Risk Management and Financial
Management Training Modules with
FAST Tools
1
FAST Tools
• farmdoc companion project initiated in 1999
• Development of 48 spreadsheet-based tools to aid decisions for
producers, lenders, consultants and investors
• Facilitate use, access, distribution of tools and resources
through CD and internet distribution
– Quarterly subscription
– farmdoc download (www.farmdoc.uiuc.edu/fasttools/
– via workshops
• Approximately, 35,000 CDs produced
• Increased demand for education and training
2
Current Resources and Activities
•
•
•
•
40 laptop computer lab
FAST educator / coordinator
CD duplication
50+ meetings in Illinois / integrated FAST last 2
years
• Teaching modules for each program
– Case studies and examples
• Outside of educator, operate at “full” cost recovery
• Prairie Farmer monthly column
Theme & Focus
Teach Decision Making
Integrate and utilize FAST
Not just computer training
3
Past Educational Efforts
3 Dimensions
Host(s)
Content/
Meeting Type
4
Hosts
“Getting the right people at the table”
•
•
•
•
•
•
•
•
Typical Extension Channels
Farm Business Farm Management Assn.
Farm Bureau
Farm Credit System
Commercial Banks
Banking organizations
Growmark
Crop Insurance Organizations
5
Audiences
• Farmers
Targeted and General
– General and women via Annie’s project
•
•
•
•
Lenders
Farm Service Agency
University and Junior College Students
Educators (train the trainer programs)
–
–
–
–
College and Jr College instructors
Vo-Ag Teachers
Extension Educators
State record fieldstaff (Iowa, KY, Illinois and Alabama)
6
Observations from past
• Innovative and high revenue producers
• Computers skills have expanded substantially
• Economic skills of participants have been very
high
• Handling meeting logistics (meals,
registrations, etc) are usually the most time
consuming
7
DAY 1: Exploring Risk Management
and Marketing Strategies Using
FAST
• 9:30 am – 12:00 pm
– Updates to crop insurance
– Crop insurance tools
• 1:00 pm – 4:00 pm
–
–
–
–
Crop rotation decisions
Exploring grain delivery alternatives
Grain marketing tools
Grain inventory management
8
Demo of DAY 1
teaching modules
Gary Schnitkey
9
DAY 2: Improving Your Financial
Management Using FAST
• 9:30 am – 12:00 pm
– Preparing financial statements
– Assessing your performance:
• How do you compare?
• How do you improve?
– Farm investment decision-making:
• Grain storage, farmland, machinery
• 1:00 pm – 4:00 pm
– Farm investment decision-making:
• Grain storage, farmland, machinery
– Proforma financial planning
10
Demo of DAY 2
teaching modules
Paul Ellinger
11
Tentative Plans for 2007/2008
• Summer “Train the Trainer” targeted towards extension
professionals in other states
• Campus lender program
– Customized lender tools
– Database capabilities
– Expanded balance sheet and financial management programs
• Larger focus towards host-sponsored programs
–
–
–
–
Lenders
FBFM
Growmark
Farm Bureau
• Out-of-state training and assistance to other state extension
personnel
12