Barry Ward, OSU Extension, Leader, Production Business Management, Department of Agricultural, Environmental, and Development Economics & Greg Reinhart, Undergraduate Student Intern, OSU Department of Agricultural, Environmental and Development Economics
Budgeting helps guide you through your decision making process as you attempt to commit resources to the most profitable enterprises on the farm. Crops or Livestock? Corn, Soybeans, Wheat, Hay? We can begin to answer these questions with well thought out budgets that include all revenue and costs. Without some form of budgeting and some method to track your enterprises’ progress you’ll have difficulty determining your most profitable enterprise(s) and if you’ve met your goals for the farm.
Budgeting is often described as “penciling it out” before committing resources to a plan. Ohio State University Extension has had a long history of developing “Enterprise Budgets” that can be used as a starting point for producers in their budgeting process.
Newly updated Enterprise Budgets for 2013 have been completed and posted to the Farm Management Website of the Department of Agricultural, Environmental and Development Economics. Updated Enterprise Budgets can be viewed and downloaded from the following website:
Enterprise Budget projections updated for 2013 include: Corn-Conservation Tillage; Soybeans-No-Till (Roundup Ready); Wheat-Conservat... Read More »
Farm managers and landowners now have an opportunity to ask a question to one of the farm management experts that serve on the Ohio Ag Manager Team! All that is required is to click on the Ask the Expert sign on the top left side of the Ohio Ag Manager Homepage. Type in your question and enter your email address so we can respond to your question. We look forward to serving your farm management educational needs!
Issued by Gary Hoff and Carolyn J. Schimpler
Re-printed with permission from FarmDocDaily
Farmers who plan to add additional help this year may want to consider hiring veterans. There is a substantial increase in the job pool as these individuals come back into the civilian workforce. As a further incentive, you may be eligible for a generous tax credit for hiring unemployed veterans. The credit can apply to seasonal employees if they work at least 120 hours.
Recent legislation has expanded the Work Opportunity Tax Credit (WOTC) to include qualified veterans who begin work after November 21, 2011, and before January 1, 2013. To qualify for the WOTC, the veteran must have been unemployed for at least four weeks in the year prior to being hired. A qualified veteran is a veteran who falls into one of the following categories.
• Unemployed for at least six months in the 1-year period ending on the hiring date
• A member of a family receiving assistance under the Supplemental Nutrition Assistance Program (food stamps) for at least three months during the 15-month period ending on the hiring date
• Entitled to compensation for a service-connected disability and hired within one year after being discharged or released from active duty
• Entitled to compensation for a service-connected disability and unemployed for at least six months in the 1-year period ending on the hiring date
The amount of the credit depends on a number of factors,... Read More »
By Dee Jepsen, State Agricultural Safety Leader, Ohio State University Extension, Department of Food, Agricultural, and Biological Engineering
Ohio farmers will continue to hire teens younger than 16 years old, now that Department of Labor has rescinded their stricter proposal to ban all contact with tractors and power-driven machinery. So what does that mean for Ohio teens looking for summer employment?
The current legislation is part of the Fair Labor Standards Act and falls under the Wage and Hour Division within the Department of Labor. This law was written nearly 45 years ago when it was determined certain tasks were dangerous for children under 16 years of age. Working with tractors greater than 20 horsepower and farm machinery were considered hazardous situations. However, there was an educational exemption put into place that would – and still does – allow students to be trained about these dangers, and then permitted to be hired. This program is commonly called the Tractor and Machinery Certification program. This is a 24-hour training class that ends with a written exam and a tractor skill test.
