Quickbooks classes offered

Quickbooks is an accounting software program designed to help manage the needs of small businesses. Participants are encouraged to interact and ask questions. Professionals will be available to work closely with participants to answer questions or address individual issues. Certain discounts may apply to those that qualify. At both locations, participants are strongly encouraged to bring a laptop with QuickBooks software installed; however it is not mandatory at the St. Albans location.

Participants must pre-register to attend at either location.

Location: St. Albans Branch Office -130 Upper Welden St., St. Albans, VT.

Led by two of our Records and Payroll Tax Specialists, Lisa Gravel and Alicia Marcy.

Session #1: Tuesday, January 6 and Thursday, January 8 from 9 a.m. to 1 p.m. each day.

Session #2: Tuesday, March 10 and Thursday, March 12 from 9 a.m. to 1 p.m. each day.

The first session will cover proper set up of your company, vendors and customers, writing checks, making deposits, payroll and managing payroll liabilities. The second will cover purchases and dispositions, accounts payable, bank reconciliation, 1099 reporting and utilizing financial reports for management purposes.

Cost: $200/two day session. If you sign up for both sessions, you will receive a complimentary one-hour on-farm visit.

Contact: Alicia Marcy at alicia.marcy@yankeeaca.com or call 802-528-2957.

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Location: Granite State College - 27 Pleasant St., Claremont, NH.

Led by one of our Records and Payroll Tax Specialists, Nicholas Bullock, in cooperation with UNH Cooperative Extension.

Session #1: Tuesday, January 6 and Thursday, January 8 from 11 a.m. to 3 p.m. each day.

Session #2: Tuesday, January 13 and Thursday, January 15 from 11 a.m. to 3 p.m. each day.

The four session course will teach producers how to use Quickbooks to manage their farm financial records. Learn how to set up the software, create invoices, enter payments, write checks to pay bills, and produce reports to monitor business performance. This course is focused on building skills and capacity so that participants can implement the knowledge they gain on their farms or related business in the coming year.

Cost: $400 for all four days.

Contact: Seth Wilner at seth.wilner@unh.edu or Sherrie Fontaine at sherrie.fontaine@unh.edu or call 603-863-9200.

New Employee - Joanna Lidback

Joanna testifying before Congress in 2014

Yankee is pleased to announce the hiring of Joanna Lidback. Joanna is the Association's newest business consultant. She will be working out of the Newport/Derby office.

Joanna began her career with Farm Credit in 2001, working for First Pioneer Farm Credit (now Farm Credit East) as a loan officer. In the mid-2000s, Joanna left Farm Credit to return to school. She returned to Farm Credit East (FCE) a few years later, working in their Enfield, CT office. At FCE, Joanna was the founder of the Knowledge Exchange Program and one of the lead authors of the Northeast Dairy Farm Summary. She also spent time working in FCE’s consulting program. In the summer of 2014, Joanna testified in Congress on the topic of GMOs (genetically modified organisms) and biotechnology, appearing before the House Agriculture Committee’s Subcommittee on Horticulture, Research, Biotechnology and Foreign Agriculture.

Joanna has a degree in applied economics and management from Cornell University and an MBA from Babson College. She lives in Vermont’s Northeast Kingdom with her husband and their two sons. With her family, she owns and operates The Farm at Wheeler Mountain, a 50-cow diversified dairy farm. Joanna also volunteers for 4-H, is active in Farm Bureau, and is a member of the Advisory Committee for the Northeast Center for Risk Management.

From Joanna: “Having lived in Northeast Vermont on a dairy farm with my husband and family for the past four years, I am excited to join Yankee and get working directly with other farmers again. Every person I have come into contact with at Yankee has been very welcoming and supportive; a true family-like atmosphere. I am looking forward to using my skills, knowledge and experience to help ‘improve the income and well-being’ of ag producers and farm related businesses within our communities.”

Joanna brings outstanding knowledge of the agricultural community and the Farm Credit system, and her extensive experience makes her a valuable addition to the Yankee family. Please help us in giving Joanna a warm welcome!

   

Promotion - Chris Bessette

Yankee Farm Credit announces the creation of a new Commercial Lending Division, and the promotion of Chris Bessette to manage this division. As Assistant Vice President/Commercial Lending Division Manager, Chris will be responsible for many of the Association's largest non-dairy loans, including all of Yankee's purchased participation loans. His current portfolio already includes many of these accounts, and we expect this new division to grow when fully staffed. We currently have an opening for a credit analyst to support Chris. Click here for details.

Chris came to work for Yankee Farm Credit in 1998 as a loan officer following graduation from St. Lawrence University with degrees in economics and French. We lost Chris for five years when he moved to Pennsylvania in 2004 and served as a tax preparer and business management advisor for farmers in Southeastern PA. He returned to Vermont in 2009 and rejoined YFC as a Senior Loan Officer/Participation Specialist. Chris is a Farm Credit Tax Specialist and graduated from the Farm Credit System Leadership Development Program in 2013. He works in our White River Jct. office.

A little known fact about Chris – he is a movie star! In the 1995 movie Let's Go To The Farm, about the Bessette family farm in New Haven, Vermont, Chris is the high school senior headed off to college.

