Fall good time to start root of good record keeping (Keeping the Farm)
(Editor’s note: Nivin A. Elgohary is the state executive director for Farm Service Agency in Virginia.)
Record keeping is essential for good management, and fall is the time to start gathering information to analyze farm income and expenses in order to begin planning for next year.
Records greatly assist with both production and financial management decisions, and are kept not only for tax and reporting purposes, but also as your tools to help identify trends, individual enterprise profitability, and help with important production choices that are all customized to your very own farming operation.
FSA loan program borrowers are required to provide annual balance sheets and income-expense records to assist with monitoring progress and needs.
Potential applicants for FSA loan programs also need to provide good records when applying for loans.
Records assist with other USDA program sign-ups and statistical reporting.
It is greatly appreciated when good records are archived and provided to FSA, as they help us to better help you.
November is a month known especially for thankfulness.
Not only are we thankful for our families, friends, and farmers, we are thankful that we live in the land of free, and that we have been protected by the hearts of the brave.
As we celebrate Veteran’s Day, we salute those who have served.
For those veterans who also feed the world as well as protecting our soils, FSA offers loans to veterans who are farmers.
More information is available online or at a local service center.
1-800-634-5021 410-822-3965 Fax- 410-822-5068
P.O. Box 2026 Easton, MD 21601-8925