The current book that satisfies the educational training can be obtained through any OSU Extension county office. It is cataloged in the 4-H Family Guide, titled the National Safe Tractor and Machinery Operation Program. While this booklet will offer the educational piece for teens to self-study, the students will still need to complete the accompanying test... Read More »
By: Barry Ward, Leader, Production Business Management, Ohio State University Extension, Department of Agricultural, Environmental and Development Economics
A large number of Ohio farmers hire machinery operations and other farm related work to be completed by others. This is often due to lack of proper equipment, lack of time or lack of expertise for a particular operation. Many farm business owners do not own equipment for every possible job that they may encounter in the course of operating a farm and may, instead of purchasing the equipment needed, seek out someone with the proper tools necessary to complete the job. This farm work completed by others is often referred to as “custom farm work” or more simply “custom work”. A “custom rate” is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider.
The custom rates reported in this publication are based on a statewide survey of 122 farmers, custom operators, farm managers and landowners conducted in 2012. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine etc., and the labor for the operation.
There is no assurance that the average rates reported in this publication will cover your total costs for performing the custom service or that you will be able to hire a custom operator for the average rate published in this factsheet. Calculate your own costs carefully bef... Read More »
By: Barry Ward, Leader, Production Business Management
Department of Agricultural, Environmental, and Development Economics
Newly updated OSU Extension Beef Enterprise Budgets for 2012 have been completed and posted to the Farm Management Website of the Department of Agricultural, Environmental and Development Economics. Updated Enterprise Budgets can be viewed and downloaded from the following website:
Beef Enterprise Budgets posted for 2012 include:
Market Steer Budget – Days on Feed – 232 (Corn/Soybean Meal Ration)Market Steer Budget – Days on Feed – 250 (Corn/DDG Ration)Yearling Market Steer Budget – Days on Feed – 182 (Corn/Soybean Meal Ration)Yearling Market Steer Budget – Days on Feed – 190 (Corn/DDG Ration)Market Heifer Budget – Days on Feed – 220 (Corn/Soybean Meal Ration)Cow-Calf Budget – Spring Calving
Our enterprise budgets are compiled on downloadable Excel Spreadsheets that contain macros for ease of use. Users can input their own production and price levels to calculate their own numbers. Detailed footnotes are included to help explain methodologies used to obtain the budget numbers.
Authors of these beef budgets include Dr. Steve Boyles, Extension Beef Specialist; John Grimes, OSU Extension Beef Coordinator; David Dugan, Extension Educator, Agriculture and Natural Resources, Brown, Adams and Highland Counties; Mike Estadt, Extension Educator, Agriculture and Natu... Read More »
By: David L. Marrison, OSU Extension Educator & Associate Professor
A recent question received by the Ohio Ag Manager Team was: “How do I register my farm’s name in Ohio?” First, remember that choosing the right name for your farm business is important. Your farm’s name should be memorable and let customers know the purpose of your business.
From a legal perspective, business names must be registered with the secretary of state in Ohio if the business engages in commerce under any name other than the legal name of the owners (for sole proprietorship and partnerships) or if the business is a corporation or limited liability company.
The Ohio Secretary of State approves and keeps a registry of business names. Ohio law requires that new business names do not conflict with other previously registered business names. Some business names are subject to additional restrictions and/or requirements. It is important to register your business name before applying for your Federal Employee Identification Number (FEIN) with the Internal Revenue System.
Your business name can be registered with as a trade name or a fictitious name. The difference between the two is that a trade name must be distinguishable from any other registered trade name and cannot be used by others once it is registered. A fictitious name does not have to be distinguishable and is not protected from use by another business. Registration of a fictitious name does not give the user any exc... Read More »
Information presented above and where trade names are used, they are supplied with the understanding that no discrimination is intended and no endorsement by Ohio State University Extension is implied.
Ohio State University Extension embraces human diversity and is committed to ensuring that all research and related educational programs are available to clientele on a nondiscriminatory basis without regard to race, color, religion, sex, age, national origin, sexual orientation, gender identity or expression, disability, or veteran status. This statement is in accordance with United States Civil Rights Laws and the USDA.
Keith L. Smith, Ph.D., Associate Vice President for Agricultural Administration and Director, Ohio State University Extension TDD No. 800-589-8292 ( Ohio only) or 614-292-1868