Please join me in congratulating Chris on this promotion.

Changes to Board Committees

At the October 24, 2014, board meeting, Yankee's Board of Directors made changes to various board committee assignments. The new committee assignments are:

Executive Committee
Rocklyn A. Giroux, Chairperson
Alan J. Bourbeau
Bryan E. Davis
Paul B. Franklin

Audit Committee
Rocki-Lee DeWitt, Chairperson
Thomas J. Colgan
Walter M. Gladstone
Celeste Kane-Stebbins
Stephen H. Taylor

Compensation Committee
Walter M. Gladstone, Chairperson
Thomas J. Colgan
Rocki-Lee DeWitt
Paul B. Franklin
Bradley N. Maxwell

Membership/Governance Committee
Alan J. Bourbeau, Chairperson
Bryan E. Davis
Paul B. Franklin
Celeste Kane-Stebbins
Bradley N. Maxwell

Q3 2014 Financial Results

Summer was good and so was autumn.  Now as we start into the winter season, we can hope that the trend continues!  Yankee’s third quarter financial results are now available and we can announce that we had another good quarter.  Favorable net income resulting from increased net interest income and a negative provision for credit losses were offset by an increase in expenses.  The balance sheet shows that loans were down from year-end, but volume was up from the previous quarter.  The quality of the loan portfolio remains strong and is expected to remain that way in the foreseeable future.  Good members taking advantage of the continued favorable milk prices, growing conditions and weather continued to be a primary reason for these good results.

Quarterly net income for Yankee was $2.4 million, an increase of $167 thousand over the same period in 2013. The most significant factors driving the increase were an increase of $132 thousand in net interest income and a $71 thousand negative provision for credit losses, as compared to a provision for credit losses of $83 thousand for the same period in 2013. These were partially offset by an increase in other expenses of $168 thousand over the same period in 2013.

For the first nine months of 2014, net income was $6.8 million, an increase of $148 thousand over the same period in 2013. Net interest income increased 6% to $11.0 million. There was a provision for credit losses of $661 thousand through the third quarter of 2014, as compared to a provision of $244 during the same period of 2013.  Other income increased $374 thousand, primarily due to an increase in income from patronage refunds from CoBank, ACB and income from fees for financial services.

Loans held by the Association at September 30, 2014 were $405.0 million, down 2.0% from year end.  The loan portfolio continues to be concentrated in the dairy industry with 50% of loan volume invested in dairy businesses. The second largest concentration is timber, with 14% of 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 0.7% of the Association loans were classified as nonperforming, 0.1% improved from the previous quarter and from year end.  There were no loan charge-offs and no recoveries in the quarter.  The Association’s capital position remains strong.

Click here for the full quarterly Report to Shareholders.

Promotion - Pam Simek

I am pleased to announce that Pam Simek has been promoted to Chief Financial Officer. Pam has been Acting Chief Financial Officer since June.

Pam started her career at Yankee Farm Credit as an administrative assistant in the Williston office in May 1995, just five months after Yankee was formed from the merger of Farm Credit of the Connecticut Valley and Champlain Valley Farm Credit. In 1997 Pam was promoted to Assistant Treasurer/Personnel Coordinator and in 2003 she was promoted to Controller. Now stationed out of our Middlebury office, Pam has played an integral part in the financial operations of our Association for many years. She is enthusiastic about her new position and welcomes the opportunity to help shape the future of the Association.

Before coming to Farm Credit, Pam worked for several employers including a law firm and the General Electric plant in Burlington. Pam holds two bachelors degrees from Trinity College in Burlington (now part of UVM), in history and accounting. She has also attended many Farm Credit specific training events including the Leadership Development Program, the Gettysburg Leadership Experience, and numerous Farm Credit System CFO conferences.

Please join me in congratulating Pam on this promotion.

Chief Financial Officer

We have an opening for a Chief Financial Officer. Details on our web site here:

Career Opportunities

If you know of anyone who might be a good fit for this position, please feel free to refer them to the link above. Anyone with questions may contact either Ruchel or me.

Caution: That "IRS Agent" May Be A Con Artist

A serious threat has come to the attention of your tax professionals at Yankee Farm Credit. According to the IRS, some taxpayers are facing a new and scary form of fraud: con artists claiming to be IRS employees and soliciting taxpayers for unpaid taxes. A growing and increasingly severe problem, the IRS now considers this fraud their #1 issue—overtaking traditional identity theft and other scams at the top of the agency’s list of threats. To date, the IRS estimates that around 1,000 victims have lost over $5 million to these fraudsters. The con artists have targeted victims in every state and from every walk-of-life, including farmers in Vermont, New Hampshire, and New York.

The con artists follow a similar formula: they contact taxpayers using phony IRS phone numbers, and send emails that appear to be from a legitimate address. Some con artists show up at the taxpayer’s residence or place of business with fabricated IRS badges, threatening to jail or deport the taxpayer, or demanding property and drivers’ licenses from the victims. An accomplice may even follow up the visit by placing a phone call to the victim and pretending to be with the local police department. The con artists usually demand payment in cash or by delivery of prepaid debit cards, oftentimes specifying where these cards should be purchased. They are persistent, and may make repeated phone calls, emails, and visits to their targets.

