U.S. Rep. Annie Kuster met recently with Yankee Farm Credit director Steve Taylor

 

U.S. Rep. Annie Kuster met recently with Yankee Farm Credit director Steve Taylor of Meriden, N.H., to discuss current matters of concern to the agricultural and the forestry sectors of New Hampshire Congressional District 2, most of which is served by Yankee Farm Credit. Rep. Kuster’s assignments in Washington include membership on the House Committee on Agriculture.

 

 

 

 

 

Five Short Term Strategies for Surviving Poor Cash Flow

by Joanna Lidback


Economists are indicating that recovery from low milk prices this year will be slow in coming and indeed may get worse before getting better. The first defense in making it through a down cycle is knowing your net cost of production and/or your breakeven milk price. When you have a solid grasp of where you stand financially, you’ll know more precisely how much cash will be needed to keep up.

The net cost of production is the amount you need to cover expenses, (including depreciation and family needs) less any non-milk income, expressed as dollars per cwt. Breakeven milk price hones in even further on cash, including cash operating expenses, debt payments and family needs, less non-milk income.

If you find you need to generate cash, consider these strategies:

1. Cut expenses
When it comes to cutting expenses, everything needs to be on the chopping block. There are generally two ways to cut expenses: cut back on current levels and defer certain expenses. Further, start with your biggest expenses. Review your feed ration with the nutritionist. Evaluate labor efficiency – cut hours if necessary. For deferment, prioritize capital repairs and put off non-essential fixes.

2. Accelerate/supplement income

Not everyone has to go get a part-time job, but there may be other sources of income that could be tapped. Beef prices remain elevated slightly. Can you continue a higher-than-normal cull rate? Do you have timber? What does your forest management plan allow? Was it a good crop year? Any extra crops? Any custom work available? Do you have any outstanding receivables that you could pursue payment on?

3. Finance previous capital purchases made out of cash flow

Last year was a great year. Many farms were able to replace or add new machinery, equipment or vehicles right out of the checkbook. Consider reimbursing those funds from an existing line of credit if one is in place or perhaps you can work with your loan officer to write a new loan. Another option is a “lease buy-back,” where again you reimburse funds spent in the current or previous year and finance via a lease.

4. Request deferral or debt restructuring

Take a look at your debt structure. What is your blended capital debt term? Is there room to consider restructuring your loans? A deferral of principal payments might be a consideration, however this method should be used sparingly. A conversation with your loan officer may go a long way.

5. Sell unproductive assets

What’s sitting out in the yard that isn’t getting you the return you need or expect for investment? Especially if it’s just sitting there, it’s not only costing you overhead, but potentially the opportunity cost of those funds being tied up in the equipment that may be more useful somewhere else.

Milk price volatility is nothing new in the dairy business. While it has increased dramatically over the past ten years, so has the potential for profits with record high milk prices. Recall from the last newsletter, “Financial success for dairy managers can often be traced to how well one uses the profits from a good milk price year to help them in a year with low milk prices.” While we are in the down cycle now, keep this in mind for when the roller coaster goes up.


This article was originally published in the Fall 2015 Association Insider of Yankee Farm Credit, ACA.

Developing the Next Generation - Transition Planning

by Liz Bayne

The skills needed to manage the successful agricultural businesses of today are not gained overnight.  Some skills are gained in school, some with “on the job training” and others through the “school of hard knocks.”

Most of our farm businesses have developed and grown over the lifetime of the older generation now running the business. They started small (at least by today’s standards) and developed their management skills as the business grew. Now, as the older generation is looking toward slowing down and transitioning to the next generation, the challenge is to transfer all the management skills learned in a lifetime to the next generation.

The best succession plans start early and allow a  gradual transition, slowly and continually providing opportunities for the next generation to develop the skills they will need to take over the business. At the same time, this transition allows the older generation to evaluate the potential successors; grooming and developing them based on their desire to take over the business, and their aptitude and skills to continue its growth and prosperity.

In working with farm businesses, I find that production oriented skills are often well taught, with the younger generation learning a great deal from their parents. They are also eager to embrace new technologies on the farm. The area that is often less emphasized is the financial management of the business. I would argue that this should be the most important skill transferred to the next generation. If the farm is well managed financially and is profitable, then there is a great deal of flexibility available for both the older and younger generation. If the financial management skills are not part of this transition, the farm can find itself limited and strained in other areas as well.

