Nate Bruce, Farm Business Management Specialist, nsbruce@udel.edu
FINPACK is a premier farm financial management software program developed by the University of Minnesota’s Center for Farm Financial Management. FINPACK enables producers to better understand farm financials and allow for more informed management decisions. University of Delaware Cooperative Extension will now be offering FINPACK analysis to clientele. Some of the things FINPACK can do for your operation are:
- Develop cash flow projections to estimate peak operating loan needs and repayment capacity.
- Evaluate income and expenses, to assess the profitability of each enterprise in the operation and determine whether each is contributing to the bottom line.
- Understand the operation’s financial position, including metrics like working capital, net worth, and solvency. Financial trends can be evaluated annually to monitor the operation’s progress towards business goals.
- Evaluate the financial impact of major changes before investing money to determine feasibility.
Many different land grant universities’ Extension personal use FINPACK, as with accountants and consultants to assist farmers in better understanding their individual farm financial situation. FINPACK data can be easily shared between producers and lenders, which enables the credit process to be quicker and easier.
FINPACK is a one-on-one service. To request this service, contact Nate Bruce, the Farm Business Management Specialist at:
E: nsbruce@udel.edu
P: 302-362-7619