A Go-To Resouce to Help Farmers Financial Information with Lenders

The Farm Financial Standards Council focuses on supporting farmers through standardized financial reporting and analysis across the agriculture industry. Their mission is to serve as the go-to resource for financial guidelines that enhance farm operations. Chief Financial Officer, Kent Meister, with more on the council's work.

“The Council came out of the farm crisis in the early 80s and developed some standards for reporting financial for producers and helping lenders evaluate those reports and others interested in those so we're trying to standardize the way farmers report financial information.”

When the Council was formed in the 80s, Meister said agriculture did not have a standardized way to report information to lenders.

“We have a set of guidelines that outline how things should be reported, income, items, expenses, so on, and also balance sheets and includes financial reports. Those guidelines are updated pretty much on an annual basis for changes, but include appendices and so on that have exhibits as report income statements, balance sheets, cash flow.”

The Council is made up of diverse professionals, including accountants, lenders, producers, software providers and other service experts all working together to support agriculture.