
4
2,3
9
Crop Expenses..............
Crop/Dairy Ratios..........
Dairy (farm)
Dairy Cash-Crop (farm)
Debt Per Cow...............
Debt to Asset Ratios.......
Depreciation...............
Dry Matter.................
Education
Equity Capital..........
Expansion Livestock
8
3,10
Expenses...................
Farm Business Chart '"
3
19,20,
. . . . . .. . . . . .. . .. . . . . . .. 21,25,
. . . . . . . . . . . . . . . . . . . . . . . 26,27,28
Farm Debt Payments as Percent of
Milk Sales . 11
3,14
13
2
2
9
9
3,9
13
17
Farm Debt Payments
Per Cow . 11
Page(s)
Financial Analysis Chart
Financial Lease
Income Statement
Inflows
Labor and Management
Income
Labor and Management
Income Per Operator
Labor Efficiency
Land Resources
Liquidity
Lost Capital
Machinery Expenses
Milking Frequency
Milk Production
Milking System
Money Borrowed
Net Farm Income
Net Investment
Net Worth
Number of Cows
Operating Costs of
Producing Milk
Opportunity Cost
Other Livestock Expenses
Outflows
Part-Time Cash-Crop
Dairy (farm)
Part-Time Dairy (farm)
Personal Withdrawals and
Family Expenditures
Including Nonfarm
Debt Payments
Principal Payments
Profitability
Receipts
Record System
Repayment Analysis
Replacement Livestock
Return on Equity Capital
Return on Total Capital
Return to Operator's
Labor, Management, and Equity Capital
Solvency
Total Costs of
Producing Milk
Whole Farm Method
Worker Equivalent
Yields Per Acre
" .
.
.
.
.
.
.
.
.
.
.
,
22
8
2
10
6
'"
.
.
.
.
6
17
13
'"
.
.
9
9
'"
. 3,14
2
.
.
.
15
2
10
5
'" 9
8
15
.
.
.
.
.
.
.
.
.
.
.
.
16
6
3
10
2
2
16
16
17
13
10
10
4
4
2
11
3
7
7
6
9 •

No. 92-06
No. 92-07
No. 92-08
No. 92-09
No. 92-10
No. 92-11
No. 92-12
OTHER AGRICULTURAL ECONOMICS EXTENSION PUBLICATIONS
Dairy Farm Business Summary western Plain Region 1991
Dairy Farm Business Summary
Northern New York 1991
Dairy Farm Business Summary
Oneida-Mohawk Region
Dairy Farm Business Summary
Central New York and Central Plain
Regions 1991
1991
Stuart F. smith
Linda D. Putnam
George Allhusen
Jason Karszes
David Thorp
Stuart F. Smith
Linda D. Putnam
Patricia A. Beyer
J. Russell Coombe
Anita W. Deming
LouAnne F. King
George O. Yarnall
Eddy L. LaDue
Mark E. Anibal
Jacqueline M. Mierek
Wayne A. Knoblauch
Linda D. Putnam
George Allhusen
June C. Grabemeyer
James A. Hilson
Thomas R. Maloney Employee Training Practices on
Large New York Dairy Farms
Dairy Farm Business Summary
Southeastern New York Region 1991
Dairy Farm Business Summary
Western Plateau Region 1991
Stuart F. smith
Linda D. Putnam
Alan S. White
Gerald J. Skoda
Stephen E. Hadcock
Larry R. Hulle
George L. Casler
Andrew N. Dufresne
Joan S. Petzen
Michael L. Stratton
Linda D. Putnam