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Jan
20

OSU Small Farm Programs Announces Conferences– “Opening Doors to Success” and “Living Your Small Farm Dream”

By: Tony Nye, Extension Educator The mission of the OSU Small Farm program is to provide a greater understanding of production practices, economics of land use choices, assessment of personal and natural resources, marketing alternatives, and the identification of sources of assistance. We at Ohio State want to help farm families improve economic growth and development on their farms. To help small farmers become more profitable, the Ohio State University Extension Small Farm Program is pleased to host two conferences in March of 2012 dedicated to assisting small farm landowners. These intensive conferences will give participants the opportunity to choose from a diverse variety of seminars that can help them be successful in their farming operations. The first conference is the 4th annual “Opening Doors to Success” Small Farm Conference and Trade Show" to be held March 9 & 10, 2012 at Wilmington College located in Wilmi...
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February 2012, Upcoming Events
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Jan
19

Fixed and Flexible Cash Rental Arrangements for Your Farm – Newly Revised North Central Region Bulletin

By: Barry Ward, Leader, Production Business Management, Ohio State University Extension The North Central Farm Management Extension Committee has recently updated three lease bulletins that have been widely used by farm landowners and farm operators to evaluate lease arrangements. This article highlights the bulletin, “Fixed and Flexible Cash Rental Arrangements for Your Farm” (NCFMEC-01). The purpose of this newly revised publication is to help operators and landowners develop equitable cash-rent arrangements and assist them in making sound decisions based on an equitable evaluation of resources. The first section of this bulletin (Part I) addresses whether a fixed cash-rent lease arrangement should be used. Part II discusses how to develop an equitable fixed cash rental rate. Part III outlines methods for developing a flexible cash rental lease and their advantages and disadvantages. Part IV discusses the importance of putti...
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Farm Rents, February 2012
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Jan
18

Agricultural “Outlook” for 2012 Posted Online – Listen to the “Live” Outlook presentations by OSU Extension Economists

By: Barry Ward, Leader, Production Business Management, OSU Extension, Department of Agricultural, Environmental and Development Economics and Bruce Clevenger, Extension Educator, Agricultural and Natural Resources, OSU Extension, Defiance County Farmers, agribusinesses and others in the agricultural industry had the opportunity to learn more about the current farm outlook at an Ohio State University Extension 2012 Farm Outlook Program in Defiance County on December 20, 2011. Ohio State University’s Department of Agricultural, Environmental, and Development Economics and OSU Extension made presentations that brought forth the latest outlook on the grain markets, energy, land values and rent, production inputs and farm policy. You can listen to each of the 'live' presentations from that evening linked below. Featured topics and speakers include: Carl Zulauf, OSU Extension Agricultural Economist, on Farm Policy and the Farm ...
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Farm Policy, February, February 2012
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Jan
17

Ohio Beef Cattle Series Providing Management Information

by Mark Mechling, OSU Extension Educator Ohio beef cattle producers will have the opportunity to participate in the Ohio Beef Cattle School Series this winter. The series of four evening programs will focus on optimizing efficient beef cattle production in a rapidly changing business and consumer environment. The sessions will feature nationally known speakers and will be broadcast “live” at a number of county OSU Extension offices across the state. Dates and topics of the four sessions include: Thursday, January 26- Economic Considerations in Beef Cattle Production Thursday, February 9- Targeted Markets and Marketing Alternatives Thursday, February 16-Genetics, Reproduction Efficiencies and Calving Season Alternatives Thursday, March 1- Meat Industry Perspective including Outlook; Choice/Select Spreads Each session begins at 7:00 p.m. For more information on specific details and locations, go to: http://fairfi...
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February 2012, Newsletters, Upcoming Events
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Jan
11

Family Business Meetings–Helping Farms Communicate

by David Marrison

Tommorrow, I will be teaching at the Kentucky Cattlemen’s Convention about communication issues for farms in transition.  Poor family communications are at the center of many farm transition and estate transfer problems.  One way which farm families can improve communication is to hold family business meetings.  Chris Zoller of Ohio State University wrote a nice factsheet on tips for successful business meetings and it can be found at:

http://ohioline.osu.edu/bst-fact/pdf/3612.pdf

What other strategies have you found to improve family communication?


This post is a reprint of a post by marrison.2 that originally appeared at OSU Extension Farm Succession Blog.
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Estate Planning
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Jan
09

Can I Avoid Paying Taxes on Oil/Gas Payments?

