Richard Doremus

Richard Doremus joined the Yankee team as a Credit Analyst in the White River Junction office on Oct. 28th. Richard is from Newport, NH and earned a Bachelor's Degree in Management/Finance from Plymouth State University in Plymouth, NH.

Anna Laggis - Farm Credit Fellow

During the week of December 9-13 Yankee hosted Farm Credit Fellow Anna Laggis. Anna is a senior at Cornell University. Anna grew up on her family’s Jersey farm in Hardwick, VT. Her interest in dairy has led her to many internships, including cheese making at Jasper Hill and in Italy, cattle nutrition with Cargill, and the Fellows program with Yankee. While visiting with Yankee she visited a variety of agricultural businesses including dairy farms and logging operations. Upon graduation this spring Anna will be making a trip to Alaska for a few months before beginning work for Cargill as an Animal Nutritionist in the fall.

The photo shows Anna in her garden at home earlier in the year.

2013 Northeast Dairy Challenge

The 2013 Northeast Dairy Challenge was held at the William H Miner Agricultural Research Institute in Chazy, NY from October 31st to November 2nd. The challenge, in its 11th year, had 119 students from 14 colleges and universities.



The Dairy Challenge is an educational program that helps prepare students for careers in the dairy industry. The students work in mixed-university teams and visited a dairy farm to assess all aspects of the farm. They then organized their observations and suggestions into 20 minute presentations which were given to a panel of judges.

Farm Credit is a 5 star platinum sponsor of this event which hosts 4 regional and 1 national contest each year. The program is fully funded through the generous support of companies and producer associations serving the dairy industry, as well as a growing number of alumni and individual dairy farm owners.

 Association loan officers; Jean Conklin, Chuck Custeau, and Suzanne Petig, as well as Rob Guay, Association Appraiser all assisted in various aspects of the challenge.

 Mike Farmer, Senior Vice President in the St. Albans office gave a presentation to the students on financial record keeping, benchmarking and goal setting.

Q3 2013 Financial Results

Quarterly net income for Yankee was $2.3 million, an increase of $382 thousand over 2012.  Net interest income increased 13 percent to $3.5 million, up from $3.1 million in 2012.  The most significant factors driving the increase in net income are increases in loan volume, a decrease in the provision for credit losses, and patronage refunds from CoBank.

For the first nine months of 2013, net income increased 5 percent to $6.7 million, up $283 thousand from a year ago.  Net interest income increased 13 percent to $10.3 million. There was a provision for credit losses of $244 thousand through the third quarter of 2013, as compared to $151 thousand for the same period in 2012. Other income decreased by $207 thousand, primarily due to $393 thousand in refunds from the Farm Credit System Insurance Corporation in 2012.

Loans held by the Association at September 30, 2013 were $403.9 million, up 5 percent from year end.  The loan portfolio continues to be concentrated in the dairy industry, with 53 percent of the loans invested in dairy businesses.  The second largest concentration is timber, with 13 percent of the loan volume at quarter end.    

Click here for the full quarterly Report to Shareholders.

Alyth Hescock - New Appraiser Joins Yankee Staff

We are pleased to announce that Alyth Hescock joined Yankee as a Certified General Real Estate Appraiser on October 21st. Alyth has a dairy farm background and is a graduate of the University of Vermont with a degree in Community Development and Applied Economics. He has been appraising since 2005, primarily in the Champlain Valley area of Vermont. He has substantial experience in appraising farms and other rural properties as an independent fee appraiser.

Please join us in welcoming Alyth to Yankee.

Liz Bayne - Business Consultant

I am pleased to announce that Liz Bayne is Yankee Farm Credit's new Business Consultant. This new position for Yankee provides additional services to members of the agricultural community needing assistance with a variety of complex financial issues including inter-generational transfers and business planning.

Liz, who works in our White River Jct., Vermont office, brings considerable experience to this new role. She started her career with Farm Credit in 1979 and has served in a variety of roles including credit, credit review, payroll and recordkeeping services, income tax preparation, and most recently, appraisal.

Liz is a Farm Credit Tax Specialist, an Enrolled Agent with the Internal Revenue Service, and a Certified General Real Estate Appraiser licensed in New Hampshire and Vermont. Through her appraisal work and her service on the Lands Committee of the Upper Valley Land Trust, she has considerable experience with conservation easements. This wide variety of experience provides an ideal background for her new role as Business Consultant which began October 1st.

Liz will continue to have responsibilities in appraisal and tax preparation and she will continue to report to Director of Financial Services Geoff Yates. She will also work closely with consultants from Farm Credit East, particularly Bill Zweigbaum.

Please join me in congratulating Liz on her new role. We at Yankee Farm Credit are pleased to offer these additional consulting services to the agricultural community. If you have a consulting question, please contact Liz at 802-295-3670 or elizabeth.bayne@yankeeaca.com.

Director Nominations

It's that time of year again when Yankee's Nominating Committee begins selecting director candidates for the elections in April 2014. There will be one director elected in each of the three regions. Each position is for a three year term. If you would like to be considered for nomination, please contact a member of the Nominating Committee at the numbers below or call your local branch.

Region #1 (Chittenden, Franklin, Grand Isle counties, VT; Essex and Clinton counties, NY)
Arnold Mercy 802-326-4200
Wynn Paradee 802-524-4202
Mark Wrisley 518-963-4039

Region #2 (Caledonia, Essex, Lamoille, Orange, Orleans, Washington counties, VT; Coos and Grafton counties, NH)
Paul Gingue 802-748-8843
Richard Martin 802-328-4120
Patrick Waterbury 802-785-4753

Region #3 (Addison, Bennington, Rutland, Windham, Windsor counties, VT; Cheshire and Sullivan counties, NH)
David Ainsworth 802-763-8017
Bruce Bascom 603-835-6361
Kim Harvey 802-483-6130

If you have any questions about the Nominating Committee, please contact John Peters, Chief Credit Officer at 800-639-3053.

You can find general information about the director nomination process and the role of directors on the Farm Credit Administration's web site.

Tile Drainage Research Conference at Miner Institute

Miner Institute will be holding a tile drainage research conference on Thursday, October 24th from 10am to 3pm.  For more information please click here.

Fall at Yankee Farm Credit

Fall is in full swing, the leaves are changing, corn is getting chopped and it's pumpkin season! Thanks to one of our directors; Walt Gladstone, we have a personalized Yankee Farm Credit pumpkin!