Following is a short list of ideas. The goal is to have the financial training start early and to be consistent with it. You can shift more and more responsibility over time. This will ensure that the younger generation has the skills necessary when it is time for them to take over the farm.

Some ideas for transferring financial management skills:

1)   Have regular meetings and discuss the farm’s finances.
2)   Involve the younger generation in the day-to-day process of paying the bills and managing the records.
3)   Allow the younger generation to take part in decision making, such as the purchase of equipment. Discuss your thought process and the pros and cons of the purchase. Have the younger generation do a partial budget on the purchase and present it to you.
4)   Talk about your goals for the farm - short,intermediate, and long term. Prepare a budget as a team to test your goals and then measure the success.
5)   Have the younger generation sit in on a financing discussion with your lender.
6)   Have the younger generation attend farm meetings with you - especially meetings where farm finances are discussed.
7)   Let the younger generation suggest and carry out a change on the farm. Have them present a plan and then be accountable for the results. This is a great learning tool.

Yankee’s consulting program works with farm businesses on transition planning, budgeting, estate and business planning, entity selection and tax planning.  f you would like to know more, please contact me at elizabeth.bayne@yankeeaca.com, or 800-370-3276, or Joanna Lidback at
joanna.lidback@yankeeaca.com, or 800-370-2738.


Originally printed in the summer 2015 Association Insider of Yankee Farm Credit, ACA.

Farm Credit 100, Fresh Perspectives Nominations

Calling for Nominations

Yankee Farm Credit, ACA is searching for nominees from Vermont, Clinton and Essex County New York, Cheshire, Coos, Grafton and Sullivan County New Hampshire for Farm Credit 100 Fresh Perspectives.

Farm Credit has been supporting rural communities and agriculture for 100 years, and to celebrate the promise and potential of the industries we support we’re on a quest to identify the individuals who are shaping the future of rural communities and agriculture. Farm Credit 100 Fresh Perspectives is a nationwide search to identify and honor 100 visionaries in agriculture and rural enterprise— while commemorating our centennial milestone. —Our experience over the last century gives us insight into how the future is shaped.  Yankee Farm Credit, ACA knows that there are individuals in our region who are extremely deserving of such an honor.

Please consider helping a Yankee Farm Credit region leader achieve this national recognition by sharing information about the search with your friends, family and colleagues. We are happy to connect you with a Farm Credit representative to discuss the Farm Credit 100 Fresh Perspectives, as well as the Farm Credit centennial overall. You can also visit farmcredit100.com for additional information.

The deadline is fast approaching, December 18^th 2015, so please if someone you know or know of deserves to be recognized, don’t hesitate to complete a nomination.

Many thanks,

Yankee Farm Credit, Staff and Directors

Promotion - Morgan Rilling

I am pleased to announce that Morgan Rilling has been promoted to Assistant Vice President/Branch Manager in our White River Junction office. She has served as Interim Branch Manager since August 1st.

Morgan began her Farm Credit career in 2004 working as a part-time employee in the Williston office while attending the University of Vermont. Following her graduation in 2005 she became a full-time employee, serving in the White River Junction office. Morgan started as a credit analyst/FRS assistant, became a loan officer in 2006, and credit operations coordinator in 2012. Morgan’s experience in both credit and administrative roles will serve the Association well.

Morgan holds an Associates Degree from Vermont Technical College in Agribusiness Management and Technology and a Bachelors Degree from the University of Vermont in Agricultural and Resource Entrepreneurship.

Please join me in congratulating Morgan on her new position!

Q3 Financial Results

Yankee’s third quarter financial results are now available and we can announce that we had another good quarter. In the third quarter we saw favorable net interest income, along with higher amounts in other income from the same quarter last year. The balance sheet shows that loans held by the Association were down slightly from year-end, but up from the previous quarter.

Quarterly net income for Yankee was $2.5 million, an increase of $100 thousand over the same period in 2014. The most significant factors driving the increase were favorable net interest income and other income as compared to the same period last year.

For the first nine months of 2015, net income was $8.3 million, an increase of $1.4 million from 2014. There was a negative provision for credit losses of $691 thousand through the third quarter of 2015, as compared to a provision of $661 during the same period of 2014. Other income increased $502 thousand, primarily due to an increase in income from fees for financial services and in patronage refunds from CoBank, ACB.

