by Trevor McIntosh, Farm Plus Financial Senior Editor
Keeping thorough records is extremely important to all farm and agriculture operations in the basic operating of your farm operation and can save you headaches later on. Keeping your financial records up-to-date and organized can help your business tremendously.
If you are a livestock producer affected by natural disasters such as the drought in the West and unexpected winter weather in the upper Midwest, the U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) Administrator, Juan M. Garcia, made a statement urging you to keep thorough records. This would include any livestock or feed losses, and any additional expenses that are a result of losses.
“The 2014 Farm Bill provides a strong farm safety net to help ranchers during these difficult times,” said Garcia. “We’ll provide producers with information on new program requirements, updates and signups as the information becomes available. In the meantime, I urge producers to keep thorough records. We know these disasters have caused serious economic hardships for our livestock producers. We’ll do all we can to assist in their recovery.”
Every unexpected weather-based event causes economic consequences for farmers and ranchers across the country. The FSA recommends that owners and producers record all pertinent information of natural disaster consequences, including the following:
- Feed purchases if supplies or grazing pastures are destroyed;
- Crop records, including seed and fertilizer purchases, planting and production records;
- Pictures of on-farm storage facilities that were destroyed by wind or flood waters;
- Evidence of damaged farm land;
- Documentation of the number and kind of livestock that have died, supplemented if possible by photographs or video records of ownership and losses;
- Dates of death supported by birth recordings or purchase receipts; and
- Costs of transporting livestock to safer grounds or to move animals to new pastures.
If you are a farmer or rancher affected by extreme weather the USDA can provide emergency funding is many cases. Contact the USDA Farm Service Agency for more information.
For information on farm loans exceeding $300,000 or to set up a line of farm credit, contact Farm Plus Financial at 866.929.5585 or start your online farm loan application today.