Farmstart - Jordan Kane

Jordan Kane is Yankee’s most recent FarmStart investment. In addition to working full time as a service technician for a local sugaring equipment manufacturer as well as cutting and selling fire wood,  Jordan, his father and grandfather operate a sugaring operation in Richford, VT. While most of the syrup is sold in bulk, Jordan retains some for retail sale and manufactures chocolates and maple cream, all of which are sold at local farmers markets and craft shows.

Jordan began sugaring with his grandfather when he was just 14 years of age, starting with 300 buckets. Today Jordan is up to almost 2,300 taps all of which are on vacuum system pipeline (no more buckets).

After a great deal of thought and planning Jordan decided that he wanted to own and operate his own sugaring operation. In 2011, Jordan, with help from his parents, began building a new sugarhouse next to the family home. The sugar house, which is basically completed except for minor changes and additions, is ready for service.

Jordan came to Yankee seeking funding for the purchase of a pellet fired evaporator and a reverse osmosis system. Jordan put together and presented a business plan to his FarmStart advisor showing where is operation is now, where he plans to take it 2014 and beyond, as well as how he plans to get there.

The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years, recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.

Loan Officer Suzanne Petig in the St. Albans office is Jordan’s FarmStart advisor. To find out more about the FarmStart program contact the branch nearest you or e-mail FarmStart@Yankeeaca.com.

VDIA/VFD Fall Conference

The Vermont Dairy Industry Association and Vermont Feed Dealers held their annual meeting on Tuesday, September 10th at the Stoweflake Resort in Stowe. Ken Button and Mike Farmer represented Yankee. The day began with VDIA President Julie Smith welcoming everyone to the new location. She then introduced Agri-Mark’s Bob Wellington for a lively discussion about milk prices. He noted Class IV prices are keeping the Blend price up right now and wanted everyone to be aware of the value Agri-Mark gains from selling whey. Twenty years ago it cost them to dispose of whey, it’s now a source of revenue and the non-dried whey they produce from white cheddar is in demand as a food ingredient. We then learned about Bob White Systems experience developing a low investment low impact (LILI) on-farm milk pasteurizer. Their initial goal of building a system that costs less than $20,000 has now resulted in a much more efficient and unit but one that cost over $80,000. Brett Denny from VT DHIA updated the group regarding services they are now providing since their merger with Lancaster DHIA. They are still operating as VT DHIA but have gained access to much more lab testing. After lunch the Vermont Dairy Farm of the Year winner, the Gervais Family from Bakersfield, gave us a presentation about their dairy business. This three generation dairy includes almost 10 family members and they produce milk at two locations, raising all their own replacements and livestock. They also have a methane digester and produce maple syrup. A related company Boston Post Dairy, owned by the sisters, produces goats milk cheese. Yankee staff and directors sampled their cheeses in our 2012 Christmas Baskets. Following the presentation by Clement Gervais, the Keith Tupper Award was presented to Gene Archambault who is a quality control inspector for St. Albans Co-op. The final sessions of the day were presentations by farmer and author Michele Payn-Knoper discussing how to portray agriculture in a positive light and to tell our own story. She shared insight from around the country dealing with attacks on agriculture and tries to get farmers to act to share with the non-farm public just what it is that farmers do. We also received copies of her most recent book “No More Food Fights”.

Our last activity was the evening banquet where we were joined by the Vermont Feed Dealers and Manufacturers Association. With over 100 people in the crowd we were challenged by Trent Loos of Quincy, IL to also take action to advocate for agriculture. Trent has a nationally aired radio broadcast called Loos Tales launched in 2001. In 2008 he was recognized as the “Voice of Rural America” by the West Quest organization. He has accepted the challenge to speak for rural America advocating for agriculture and speaking on behalf of the folks who would rather stay home and tend to their crops and livestock than take on those attacking their life-sustaining industry. 

2014 and Beyond - Health Insurance Changes

Starting October 1, 2013 changes are coming in the way we all choose and pay for health insurance coverage. We have put together a list of resources by state to assist you and your employees in making healthcare decisions for 2014 and beyond.

If you are a Vermont resident-

Visit http://healthconnect.vermont.gov, there is a wealth of information available on this site.

Call the Small Business Hotline at 855-499-9800.

Visit http://vbsr.org/health_exchange_help

Call the general information line at 855-899-9600.

Contact a navigator or your insurance broker; Navigators have received specific training in this area and are available at no cost to you; contact information for the navigators is available on the Health Connect website.

If you are a New Hampshire resident or small business owner please visit- https://www.healthcare.gov – The site has limited information currently but should be fully up and running by October 1. This is the Federal Healthcare site as NH decided not to set up its own exchange.

If you are a New York resident or small business owner please visit- http://healthbenefitexchange.ny.gov - This is New York’s state healthcare exchange, a lot of information is available here.

Brodie Shephard - Farm Credit Fellow

Farm Credit Fellow Brodie Shephard of Cazenovia, NY visited the St. Albans office the week of August 12^th. While not growing up on a farm, she has roots in agriculture as her grandparents farmed. She is entering her Junior year at Cornell University majoring in business economics. While visiting the St. Albans office she had the opportunity to learn about the dairy and maple industries in Franklin county. She also visited a winery in Grand Isle and a large farmstand/greenhouse operation in Chittenden county.  She sat in on office visits with customers and helped key loan application information to be analyzed.  After graduation she has interest in a career involving finances.

Andrew Whitney - Farm Credit Fellow

Farm Credit Fellow Andrew Whitney of Hardwick, VT visited the St. Albans office the week of August 21^st.  Andrew is entering his senior year at UVM as part of the 2+2 program. He spent the summer working at Jasper Hill Farm in Greensboro, VT. Andrew hopes to own a dairy farm after graduation and realizes the challenges of getting started. While visiting the St. Albans office he had the opportunity to visit a modern dairy farm with robotic milkers.  He also visited maple operations, a winery in Grand Isle, and a large farmstand/greenhouse operation in Chittenden county. He sat in on office visits with customers and helped key loan application information to be analyzed.

