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Executive Summary of Program Results in Federal Fiscal Year 2007
By the numbers:
- 2,445 mediation cases were opened based on the receipt of a notice of mediation served on a farm debtor. This represents an increase of 16% over last year. The average cost per notice was $221.56
- 948 cases requested mediation. This was an increase of 33.5% over FFY2006.
- Estimated 26,036 program participants (an average of 10.6 participants per case) received the services of 12 mediators, 4 financial analysts, a Community Program Specialist and 5 program staff
Results:
- 1,497 debtors waived mediation of the debt. Results of these cases may be that the debtor worked out a resolution without mediation. The following may have occurred; pay the debt current, bankruptcy or abandonment of the collateral.
- 73% of mediated cases reached some kind of settlement by the end of mediation while only 27% of mediated cases did not reach a settlement agreement by the end of mediation.
- The total amount of debt that was addressed in mediation case sessions was $340,544,869.00. The approximate breakdown was as follows: Banks $210.7M, Farm Service Agency $54.2M, Main Street Suppliers and Small Businesses $28M, Farm Credit Services $17.9M, Contracts $16.2M, and Implement Companies $13.5M.
Who was Served:
- Geographically, Minnesota Agricultural Statistics Districts in descending order of creditor notices of mediation were: Central (487), Northwest (417), West Central (377), Southeast (323), East Central (252), Southwest (252), South Central (226), North Central (65) and Northeast (46).
- Creditors who served notice of mediation, in descending order: Banks 39%, Implement Dealers and Manufacturers 35%, Farm Credit Services 21%, Contracts for Deed 2%, Farm Service Agency 1%, United States Department of Agriculture 1%, and other 1% (Judgments, small business accounts)
- The commodity enterprise of the debtors, in descending order was: crop 57%, dairy 28%, cattle 7%, hogs 4%, and other 4%.
- The ownership of the farming entity was: 57% sole proprietors, 32% partnerships and 11% corporations
- The average farm debtor in mediation was a 52.7-year-old sole proprietor, who had owned the land for 24.9 years; owning 272 acres; renting 628 acres; with an average net worth of approximately $77,651; average agricultural debt of approximately $372,587; median non-farm income of $24,135 and median family living expenses of $34,063 per year.
Past Fiscal Years
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