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Berry Farm Business Summary Berry Farm Business Summary

Berry Farm Business Summary - PowerPoint Presentation

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Berry Farm Business Summary - PPT Presentation

2014 Regional Workshop Dan Welch Brad Rickard Percy Fang Charles H Dyson School of Applied Economics and Management January 31 2014 Other States UC Davis and University of California Cooperative ID: 572083

farms farm bearing total farm farms total bearing fruit acres amp acre liabilities cornell capital table long term current average berry county

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Slide1

Berry Farm Business Summary2014 Regional Workshop

Dan WelchBrad RickardPercy FangCharles H. Dyson School of Applied Economics and ManagementJanuary 31, 2014Slide2

Other StatesUC Davis and University of California Cooperative of Extension:

Sample Costs to Establish and Produce BerriesPenn State: Enterprise Budgets in Mid-Atlantic Berry GuideNorth Carolina State: Blackberry Budget Program 2011 Slide3

Overview of BFBS processCCE educators and regional specialists worked with 8 farms to collect the data

6 of the farms were smaller-scale, 2 farms grew berries in addition to tree fruitUsing the Fruit Farm Business Summary as a guide, created data tables of summary information, and specific areasBFBS gives a whole-farm picture, next step is to develop enterprise budgets for each cropSlide4

T1 to T4 Balance Sheet Information

T5 to T12 Income Statement Information

T13 to T19 Cash Flow Information

T20 to 23 Efficiency Analysis

T24 to T27 Farm Descriptive Statistics

Next I will show some of the preliminary summarized information from the current farms in the BFBS

Four considerations:

There are only data from 8 farms so far

Two of the 8 farms are much larger than the other 6

Where possible, we make comparisons to FFBS

Enterprise budgets will tell us more about specific berries

The 27 Tables in the FFBS/BFBSSlide5

Farm Balance Sheet (Table 1)

Year

Farm Assets

End

Current Assets

Farm cash, checking & savings

1,161

Accounts receivable

963

Prdtn, pckng supplies & prepaid exp

2,917

Fruit & other crops in inventory0Cash Value Life Insurance on Corp Officrs7,143

Total current assets$12,184

Intermediate assets

 

Equipment owned

50,042

Other Stock & Investments

175 Total intermediate assets$50,217

Year

Farm Liabilities

End

Current Liabilities

Accounts Payable

0

Operating Line 1

2,333

Current Portion:

Int

& Long Term Debt

0

Total Current Liabilities

$2,333

Intermediate Liabilities

 

Restructured Operating Debt

0

Equip Loan #1 (JD,CNH, Kubota)

0

Equip Loan #2

0

Capital Line #2

5,333

Total Intermediate Liabilities

$5,333Slide6

Farm Balance Sheet (Table 1)

Year

Long term assets

End

Land & buildings:

51,333

Owned

0

Structures leased

0

Leasehold Improvements

0Other:0 Total long term assets

 $51,333

 

Total farm assets

$113,734

Year

Long Term Liabilities

EndMortgage #1:

 

Mortgage #2 :

0

Long Term Loan #1 -

0

Total Long Term Liabilities

0

 

Total Liabilities

 

$7,667

Net Worth

$106,067Slide7

Farm Balance

Sheet Comparison

 

Berry

Farm Business Summary

Fruit

Farm Business Summary

Financial Ratios-end of year

 

Percent Equity

87%

73.7%Debt Levels 

Per bearing fruit acre 

Total farm debt

$2889.69

$3066

Long term

645.41

944 Current and intermediate2244.272122Slide8

Income Statement- Expenses(table 5)

Expenses

8 Farm Average

6 Farm Average

Equipment

Fuel, Oil & Gas

20008.58

1993.27

Repair &

Maintenance

: Equipment

12432.202131.94Trucking Expenses955.75

1054.50Machine Hire, Rent & Lease

9980.00

482.50Slide9

Land

Resources (table 24)