Emilie Strand - Farm Credit Fellow

Emilie Strand visited the Newport office last week as part of the Farm Credit Fellows program. Emilie is from Cazadero, California. In high school Emile became interested in livestock, especially dairy cattle, through FFA and cattle judging. She also participated in high school rodeo events. She caught the “bug” and earned money through her first two years of college at Modesto Junior College (Modesto, CA) by clipping cattle for shows, pictures, and registered cattle classification. She is about to start her senior year at Cornell University where she will graduate with a BA in Animal Science, concentrated in dairy. While visiting the Newport office Emilie participated in construction inspections, learned about maple production, saw her first robotic milking system, and learned more about Farm Credit, as well as the agriculture in Vermont. Prior to her one week Fellow internship, Emilie spent the summer doing an internship with Alta Genetics in the mid-west, spending most of her time in Wisconsin and Minnesota.   

Association Insider

Check out our latest newsletters:

September 2013 Issue    

Contents:

·         Our Vision
·         Keeping Information Safe in the Cyber World
·         Did You Know - There is a New Version of the I-9 Form?
·         Crop Insurance
·         Financial Status as of 6/30/13
·         Scalloped Corn and Tomatoes
·         FarmStart Initiative 

May 2013 Issue    

Contents:

·         Our Mission
·         Farm Services Agency Review Processes - What do They Mean to You?
·         Aunt Bridget's French Toast
·         Largest Patronage Refund in 18 Years!
·         Financial Status as of 3/31/13
·         FarmStart Initiative 

As always, we welcome your feedback and suggestions, please drop us an e-mail or call Ruchel at 800-639-3053.

Farmstart - Louis and Margaret Rainville

Louis and Margaret (Maggie) Rainville are a recent FarmStart investment.  They are renting 180 acres of crop land in St. Albans, VT and are growing grain, corn and soybeans to supply organic markets.  Their crops are sold to regional organic grain dealers.  Louis has been working on his father’s organic dairy farm his entire life.  In 2012 he and Maggie started raising their own crops.  Yields were very good and with last year’s prices they were able to purchase a Sukup grain drier and two storage bins.

They came to Yankee with a good business plan, lots of drive and potential, but not a lot of equity or capital, a good fit for a FarmStart investment!  Louis and Maggie work closely with Loan Officer Chuck Custeau (their FarmStart advisor) and Financial Services Assistant Alicia Marcy, taking advantage of the discounts offered to FarmStart investments.

Pictured are Louis, Maggie and their two children, Isidore and Kaitlin standing in front of their grain drier.

Why can't everyone digest milk?

The dairy industry is significant in Yankee territory, and a natural question is: Why can't everyone digest milk? The science journal Nature recently published a fascinating article on this subject. The article says that almost all young children can digest milk, but worldwide only about 35% of adults can. Why?

I recommend reading the whole article (link below), but here are some highlights:

• The lactase gene is needed to digest the lactose in milk.
• Babies are born with the lactase gene, but it switches off in most people around age 7 or 8.
• In prehistorical times, it switched off in everyone.
• About 7,500 years ago, a genetic mutation appeared in certain populations that allowed the lactase gene to function even in adults.

The article also explains that even in lactose intolerant populations, and more than 7,500 years ago, humans fermented milk into cheese and yogurt as a way of reducing lactose to tolerable levels. Why? Because the nutritional advantages of dairy products were so great. Those nutritional advantages likely influenced how civilizations developed, and perhaps even which civilizations survived.

Here is the article: The Milk Revolution

Some of the conclusions in the article are controversial. I recommend reading the comments, too. I like this comment: "I think we're only beginning to understand what's going on here."

UPDATE 4/01/15: This article in the Economist is about a similar theme:
No use crying: The ability to digest milk may explain how Europe got rich

Kaitlin Benoit - Farm Credit Fellow

Last week Kaitlin Benoit visited the Newport office as part of the Farm Credit Fellows Program. Kaitlin is going into her senior year this fall at the University of Vermont as part of the 2+2 Program. While visiting the Newport office she visited farms for tours, loan closings, and construction inspections. She also learned about the application and analysis process. After graduation this December Kaitlin plans to return to her family's 850 cow farm in Richford, VT. She hopes to help with the cattle breeding program, parlor management, and the calf program. She also plans to continue the farmstand she started last year.

2nd Quarter Financial Results

Quarterly net income for Yankee was $2.2 million, a decrease of $294 thousand from 2012. Net interest income increased 15 percent to $3.5 million, up from $3.0 million in 2012. The increase in net interest income was offset by a decrease in other income of $403 thousand as compared to 2012. The decrease in other income resulted primarily from $393 thousand in refunds received in 2012 from the Farm Credit System Insurance Corporation (FCSIC) related to the Farm Credit Insurance Fund (Fund).

For the first six months of 2013, net income decreased 2 percent to $4.4 million, down from $4.5 million a year ago. Net interest income increased 13 percent to $6.8 million. There was a provision for credit losses of $161 thousand through the second quarter of 2013, as compared to a reversal of $112 thousand to the provision for credit losses during the same period in 2012. Other income decreased by $401 thousand, primarily due to the FCSIC refund of $393 thousand in 2012.

Loans held by the Association at June 30, 2013 were $383.9 million, down 0.3 percent from year end. The loan portfolio continues to be concentrated in the dairy industry, with 54.1 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 11.9 percent of the loan volume at quarter end.

Click here for the full quarterly report to shareholders.

Vermont Christmas Tree Association Annual Meeting

The annual meeting of the Vermont Christmas Tree Association was held Saturday June 28^th at Bryan Blundell’s Christmas Farms in Craftsbury. Mike Farmer, Senior Vice President, presented “What a Banker Looks For From a New Loan Applicant”. The presentation focused on the 5 C’s of Credit (character, capacity, capital, condition and collateral) and the need for good, accurate financial records. To us, financial records represent a borrower's life history and it’s how we get to know them along with asking about their business and what their plans are. The Vermont Christmas Tree Association currently has 21 members who are mostly wholesale growers. They also discussed pruning techniques and other trends in their industry. We have several Yankee members who belong to this Association. Mike appreciated the opportunity to speak to them and thanked Steve Hardy for asking Yankee to attend.

2013 Congressional Visits

On June 19th Yankee Farm Credit visited Congressional offices in Washington, DC. Participating were: Chairperson Rocky Giroux, Vice Chairperson Alan Bourbeau, Board Member Steve Taylor, Senior Loan Officer Dave Lane and Bob Smith. Bob Smith is a senior vice president of Farm Credit East who assists several associations with government relations.