By Chris Zoller, Chris Bruynis & David Marrison, OSU Extension Educators & Peggy Hall, Extension Specialist, Agricultural Law

The leasing of land for oil and gas drilling throughout eastern Ohio has provided landowners with substantial revenue.  OSU Extension has received many calls from landowners asking how they can avoid paying taxes on these payments.  The quick answer is that there are very few ways to avoid paying taxes on lease bonus payments or royalty income.  Oil and gas revenue payments are classified as Miscellaneous Income and are subject to both federal income and Ohio taxes (and should be reported appropriately). 

Taxation on Lease Bonus Payments: Cash payments received by the landowner prior to drilling, commonly referred to as lease bonus payments (typically paid on a per acre basis) are considered ordinary inco...
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January 2012, Tax Management
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Jan
09

Financial & Tax Implication of Oil & Gas Leases Meetings to be held

by David Marrison & Clif Little, OSU Extension Educators OSU Extension is pleased to offer Financial & Tax Implication workshops in selected counties during the winter of 2012. These workshops will help landowners understand the financial and tax implications of oil & gas leases/royalties. These meetings will help participants become more aware of the potential tax implications of leases and royalty payments. Don’t get caught blindsided by the taxes which will be due. Learn which payments are subject to ordinary income taxes versus capital gain; about the percentage depletion deduction; and how signing a lease may affect your CAUV status. Learn how the IRS handles oil & gas payments. Learn what questions to ask and receive financial planning tips for managing the potential income from these wells. The following meetings have been scheduled: Thursday, January 19, 2012 Ashtabula County Extension office 9:30...
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January 2012, Tax Management, Upcoming Events
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Jan
09

Computerized Farm Recordkeeping Workshops

Wm. Bruce Clevenger, OSU Extension Educator, Defiance County Pencil and paper is still the way most farmers keep records. As farm size, income or debt increases, many farmers and lenders look for computer programs that allow fast data entry, have internal checks for accuracy and allow summarizing of data. Most farmers begin their search by asking "Is there a simple computer program that will keep my records like the farm account books?" Ohio State University Extension and other land grant colleges have recognized the computer software Quicken® as a computerized farm recordkeeping system.  Users can record transactions of both the farm and family and categorize them based on farm enterprises income and expenses as well as family living expenses.  Its popularity is due to the ease of data entry and to its low price of $60 to $100. This single-entry system is essentially an electronic checkbook. It allows users to track loans, wri...
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January 2012, Upcoming Events
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Jan
09

2011 Farm Business Analysis – The time is now!

by: Dianne Shoemaker, Field Specialist, Dairy Production Economics shoemaker.3@osu.edu        Grain prices rocked in 2011 (if you were selling!), and milk prices were pretty nice too, but net farm income will vary from outstanding to poor depending on a number of factors.  Were you selling grain or buying feed being one of the major factors.  How did your farm do?  You surely have a general sense…you were either pre-paying to manage income tax liabilities or that wasn’t an issue…but how did it do by the numbers? Direct costs, total costs, and net returns per acre, per bushel, per ton of crops grown.  Total cost of production per cwt, feed cost per cwt, net farm income per cow.   These are important numbers for every farm as they monitor individual enterprise profitability, develop and monitor risk management plans, and look for opportunities.  What was the return on assets? Return on equity?  What were the ...
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Financial Management, January 2012
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Jan
06

Tree Harvesting on Your Land: Legal Liability Issues and Precautions

By: Peggy Kirk Hall, Director of Agricultural Law, OSU Agricultural and Resource Law Program

Imagine that you have a number of dead and downed trees on your property and someone asks for permission to harvest the trees.  Typically, that person seeks an exchange:  removal of the trees at no cost in exchange for rights to the wood.  If you grant permission and the person suffers an injury while removing the trees, will you be liable for that person’s medical bills and other costs?   Are there any actions you could take to protect yourself from the potential of liability?  These are important questions a landowner should address before allowing someone to harvest dead and downed trees.  Click here to read the firewood liability factsheet.

