Risk Management and Financial Management Training Modules with FAST Tools

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Risk Management and Financial Management
Training Modules with FAST Tools
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FAST Tools

• farmdoc companion project initiated in 1999
• Development of 48 spreadsheet-based tools to aid
  decisions for producers, lenders, consultants and
  investors
• Facilitate use, access, distribution of tools and
  resources through CD and internet distribution
• Quarterly subscription
• farmdoc download (www.farmdoc.uiuc.edu/fasttools/
• via workshops
• Approximately, 35,000 CDs produced
• Increased demand for education and training

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Current Resources and Activities

• 40 laptop computer lab
• FAST educator / coordinator
• CD duplication
• 50 meetings in Illinois / integrated FAST last 2
  years
• Teaching modules for each program
• Case studies and examples
• Outside of educator, operate at full cost
  recovery
• Prairie Farmer monthly column

Theme Focus Teach Decision Making Integrate
and utilize FAST Not just computer training
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Past Educational Efforts3 Dimensions
Host(s)
Intended Audience
Content/Meeting Type
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HostsGetting the right people at the table

• Typical Extension Channels
• Farm Business Farm Management Assn.
• Farm Bureau
• Farm Credit System
• Commercial Banks
• Banking organizations
• Growmark
• Crop Insurance Organizations

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AudiencesTargeted and General

• Farmers
• General and women via Annies project
• Lenders
• Farm Service Agency
• University and Junior College Students
• Educators (train the trainer programs)
• College and Jr College instructors
• Vo-Ag Teachers
• Extension Educators
• State record fieldstaff (Iowa, KY, Illinois and
  Alabama)

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Observations from past

• Innovative and high revenue producers
• Computers skills have expanded substantially
• Economic skills of participants have been very
  high
• Handling meeting logistics (meals, registrations,
  etc) are usually the most time consuming

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DAY 1 Exploring Risk Management and
Marketing Strategies Using FAST

• 930 am 1200 pm
• Updates to crop insurance
• Crop insurance tools
• 100 pm 400 pm
• Crop rotation decisions
• Exploring grain delivery alternatives
• Grain marketing tools
• Grain inventory management

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Demo of DAY 1 teaching modules

• Gary Schnitkey

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DAY 2 Improving Your Financial Management Using
FAST

• 930 am 1200 pm
• Preparing financial statements
• Assessing your performance
• How do you compare?
• How do you improve?
• Farm investment decision-making
• Grain storage, farmland, machinery
• 100 pm 400 pm
• Farm investment decision-making
• Grain storage, farmland, machinery
• Proforma financial planning

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Demo of DAY 2 teaching modules

• Paul Ellinger

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Tentative Plans for 2007/2008

• Summer Train the Trainer targeted towards
  extension professionals in other states
• Campus lender program
• Customized lender tools
• Database capabilities
• Expanded balance sheet and financial management
  programs
• Larger focus towards host-sponsored programs
• Lenders
• FBFM
• Growmark
• Farm Bureau
• Out-of-state training and assistance to other
  state extension personnel