The Yankee group visited people in eight Congressional offices:

• Adrienne Wojciechowski in Sen. Patrick Leahy’s Office
• Leah Drew in Sen. Bernie Sanders’ Office
• Emily Lynch in Sen. Kelly Ayotte’s Office
• Erica Anhalt in Sen. Jeanne Shaheen’s Office
• Rep. Bill Owens and Nell Maceda
• Rep. Peter Welch and Bob Rogan
• Rep. Ann McLane Kuster and Blake Anderson
• Tony Hobbs in Rep. Carol Shea-Porter’s Office

In addition, they attended “coffees” with Sen. Jeanne Shaheen and Rep. Ann McLane Kuster.

Our main message this year was an update on how Yankee Farm Credit is meeting the needs of our members by providing constructive credit that grew our diverse loan portfolio by 13%. In addition, Yankee Farm Credit paid $4.9 million in patronage refunds to member-customers by maintaining excellent financial results. The message was well received. In addition, the Congressional Offices were keenly interested in Yankee Farm Credit’s involvement and success with the FarmStart program serving beginning, young and small farmers.

The Senate had passed a Farm Bill the previous week and the House version of the Farm Bill was on the floor. Representatives were encouraged to pass out of the House a Farm Bill in order to get a bill into Conference Committee. The message included the need to establish through a Farm Bill the future policies and direction of agriculture on which our members could plan. The Farm Bill in the House was defeated on June 20th by 195 yes to 234 no votes.

Other issues mentioned were the need to maintain a strong crop insurance program, the importance of the Farm Service Agency’s Loan Guarantee program, and immigration reform that would improve farm labor by stabilizing the labor force now and creating a provision for foreign labor going forward. Each office was provided with a copy of the Association Insider and Yankee Farm Credit Annual Report.

While in DC the group also visited with Jeff Shipp and Robbie Boone of the Farm Credit Council and Sarah Tyree of CoBank.

Note from George Putnam: Thanks to Senior Loan Officer Dave Lane for representing Yankee Farm Credit, together with three directors and Bob Smith, and for writing the above report.

Kelsey Derstein - Intern

Kelsey Derstein of Lewistown, PA is working in the Williston office as a summer intern. She is going to be a senior this fall at Pennsylvania State University studying Animal Science Business and minoring in Agribusiness Management. While attending Penn State, Kelsey has been active in several clubs including the Navigators and the Penn State Block and Bridle. Last year she joined the AgChoice Scholars program which is two-year program for a select group of Penn State students run by AgChoice Farm Credit. Kelsey grew up on her family’s 3,000 head swine operation and hopes to work in the business aspect of the swine industry after graduation.

2013 North American Intercollegiate Dairy Challenge

The North American Intercollegiate Dairy Challenge (NAIDC) held its 2013 national contest in Fort Wayne, IN this past April. NAIDC is a two day competition for students to represent their dairy science programs from North American universities. During the contest, students apply theory and learning to evaluate a working dairy farm. The students are then expected to develop recommendations for nutrition, reproduction, milking procedures, animal health, housing and financial management. These recommendations are presented to a panel of five judges for consideration.

The panel of judges includes dairy producers and industry experts in dairy finances, reproduction, nutrition, and animal health. Jean Conklin, Senior Loan Officer and Tax Specialist from the White River Jct. Office, became involved with the Dairy Challenge in 2003 when Don Rogers invited her to be on the judges’ panel for the first Northeast Regional contest. Jean, who works with her husband on their dairy farm in New Hampshire, thought that this opportunity sounded interesting and looked forward to working with the students and the other judges. She was elected in 2007 to the National Board of Directors and was re-elected in 2010.

The National Board is made up of 15 members. Jean represented both the Northeast and Farm Credit. She mentions that being on the board is very hands on and it is important for members to secure funding for the annual event. Farm Credit is the biggest contributor for the NAIDC and is a 16 star platinum sponsor as listed in the 2013 program.

Over the past few years it was noticed that the National Dairy Challenge was meeting its limit of 128 students and wanted to add something that was not competitive but educational. The Dairy Challenge Academy saw its first event this past April running in conjunction with the Dairy Challenge as a separate program. Jean says that the great thing about the Dairy Challenge Academy is that students participating do not have to be from a 4 year school which is one of the requirements for the NAIDC. Instead students from a 1 year or a 2 year school can also attend. The addition of the academy attracted 95 more students to the event. The academy places these students into larger teams that analyze the same farms as the Dairy Challenge while providing an educational aspect. Jean reports that the board has received positive feedback on the Dairy Challenge Academy and hopes that the academy continues to grow in numbers.

When asked what some of the opportunities are for students participating in the Dairy Challenge, Jean says that it is a great opportunity to visit different parts of the country. In 2010 the national contest was held in California. Students had the opportunity to visit other dairies before the contest began since most students had never visited a California dairy farm. The contest also allows students to meet other students, interact with the industry through tradeshows, and participate in seminars. The academy featured a career panel as well as a tech presentation in which Jean presented the 5 C’s of Credit to the students.

While Jean’s time on the national board is coming to an end, she plans to stay involved regionally. She would encourage those who are considering becoming a board member to get involved at the regional level. The Northeast contest will be taking place in the Plattsburgh/Chazy, NY area this fall. The mission of the NAIDC is to facilitate education, communication, and an exchange of ideas among students, agribusiness, dairy producers and universities that enhances the development of the dairy industry and its leaders. We can support the contest and the dairy industry by being at the regional contest this fall, volunteering and getting involved. For more information please visit http://www.dairychallenge.org/.

Cassie Bromley - Farm Credit Fellow

Yankee’s second Farm Credit Fellow of the summer was Cassie Bromley. Cassie visited the White River Junction office the week of May 20th. She grew up on a 65 cow family dairy farm in Wallingford, Vermont. She graduated from Mill River Union High School in 2009 and then went on to Vermont Technical College where she participated in the 2+2 program, majored in Dairy Farm Management and worked on the VTC farm. Cassie graduated from VTC in 2011 before taking a year off to work on a goat dairy farm in Manchester, VT. She returned to the 2+2 program for the fall 2012 semester at UVM and then spent the Spring 2013 semester at the Miner Research Institute in Chazy, NY. While at Miner, Cassie and her peers worked closely with progressive dairy researchers, attended meetings around the Country, heard speakers from throughout the northeast and attended the regional and national Dairy Challenges.