How can one spot these scammers? By knowing how the IRS actually works, and understanding the methods and protocols of legitimate IRS employees.  

• IRS employees never make first contact with a taxpayer by phone call or email. The IRS first contacts taxpayers by mail. They may only phone or email the taxpayer if there has already been contact made by mail, or if the taxpayer initiated contact by placing a phone call or email to the IRS.
• The IRS never initiates collection of taxes by phone or email.
• The IRS never demands payment or threatens enforcement without first offering the taxpayer the opportunity to appeal or contest the tax assessment.
• The IRS does not accept debit cards, and they never specify which financial institutions or modes of payment a taxpayer must use.
• The IRS never confiscates drivers' or business licenses.
• The IRS does not use local or state law enforcement to collect taxes.

Con artists often gather personal information from hospitals, medical clinics, and nursing homes. Please check directly with an institution if you have any questions or concerns about their procedures for securing personal data.

To report suspicious activity or contact from scammers, call the office of the IRS Inspector General at 800-366-4484, or visit www.tigta.gov or www.ftc.gov  and follow the appropriate links. 

SOURCE: "The General Ledger: The Complete Newsletter for Professional Bookkeepers," The American Institute of Professional Bookkeepers (AIPB), October 2014. www.aipb.org 

FarmStart - Josh and Sarah Vaillancourt

Josh and Sarah Vaillancourt are Yankee's most recent FarmStart investment. They are using funds from their investment to expand their certified organic family farm and dairy operation located in Saranac, New York. The expansion will include constructing an on farm milking processing plant as well as purchasing cows, from which they intend to make various cheeses to add to their existing line of products.

Josh grew up and worked on his parents 80 cow dairy located in Vermont. He holds a PhD in religious studies from Brown University.  Sarah has a Master of Arts Degree in teaching, undergraduate degree in journalism and is also a skilled photographer owning her own photography business.

Together Josh and Sarah and their children raise and sell eggs, poultry meat (chicken, duck, guinea fowl and turkeys), and pastured pork. Their products are marketed under the name of Woven Meadows.  Their customer base is through direct sales as well as local farmers markets, direct on-farm sales and CSA pick up sites.

Josh and Sarah truly enjoy marketing their products locally as it provides them with a wonderful opportunity to talk directly with their customers and get to know them on a more personal level. They are finding that more and more customers are stressing the importance of buying locally and knowing where their food comes from. Josh and Sarah take pride in knowing that they are providing customers with healthy locally grown products.

They are both very excited about the expansion of their product line and can’t wait until the work is completed and they are up and running.

 

For more information of FarmStart, please call your local Yankee Farm Credit office.

Director Paul Saenger

We are saddened at the passing of Director Paul Saenger. Paul was passionate about creating opportunities for young and beginning farmers and maintaining the best deal on credit for all farmers. His insight, consideration and zest for agriculture will be sorely missed. Our condolences to the family.

Click here for the obituary.

Livestock Gross Margin Insurance for Dairy Cattle (LGM) and Margin Protection Program for Dairy (MPP-D)

The Livestock Gross Margin Insurance for Dairy Cattle (LGM) and Margin Protection Program for Dairy (MPP-Dairy) are voluntary programs offered to dairy producers. Both programs are risk management tools that work by supporting and protecting farmers according to projected margins in the market. However, there are several differences between the LGM and the MPP-Dairy. To make the right decision for your farm, it is necessary to understand the differences between the two programs, and to utilize the available tools in deciding which program is the correct fit for you and your farm.

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The Livestock Gross Margin (LGM) for Dairy is a program offered by the RMA (Risk Management Agency) that works by insuring a dairy producer's projected margin--that is, a producer's projected milk revenue minus his projected feed costs, or his Gross Margin Guarantee--against the Actual Gross Margin. The Actual Gross Margin is the actual performance of the market--the prices set in the futures market for milk, corn, and soybeans. By insuring his product with the LGM's Gross Margin Guarantee, the producer is protecting himself from the volatility of the market (i.e. when milk prices drop or feed costs rise). For example, if a producer insures 5,000 cwt for the month of October and the projected milk revenue is $18/cwt and the projected feed cost is $3/cwt, the producer's Gross Margin Guarantee is $15/cwt. If during the month of October, the Actual Gross Margin drops below the $15/cwt insured by the producer, the producer is protected from the fluctuations of the market below that $15/cwt. The program does NOT cover changes in milk production due to cow mortality, disease, or other production shortages.

LGM Dairy offers a Federal premium subsidy of 18% for the $0.00 deductible policy and up to 50% for the $1.10-$2.00/cwt deductible. The next available enrollment period for the LGM Dairy program is October 2014, and payment is due at the end of each coverage period.

To enroll in the LGM Dairy program, or to hear more about what the program can offer you and your farm, please contact Amy Couch by phone at 802-524-2938, or email her at amy.couch@yankeeaca.com.

