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; r ; * ; | ; ' 5 l A END INVENTORY ASSET LISTING (for End of the Year Balance Sheet) * BALANCE SHEET Actual (Non-Tax) Depreciation FAMILY LIVING BUDGET EXPENSES January February March April May June July August September October November December TOTAL Food! Household Equipment & Furnishings
House Repairs Clothing Education & Reading Materials Entertainment and Recreation) Personal & Recreational Vehicle Purchases Transportation & Auto (non-farm) Gifts Charitable Contributions Life Insurance Medical and Disability Insurance Medical Care & Drugs Rent (non-farm) Utilities (non-farm)! Additions to Personal Investments Additions to Retirement Accounts GROSS FAMILY LIVING WITHDRAWLS: Total Nonfarm Liabilities NOTE: VALUE AND DEPRECIATION IN THIS FORM ARE NOT NECESSARILY THE SAME AS YOU WILL USE ON YOUR TAXES: THIS FORM IS FOR BUSINESS PLANNING AND PROFITIBILITY ANALYSIS PURPOSES NOTE: Current Year Depreciation Value may need to be manually adjusted if item was purchased during the current year, to reflect only the months it was owned. Purchased products for resale! Purchased products for resale + Nonfarm Income
Maturity Date' - Loan Payments (Principle & Interest)D ** Capital sales should not include livestock sales in rows 13 & 14., + Capital Contributions (loan, grant, etc)/ + Capital Sales** (equipment, livestock, etc) 4. For any assets that have 0 life span years remaining reassess their current useful life left on the farm and add the additional years onto the original expected life span, reasses and update current fair market value for the asset. Total Crop Inventory Farm Supplies On Hand Total Farm Supplies On Hand$ Other Farm Products On Hand for Sale* Total Other Farm Products On Hand for Sale% Farm Products Stored for Personal Use Marketing Supplies On Hand+ Total Farm Products Stored for Personal Use Total Marketing Supplies On Hand Total Raised Breeding Livestock" Total Purchased Breeding Livestock- * courtesy of and developed by Rosalie Wilson5 CURRENT YEAR (for calculation of life span remaining)
Current Fair Market Value Purchase Price when acquired Other Total Other Fair Market Value: In order to determine the value of your assets, list all your assets and the year you acquired them. Consider if you could sell them today, what would you be able to sell them for? List this as your Fair Market Value. Purchase Price (when acquired): Depreciation should be based on the price you paid for item. List this separately from the fair market value.7 Intermediate Liabilities (portion due beyond 12 months) 4 Long-term Liabilities (portion due beyond 12 months) Stocks & bonds Credit card balance(s) Vehicles Loan principle balance Property$ Other nonfarm liabilities (describe) Other nonfarm assets (describe) Total Nonfarm Assets) NET EARNINGS (to be reinvested or saved): NOTES Actuals - Family Living Allocation - Capital Expenditures - Capital Reserve$ NET AFTER CAPITAL RESERVE ALLOCATION! Veterinary & medicine expense> (adapted for use in the VT Farm Viability Enhancement Program) LOAN DETAILS Creditor
Interest Rate Montly Payment - Loan Principal PaymentsF BEGINNING INVENTORY ASSET LISTING (for Beginning Year Balance Sheet) * Total Feed Inventory1 Market Livestock (raised and purchased) inventory Total Market Livestock Prepaid Expenses Total Prepaid Expenses Intermediate Assets (1-10 Years) Raised Breeding Livestock Purchased Breeding Livestock Farm Machinery Total Farm Machinery Farm Equipment Total Farm Equipment Long Term Assets (+10 years) Farm Buildings & Improvements# Total Farm Buildings & Improvements Expected Life in Years refers to how long you expect each asset to be of use on your farm. Consider each asset and list in years how long you think it will be of value to your farm. Current Life Span Remaining is the amount of years of life each asset has left calculated from the total expected life span less the amount of years that have passed since it was put into service. Current Life Span Remaining is useful because it signals when an asset should be removed from your asset list and replaced, or whether its existing useful life and fair market value should be re-evaluated, and the data updated with new projected lifespan and current fair market value. Annual Depreciation Value is the annual expense rate for useage of each asset. To calculate annual depreciation, divide the assets fair market value when acquired by its expected life span in years.! Net Asset Value is the current value of the asset based on the original fair market value less the annual useage expense accumulated to date. This figure will be used for the balance sheet. To calculate net asset value calulcate current remaining lifespan by annual depreciation value. Annual Instructions: 1. Update the Current Year All formula calculations for current year depreciation, net current year asset value, and lifespan remaining will recalculate based on this update! 2. Add any new assets to the listg 3. Review list and update any changes - assets that have been sold, or are no longer of use on the farm; Depreciation-Expense Ratio = depreciation/gross farm incomes Rate of Return on Farm Equity = (net farm income + farm interest - family living withdrawls)/average farm net worth Greenhouse supplies Seeds & plants purchased Bedding plants