When Cassie was asked to write about her time with us in White River, here is what she had to say: “During this week I was able to see and hear about at least nine different types of businesses within the agricultural industry in Yankee’s territory. Farm Credit reaches out to help a lot of different types of farms and without Farm Credit’s help I believe our industry wouldn’t have the financial stability to continue.”

Finn Bondeson - Farm Credit Fellow

Farm Credit Fellow Finn Bondeson of Woodland, Aroostook County, Maine, spent the week of May 13-17 as a Farm Credit Fellow in our Middlebury office. Finn is from the potato-growing region of Maine, and grew up on a family farm producing potatoes, oats, and hay, as well as roughly 15 head of beef cattle. Finn’s family also manages a greenhouse operation, selling annuals, perennials, trees, shrubs, and vegetable plants. Finn is a third-year Civil Engineering major at the University of Maine, but has always fostered and continues to foster an interest in agriculture. While in the Middlebury office, Finn had the pleasure of learning about the dairy and maple industries in Vermont and has been able to travel Addison and Rutland Counties to see the local dairies, orchards, and sugarhouses. Finn would like to thank the Middlebury office and Yankee Farm Credit for their kind hospitality throughout the week.

1st Quarter Financial Results

First quarter net income for Yankee was $2.3 million, an increase of $195 thousand over the same quarter in 2012. The most significant factors driving the increase were increases of $323 thousand in net interest income and $97 thousand in other income. These increases were offset by an increase in the provision for credit losses of $92 thousand and an increase of $133 thousand in other expenses.

Loans held by the Association at March 31, 2013 were $375.5 million, up 11.3 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 55 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 13 percent of the loan volume at quarter-end.

Credit quality across Yankee’s loan portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 1.5 percent of the Association's loans were classified as nonperforming, unchanged from the end of 2012. There were no loan charge-offs, but recoveries of $7 thousand in the quarter. The Association’s capital position remains strong.

The 2012 patronage refund to members in the amount of $4.9 million was paid 100% in cash on March 25, 2013.

Producing Excellence

Last year the Farm Credit System celebrated it's 95th anniversary! In honor of the anniversary celebration the "Producing Excellence" series of stories was created in order to feature the success, strength and diversity of farmers and ranchers across the U.S. through "profiles" of Farm Credit customers.

The original goal was to get to 95 customer profiles for the 95th anniversary, but because the program had such a positive response Farm Credit began to expand and feature more farms. In the review of the first series, it was realized that U.S. agriculture was not fully represented; there were both states and industries that were missing from the series.

We are very pleased to have been contacted to feature Taylor Brother's Farm. The Taylor's are from Meriden, NH; they have a dairy farm where they produce artisan cheeses as well as maple products. To see their "Producing Excellence" profile, please follow this link:

http://www.farmcreditnetwork.com/producingexcellence/profiles/single/157.

Board Officers and Committees

At the April 30, 2013 board meeting, the Board of Directors elected the following officers:

Chairperson – Rocklyn A. Giroux
Vice Chairperson – Alan J. Bourbeau

Also approved were committee assignments:

Executive Committee
Rocklyn A. Giroux, Chairperson
Alan J. Bourbeau
Bryan E. Davis
Walter M. Gladstone
Celeste Kane-Stebbins

Audit Committee
Rocki-Lee DeWitt, Chairperson
Thomas J. Colgan
Paul B. Franklin
Paul F. Saenger
Stephen H. Taylor

Compensation Committee
Celeste Kane-Stebbins, Chairperson
Rocki-Lee DeWitt
Walter M. Gladstone
Paul F. Saenger
Stephen H. Taylor

Membership/Governance Committee
Alan J. Bourbeau, Chairperson
Thomas J. Colgan
Bryan E. Davis
Paul B. Franklin
Bradley N. Maxwell

Farm Credit Fellows



From left to right:  Dr. Charles Ferriera (UVM), Cassie Bromley (Wallingford, VT)

Andrew Whitney (Hardwick, VT), Kelly Richardson (Loan Officer - YFC),

Kaitlin Benoit (Richford, VT)



The 2013/2014 class of the Farm Credit Fellows program kicked off last week at the Farm Credit East headquarters in Enfield, CT.  On Thursday and Friday, April 18^th and 19^th this year's Fellows program began with twenty-eight students participating from Cornell University, University of Maine at Orono, University of Vermont, and University of Connecticut.

Doug Williams, Managing Director of Administration for the Funding Corporation, and David Sparks, Eastern Region President for CoBank, were on hand to explain how the funding process works and the working relationships they have with the individual ACAs, like Yankee.  Tom Moran, President and CEO of Financial Partners Inc. also gave a presentation about FPI's formation and the exciting new technical advances designed to make loan processing more efficient.  The day wrapped up with an introduction to a case study and a mock interview with a “customer.”

Day two started off with a discussion with Farm Credit East CEO Bill Lipinski about Farm Credit and the opportunities it provides both as a work place and as a lender.  The program then turned back to the case study.  The Fellows were split into two groups and given instructions to prepare arguments either for or against the loan.  With the help of a group of Farm Credit East employees, known as the Ambassadors, the groups prepared their arguments and made their cases to Loan Committee.  It was a tight race this year, but the approvals won over the denials.  The day wrapped up with Ben Freund, FCE Director from East Canaan, Connecticut giving a Farm Credit Director’s perspective.

The students will continue with the program throughout the coming year.  While each school's program is a little different, the students from Cornell, U of Maine, and UVM will all be spending a week in a Farm Credit office this summer.  Next fall they will participate in a classroom setting and will complete projects related to financial management.  Check back here on the Yankee ACA blog over the summer to follow the Fellows who visit Yankee as they make their scheduled trips to the different branch offices.  



Director Election Results

The last of four annual meetings was held last night in Randolph, VT. Members completed voting for directors, ballots were counted, and the results were announced before the meeting was adjourned. Elected to three year terms on the board of directors were:

Region 1 – Alan Bourbeau
Region 2 – Bryan Davis
Region 3 – Paul Saenger

Congratulations to Alan, Bryan and Paul. And thanks to Jesse Laflamme and Jane Clifford for participating in the elections as candidates.

Thank you to everyone for participating, and a special thanks to employees for organizing and running successful meetings.

