The USDA’s Value-Added Producer Grant (VAPG) program is a cornerstone for farmers, ranchers, and agricultural producers who wish to diversify their operations and expand their value-added products. For the current 2025 cycle and future cycles, there are some significant changes that you need to know if you’re interested in applying.
Learn about opportunities and challenges for the Kentucky dairy industry in this guest blog post from our friends at the Center for Crop Diversification!
As we enter the new year, many people will begin to look back at their records from 2024 to analyze their financial position and begin to prepare for the upcoming tax season. If you have an effective and efficient recordkeeping system, this process can be smooth and straightforward. Check out these tips to improve your recordkeeping system in 2025!
Businesses registered with the Secretary of State (such as LLCs or corporations) are now required to report Beneficial Ownership Information. As of December 26, 2024, the deadline for BOI filing has been suspended until further notice. However, the report is expected to be required in the future. We recommend voluntarily completing the report to avoid having to monitor future deadline updates.
Farming is a risky business with significant costs, and one of the most expensive mistakes is failing to plan or oversimplifying the transition of the farm. At its core, successful transition planning boils down to clear, honest communication and planning ahead. When communicating across generations, consider addressing key issues early to build mutual understanding and ensure a smoother transition.
The day-to-day business operations of a cooperative are for the most part no different than any other business, but one of the key differences is that people who patronize the business play an active role in its governance. Cooperatives are democracies, and they are dependent upon the active participation of its members.
To continue our financial series this week, we’re discussing balance sheets. Your balance sheet shows what you own (assets) and what you owe (liabilities) on a specific date. This important financial statement says a lot about your business…
Have you heard of a hashtag? A hashtag is an online tagging device used on certain social media platforms. Using hashtags helps others easily find content centered on a certain theme or subject. A hashtag starts with the number (#) symbol followed by a series of words. Placing the hashtag symbol before the words will automatically turn the phrase into a searchable link.
When working with clients, KCARD often starts by looking at a current income statement (also called a Profit/Loss statement) that is in operation and helps develop a projected income statement for a new or expanded operation. This helps to show if the business is profitable now or will be profitable in the future. However, the cash flow statement is critical to understanding whether the business will be able to survive the initial startup stage or any downturns. This statement shows inflows and outflows of cash to or from the business. So what’s the difference between the two and how they are used?
Direct marketing is a wonderful way to promote your farm and fulfill a need for consumers. Our guest blogger, Dr. Gregg Rentfrow, has been with the University of Kentucky Cooperative Extension program since 2006 as the Meat Specialist. Dr. Rentfrow works closely with meat and livestock producers, and the 4-H and FFA programs in the state to provide training and education about meat production. Dr. Rentfrow is a trusted and valued resource for KCARD wit his extensive knowledge of the meat and livestock industries and has participated in several KCARD Marketing Locally Grown Meat workshops in the past.
If you look at a Profit/Loss statement (also called an Income Statement), you will often see Cost of Goods Sold (COGS) broken out from other expenses. What are these and why break them apart?
Costs of Goods Sold are expenses that are directly attributed to the amount of production. COGS are reported on the Income Statement and are segregated from Operating Expenses, which are expenses that are not directly tied to production.
Olivia Vogel, KCARD’s new Local Food Project Coordinator, took a little time to answer some questions about herself, the new Local Food Initiative Expansion Project, and give some helpful tips for producers interested in expanding their markets.
Dr. Steve Isaacs has been with the University of Kentucky Cooperative Extension program for over 28 years, specializing in farm management programs such as farm financial management, human resource management, and the economics of injury prevention. Dr. Isaacs is a trusted and valued resource for KCARD with his extensive knowledge in agricultural economics and business management. He has also been a mentor or instructor for many KCARD staff over the years.
If you ask any KCARD employee where they turn to first in a business plan they receive, there’s a good chance that – after reading the summary of what the business is wanting to do – the profit/loss statement will be the first page reviewed. We will start looking at how revenue was calculated and whether the expense lines show everything that we expect to see in that particular business. In the next few weeks, we will be going into more detail on how to develop financial projections, stay tuned.
A Direct-to-Consumer Beef Webinar Series will be presented on the evenings of July 14, 15, and 16 to help producers new to selling beef with production practices, processing, and sales and marketing questions. Kentucky Center for Agriculture and Rural Development, Kentucky Cattlemen’s Association, and the University of Kentucky are coming together to present information that should help producers navigating beef sales for the first time.
The Kentucky Center for Agriculture and Rural Development is a non-profit organization established to facilitate agricultural and rural businesses in Kentucky. We are supported primarily through grants provided by the USDA Rural Cooperative Development Program and the Kentucky Agricultural Development Board. Additional support is provided through our work with partners around the state and through fees charged for select client services.
