Working on balance sheets and other financial statements might not be the most exciting task for most farmers, but it is crucial to agricultural business success.
Another thing that Ohio farmers might soon find indispensable is the new Farm Financial Management and Policy Institute (FFMPI) recently launched by CFAES.
The institute will address critical farm financial management and policy issues affecting Ohio producers. David Marrison, farm management field specialist with OSU Extension, will serve as the FFMPI interim director.
“I am excited to transition into this role and to work with a team of farm management specialists to help all Ohio farm families and agribusinesses enhance their management, productivity, and profitability,” Marrison said.
Housed within OSU Extension, the institute will tap into departments within CFAES; schools and colleges within the university such as the Moritz College of Law and the Fisher College of Business; and other universities across the country to offer research-informed knowledge and best practices in the areas of agricultural marketing, agricultural finance, agricultural production and risk management, human resources, agricultural policy, and agricultural law.
“Today’s farmers face a multitude of challenges such as adapting to climate change; meeting consumer demands or more, higher quality food; and adjusting to the increasing costs of supplies,” said Cathann A. Kress, Ohio State vice president for agricultural administration and dean of CFAES. “We created the Farm Financial Management and Policy Institute to help Ohio farmers address these challenges and offer guidance into how to make their businesses become more profitable.”
Each year, hundreds of U.S. farm businesses fail; some caused by poor financial management. As the agricultural industry changes and evolves, so too do OSU Extension’s offerings. Extension’s new FFMPI will integrate established programs and will develop new ones responsively to help Ohio farmers meet their business and financial goals.
The OSU Extension Farm Office website (farmoffice.osu.edu) will serve as the landing spot for the new institute as Marrison and team work to establish resources and best practices for a variety of agricultural businesses.