How Data from USDA’s Agricultural Resource Management Survey (ARMS) Can be Used in Individual and Group Extension Settings Mitch Morehart Economic Research.

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Presentation transcript:

How Data from USDA’s Agricultural Resource Management Survey (ARMS) Can be Used in Individual and Group Extension Settings Mitch Morehart Economic Research Service U.S. Department of Agriculture

HOW ARMS DATA CAN BE USED IN INDIVIDUAL EXTENTION SETTINGS: Evaluating Financial Performance The Farm Financial Standards Council has recommended 16 “key” measures. 10 of these are estimated from ARMS and published in the tailored reports available on the web. Others may be estimated from data contained in published financial statements.Farm Financial Standards Council Desirable ranges and guidelines for financial ratios vary significantly by type of farm, ownership pattern, time of year and technology. Trends on individual farms are important in identifying management strengths and weaknesses. Benchmarks help to evaluate trends.

Illinois Corn Farm

Observations Variation in average financial ratios can be seen for different sizes of corn farms in Illinois Comparisons can be made with other farm types in Illinois. Comparisons can be made with corn farms in other states.

HOW ARMS DATA CAN BE USED IN GROUP EXTENTION SETTINGS: Financial Security in Later Life Financial Security in Later Life is one initiative among several in the broader CSREES program, Financial Security.Financial Security in Later Life The target audience for this initiative has been identified although Cooperative Extension Programs must serve the needs of diverse audiences. Within the general population, those most likely to benefit from this initiative are members of the Baby Boom cohort during their pre- retirement and retirement years; women, minorities, immigrants, and self- employed individuals facing a retirement income gap; farm families, people working in agriculture-related businesses, and employees of small employers; and limited resource individuals.

Is the age distribution in my state different than for the U.S. ?

How does the distribution of farm business net worth compare?

What about farm household net worth?

How significant are non-farm investments?

What are the trends in household net worth by operator age group? Total Household Net Worth Household Farm Net Worth Household Non-farm Net Worth