To see what your premium and Gross Margin Guarantee might look like, use the LGM Dairy Analyzer: http://future.aae.wisc.edu/lgm_analyzer/ 

To learn more about the LGM Dairy program and what it can do for your dairy operation, there are three information sessions available:

October 21st, 2014

11:00 am - 2:30 pm

St. Albans Cooperative Creamery

140 Federal Street

St. Albans, VT

October 23rd, 2014
6:00pm-8:30pm
Yankee Farm Credit, ACA
52 Farmvu Drive
White RIver Junction, VT

October 28th, 2014

11:00am - 2:30 pm

UVM Extension Office

23 Pond Lane

Middlebury, VT

If you wish to attend either of these sessions, please RSVP with Amy Couch at 802-524-2938, or email her at amy.couch@yankeeaca.com. Space is limited at these meetings, and lunch will be provided.



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The Margin Protection Program for Dairy (MPP-Dairy) is a program created by the USDA (United States Department of Agriculture) in the 2014 Farm Bill. Similar to the LGM, the MPP-Dairy is a risk management program. The MPP-Dairy is a government safety net that offers protection to dairy producers when the margin--the difference between the national average milk price and the national average feed cost--falls below a certain dollar amount selected by the producer. Eligible participants enrolled in the program select a coverage level (between 25%-90% margin per cwt of their established production history) and a margin trigger (the margin level at which the program's margin protection payments kick in--anywhere from $4.50-$8.00 per cwt, in $0.50 increments). The producer's premium is based off of his level of coverage, as is his protection payment during times of compromised margin.

To participate in the MPP-Dairy program, a producer must meet certain eligibility requirements. The producer must produce and commercially market milk from cows located in the United States, must provide proof of milk production at the time of registration in the program, and must NOT be enrolled in the Livestock Gross Margin for Dairy (LGM) program.

The signup period for the program began September 2nd and continues through November 28th, 2014 . UPDATE 10/30: The sign-up deadline for the MPP-Dairy program has been extended one week. The new enrollment deadline is Friday, December 5th, 2014. Premiums are due at the time of registration, and in subsequent years of enrollment, at least 25% of the premium is due on February 1st, and the remaining balance is due before June 1st. Once enrolled in MPP-Dairy, a producer must continue to carry coverage through calendar year 2018. 

Eligible dairy operation must register for MPP coverage at the FSA (Farm Service Agency) office where their farm records are maintained. They must establish a production history by completing and submitting form CCC-781 "Production History Establishment," complete and submit form CCC-782 "Contract and Annual Coverage Election," and pay the $100.00 administrative fee.

Also: Participation in the MPP-Dairy or LGM programs is mutually exclusive: once registered for the MPP-Dairy program, a producer CANNOT participate in the LGM Dairy program until January of 2019.

Information sessions about the MPP-Dairy program are scheduled for the week of October 13th-17th in both Vermont and New Hampshire. The sessions are coordinated and conducted by the USDA Farm Service Agency (in partnership with the UVM and UNH extensions schools), and will run from 10:00am-2:00pm, Monday through Friday, on these dates and at these locations:

Vermont

• Monday, October 13, at the American Legion in St. Albans 
• Tuesday, October 14, at the American Legion in Middlebury
• Wednesday, October 15, at the Holiday Inn in Rutland
• Thursday, October 16, at the Fairfield Inn in White River Junction
• Friday, October 17, at the East Side Restaurant in Newport

New Hampshire

• Southeastern New Hampshire Region: Merrimack, Hillsboro, and Belknap Counties: Monday, October 13, Merrimack County Cooperative Extension Office, 315 Daniel Webster Hwy, Boscawen, NH

• Grafton County Region: Tuesday, October 14, Grafton County Cooperative Extension Office, 3855 Dartmouth College Highway, North Haverhill, NH

• Southwestern New Hampshire Region, Sullivan and Cheshire Counties: October 15, Stuart and John’s Sugarhouse, Junction Routes 12 and 63, Westmoreland, NH

• The North Country Region, Coos and Carroll Counties: Thursday, October 16, Coos County Cooperative Extension Office, 629A Main St., Lancaster, NH

• The Seacoast Region, Rockingham and Strafford Counties: Friday, October 17, Rockingham County Nursing Home Auditorium, William Sturtevant Way off North Road, Brentwood, NH

For further reading about the MPP-Dairy program, visit these sites:

• http://www.dairyherd.com/e-newsletters/dairy-daily/All-Dairy-Margin-Protection-Program-resources-in-one-spot-273088911.html
• https://www.farmcrediteast.com/Webinars/2014SeptDairyMPP.aspx

To use the MPP-Dairy program decision tool and see if the program is right for you, visit the USDA website at:

• http://www.fsa.usda.gov/FSA/pages/content/farmBill/fb_MPPDTool.jsp

If you have any further questions about the MPP-Dairy program, please contact Amy Couch by phone at 802-524-2938, or email her at amy.couch@yankeeaca.com.

Green Pastures Program Awards

On September 12^th, the Forbes Farm from Lancaster, NH and Dolloff Acres from Springfield, VT were honored at the Green Pastures Program’s annual recognition banquet. Both farms were honored as the 2014 Dairy Farm of the Year in their respective states. Jean Conklin, Senior Loan Officer in the White River Junction branch office, and Loren Petzoldt, Vice President out of the Newport office, represented Yankee Farm Credit at the award ceremony and dinner.