Loans held by the Association at September 30, 2015 were $432.2 million, down 0.3 percent from year end but up 2.1 percent from June 30, 2015. The loan portfolio continues to be concentrated in the dairy industry with 49 percent of loans 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 0.5 percent of the Association loans were classified as nonperforming, 0.1 percent improved from the previous quarter and from year end. This statistic was 0.2 percent improved from the same period in 2014. There were no loan charge-offs or recoveries in the quarter. The Association’s capital position remains strong.

Click here for the full quarterly Report to Shareholders and here for the quarterly financial news release.

Career Opportunities

Are you passionate about agriculture and want to be involved with supporting local farm businesses to ensure their success? If yes, please consider joining our Yankee team! We are a leading provider of credit and financial services to the agricultural community in Vermont, western NH and the Champlain Valley of NY.

We currently have two positions open:

• Office Assistant - Middlebury, VT
• Credit Analyst - St. Albans, VT

For a more detailed job description, please visit our website at www.yankeeaca.com.

To be considered for this position, please send a cover letter and resume to: Ruchel St. Hilaire, Yankee Farm Credit, P.O. Box 467, Williston, VT 05495 or e-mail.

Yankee Farm Credit offers a full, comprehensive benefits package.
EO/AA Employer- M/F/D/V

Yankee's Consulting Service: Value You Can Use

Farm Credit’s mission is to support rural communities and agriculture with reliable and consistent credit and financial services. Yankee's business consulting services aids in this mission by offering services that include multiple ways to help improve your results or adapt to change within and outside your business. Our consultants have the opportunity to work with other teams within Yankee, such as our financial recordkeeping and tax services, to be as efficient and effective as possible. Our focus is delivering value you can use, whether the fee is is hourly or project based.

Our consulting services cover a wide variety of needs: business planning, business organization, budget tools, financial and operational analysis, investment analysis, feasibility studies, benchmarking programs, dairy business analysis, profit team meetings, appraisal consulting, conservation easement planning, complex entity tax planning, estate planning, farm transfer and succession planning, and much more!

If you have any questions about how our consultants could help you please do not hesitate to contact Liz Bayne, 802-295-3670, Elizabeth.Bayne@YankeeACA.com or Joanna Lidback, 802-334-8050, Joanna.Lidback@YankeeACA.com.

 

Liz Bayne

Joanna Lidback



 



2015 New England Green Pastures Award Banquet

On September ​18th, Tullando Farm from Orford, NH and Keewaydin Farm from Stowe, VT were honored at the New England Green Pastures Program’s annual banquet. The farms were chosen as the 2015 Dairy Farm of the Year in their respective states. The objective of the New England Green Pastures Program is: "To encourage a more prosperous dairy industry in New England, especially through the growing, harvesting, storage, and feeding of quality forage to attain excellence in herd production using economic management of all farm resources." Kelly Richardson, Loan Officer from the Derby branch, Liz Bayne, Business Consultant in the White River Junction office, and Jesse Taft, a Credit Analyst also from the White River office, represented Yankee at the award ceremony. 

The New England Green Pastures Committee chooses an “Outstanding Dairy Farm of the Year” from each of the New England states, and celebrates the winners at its annual awards banquet held at the Storrowton Tavern on the grounds of the “Big E” (the Eastern States Exposition) in West Springfield, Massachusetts. 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 financial performance, as well as the farm family’s personal contribution to the agricultural community.

The banquet began with an invocation by Carol Hodgdon, a Green Pastures Committee Vice Chair. Victoria Maloch, a Future Farmers of America (FFA) National Officer and student at the University of Arkansas, served as the banquet’s guest speaker. She challenged the six Green Pastures award winners to stay engaged with the next generation, and to pass along knowledge and give guidance to the younger people who are interested in agriculture.

The winners were presented with an award (an engraved silver milk pitcher) and were asked to give a short presentation about their farming operating, their history, and what they consider to be the “secrets of their success.”

