Northeast Risk Management Education Projects Bob Parsons University of Vermont.

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Presentation transcript:

Northeast Risk Management Education Projects Bob Parsons University of Vermont

Today We Examine 2 Projects UVM Extension Mobile Computer Lab New England “Transfer the Farm” Workshops

Mobile Computer Lab Funding Sources –Northeast Center for Risk Mgmt Education –20 Vermont Ag Businesses/UVM Extension Equipment: –10 Laptops –Wireless Router –Laser Printer –Video Projector

Computer Workshops Objective: Train farmers how to use computers in managing their farm. Basic Computer operation Financial packages Other management software Farmers have computers….. –But don’t use them!!!

2003 Computer Workshops Topics: Quicken and Excel (3) 45 individuals from 36 farms 4 sessions / 3 hours each Homework for each session

Topics… Excel –Balance Sheet –Annual Budget Quicken –Chart of accounts –Data Entry –Reports and Graphs

Evaluations Average age: 44 Yrs farming: 17 Satisfied with workshop: 4.2 out of 5 Instructor Effectiveness: 4.5 out of 5 Usefulness of Quicken: 4.6 out of 5 Usefulness of Excel: 4.2 out of 5

Comments…. “Best thing I have ever done!” “Record keeping is much easier – even impressed my in-laws!” “I finally have my records up to date.” “I now use my computer – and actually showed my kids a few computer tricks!”

Future Programs Basic Computer operation More financial workshops Cooperate with DHIA on managing production records Crop management

Program 2: New England “Transfer the Farm” Workshops Provide assistance to New England farmers Major concern of 40% of Vermont dairy farmers Complicated by high real estate values Complex with little understanding of alternatives

Regional Support…. Northeast Center for Risk Mgmt Education UVM and UNH Extension Cooperating with Land Link & Ag Depts Cooperating attorneys Workshops in 5 New England states

Workshop Agenda Communication and setting goals Retirement, estate & business transfers Nuts & bolts – Legal aspects & methods Creative alternatives First-hand experience

Communication Stress need of talking with family Goals of each generation Handling conflict between family members Aligning goals with situation

Retirement & Transfer Planning Retirement needs What consists of estate Implication of taxes Methods of transferring assets Business transitions Business organizations

Legal Aspects of Transfers Attorney with estate experience Probate, estate, and taxes Wills, inheritance, & heirs Protecting assets Picking right business structure QUESTIONS FOR LAWYER

Creative Alternatives Sell development rights Selling conservation easement Land Link

First Hand Experience Valuable to hear from experienced Give success and horror stories Provides insight on family approaches Gives courage to move on topic

Results… 228 people in 5 states Age distributed: 19% 65 51% male, 49% female 85% very satisfied Significant knowledge gain on all topics

Quotes…. “It is the best workshop I’ve attended on this subject.” “Eye-opening, good support for farmers.” “A beautiful well-planned informative day…please put one on next year.” “I know other farm families who could benefit from programs like this.”

Conclusions Both programs meet needs Computer lab long term program Estate planning constant need Challenge to take estate planning next step Made possible from NECRME!