Though originally started in 1947 as a challenge to find New England’s best pastureland, the aim of the Green Pastures Program has shifted over the years. Today, the goal of the program is to promote dairy farming in New England by highlighting and honoring outstanding farms. Every year the program’s review committee awards the “Dairy Farm of the Year” to an exceptional dairy farm from each of New England’s six states. Farms considered for the award are judged on a “total management” basis which includes a performance analysis of a farm’s production and finances, as well as the farm family’s personal contribution to the agricultural community. Each fall, the selected dairy farms are honored at a banquet held at the Storrowton Tavern on the grounds of the “Big E” (the Eastern States Exposition) in West Springfield, Massachusetts. The Green Pastures Program is supported by the Northeast Farm Credit AgEnhancement Program.

Forbes Farm, the New Hampshire Dairy Farm of the Year, is owned and operated by Scott and Allan Forbes. Established in 1902, Forbes Farm is a five-generation dairy operation that milks over 1,300 cows and farms over 2,000 acres of land. With an emphasis on feed quality and animal comfort, the farm has significantly improved milk production and quality over the last few years, boasting a herd average of 27,000 lbs of milk, 1,053 lbs of fat, and 837 lbs of protein. The farm employs 32 people—24 of which are hired labor. They are the second largest employer in the town of Lancaster, smaller only than the hospital! Beyond the farm, they have made a huge impact on the local community by donating to area schools and helping to promote ag. education.

Several generations of the Forbes family gathered to celebrate the award.

Dolloff Acres, the Vermont Dairy Farm of the Year, is owned by Mike and Heidi Dolloff. An 80-cow Holstein operation, the Dolloffs have proven that not only can small dairy farms survive in New England, they can prosper! By keeping herd size and milk quality consistent, Mike and Heidi have been able to keep their operation both profitable and sustainable. The Dolloffs credit herd management and genetics, as well as improvements to crop yields and cow comfort, as reasons for their success. Mike and Heidi's attention to detail and industry has allowed for stability. Their goal is to create and maintain a viable and successful family farm that can be passed on to the next generation.

 

Michael, Heidi, Hannah and Matthew Dolloff

Yankee Farm Credit would like to congratulate the Forbes Farm and Dolloff Acres on their Dairy Farm of the Year awards and for their continued excellence in the field of dairy farming!

2015 Director Nominations

It's that time of year again when Yankee's Nominating Committee begins selecting director candidates for the elections in April 2015. 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
Bill Nop 802-388-3565

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.

Farm Credit AgEnhancement Awards $37,800 to Farm Programs in the Northeast

 

The Farm Credit Northeast AgEnhancement Program recently distributed grants totaling $37,800 to agricultural programs in the northeast. 17 grant proposals were approved by the selection committee, including several from Yankee territory.

The Farm Credit Northeast AgEnhancement Program was founded in 1996 as a way for the northeast Farm Credit associations to support local agriculture and to foster agricultural growth. It is a joint effort between Yankee Farm Credit, Farm Credit East, and CoBank. Since 1996, the program has awarded nearly 600 grants and disbursed over $1.5 million dollars to recipients. The grants are awarded three times per year--in April, August, and December.

The August 2014 proposals approved for funding are (in no particular order):

NYS Ag Society - Awarded $4,300 to support the Century Farm Family recognition program for 2015. The program recognizes "Century and Bicentennial" farm families, and gives a brief history and overview of each family at an event that is covered by state and local media.

Northeast Sustainable Agriculture Working Group (NESAWG) - Awarded $2,500 to help support the group's annual "working" conference, which will take place this year from November 10-12 in Saratoga Springs, NY. NESAWG's primary focus is on developing farming and food systems that are sustainable, viable, and socially responsible.

Vermont Agency of Agriculture, Food and Markets - Awarded $3,000 for their annual Human Resource Management Training for producers in Vermont. The training will include two one-day workshops, one in White River Junction and one in Burlingon, and will concentrate on honing an employer's ability to hire the right people and build a strong employee team.

Young Dairy Leaders Institute (YDLI) - Awarded $1,000 to help fund the YDLI dairy leadership program. The program offers guidance, support, and training to young adults (ages 22-45) who are actively involved in dairy production or any ancillary industries. YDLI is a national program coordinated by the Holstein Association in Brattleboro, VT.

NOFA NJ - Awarded $1,000 to support the business and technical workshops offered by the organization. The workshops assist new and beginning organic farmers and small-scale producers in the early stages of their careers by providing them the requisite education, training, and knowledge to establish viable farm enterprises.

NJ Ag Society - Awarded $3,000 for the "Learning Through Gardening" program. The program's goal is to increase agricultural literacy by implementing school gardens and teaching students how to grow fruits and vegetables. The program will take place throughout the 2014-15 school year.

Organization for Refugee and Immigrant Success (ORIS) - Awarded $2,000 to help fund a project that will aid refugee farmers in growing and developing their farm businesses. The program has three goals in mind: providing day long workshops, providing follow up technical support, and training two crew leaders who will directly help the refugees in growing, harvesting, and marketing their crops.