The Tullar Family of Tullando Farm, Orford, NH

 

Tullando Farm was heavily represented at the banquet. Three generations of the Tullar family were in attendance, including Rendell Tullar, who led the farm’s presentation. The Tullar’s showed the audience a promotional video that was made by Granite State Dairy Promotion. The video showed the ins-and-outs of the operation at Tullando, with particular focus on the farm’s robotic milking setup and the family’s collective effort to stay current with the dairy industry and to adapt accordingly. Tullando Farm was founded in 1956 by Rendell Tullar’s parents, George and Barbara, who combined their respective surnames, Tullar and Anderson, to create the farm’s distinctive name. Tullando milks 500 Holsteins and crops around 500 acres of corn, 100 acres of alfafa, and 100 acres of grass.

L to R: Tony Kitsos, UVM Extension; Claire and Les Pike of Keewaydin Farm, Stowe, VT

 

Keewaydin Farm was represented by Les and Claire Pike, who operate the farm with their children, Suzi and Dan Pike. Les’ grandparents bought the farm in 1921, and the farm has been operated by the Pike family ever since. They gave an in depth presentation about their farm complete with a slideshow of photographs. The Pikes emphasized the need for a farm to “find its identity,” describing how they worked backward from an operation that was heavily diversified in the 1970’s with a sugarbush and farm stand to the more streamlined and straightforward present day farm, which focuses solely on finding better and more efficient ways to milk their herd of 141 registered Jerseys. Keewaydin has a rolling herd average of 15,485 pounds of milk, 5.1% butterfat, and 3.9% protein. Since 2010, the Pikes have operated an anaerobic methane digester, which supplements electricity on the farm. The also reuse the solids for bedding, which is uncommon on a farm of their size. Keewaydin is the first Lamoille County farm to receive the Green Pastures Dairy of the Year award.

Other winners included Sidehill Farm (Hawley, MA), an organic dairy farm and yogurt producer; Twinbrook Farm (Minot, ME), a 150 cow dairy that recently navigated a generational transfer; Cottrell Homestead (N.W. Kingston, RI), a “Rhody Fresh” producer; and Beriah Lewis Farm (N. Stonington, CT), an 8^th generation dairy farm that was founded in 1791 and has been in continuous operation ever since.

Yankee would like to congratulate Tullando Farm and Keewaydin Farm on their Dairy of the Year recognition and for their continued excellence in the field of dairy farming!

Senator Leahy's Fall Foliage Weekend

The weather and foliage this past weekend were quite accommodating for Senator Patrick Leahy’s Fall Foliage Weekend in Vermont. Several events were scheduled throughout the weekend to allow time for networking while showcasing the beauty of the Senator's home state.

Senator Leahy has long been a strong supporter of Farm Credit. Yankee had the opportunity to send attendees to each event where they were able to thank the Senator for his support of Farm Credit and farmers. Participating from Yankee were:

• Friday 10/2 – sunset cruise on Lake Champlain – AVP/Branch Manager Dave Lane and his wife Julie
• Saturday 10/3 – bus tour from Burlington to Waitsfield and Stowe – President and CEO George Putnam and his wife Nancy
• Saturday 10/3 – dinner in Burlington – AVP/Commercial Lending Division Manager Chris Bessette and his wife Nariah Broadus
• Sunday 10/4 – reception and brunch in Burlington – Director Alan Bourbeau and his wife Kim

Pictured above is Senator Leahy with George and Nancy Putnam at the top of the gondola on Mt. Mansfield.

Senator Leahy was chairman of the Senate Agriculture Committee when the Agricultural Credit Act of 1987 was passed. The 1987 Act profoundly affected the Farm Credit System. Some may remember the days of Production Credit Associations (PCAs) for short and intermediate term lending and Federal Land Bank Associations (FLBAs) for long term real estate mortgage lending. The 1987 Act brought many organizational changes to the Farm Credit System, including the introduction of Agricultural Credit Associations (ACAs) which combined the functions of a PCA and FLBA into a single entity. The 1987 Act led to the formation of Yankee Farm Credit, ACA in 1995 from the merger of Champlain Valley Farm Credit and Farm Credit of the Connecticut Valley.

Help Find Farm Credit 100 Fresh Perspectives!

Do you know an individual or group of individuals whose leadership and vision is changing the future of agriculture and rural America for the better? Farm Credit is searching for 100 leaders who are positively shaping what is next for rural communities and agriculture.