Vegetables Berries Livestock Eggs
Meat products+ Distribution - trucking, shipping, etc. Labor hired/payroll Professional services & fees Packaging and labels" Processing/butchering servicesG Products sold: (list by product, or by market, eg. CSA, wholesale, etc) Maple syrup
Office
CSA shares *Marketing supplies on hand< *Marketing materials on hand now minus on hand 12 months ago * courtesy of ̽̽ Extension Y (developed by K. Becker, D. Kauppila, G. Rogers, R. Parsons, D. Nordquist, and R. Craven; REVENUE ASSUMPTIONS (list): EXPENSE ASSUMPTIONS (list):! - Family Living and Income Taxes Term-Debt Coverage Ratio = (net farm operating income + scheduled interest on term debt + depreciation - family living withdrawls)/scheduled principal & interest payments on term debt} Capital-Replacement Margin = net farm operating income - family living withdrawls - scheduled principal payments on term debt Net Farm Income from Operations$ *Feed inventory (growing and stored)$ *Crop inventory (growing and stored)6 *Feed inventory now minus feed inventory 12 months ago6 *Crop inventory now minus crop inventory 12 months ago Other:= adapted for use in the VT Farm Viability Enhancement Program) Farm cash/checking accounts Farm savings account For the period of (dates): Place Name Here Place Date Here Item Quantity
Year Acquired Expected Life in Years Current Life span Remaining Previous Year Depreciation Value Current Year Depreciation Value Current Year Net Asset Value Current Assets (1 year)# Crop Inventory (growing and stored)# Feed Inventory (growing and stored)9 Net Farm Income Ratio = net farm income/gross farm income[ Farm Equity-to-Asset Ratio = (total farm assets - total farm liabilities)/total farm assetsC Farm Debt-to-Asset Ratio = total farm liabilities/total farm assets Farmer/Farm Name: As of (date): Directions for the Scorecard: (1) The scorecard will calculate all indicators and ratios if all four financial statements (including both balance sheets) have been completely filled out. The calculations used are based on available data in these spreadsheets. & (2) If you have not completed either A) the Prior Year Balance Sheet, or B) Accrual adjustments and/or depreciation in the Income Statement, then the following ratios will not correctly calculate, as they either use an average from the two balance sheets or the NFIFO from the Income Statement: < Rate of Return on Farm Assets (uses average farm assets)< Rate of Return on Farm Equity (uses average farm equity)( Operating Profit Margin (u< ses NFIFO)3 Asset-Turnover Ratio (uses average farm assets)r (3) The first column (base) is set to automatically input figures from the income statement. However, some line items are not found in the income statement and still need to be filled in; and if the cash flow projection is for months or quarters instead of years, you will need to delete this automatic information as it is yearly data rather than monthly or quarterly.1 (4) You can edit the line items to suit the farm. (2) Ensure that columns are well labeled with dates and whether the cash flow is done in months, quarters or years. We encourage cash flow projections done on a monthly or quarterly basis.% (3) Accrual adjustments will automatically be calculated based if the two balance sheets are completed. You can edit the line items to suit the farm, but remember to choose categories that will be useful for financial analysis and that will correspond to asset categories on the balance sheet.! Total Assets Adjusted for Nonfarm& Total Liabilities Adjusted for NonfarmE CONSOLIDATED NET WORTH: ADJUSTED ASSETS MINUS ADJUSTED LIABILITIES =/ Directions for Completing Cash Flow Projection: CASH FLOW PROJECTION
Projection #1
Projection #2
Projection #3
Projection #4 Year/mo: yr/mo:
Cash Receipts TOTAL CASH RECEIPTS
Cash Expenses Total Fixed Expenses TOTAL CASH EXPENSES RECEIPTS MINUS EXPENSES$ NET RETAINED CASH EARNINGS (DEFICIT) LIQUIDITY
Current Ratio Working Capital SOLVENCY Farm Equity-to-Asset Ratio Farm Debt-to-Asset Ratio Farm Debt-to-Equity Ratio
PROFITABILITY Rate of Return on Farm Assets Rate of Return on Farm Equity Operating Profit Margin REPAYMENT CAPACITY Term-Debt Coverage Ratio Capital-Replacement Margin FINANCIAL EFFICIENCY Asset-Turnover Rate Operating-Expense Ratio Depreciation-Expense Ratio Interest-Expense Ratio Net Farm Income Ratio6 Vulnerable ---------------------------- Strong Farm Finance Scorecard *! Farm products personally consumed Auto & truck CALCULATIONSG Current Ratio = total curent farm assets/total current farm liabilities@ Farm Debt-to-Equity Ratio = total farm liablities/farm net worthL W o r k i n g C a p i t a l = t o t a l c u r r e n t f a r m a s s e t s t o t a l c u r r e n t f a r m l i a b i l i t i e s Net Farm Income = gross cash farm income - total cash farm expense + inventory changes + depreciation & other capital adjustmentsp Rate of Return on Farm Assets = (net farm income + farm interest - family living withdrawls)/average farm assetsa Operating Profit Margin = (NFIFO + farm interest expense - family living withdrawls)/gross income; Asset-Turnover Rate = gross farm income/average farm assetsZ Operating-Expense Ratio = (total farm operating expense - farm interest)/gross farm income8 Interest-Expense Ratio = farm interest/gross farm income (9) You may provide schedule level information to explain both assets and liabilities in further detail on additional pieces of paper.q (10) Line items marked with an asterisk correspond to line items for accrual adjustments on the income statement.) Directions for Completing Balance Sheets:
