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Executive Summary of Program Results in Federal Fiscal Year 2008
By the numbers:
- 2,002 mediation cases were opened based on the receipt of a notice of mediation served on a farm debtor. This represents an increase of 13% over last year. The average cost per notice was $300.89
- 640 cases completed mediation. This was an increase of 12.6% over FFY2007.
- Estimated 21,462 program participants received the services of 12 mediators, 4 financial analysts, three part-time Community Program Specialists and 5 program staff
Results:
- 1,362 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.
- 78% of mediated cases reached some kind of settlement by the end of mediation while only 22% 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 $156,300,000. The approximate breakdown was as follows: Banks $126.3M, Farm Service Agency $7.3M, Main Street Suppliers and Small Businesses $9.5M, Farm Credit Services $9.4M, Contracts $1, and Implement Companies $2.8M.
Who was Served:
- Geographically, Minnesota Agricultural Statistics Districts in descending order of creditor notices of mediation were: Central (26%), Southeast (16%), East Central (16%), Northwest (12%), West Central (10%), South Central (9%), Southwest (6%), North Central (4%), Northeast (1%).
- Creditors who served notice of mediation, in descending order: Implement Dealers and Manufacturers 40%, Banks 36%, Farm Credit Services, AgStar, AgCountry and Contracts for Deed 17%, United States Department of Agriculture 4%, and other 1% (Judgments, small business accounts)
- The commodity enterprise of the debtors, in descending order was: crop 50%, dairy 20%, cattle 20%, hogs 5%, horses 3% and other 2%.
- The ownership of the farming entity was: 77% sole proprietors (an increase of 57% from FY 2007), 10% partnerships and 12% corporations and 1% trusts.
- The average farm debtor in mediation was a 53-year-old sole proprietor (ages ranged from 25 to 86 years old), who had owned the land for 22 years; owning 197 acres; renting 255 acres; with an average net worth of approximately $698,662; average agricultural debt of approximately $273,521; median non-farm income of $34,074 and median family living expenses of $37,241 per year.
Past Fiscal Years
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