2013 Dairy Challenge training at Miner Institute

This years’ students participating in the two day Dairy Challenge workshop at Miner Institute include Cassie Bromley of Wallingford, VT; Andrew Whitney of Hardwick; Kaitlin Benoit of Montgomery; Melissa Woolpert from California, and Morgen Doane from New Haven. The purpose of the workshop is to expose students to farm financial management and uses a case study where the students act as a business consultant working for a Vermont family operating a dairy as an LLC. There are two generations on the dairy and the students evaluate the business and make suggestions to improve profitability. We explain the difference between cash and accrual accounting and ratio analysis to compare the case study to our Northeast Dairy Farm Summary.

This is the 8th year that SVP/Regional Manager Mike Farmer has facilitated the workshop at Miner Institute. This fall the Northeast Regional Dairy Challenge will be held in Chazy and Yankee Farm Credit will be a sponsor.

Abigail Roleau

Abigail Roleau will fill the position of credit analyst in our Middlebury office effective May 15, 2013 and will work part time prior to this date. She graduates from UVM May 13, 2013, with a BS in Community Development and Applied Economics and a minor in Animal Science. She was a Farm Credit Fellow in 2012, see the Yankee ACA Blog: Farm Credit Fellows

Please welcome Abby to Yankee.

2012 Patronage Refunds

Yankee Farm Credit today distributed $4.9 million in patronage refunds to its members who borrowed from the cooperative. This distribution represents approximately 57% of Yankee’s 2012 net income of $8.7 million. The patronage refund of $4.9 million and the refund rate of 1.25% on average member loan volume are both the highest they have ever been. The association had a great year in 2012 thanks to the good financial performance of members and hard work of staff. We are pleased to share this success with members via this patronage refund. Yankee Farm Credit has paid patronage refunds to its members every year since 1995. Total payments over those 18 years have exceeded $49 million.

Click here for a news release.

2013 Annual Meetings - Pre-register now!

Our annual meetings will be held in April. Please join us to vote for your directors. Click the location below to send a pre-registration e-mail, please indicate how many will attend.

Monday, April 8th - American Legion in St. Albans

Tuesday, April 9th - Eastside Restaurant, Newport

Monday, April 15th - Middlebury Inn, Middlebury

Tuesday, April 16th - Three Stallion Inn, Randolph (Please note this is a new location!) Directions from I89: take exit 4 for VT 66, turn left on VT 66 West, stay on 66W for 2 miles then turn left on to Stock Farm Rd. The Inn is located at 665 Stock Farm Road.

All meetings begin at 7pm with registration at 6:30pm. Please contact your local office to pre-register or call the Williston office at 800-639-3053.

Wendy Smith

I am pleased to anounce that our newest employee in the White River Junction office is Wendy Smith. Wendy started working here as an Office Assistant on February 19th. For the past 6 ½ years, Wendy worked as an Administrative Assistant at the Vermont Law School in South Royalton, VT. Prior to that, she worked for 7 years at Mascoma Savings Bank in the Lending Department assisting in the closing of Home Equity Lines and Loans.

Please join me in welcoming Wendy to Farm Credit.

New York State Annual Maple Weekend

The New York State Maple Producers Association’s annual Maple Weekend will be held from 10 a.m. to 4 p.m. this Saturday and Sunday, March 16 and 17, as well as next weekend, March 23 and 24 throughout New York State.

This is a great chance to enjoy samples of local products, learn about the maple industry and celebrate the coming of warmer weather!  There is a searchable database of participating producers here.  Be sure to check the listings carefully before heading out - not all participating producers will be open all four days of the Maple Weekend.

Vermont Grain Growers Conference

The 9th annual Vermont Grain Growers Conference was held yesterday at The Essex in Essex Junction. Over 150 people attended, including farmers from New York and Canada as well as Vermont. Click here for the program brochure. Dr. Heather Darby of UVM Extension led the conference.

The main speakers were:

• Dr. Stephen Jones from Washington State University who spoke about "The Small Grains Movement."
• Dr. Julie Miller Jones, Professor Emerita from St. Catherine University, who spoke about "Wheat Belly: Fact and Fad." She provided a rebuttal to the book Wheat Belly by Dr. William Davis.

Breakout sessions included talks by Jack Lazor of Butterworks Farm, an organic dairy and grain farm in Westfield, VT; Klaas and Peter Martens of Lakeview Organic Grain, a 1400 acre organic grain farm in Penn Yan, NY; Dr. Heather Darby; and more.

See the UVM Extension webpage for the Northwest Crops and Soils Program for information about Dr. Darby's research. That webpage includes extensive information about grains, oilseeds, hops, forages, soils and more.

The theme of yesterday's conference was "Returning to Our Roots." Vermont was once a major grain producing region, especially wheat. If you are interested in Vermont's agricultural history, see this timeline. That link includes a photo of the statue of Ceres, the Roman goddess of agriculture, atop the Statehouse in Montpelier. She is holding a sheaf of wheat. Judging by this conference, many people are once again excited about growing grain in the northeast.

What is driving this renewed interest in growing grains locally? Most of the discussion is about organic grains. Some of those grains are for feeding dairy cows that are producing organic milk. But most of the increased demand is for locally sourced grains for human consumption. King Arthur Flour of Norwich, VT was a major sponsor of the conference. Other sponsors included Champlain Valley Milling of Westport, NY and GrowNYC, a nonprofit organization headquartered in New York City that operates the famous Union Square Greenmarket.

Loan Officer Chuck Custeau of our St. Albans office and I represented Yankee Farm Credit at the conference.

2012 Financial Results

Full-year net income for Yankee was $8.7 million, an increase of $1.6 million over 2011. The most significant factor driving the increase was net interest income which increased 5.4 percent to $12.4 million, up from $11.8 million in 2011. Also contributing to the increase in net income were a one-time refund from the Farm Credit System Insurance Corp (FCSIC) of $393 thousand, a $353 thousand lower provision for credit losses, an increase of $199 thousand in patronage refunds from CoBank, and an increase in other income of $162 thousand. These increases to net income were offset by an increase of $111 thousand in other expenses.

Year-end loan volume at December 31, 2012 was $385.1 million, up 13.3 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 56 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 12 percent of the loan volume at year-end.

Credit quality across Yankee’s loan portfolio improved during 2012 and remained well within the risk-bearing capacity of the Association. At year-end 1.5 percent of the Association loans were classified as nonperforming, compared to 1.6 percent at the end of 2011. There was one charge-off of $110 thousand and a recovery of $6 thousand recorded during 2012. The Association’s capital position remains strong.