New York Farm Bureau Fusion Forum - Awarded $1,000 to support the New York Farm Bureau's "Fusion Forum." The Fusion Forum will be held in March 2015, and attendants will be provided with several talks and workshops that aim to encourage both personal and professional growth by helping one to find his/her passion and purpose.

NH Ag in the Classroom - Awarded $2,000 to develop, publish, and distribute a book for elementary school students. The book will focus on the importance of agriculture in New Hampshire. A copy of the book will be distributed to 316 elementary schools throughout the state.

Orleans County Cornell Cooperative Extension - Awarded $2,000 to conduct the first phase of an academic study aimed at identifying the economic feasibility and impact of shared-use kitchens in northwestern New York. The proposed facility would be located at the Orleans Country 4-H Fairgrounds, and would serve 5 counties.

Cornell Cooperative Extension Erie County - Awarded $2,500 to aid in the Extension's hosting of the 2-day "Hoptoberfest" workshop in October. The workshop is aimed at new and beginning growers of brewing grains and brewers, and training will focus on growing and marketing brewery hops and grains, as well as a "how to" on starting a microbrewery.

American Farmland Trust (AFT) - Awarded $1,000 to support the first pilot training of the Local Agriculture and Land Use Leadership Institute program, which provides valuable knowledge and skills about land use and policy to participants. The training program is being provided via a partnership between AFT and Cornell's Community and Rural Development Institute.

Cornell University Junior Dairy Leader Program - Awarded $5,000 for the Junior Dairy Leader Program. The program focuses on career awareness and personal/professional development for young people (aged 16-19) interested in the dairy industry.

Strafford Country Conservation District - Awarded $1,000 to help the District host 3 half-day workshops throughout New Hampshire in the fall of 2014. The workshops will provide farmers with information about soil health, no-till practices, and cover cropping.

Green Peas TV - Awarded $1,500 for the "Farm to Table to Body" project, which aims to increase awareness about the role of agriculture in America. The project will create a network of involved elementary school teachers, and will bring agricultural education back into the classroom with the aid of modern technology.

New Entry Sustainable Farming Project - Awarded $3,000 to help the project develop, produce, market, and distribute a "Guide to Farm Financing Video." The video, which will be 15-20 minutes in length and is expected to launch in August 2015, will educate farmers and allow them to improve the economic viability of their farming operations.

Massachusetts Forest Alliance - Awarded $2,000 to develop a report that examines the extent and economic importance of the Massachusetts's forest products industry. The report hopes to accurately capture the state of the MA forest industry today and objectively map and measure progress and growth.

The deadlines for submitting grant proposals to the Northeast AgEnhancement Program are April 1st, August 1st, and December 1st.

If you or someone you know is interested in submitting a funding proposal, please contact Ruchel St. Hilaire in the Williston office at (802)-879-4700. Send all proposals for funding to AgEnhancement@YankeeACA.com. For more information, including the application process and requirements, visit: https://www.yankeeaca.com/en/About-Us/Industry-Support/AgEnhancement-Grants.

China loves cheese!

The Daily Beast had an interesting article yesterday:

Say Cheese–China's New Obsession

"Cheese is finally breaking into the world’s fastest-growing consumer market."

When Vermont Secretary of Agriculture Roger Allbee led a trade delegation to China in 2007, we were given a presentation in Beijing by Mr. Daniel Chan of the U.S. Dairy Export Council. One of the graphs that he talked about was this one:

This graph shows that cheese consumption in Japan and Korea was basically nonexistent before those countries hosted the Olympics in 1964 and 1988, respectively. Cheese was developed by Middle East and European cultures (more info). Asian cultures did not really know about cheese or develop a taste for cheese until their societies became open to the rest of the world. The Olympics were a major milestone in that process of opening up to the rest of the world.

We visited China as they were preparing to host the 2008 Olympics. The USDEC was hoping that cheese consumption in China would take off after the Olympics, as it did in Japan and Korea.

It looks like the USDEC's hope is coming true! Now if we can just get articles like the one in The Daily Beast to talk about Northeast cheese instead of Wisconsin cheese...

2014 Ag Hall of Fame Inductees

Congratulations to the five people inducted into the Vermont Agricultural Hall of Fame on August 27th at the Champlain Valley Fair!

• Joseph Carrigan
• Ronald Greenwood
• Richard Moore
• Harry Morse Sr. 
• Lucien Paquette.

Yankee staff in attendance at the luncheon to honor the inductees were George Putnam, CEO; Dave Lane, AVP/Branch Manager; and Morgan Rilling, Credit Operations Coordinator.  

 If you would like to nominate a farmer for the hall of fame, please click here to go to the Champlain Valley Fair website and access the form. For a list of prior inductees please click here.

New Employee - Katy Coombs

Yankee Farm Credit is pleased to announce the hiring of Katy Coombs. Katy joined the White River Junction office as a Credit Analyst in late June.

Katy graduated from Sweet Briar College in Sweet Briar, VA with a bachelor’s degree in business management and a certificate in equestrian studies. Katy was a member of the Field Team at Sweet Briar, an equestrian team which participated in fox hunting, hunter paces, hunter trials, and riding out.

