The Southwest Minnesota Farm Business Management Association is a member governed farm business and income tax management program serving the needs of Southwest Minnesota farmers. The Farm Business Association is affiliated with the University of Minnesota Extension Service with the field staff being employees of the University.
Members pay an annual enrollment fee which is based upon the size of the operation. Membership includes the following benefits:
- Annual "FINPACK" business analysis
- Benchmark operation to similar sized producers ("RANKEM" report)
- Complete income tax preparation
- Cash flow and long-range projections
- Farm accounting consultations
- End of year income tax planning
- Individualized on-farm consultations
- Monthly newsletter plus periodic emails on current farm management issues
- Periodic meetings, tours, and seminars
- Access to field staff for tax or management consultation by phone or email
All year-end analysis data is submitted to the Center for Farm Financial Management located on the Saint Paul Campus. This data is merged into the FINBIN database along with data from literally thousands of farms. This data may be accessed via the internet to generate a variety of farm analysis and benchmark reports. Great care is taken so that individual data looses all identity to maintain client confidentiality.
Additional services are available to members on a fee basis. These services include:
- Preparation of year end payroll forms
- Preparation of Federal Form 1099/1096
- Preparation of Annual Heavy Use Tax form for grain and/or livestock trucks
- Estate and business plans
- Individualized consultation
For additional information on Southwest Minnesota Farm Business Management Association, contact one of the two field staff for an appointment.
Jim Kurtz, EA
Extension Regional Center
1567 McMillan, Suite # 6
Worthington, MN 56187
The Southwest Minnesota Farm Business Management Association has been serving Southwestern Minnesota farmers for over 60 years.