BALANCE SHEET FARM ASSETS FARM LIABILITIES( Current Assets (liquid within 12 months) * Current Liabilities (due within 12 months) *Accounts payable *Accounts receivable- *Accrued (unpaid) interest not included above/ *Income taxes and Social Security taxes payable0 *Market livestock (raised & purchased) inventory *Farm supplies on hand. Principal due within 12 mos. on long-term debt *Prepaid expenses Operating loan principal balance% *Other farm products on hand for sale& *Farm products stored for personal use! Short-term loan principal balance1 Principal due within 12 mos. on intermediate debt Other current assets (describe)$ Other current liabilities (describe) Total Current Assets Total Current Liabilities- Intermediate Assets (held 1 to 10 years avg.) *Raised breeding livestock# Intermediate loan principal balance Purchased breeding livestock Farm machinery Farm equipment
Farm vehicles Book value of capital lease(s)2 Capital lease payments due (discount for interest)$ Other intermediate assets (describe)) Other intermediate liabilities (describe) Total Intermediate Assets Total Intermediate Liabilities Long-term Assets Farmland Long-term loan principal balance Farm buildings and improvements Farmhouse! Other long-term assets (describe)& Other long-term liabilities (describe) Total Long-term Assets Total Long-term Liabilities TOTAL FARM ASSETS TOTAL FARM LIABILITIESA FARM NET WORTH: TOTAL FARM ASSETS MINUS TOTAL FARM LIABILITIES = Nonfarm Assets (optional) Nonfarm Liabilities (optional) (5) A farmhouse should be considered a farm asset to the extent it provides housing for a farm family, provides office space for the farm business, or provides farm-related income for the farm business. Other houses should also be included as farm assets, to the extent they are used to house farm workers. If the farm is a part-time farm, the value of the farm residences may be pro-rated (use a footnote to explain). (6) Nonfarm assets and liabilities are important for lenders. They may also be important to an understanding of the farm's financial status and management. Use your discretion in listing these, or add footnotes for explanation. (7) For current liabilities, include accounts currently payable, and accrued unpaid (overdue) interest. For income and Social Security taxes payable include only those taxes that will be payable during the 12 months following the date of the balance sheet. In addition, under current liabilities, it is preferred that you list the principal balance on short term debt, plus any principal that will be due within 12 months on intermediate and long term debt. If you follow this recommendation, make sure you don't count principal twice! Deduct any intermediate and long term principal you list as a current liability from the principal balances for intermediate and long term. (Study a FINPACK balance sheet to see how this is done.)0 (8) Capital leases are leases that provide for eventual ownership of a capital item, such as a tractor, a dairy cow, or equipment shed. Do not include operating leases, such as for real estate. On the asset side, estimate the book value of the leased item as of the date of the balance sheet. On the liability side, compute the number of remaining lease payments, including final buyout payment, but you should deduct from this an estimate of hypothetical interest that would be paid if the item had been purchased with a loan for the same period as the lease. (4) Please note that raised breeding livestock (such as dairy cattle), for the purposes of this form, are not treated as capital assets, since the cost of raising them has been expensed and since selling excess breeding livestock is a common income-producing practice on farms. Sales of raised breeding livestock should be listed on the income statement as cash farm income. Purchases and sales of purchased breeding livestock, on the other hand, should be treated as capital transactions, and should therefore not be listed on the income statement, except under depreciation. (See #5, #6, and #10 below.) Sales of market livestock, whether raised or purchased for resale, are cash transactions. (10) In the Accrued Expense Adjustments, for accounts payable, include only accounts that currently due, such as feed bills, etc. Do not include principal on debts unless such amounts are currently due. For accrued interest include only interest that is currently due. For taxes payable include only tax bills that are currently due. Asterisks correspond to items on the balance sheet. TOTAL CASH FARM INCOME Total Variable Expenses: Variable Expenses: Fixed Expenses: Total Fixed Expenses:
