Cornell Cooperative Extension has been assisting Saratoga County farmers with their business for 90 years.
The agricultural industry in Saratoga County continues to be one of the most important economic forces with 574 farms producing $38.9 million according to the 2004 Census of Agriculture. After applying the multiplier effect the economic impact is well over $100 million of our local economy from the farms in the census and the horse farms that have been increasing since the 1970's. Each of these farm businesses own assets valued at several hundred thousand dollars and investments of similar levels. These have large gross receipts. Careful and accurate financial management is vital to maintaining economic vitality and longevity for these farm businesses. Estate planning is also essential to pass these businesses from one generation to the next.
We provide the management and technical resources necessary for farm managers to adequately record and evaluate their profitability. Information on various business arrangements and transition methods are available to become more profitable and to continue the businesses into the future. We provide information to allow decision making which might include the sale of the business in the most cost-effective manner.
We maintain a dairy farm business record program for those businesses needing and/or requesting this system and to help interpret the results from these records or from various other record programs. Individual counseling is available for farm operators and managers. Meetings and seminars are held on topics such as taxes, management principles and labor.
Farm Business Management Program Highlights
Dairy Farm Business Summaries: Thorough financial analysis of dairy farm businesses to determine current successes and future opportunities. Used as a tool for goal setting and business planning.
Farmer's Income Tax School: Annual meeting designed to educate production farmers about existing tax law, changes in tax law, and new tax law.
Annual Winter Series: Programs developed in conjunction with neighboring counties to meet the current financial needs of the dairy community.
Related Publication: Dairy Farm Business Summary. Available through Cornell University for $12.00 in New York State. Call Faye Butts at 607.254.7412
Last updated December 8, 2016