Farm Credit is asking you to nominate leaders who demonstrate qualities in one or more of the following categories:

• Leadership (over 21)
• Youth Leadership (21 and younger)
• Rural Policy Influence
• Beginning Farmer or Rancher Achievement
• Entrepreneurship and Innovation
• Sustainability and Natural Resource Conservation
• Financial Stewardship
• Mentoring and Volunteerism
• Agriculture Education and Community Impact
• Rural and Urban Connection

If you know a dynamic leader who fits into one or more of those categories, we encourage you to nominate them for recognition as one of the Farm Credit 100 Fresh Perspectives in three easy steps:

1. Consider: Identify the category or categories outlined here that best represent your nominee’s area of influence.
2. Visit: Go to FarmCredit100.com/fresh for entry materials.
3. Complete: Submit nomination form and brief essay. Nominations accepted until December 18, 2015.

A panel of experts on rural matters, including Farm Credit leaders and representatives from around the agriculture industry, will evaluate and select the top 100 honorees who showcase the ability to build appreciation for rural communities and agriculture and further contribute to a vibrant future for rural America. The final 100 names will be announced in early 2016.

Go to FarmCredit100.com/fresh for more info!

Yankee Directors, Guests and Staff Participate in Northeast Kingdom Farm & Food Tour

Directors, guests and staff of Yankee Farm Credit recently toured an array of farms and food-related organizations in the Notheast Kingdom. As part of an annual tour, Yankee's Derby office organized a day chock full of agriculture and local food-related establishments. Find below a few highlights from the day:

The first stop of the day was to Eureka Satellite, LLC, a project owned and operated by brothers Mateo and Andy Kehler of Jasper Hill Creamery. The project we visited is a hay drying facility and solar array system (still under construction). The Kehlers' main product is artisan cheese, which is their key focus. Mateo explained to the group why they prefer to feed their cattle dry hay versus grass silage and why it makes a difference in their cheese. The hay dryer is quite an innovation and depending upon the moisture content of the hay when it is harvested, takes anywhere between five and 12 hours for drying. It's the first of its kind in the U.S. and was imported from Germany. You can read about the Kehler's installation here.

Mateo Kehler addressing the group.

Yankee director Brad Maxwell checking out the equipment.

Group shot, L-R, Yankee director Rocky Giroux, Mateo Kehler, Derby branch manager Loren Petzoldt, Andy Kehler, Yankee CEO George Putnam. 



Group waiting outside the hay drying facility.
 

The next stop was Pete's Greens, Inc., a four season organic vegetable farm growing a vast array of specialty crops with emphasis on baby greens, heirloom tomatoes and root crops. Starting in 1995, Pete Johnson cleared land owned by his parents and grew mostly greens. He has added crop land since and now operates 375 tillable acres. Pete also has an extensive year-long CSA (Community Supported Agriculture) program which includes other products such as cheese, meat, eggs and apples from neighboring farms. Additionally, a wholesale unit and retail operation round out the business.

A cheery mural on one of the main walls in the main building.

The group toured several acres of production and is heading back toward a building currently being installed with solar panels on the roof.

Tim Fishburne from Pete's Greens led the tour through the operation.
 

We stopped for lunch at Sterling College where we learned about Sterling's Sustainable Agriculture and Sustainable Food Systems programs. Our hosts were Topher Bordeau, director of Advancement and Alumni Relations, faculty members Charlotte Rosendahl and Allison Van Akkeren, executive chef Simeon Bittman and Katie Lavin from the president's office. We were treated to a delicious meal of food from Sterling's farm and other local farms. Yankee Farm Credit recently partnered with Sterling College for it's Veteran College-to-Farm program. You can read about it here.

A bulletin board announcing the day's lunch at the entrance to dining hall.

We made our way to the Center for an Agricultural Economy's Food Venture Center next and were greeted by Sarah Waring, executive director of the Center, Connor Gorham, facilities manager and professional production assistant and Daniel Keeney, farm and food business advisor. Launched in 2004, CAE's mission is to engage the public to build a regenerative, locally based, healthy food system through collaboration opportunities, food access and hunger relief, educational outreach and providing infrastructure.