The Board of Directors approved a patronage refund to members in the amount of $4.9 million for 2012, to be paid 100% in cash, which is approximately 34% more than the $3.6 million that was paid for 2011. 2012 patronage payments will be made on or about March 25, 2013. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.

Managing for Profit Workshop

Gary Matteson presented a "Managing for Profit Workshop" for farmers on February 27, 2013. Gary, pictured above, is VP Young, Beginning, Small Farmer Programs and Outreach for the Farm Credit Council in Washington, DC. He is a New Hampshire native and one-time farmer himself (greenhouse-raised cut flowers). The program was targeted at farmers supplying food hubs.

Gary talked about business planning, risk management, and benchmarking. He introduced tools such as the One-Page Business Plan and the One-Page Financial Plan. These tools and other materials about business planning can be found on the website for the Field Guide to the New American Foodshed.

Also part of the workshop was a presentation by Jeff Farbman of the Wallace Center at Winrock International about food safety regulations and certification. More information can be found on the website for the National Good Food Network.

About 25 people attended, including farmers and people involved in Vermont's Farm Viability programs. The program was hosted by the Intervale Food Hub and held in the Great Room at Main Street Landing in Burlington. The program was funded by USDA's Risk Management Agency and developed by the Farm Credit Council, the Wallace Center at Winrock International, and Morse Marketing Connections, LLC. Three employees from Yankee Farm Credit attended and participated in the discussions: Loan Officer Tom St. Pierre, SVP/Chief Credit Officer John Peters, and President and CEO George Putnam.

Vermont Flower Show

The 2013 Vermont Flower Show was held March 1-3 at the Champlain Valley Expo. This was the 16th year that Green Works, the Vermont Nursery & Landscape Association has sponsored this event. This year’s theme was “The Road Not Taken”, an adaptation of the Robert Frost poem. Workshops and presentations were ongoing for the three days plus the 75+ exhibitors were also showcasing their goods and services. A sample of topics covered included Small Space Gardening, Pollinator Friendly Landscaping, Minimizing Insect Damage in Fruit and Vegetable Gardens, and Tree Pruning Basics. Yankee Farm Credit Loan Officer Suzanne Petig of the St. Albans office attended and took the above picture of one of the displays.

Vermont Maple Conferences 2013

The Vermont Maple Sugarmakers Association, Addison County Maple Sugarmakers Association, and UVM Extension held the annual maple conferences earlier this year. Yankee Farm Credit staff attended the conferences with a display. SVP/Regional Manager Ken Button attended in Middlebury on January 12th, Senior Loan Officer Chris Bessette in Bellows Falls on January 19th, and Loan Officer Tom St. Pierre in Hyde Park on January 26th.

Gary Gaudette (Leader Evaporator) and Bruce Bascom (Bascom Maple Farms) both spoke about the industry. The main message described a strong industry, US and VT supply is up substantially, demand is strong, and prices steady. Attendance was strong as usual and always looking for the next season to be the best. For more information see the December 2012 issue of Maple Mainline published by UVM Extension.

NOFA-VT Winter Conference

The Northeast Organic Farming Association of Vermont (NOFA-VT) held its 31st annual Winter Conference on February 16-17, 2013 at UVM. Yankee Farm Credit was a sponsor and an exhibitor. Pictured above at our exhibit in the Davis Center are Loan Officer April Smith from the White River Jct. office and SVP/Chief Credit Officer John Peters from the Williston office. Also participating were Ryan Scelza, Loren Petzoldt, Ken Button and George Putnam. Yankee was a sponsor at the “Sustainer” level this year ($1,500).

The Saturday lunch included comments from U.S. Senator Patrick Leahy, U.S. Representative Peter Welch, Vermont Governor Peter Shumlin, and Vermont Secretary of Agriculture Chuck Ross. The conference was a huge success, with 1,200 attendees and many workshops—several of which Yankee Farm Credit employees attended. It is the largest agricultural gathering of its type in Vermont. For more information see NOFA-VT's excellent website.

Nathan Goddard

Yankee is pleased to announce that Nathan (Nate) Goddard has joined our Appraisal Department, working from our St. Albans office. He will be working toward his Appraiser Trainee license with the longer term goal of becoming a Certified General Appraiser.

Nate graduated from UVM with a degree in Recreation Management and worked as a Ranger for Vermont State Parks. He also has experience in the construction industry.

Nate currently lives in Winooski. He grew up on the family farm in Orwell where he still frequently helps out on the weekends. In his spare time he enjoys being outdoors.

Join us in welcoming Nate to the Yankee family!

UVM Plant and Soils Class Presentation

On February 12th Morgan Rilling, Credit Operations Coordinator, gave a presentation to a plants and soils class at UVM on what a lender looks for in a business plan. The class is currently working in groups to put together business plans and wanted the opportunity to ask a lender "what are you looking for?" or "How can you tell if a plan is a sound bet?"

Morgan focused on the different areas that lenders would want to see within a business plan and the detail and explanations that are necessary to provide a good understanding of what it is they want to do. She explained that by the time the lender is done reading a business plan they should have a solid understanding of their product or service and feel as though their main goal is to run a profitable business by setting realistic goals and having a sound strategy and marketing plan.

Association Insider Newsletter

Check out our January issue of the Association Insider newsletter.

Topics include:

· Business Plans
· A look at Robotic Milking Systems
· Time to Spruce up your Records?
· Tuition Reimbursement for Centerpoint Training Offered
· Financial Status as of 9/30/2012
· The Clock is Ticking on Gifting
· FarmStart Initiative

As always, we welcome your feedback and suggestions, please drop us an e-mail or call Ruchel at 800-639-3053.

Crop Congress at Miner Institute

Shantel Thomas and Mike Farmer represented Crop Growers and Yankee Farm Credit at the annual Crop Congress at Miner Institute in Chazy, New York, today. Over 80 producers were in attendance to hear speakers discuss corn hybrids, corn shredlage, herbicide programs, and crop insurance as a risk management tool. Detailed presentations on research within New York State with practical solutions for crop producers were a highlight of the event. The costs and benefits of crop insurance were highlighted. The $4 indemnity payout for every $1 of producer premiums paid in 2011 shows that crop insurance works for New York farmers. Shantel was the only crop insurance agent in attendance.

Promotion - Sue Kelley

I am pleased to announce that Sue Kelley will assume the duties of Internal Credit Reviewer in April.