Land Class

8 Farm Average

6 Farm Average

FFBS

(

25 Farms)

Bearing fruit acres

45.60

5.93

200.00Non-bearing fruits acres7.800.0030.50Total fruit acres

53.40

5.93

230.50

Other annual crops

7.76

10.35

0.00Other perennial crops1.251.6717.50

Open land

25.19

19.08

10.00

Non-tillable acres

7.25

1.17

88.90

Total acres cropped

62.41

17.95

248.00

Total land operated

94.85

38.20

347.40

Rented land included above

0.00

0.00

72.50Slide10

Berry Crop Production (table 24)

No. of farms

Average Acres

Average Production

(lbs)

Percent of Total Berries

8 Farms

Strawberries

3

5.57

51,194.00

60.96%

Blueberries

8

3.93

17,991.75

21.43%

Brambles

31.6811,438.6713.62%Ribes

2

0.45

235.50

0.28%

Other berries

1

1.75

3,114.00

3.71%

6 Farms

Strawberries

1

5.50

23,472.00

56.12%

Blueberries

6

4.47

9,955.17

23.80%

Brambles

1

1.25

5,280.00

12.63%

Ribes

1

0.30

0.00

0.00%

Other berries

1

1.75

3,114.00

7.45%Slide11

Size of Business and Yields (Table 27)

Size of Business

8 Farms

6 Farms

FFBS

(

25 farms)

All fruit acres (including non-bearing)

53.40

5.93

231.00

Bearing Fruit acres45.605.93200.00Average berry production (lbs)

41,927.13

15,266.17

144,130 bu

Worker equivalent

8.02

2.12

13.63Rates of Production (lbs/acre)

Strawberries, pounds per bearing acre

7,441.02

4,267.64

Blueberries, pounds per bearing acre

4,297.21

1,985.05

Brambles,

pounds per bearing acre

6,159.56

4,224.00

Ribes, pounds per bearing acre

785.00Slide12

Labor efficiency and COSTS (table 27)

Labor Efficiency

8 Farms

6 Farms

FFBS

(

25 farms)

Bearing fruit acres per worker

4.48

3.44

14.71

All fruits acres per worker4.693.4416.95Accural Receipts per worker

$34,825.58$17,842.80

$96,969.00

Cost Control-Accrual

Costs per bearing fruit acre

All

labor including operator

$2,895.16

$2,136.24

$1,812.00

Harvest

labor

$1,375.03

$740.00

All equipment

$1,158.02

$1,081.12

$871.00

Spray

$363.64

$204.26

$508.00Slide13

Capital efficiency and profits (table 27)

Capital Efficiency

8 Farms

6 Farms

FFBS

(

25 farms)

Total farm capital per bearing

acre

$23,149.74

$32,615.17

$10,814.00Total farm capital per fruit acre$22,159.07$32,615.17$9,404.00

Capital Turnover Ratio (sales/equity)2.37

3.43

0.61

Profitability

Net farm income

w/o

appreciation$210,302.70$11,677.10

$436,213.00

Labor and

mgmt

income/operator

$68,965.54

$2,466.48

$212,333.00

Rate of return on:

Equity

capital with appreciation

12%

-15%

23%

All capital with appreciation

7%

-15%

18%

Farm net worth

$

936,829

$318,200

$

1,721,188

Debt to asset ratio

0.11

0.08

0.26Slide14

For More information, and to join the BFBS, contact

Educator

Region (home base)

Contact

Sharon Bachman

Western NY (Erie County)

sin2@cornell.edu

716-652-5400

ext

150

Sandy BuxtonEastern/Northern NY (Washington County)sab22@cornell.edu 518-746-2560Ginny CarlbergWestern NY (Chautauqua County)vec22@cornell.edu 716-664-9502 ext 202Alison De Marree

Lake Ontario Region (Wayne County)amd15@cornell.edu

315-573-8881

Stephanie Mehlenbacher

Finger Lakes Region (Steuben County)

sms64@cornell.edu

607-664-2300

Dan WelchCentral NY (Onondaga County)dlw56@cornell.edu 607-255-7103Slide15

Research Funded by THE NYFVI Project #

AIC 12-001

Building

a Better Bottom Line for

NYS

Berry

Growers

Thanks for Listening!

Questions? Suggestions?

dlw56@cornell.edu (Dan Welch)bjr83@cornell.edu (Brad Rickard)