Farmdoc Search Subscribe About Contact Us friends of farmdoc
Home
Finance
Marketing & Outlook
Management
Law & Taxation
Policy
FASTtools
Crop Insurance
Presentations
Prices & Weather
Web Resources
Visit farmdoc daily

farmdoc Sponsors


farmdoc Sponsors

farmdoc Sponsors


Click to any FEFO section:
Crop economics | Crop insurance | Decision aids | Farm income | Farm profitability benchmarks
Farm programs | Farmland leases and values | Financial and tax | Livestock economics
Machinery economics

FEFO Archive: Financial and tax

Balance Sheets on Grain Farms from 2005 to 2011
Ben Hugenberg and Gary Schnitkey
FEFO 13-09, 5/14/2013
 

Abstract

The period of high grain farm incomes since 2006 has led to an overall strengthening of balance sheets on grain farms. Some concerns exist that much of this strengthening could erode quickly during a period of lower returns and declining farmland prices. While these concerns are legitimate, farmers have generally prepared themselves well to withstand lower returns.
 
Click here for Adobe's PDF format. Click here for HTML format.


Performance of Publicly-Traded Agricultural Firms Since 2007
Clay Kramer and Gary Schnitkey
FEFO 11-07, 4/13/2011
 

Abstract

From 2007 to the present, publicly traded companies dealing with crop farms have had larger market value increases than companies contained in the S&P 500.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Income and Expenses for 2007
Dale Lattz
FEFO 08-12, 6/27/2008
 

Abstract

In 2007 the total, noncapital, living expenses of 1,232 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $60,294.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Income and Expenses for 2006
Dale Lattz
FEFO 07-10, 5/16/2007
 

Abstract

In 2006 the total, noncapital, living expenses of 1,196 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $54,994.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Income and Expense for 2005
Dale Lattz
FEFO 06-10, 06/19/2006
 

Abstract

In 2005 the total, noncapital, living expenses of 1,209 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $52,743.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm And Family Living Income And Expenses For 2004
Dale Lattz
FEFO 05-10, 05/26/2005
 

Abstract

In 2004 the total, noncapital, living expenses of 1,225 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $52,589--or $4,382 a month for each family (Table 1). This average was 9.2 percent higher than 2003 and 18.2 percent higher than in 2002. Another $5,960 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $58,549 for 2004 compared with $52,908 for 2003, or a $5,641 increase per family. The average amount spent per family for capital items was $1,211 more, while noncapital expenses increased $4,430 per family. The sample farms, which were mainly grain farms, were located primarily in central and northern Illinois.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Income and Expenses for 2003
Dale Lattz
FEFO 04-08, 04/30/2004
 

Abstract

In 2003 the total, noncapital, living expenses of 1,102 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $48,159--or $4,013 a month for each family (Table 1). This average was 8.3 percent higher than 2002 and 11.4 percent higher than in 2001. Another $4,749 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $52,908 for 2003 compared with $48,855 for 2002, or a $4,053 increase per family. The average amount spent per family for capital items was $369 more, while noncapital expenses increased $3,684 per family. The sample farms, which were mainly grain farms, were located primarily in central and northern Illinois.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Expenses for 2002
Dale Lattz
FEFO 03-09, 05/07/2003
 

Abstract

In 2002 the total, noncapital, living expenses of 1,216 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $44,475--or $3,706 a month for each family (Table 1). This average was 2.9 percent higher than 2001 and 4.5 percent higher than in 2000. Another $4,380 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $48,855 for 2002 compared with $48,097 for 2001, or a $758 increase per family. The average amount spent per family for capital items was $505 less, while noncapital expenses increased $1,263 per family. The sample farms, which were mainly grain farms, were located primarily in central and northern Illinois.
 
Click here for Adobe's PDF format. Click here for HTML format.


Cash Flows Tight on Many Grain Farms Because of Reduced Government Payments
Dale Lattz
FEFO 02-18, 09/30/2002
 

Abstract

After four years of low grain prices, this summer's price upswing has been welcomed by producers. However, higher prices may not completely offset lower revenue caused by lower yields as a result of adverse weather conditions. In addition, higher grain prices will reduce the amount of farm program payments. There will be little, if any, loan deficiency and counter cyclical payments this fall. In addition, the new farm bill does not contain provisions for market loss assistance and oilseed payments that have been paid out the past few years. These payments came about due to additional legislative action in response to low market prices.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Income and Expenses for 2001
Dale Lattz
FEFO 02-09, 05/02/2002
 

Abstract

In 2001 the total, noncapital, living expenses of 1,175 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $43,212--or $3,601 a month for each family (Table 1). This average was 1.6 percent higher than 2000 and 5.8 percent higher than in 1999. Another $4,885 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $48,097 for 2001 compared with $47,526 for 2000, or a $571 increase per family. The average amount spent per family for capital items was $97 less, while noncapital expenses increased $668 per family. The sample farms, which were mainly grain farms, were located primarily in central and northern Illinois.
 
Click here for Adobe's PDF format. Click here for HTML format.


Analyzing Your Farm Business
Dale Lattz
FEFO 02-02, 01/31/2002
 

Abstract

This time of year farm operators spend time in their office completing paperwork for income taxes, preparing information for their lenders and hopefully spending some time analyzing the performance of their business during the past year. Most farm operators use a calendar year (January 1 - December 31) as their business year for income tax purposes and also to prepare financial statements about their operation. Even if a business is on a different fiscal year for tax reporting purposes, they may still want to prepare financial statements based on a calendar year.
 
Click here for Adobe's PDF format. Click here for HTML format.


Farm and Family Living Income and Expenses for 2000
Dale Lattz
FEFO 01-12, 06/08/2001
 

Abstract

In 2000, noncapital living expenses of 1,087 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $42,544 for the year or, in other words, $3,545 per month (Table 1). The average noncapital living expense in 2000 was 4.1 percent higher than 1999 and 6.1 percent higher than in 1998. Another $4,982 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $47,526 for 2000 compared with $45,225 for 1999, or a $2,301 increase per family. The average amount spent per family for capital items was $611 more, while noncapital expenses increased $1,690 per family. The sample farms were mainly grain farms located primarily in central and northern Illinois.
 
Click here for Adobe's PDF format. Click here for HTML format.


Deferred Taxes - A Financial Consideration
Dale Lattz
FEFO 01-02, 01/16/2001
 

Abstract

Deferred taxes are a financial liability that is receiving more and more consideration from agricultural lenders, accountants and other consultants that work with agricultural producers. What are deferred taxes? Deferred taxes are the income and self-employment taxes that would be due if a producer completely liquidated his or her's assets in the farm business.
 
Click here for Adobe's PDF format. Click here for HTML format.


Year End Record Closing and Farm Analysis Considerations
Dale Lattz
FEFO 01-01, 01/02/2001
 

Abstract

The end of the year is not only a time for Holidays but also the close of the business year for most farmers. The majority of farm operators use a calendar year (January 1 - December 31) as their business year for income tax purposes and also to prepare financial statements about their operation. Even if a business is on a different fiscal year for tax reporting purposes, they may still want to prepare financial statements based on a calendar year.
 
Click here for Adobe's PDF format. Click here for HTML format.


Department of Agricultural and Consumer Economics    College of Agricultural, Consumer and Environmental Sciences
Home | Finance | Marketing & Outlook | Management | Law & Taxation
Policy | FAST Tools | AgMAS | Crop Insurance | Prices & Weather | Ag Links
Search | Subscribe | About farmdoc | Contact Us | friends of farmdoc
E-mail: farmdoc@illinois.edu
University of Illinois