Other:( NET CASH FARM INCOME (income - expenses) NET FARM INCOME FROM OPERATIONS (NFIFO): Tot. Adj. Income - Tot. Adj. Expenses < ( TOTAL CASH FARM EXPENSE+ Directions for Completing Income Statement:0 Instructions for Completing Financial Statements" (2) Always date the balance sheet. (3) You can edit the line items to suit the farm, but remember to choose categories that will be useful for financial analysis and for making accrual adjustments to income statements.S (4) Enter best estimate of fair market value for all assets. Do not use cost value! (13) Net Farm Income from Operations (NFIFO) is the profit or loss from the operation of the farm during one 12-month period. Thus, it represents income from operations that is available for family living expense, capital investment, savings, or reserves, after accrual adjustments and depreciation have been accounted for. On a separate sheet NFIFO can be adjusted for capital gains or losses to yield Net Farm Income. However NFIFO is the more useful figure, since it is used as the basis for profitability ratio analysis.A *Accounts receivable now minus accounts receivable 12 months ago P *Market livestock (raised and purchased) on hand now minus on hand 12 months agoD *Farm supplies on hand now minus farm supplies on hand 12 months ago: *Prepaid expenses now minus prepaid expenses 12 months agoN *Other farm products on hand for sale now minus on hand for sale 12 months agoV *Farm products stored for personal use now minus stored for personal use 12 months ago\ *Raised breeding livestock on hand now minus raised breeding livestock on hand 12 months agoK *Current accounts payable now minus current accounts payable 12 months ago : *Accrued interest now minus accrued interest 12 months agoZ *Income taxes and Social Security taxes payable now minus same taxes payable 12 months ago) Market livestock purchased for resale (8) Do not include nonfarm expenses. You may need to separate the farm portion from expenses that are shared between farm and nonfarm activities; this can be based on specific records or based on a factor, such as is used in filing the farm's income taxes. " (9) In order to accurately enter accrual adjustments, you will need two balance sheets, one as of the beginning date of the income statement, and one as of the end date of the income statement. In the absence of two balance sheets, estimate adjustments based on farmer interview or records. Cash Farm Income Cash Farm Expenses2 Accrued Income Adjustments (from 2 balance sheets) 2 Accrued Expense Adjustments(from 2 balance sheets) Total Accrued Income Adjustments! Total Accrued Expense Adjustmentsq (11) For depreciation, estimate actual depreciation for the 12-month period of the income statement. Actual depreciation is not necessarily equivalent to a farmer's IRS depreciation, which can be accelerated to create a tax deduction. The most significant tax depreciation to avoid on farm income statements is the IRS Section 179 deduction, which allows a tax filer to expense significant amounts of capital purchases in one tax year, to offset income. Putting a Section 179 deduction on a farm income statement will skew actual depreciation. Instead, estimate annual depreciation over the expected useful life of the asset. (12) Do not enter the value of unpaid family labor or "owner's draw" unless the farm is set up as a corporation with salaries paid to stakeholders, in which case these salaries can be reported under labor hired. If this is the case, please make a note at the bottom of the form.* Vermont Farm Viability Enhancement Programq (1) Please identify the farm, always using one or more farmers' names; the name of the farm may be included too. Farmer/Farm Name:P (2) Always state the calendar year or 12-month period that the statement covers.! ACCRUAL ADJUSTED INCOME STATEMENT Other farm income received: Co-operative distributions Government program payments Bedding Breeding Custom hire Feed purchased Fencing Fertilizer Fuel and oil Repairs, maintenance Supplies Interest, farm share Insurance, farm share Property tax, farm share R e n t s p a i d l a n d , b u i l d i n g s # R e n t s p a i d e q u i p m e n t , l i v e s t o c k Utilities, farm share+ Advertising, web site, internet expense- Depreciation Expense (actual, see directions) ) Purchased (not raised) breeding stock Farm machinery and equipment# Farm buildings and improvements Total Depreciation Expense TOTAL ADJUSTED INCOME TOTAL ADJUSTED EXPENSES; (5) Do not enter sales of capital assets as income. 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Beg. Inv. End Inv. Beg. Balance Sh. End Balance Sh. Family Living Income Stmt Projections
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Instructions 'Beg. Balance Sh.'!Print_Area 'Beg. Inv.'!Print_Area 'End Balance Sh. '!Print_Area 'End Inv.'!Print_Area 'Family Living'!Print_Area 'Income Stmt'!Print_Area Instructions!Print_Area Projections!Print_Area Scorecard!Print_Area Worksheets
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