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January 2012, Legal Issues
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Jan
06

AEDE New Faculty: Sathya Gopalakrishnan

The Department of Agricultural, Environmental and Development Economics (AEDE) at The Ohio State University, is welcoming several new faculty during the 2011-2012 academic year.  This month we highlight Professor Gopalakrishnan, who teaches several key environmental and resource economics courses in the department.  Here’s Sathya’s short biography and statement of interests: I am an Assistant Professor in the Department of Agricultural, Environmental and Development Economics at The Ohio State University. I obtained a PhD in Environmental and Resource Economics from Duke University in 2010. I also have a Master of Science degree in Agricultural Economics from Michigan State University and a Master of Arts in Economics from the University of Hyderabad, India. I am originally from Chennai (Madras), India. An interest in exploring the ubiquitous interdependencies between economic agents with conflicting interests and dynamic ...
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January 2012
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Jan
06

Ohio Farm Custom Rate Survey 2012

Barry Ward, Leader, Production Business Management, OSU Extension Custom farming providers and customers often arrive at an agreeable custom farming machinery rate by utilizing Extension surveys results. Ohio State University Extension collects surveys and publishes survey results from the Ohio Farm Custom Survey every other year. This year we are updating our published custom farm rates for Ohio.  We need your assistance in securing up-to-date information about farm custom work rates, machinery and building rental rates and hired labor costs in Ohio.  Please download the Ohio Farm Custom Rates 2012 survey and respond even if you know only a few rates.  We want information on actual rates, either what you paid to hire work or what you charged if you perform custom work. Custom Rates should include all ownership costs of implement & tractor (if needed), operator labor, fuel and lube. If fuel is not included in your custom...
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Farm Rents, January 2012
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Jan
06

Ag Lease 101 – New Website Housing North Central Lease Bulletins and Sample Leases

Barry Ward, Leader, Production Business Management More than half the cropland in the North Central Region of the United States is rented. Rental rate and leasing information is highly sought by both land owners and land operators. AgLease101.org includes multi-state materials which help land owners and land operators discuss and resolve issues to avoid legal risk. The website also guides both land owners and land operators towards informed and equitable decisions. AgLease101 was created by a team of economists and attorneys as a part of the North Central Farm Management Extension Committee. AgLease101 is online at: http://www.aglease101.org/ The “Document Library” within AgLease101 contains the newly revised bulletins and sample leases in pdf format for free download and use. The sample lease forms are all in a fillable pdf format to allow users to input their own lease values and other specifics. Revised Lease Bulle...
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Farm Rents, January 2012
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Jan
05

Ohio Court of Appeals Denies Township Challenge to ODA Anhydrous Regulations

A claim that the Ohio Department of Agriculture’s (ODA) anhydrous ammonia regulations are unreasonable and fail to protect public health and safety has again been rejected by the courts.  A recent decision by Ohio’s Fifth District Court of Appeals concluded that the challenge by Sharon Township’s Board of Trustees in Medina County failed to establish a valid legal claim. The case raised considerable controversy in Sharon Township, where the owner of South Spring Farms requested ODA approval to install a 12,000 gallon anhydrous ammonia storage tank.   Ohio law grants ODA the authority to adopt rules concerning the handling and storage of anhydrous ammonia and other fertilizers and also prohibits any local regulation of fertilizers.   ODA created anhydrous regulations in the late 1970s; those regulations require ODA approval of the location and design of a stationary ammonia system. ODA approved South Spring Farms’ appl...
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This post is a reprint of a post by Peggy Hall that originally appeared at Ohio Agricultural Law Blog.
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January 2012, Legal Issues
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Dec
30

RMA Makes Changes in Biotech Endorsement Program and Streamlines Crop Reporting Dates

By: Chris Bruynis, Assistant Professor & Extension Educator, Ross County Farmers that were able to reduce crop insurance premiums by using the Pilot Biotechnology Endorsement (BE) approved by the Federal Crop Insurance Corporation Board of Directors (FCIC Board) starting with the 2008 crop year (CY), will no longer be able to beginning with CY 2012. The Pilot BE has provided a premium rate reduction to eligible producers that plant certain qualifying corn hybrids. After careful consideration, and in consultation with the pilot submitters, the FCIC Board has concluded the Pilot BE will terminate in the interest of program simplification. However, RMA will consider an appropriate reduction in the underlying base premium rates for corn in the existing pilot area beginning with the 2012 crop year. Ohio was one of the states in the Pilot BE Program. The Risk Management Agency (RMA) and the Farm Service Agency (FSA) have establis...
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Farm Policy, January 2012
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