The internal credit review function is critical to the Association. It provides quality control for both credit analysis and credit administration. It helps the branch offices improve consistency and share best practices. And it is an important part of the on-the-job training for new credit staff. Sue brings considerable experience to this important job.

Sue has worked for Farm Credit since 1982 when she started in the Middlebury and Rutland offices as an Office Assistant-Agrifax. She became a Farm Credit Tax Specialist in 1985. In 1986 she was promoted to Financial Services Representative with responsibilities on the credit side of the business as well as in income tax preparation and recordkeeping. Titles changed in the mid 1990s from Financial Services Representative to Loan Officer, and in 2004 Sue was promoted to Senior Loan Officer. Throughout this time she continued to be an important part of the Association's income tax preparation service, earning the status of IRS Enrolled Agent in 2011. Sue has a Bachelor of Science degree in accounting from Babson College.

Sue's experience as Senior Loan Officer will be invaluable in her new role as Internal Credit Reviewer. Being a credit reviewer, however, is inconsistent with being a loan officer. Sue's loan portfolio will be transitioned to other loan officers by April 15th. (See the blog posts for new loan officers Kristi Wood and Kyle Lussier in the Middlebury office.) Sue will continue her duties as a Senior Tax Specialist.

A brief history of the Association's internal credit review function: From 1995 through 2005 John Peters was in charge of the internal credit review, collateral review and internal audit. The Association hired outside parties for these functions from 2006 through 2011. In 2012 John resumed the internal credit and collateral reviews. It was John's promotion last fall to SVP/Chief Credit Officer that created the opening for Internal Credit Reviewer that Sue is now filling. The Association will continue to hire outside parties for the collateral review and internal audit.

Please join me in congratulating Sue on her new responsibilities!

2013 Farm Show

Yankee Farm Credit Staff participated in the 81st Vermont Farm Show with a booth. Several employees contributed to the shifts over the three days January 29, 30, and 31st. Yankee or its predecessor has attended this event with a display for over 35 years. The Vermont Agency of Agriculture has an excellent website describing this annual event.

UVM Biofuels presentation

On January 26th, Loan Officer Chuck Custeau from our St. Albans office presented a project to UVM students enrolled in a Biomass to Biofuels course.  The presentation titled COST ANALYSIS OF OILSEED CROP PRODUCTION FOR BIODIESEL was based on a project that he and partner Meghan Seifert completed last year. They completed a feasibility study for a Vermont dairy producer to grow and produce their own biofuels for use on the farm. Professor Anju Dahiya asked the two of them to return this year to present their project for this year’s class.

Yankee sponsored Chuck taking this class last year for him to learn more about biofuels and to demonstrate Yankee’s commitment to financing alternative crops. Chuck did very well in the class. Thanks for representing us Chuck!

UPDATE: Click here for a copy of the report.

Vermont Vegetable and Berry Growers Association

Clara Hall, Loan Officer in White River Jct., attended the Vermont Vegetable and Berry Growers Association Annual Meeting held at the Capital Plaza in Montpelier on January 28, 2013. In 2012 there were just over 270 members throughout the state and there seemed to be good attendance from the group at this annual meeting.

There was a full day of interesting presentations from:

• Andy Jones, Intervale Community Farm in Burlington
• Vern Grubinger, UVM Extension
• Christa Alexander, Jericho Settlers Farm in Jericho
• Yolanda Chen, UVM Plant and Soil Science
• Chris Callahan, UVM Extension Agricultural Engineer
• Richard Cowles, CT Agricultural Experiment Station
• Chuck Ross, VT Secretary of Agriculture
• Jon Satz, Brandon
• Ann Hazelrigg, UVM Plant Diagnostic Lab
• Jon Turmel, Entomologist
• Howard Prussack, High Meadows Farm in Westminster West

Topics ranged from Tunnels, low and high, to the Spotted Wing Drosophila to storing crops to marketing strawberries to various diseases to on-farm-trials.

2013 Director Nominees

The Nominating Committee has nominated the following individuals for director:

Region 1:
Alan Bourbeau

Region 2:
Bryan Davis
Jesse Laflamme

Region 3:
Jane Clifford 
Paul Saenger 

One director from each region will be elected at Annual Meetings which will be held April 8-16, 2013.

2012 Patronage Refund

The Board of Directors has approved a patronage refund for 2012 of $4,918,000, payable 100% in cash. The 2012 patronage refund is 1.25% of average member loan volume and 57% of net income.

The patronage refund of $4.9 million and the patronage refund rate of 1.25% are both the highest they have ever been. The Association had a good year in 2012 thanks to the good financial performance of members and the hard work of staff. We are pleased to share this success with members via this patronage refund. For reference, last year's patronage refund was $3,664,000 which was 1.00% of average member loan volume and 52% of net income.

Payment of the patronage refund is contingent upon satisfactory completion of the 2012 audit and the Association's receipt of its 2012 patronage refund from CoBank. Both conditions are expected to be satisfied in March. For customers receiving payment by check, we are tentatively planning on mailing checks on March 25, 2013.

Payment will be made via ACH for customers who were signed up for electronic funds transfer as of December 31, 2012. The plan for ACH customers is to mail a statement on Monday, March 25 and initiate the ACH transaction on Tuesday, March 26. Most ACH customers should receive the funds in their bank account on Wednesday, March 27.

2013 Farmers' Appreciation Day at Jay Peak

Yankee Farm Credit extends a sincere thanks to Jay Peak Resort in Jay, Vermont for hosting the 31st annual Farmers' Appreciation Day on Friday, January 25, 2013.  This year Yankee sent three employees to the event and donated several door prizes in support of Jay Peak's generous offering to Vermont farmers.

Pictured from left to right are: Rob Guay - Appraiser from Chazy NY, Guy Palardy - Crop Farmer from Alburg VT and alternate on Yankee's Nominating Committee, Ryan Scelza - Credit Analyst and Kendra Burroughs - Financial Services Assistant, both from White River Junction VT.

Each Vermont farm has the opportunity to take advantage of discounted rental equipment, free lessons and up to four complimentary lift passes as well as discounted water park tickets!  An après-ski party with give-aways is held following the day on the slopes.  If you missed it this year, mark you calendars for next January!  It is a great chance to enjoy what the Vermont winter has to offer.  For more information please check out the Jay Peak website here.