Growing up on her family farm in Sandwich, NH, Katy developed a love for farming, agricultural recreation, and animals. During high school and college, she worked in many different capacities for her family’s company, A&B Lumber in Moultonborough, NH. Katy has also worked as a horse trainer and riding instructor for many years in New Hampshire, Virginia, and New York.

Katy relocated to Woodstock, VT, where she currently lives with her Llewellyn Setter, Hank, and her beloved Morgan Horse, Shadow. Katy is active in the local equestrian and polo communities in the Upper Valley region of Vermont and New Hampshire.

From Katy: “I have really enjoyed my time so far with Yankee Farm Credit and am looking forward to the challenges and opportunities that my future with the company may hold.  Growing up in a farming family, I have always held a very strong admiration and respect for the culture and the individuals in the agriculture world.  I am excited to be able to combine my passion for agriculture and my education in business to see what I can offer Yankee Farm Credit and the local community.”

Katy brings superlative energy and potential to the Yankee team. Please join us in welcoming her to the staff!

New Employee - Denise Kellner

We are pleased to announce the hiring of Denise Kellner. Denise was hired as a loan officer in the St. Albans office, and started work in late June.

Denise lives in East Fairfield, VT with her husband, Ted, and her 9 year old son, Hazen. She enjoys the outdoor life, spending many weekends each summer camping with her family. 

As an active and involved member of the community, Denise regularly volunteers her time. She currently serves on the board of directors for the Fairfield Community Center, and spent many years helping to raise money for the Dragon Heart Vermont Survivorship Now program, acting as a team captain in the annual Dragon Boat Festival.

With her diverse and accomplished background, Denise brings a wealth of knowledge and expertise to Yankee. She was the Assistant Vice President and Branch Manager of Citizens Bank in St. Albans, held a Nationwide Mortgage Licensing System registration, and also worked as a Branch Administrator with Edward Jones in Essex, VT.

Denise is excited to join the Yankee family and to get back into lending. Please join us in giving her a warm welcome!

2014 Farm Tour

On Friday, July 25th, Yankee employees, directors, and guests from CoBank toured a variety of farm operations in the Connecticut River Valley-- part of the territory of Yankee's White River Junction branch.

Under the cloudless sky of a beautiful summer day, the group traveled first to Vaughan Farms--a family dairy operation in East Thetford, VT. Owners Pat Waterbury and Darren Vaughan gave a tour of their new free stall barn, which includes 4 robotic milkers. Pat and Darren built the 240 cow facility in 2013 and have had positive results with increased productivity and efficiency from their transition to robotic milkers.

The Vaughan's 2014 corn crop is looking great!

Ken Nelson, Assistant Vice President of the White River Junction Branch, asks Pat to discuss the process of transitioning from a milking parlor to robotic milkers

Pat shows a few of our directors some of the reports that he can generate with his new robotic milking system

Happy cows!

The robots in action!

After saying goodbye to Pat and Darren, the group traveled just down the road to Long Wind Farm, Inc, also in East Thetford. Long Wind is a large-scale organic tomato farm that focuses on wholesale produce markets, selling most of their crop to regional grocers while also maintaining a popular farm stand. All of the tomatoes are grown in greenhouses. Many greenhouses of varying sizes dot the Long Wind property.

Owner/Operator Dave Chapman, gave the group a tour of his facilities. Of particular interest was Long Wind's newest greenhouse--a large, state-of-the-art, Dutch-designed greenhouse that was erected recently by a construction firm based in The Netherlands. The greenhouse (shown in the picture to the right) covers over an acre of land, and features an automated roof cleaning system, advanced polymer and glass construction, and a ventilation system that can clear and change out the air in the greenhouse in less than 45 seconds.




After leaving Long Wind, the group crossed the Connecticut River and visited McNamara Dairy in Plainfield, NH. The McNamara's are a 3 generation dairy farm, with many members of the family involved in the everyday running of the farm--which includes a dairy operation, a bottling plant, and a sugarhouse.

The group enters the McNamara Dairy storefront and bottling plant

Tom McNamara explains the milk bottling process to the group

McNamara Dairy bottles the majority of their milk themselves, selling a variety of milk and dairy products in their own store, as well as in dozens of stores throughout the region. Products include whole, 2%, and skim milk, heavy cream known for its exceptional density and turgid longevity post-whipping, butter, and a delicious and renown chocolate milk that is made with a locally sourced chocolate. McNamara milk is recognized by its distinctive bottles--thick and heavy glass containers available in several different sizes.

After touring the McNamara's extensive operation, the group settled down in front of the family's beautiful farmhouse and had lunch. The offerings included sandwiches made with ham and turkey from local smokehouses and farms, potato salad (also made from local produce), blueberry pies, and pints of McNamara milk!

The group finished lunch and thanked the McNamara's for their hospitality, and boarded the bus and again crossed the Connecticut River. The tour's last stop was at Oak Knoll Dairy, LLC in Windsor, VT. Owners George Redick and Karen Lindbo, who have operated the goat farm for over two decades, led the group on a tour of their facilities.

