Individuals who decide to participate in the FARM Assistance program will work directly with an Extension specialist to develop a financial analysis that is unique to their specific operation. This process typically consists of three meetings with the Extension specialist at the participant’s home, office, or any other agreed upon location. The initial meeting, which is typically the lengthiest, serves to collect and review the data that will be used to develop the analysis. From there, the specialist will develop a “baseline” projection that is reviewed by the producer during the second meeting to ensure that the accuracy of the input data. Upon verification, the producer has the opportunity to request alternative production scenarios be conducted in order to compare their financial outcomes with that of the “baseline” projection. In the third and final meeting, the Extension specialist will deliver the finalized report to the participant and review the findings contained therein.
How much time does it take to complete the FARM Assistance program?
The time required to complete a FARM Assistance analysis is contingent upon several factors, such as the completeness of a participant’s financial information, the scale of their operation, the number of alternatives evaluated, and the ability to schedule meetings. Typically, this process takes about three weeks complete and consists of three meetings between the participant and the Extension specialist. The initial meeting, which is typically the longest, usually takes 3 to 5 hours to complete, while the two subsequent meetings are typically completed in 1 to 2 hours each. These time frames are consistent with those seen by Extension specialists, but may be longer or shorter depending upon the specific operation.
How will my personal financial information be used by FARM Assistance?
The information collected from participants will be used to develop their FARM Assistance analysis as well as to conduct research into the agricultural industry. However, at no time will FARM Assistance disclose any of this information to third parties or any other unauthorized user. All records will be kept in a secure environment to ensure their safety and confidentiality. Any information used in our research activities will be employed to develop aggregate figures that conceal individual financial information.
How do I sign up for FARM Assistance?
FARM Assistance has Extension specialists located throughout the state of Texas in an effort to address the needs of agricultural producers in all regions. Individuals interested in participating in the FARM Assistance program should contact the specialist closest to them or call the main office toll free at (877) 826-7475 for referral to the appropriate specialist. For a complete listing of offices, click here.
How much does it cost to participate in the FARM Assistance program?
First-time participants in FARM Assistance are required to pay a fee of $400 for their analysis. This amount drops to $200 for those participants who have previously employed FARM Assistance.
What kind of financial information does FARM Assistance need to conduct an analysis?
While the information required for each analysis is unique, generally speaking items such as current financial statements (Balance Sheet, Income Statement, etc.), equipment and livestock inventory lists, current tax returns, crop insurance production histories, and production budgets are typical. For a copy of the FARM Assistance Information Requirements form click here.
What if I do not have all the items listed in the Information Requirements form?
The items listed in the FARM Assistance Information Requirements form consist of those items that are most commonly required to perform an analysis. However, the presence of ALL of these items is not necessarily required and will depend largely on the participant’s operation. Questions regarding the specific information required should be directed to the Extension specialist in charge of your analysis.
What types of agricultural operations can FARM Assistance work with?
One of the most unique aspects of FARM Assistance is its ability to work with virtually any operation. In general, the analyses conducted by FARM Assistance specialists cover traditional row-crop commodities, such as cotton, corn, grain sorghum, and wheat, along with beef cattle, sheep, and goat ranches. However, the program has conducted numerous analyses for non-traditional farms and ranches, cooperatives, and agribusinesses.
Can I use this program for my FSA loan training?
Yes, The FARM Assistance program provides you with both financial and production training required by the Farm Service Agency.
FARM Assistance