In the milking parlor

Goats are fed a pre-measured amount of grain via a chute

Oak Knoll Dairy bottles and packages its own goat milk and yogurt. Their products are sold up and down the eastern United States, with one refrigerated truck delivering milk and yogurt all the way to Georgia! The group enjoyed taste testing goat's milk--both plain and chocolate--as well as the yogurt. Oak Knoll also sells a portion of their herd for meat.

Yankee would like to give a big thank you to all of the farmers involved with the tour, who graciously opened up their farms and offered excellent insight into their daily operations.Yankee would also like to thank all who attended, including our friends at CoBank. A special thank you goes to the White River Junction branch staff who helped to plan the tour. It was a wonderful day!

Congressional Visits

On July 30, Yankee Farm Credit visited Congressional offices in Washington, DC. Participating were: Chairperson Rocky Giroux, Board Member Steve Taylor, Board Member Walt Gladstone, Staff Appraiser Rob Guay 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:

• Sen. Patrick Leahy and Adrienne Wojciechowski
• Rep. Peter Welch and Patrick Satalin
• Rep. Ann McLane Kuster and Meghan Gaffney Buck
• Rep. Bill Owens and Nell Maceda
• Kathryn Tanner in Sen. Kirsten Gillibrand's Office
• Emily Lynch in Sen. Kelly Ayotte’s Office
• Erica Anhalt in Sen. Jeanne Shaheen’s Office
• Caryn Compton in Sen. Bernard Sander's Office

In addition, they attended lunch with Rep. Ann McLane Kuster.  The picture below was taken just prior to lunch.



Left to Right:  Rob Guay-Staff Appraiser, Walt Gladstone-Board Member, Rep. Ann McLane Kuster,
Rocky Giroux-Board Chairperson, Steve Taylor-Board Member

Our main message was to remind our representatives that Yankee Farm Credit continues to meet the needs of our members by providing constructive credit and related services.  In addition to healthy loan growth in 2013, Yankee Farm Credit paid $4.9 million in patronage refunds to member-customers by maintaining excellent financial results.  The Congressional Offices were keenly interested in Yankee Farm Credit’s involvement and success with programs serving beginning, young and small farmers, including the FarmStart program.  We urged our representatives to continue to support a strong cooperative Farm Credit System and the message was well received.

The Senate passed an immigration reform bill last year but the House had not yet addressed this issue.  We expressed our support for immigration reform, stressing the need to address agricultural labor issues so that our members can be assured a reliable work force.  Representatives were encouraged to support either comprehensive immigration reform or at least legislation which addresses the needs of our nation's farmers for year-round guest workers.

The Farm Bill passed earlier this year places a great deal of importance on the Federal Crop Insurance Program to protect farmers' production investments, rather than direct subsidy payments.  This has placed the risk management decision making directly in the hands of farm owners.  We expressed our support for this strategy but stressed the need for the implementation process to consider the unique attributes of Northeast agriculture to ensure that the Northeast maintains a strong agricultural industry.

Other issues addressed included the need to monitor the Food Safety Modernization Act rulemaking and implementation process, administered by the FDA.  We urged our representatives to get involved if the FDA proposes regulations which are inflexible and do not allow sufficient time for farms to comply as this could have significant negative impact on our members' farms.  We also asked our representatives to monitor the EPA's actions related to the expansion of their jurisdiction under the Clean Water Act to ensure that members' farms are not negatively impacted by overly onerous EPA regulation.  Each office was provided with an informational packet which included a Business Profile, a Public Policy Statement and information about our most recent FarmStart investment.

While in DC the group also visited with Jeff Shipp, Jennie Materio and Robbie Boone of the Farm Credit Council and Todd Van Hoose of CoBank.

Q2 Financial Results

What a wonderful summer we have had so far!  Yankee’s second quarter financial results are now available and we can announce that we had a good quarter.  Favorable net income resulting from increased net interest income and other income were offset by increases in the provision for credit losses and operating expenses.  The balance sheet shows that loans were down from year-end, and from the previous quarter.  The quality of the loan portfolio remains strong and is expected to remain that way in the foreseeable future.  Good members taking advantage of the favorable milk prices, growing conditions and weather are a primary reason for these good results.

Quarterly net income for Yankee was $2.0 million, a decrease of $154 thousand over the same period in 2013. The most significant factor driving the decrease was an increase of $424 thousand to the provision for credit losses.  This was partially offset by an increase other income of $205 thousand over the same period in 2013.

For the first six months of 2014, net income was unchanged from 2013 at $.4 million.  Net interest income increased 8 percent to $7.3 million.  There was a provision for credit losses of $752 thousand through the second quarter of 2014, as compared to a provision of $161 during the same period of 2013.  Other income increased $324 thousand, primarily due to an increase in income from patronage refunds from CoBank, ACB and income from fees for financial services.

Loans held by the Association at June 30, 2014 were $401.9 million, down 2.8 percent from year end.  The loan portfolio continues to be concentrated in the dairy industry with 51 percent of loan invested in dairy businesses.  The second largest concentration is timber, with 14 percent of 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 0.8 percent of the Association loans were classified as nonperforming, unchanged from the previous quarter and from year end.  There were loan charge-offs of $19 thousand, but no recoveries in the quarter.  The Association’s capital position remains strong.

Click here for the full quarterly Report to Shareholders.