The Food Venture Center is a multi-use processing facility. The center is an incubation space for food businesses. Over 60% of the rents paid to the facility comes from farmers. Jasper Hill is a core tenant producing cheese at the facility. The center offers support services to clients as well as recipe development, co-packing services and process development. The Food Venture Center also has food chemists available for users if needed to develop their product. Currently over 30 businesses are using the facilities for production.



Connor Gorham (third from left) and Sarah Waring giving an overview of the Center when we arrive.

Connor using a mural as a prop to explain.

A display of products from some of the Center's clients.

Our last stop of the day was Kingdom Creamery of Vermont, LLC. Located in East Hardwick, Vt., Kingdom Creamery is a family business owned by the Michaud family - Denis and Claire along with sons Jeremy, Travis and Daniel and their families. The creamery produces premium ice cream, soft serve mix, frozen yogurt and yogurt made from milk purchased from the family's dairy farm, Claire-a-Den Farm. Their own maple syrup is also featured in many of their products. Products are marketed under their own and private labels for other companies. Their product can be found in grocery stores and scoop shops all over New England and New York. Quite often they attend local events and festivals where a family member - maybe even a grandchild - will scoop your cone for you.

Leslie Michaud, Jeremy's wife, and Claire Michaud happily scoop ice cream for some anxious onlookers.

A pint ready to be filled in the assembly line.

Jeremy Michaud (right, in royal blue) explaining a process to a few tour goers.

 

We have a lot of wonderful agriculture and farm and food businesses to be proud of in the Northeast Kingdom. Our group learned a lot and enjoyed the trip.

The Boston Public Market - UPDATE

A few weeks ago, we reported on the Boston Public Market (BPM), a functional farmers market in Boston, Massachusetts that also serves as a showcase for agriculture and farming in New England (original post can be found HERE).

April Smith, a loan officer in Yankee's White River Junction office, toured the BPM on July 30th and participated in its open house. April brought back photos from the BPM and a map that details the layout of the facility and provides brief descriptions of each vendor.

Photos:

 

 

 

The BPM map (click to enlarge):

*Special thanks to April Smith for attending the open house and providing the above images*

Q2 Financial Reports

Finally! The rain has slowed down, the sun has come out and summer has decided to arrive in Yankee’s territory. It feels good and so does Yankee’s financial health. Yankee’s second quarter financial results are now available and we can announce that we had another good quarter. Favorable net income was primarily due to a negative provision for loan losses. This is a result of the improving quality of the loan portfolio, which remains strong. It is expected to remain that way in the foreseeable future. The balance sheet shows that loans were down from year-end, but up from the previous quarter. Great members and staff are two reasons for these results.

Quarterly net income for Yankee was $3.1 million, an increase of $1.1 million over the same period in 2014. The most significant factor driving the increase was a negative provision of $468 thousand to the provision for credit losses, as compared to a provision of $424 for the same period in 2014. This was due to the improving quality of our loan portfolio.

For the first six months of 2015, net income was $5.7 million, an increase of $1.3 million from 2014. There was a negative provision for credit losses of $604 thousand through the second quarter of 2015, as compared to a provision of $732 during the same period of 2014. Other income increased $197 thousand, primarily due to an increase in income from fees for financial services.

Loans held by the Association at June 30, 2015 were $423.4 million, down 2.3 percent from year end but up 0.9 percent from March 31, 2015. The loan portfolio continues to be concentrated in the dairy industry with 49 percent of loan invested in dairy businesses. The second largest concentration is timber, with 15 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 0.6 percent of the Association loans were classified as nonperforming, 0.1 percent improved from the previous quarter and unchanged from year end. This statistic was 0.2 percent improved from the same period in 2014. There were no loan charge-offs, but $1 thousand in recoveries in the quarter. The Association’s capital position remains strong.

Click here for the full quarterly Report to Shareholders and here for the quarterly financial news release.

Personnel Changes in our WRJ Office

After serving the Association’s members for more than 33 years, Ken Nelson has announced his retirement effective August 31st. Ken began his Farm Credit career in February 1982 in South Deerfield, MA, but soon thereafter moved to the St. Johnsbury office. He transferred to the White River Junction office in 1992 when the St. Johnsbury office closed. Ken has served the Association in a number of capacities over the years. He has been a credit representative, loan officer, real estate appraiser, senior loan officer, and for the past three years has been the branch manager of our White River Junction office. We’ll miss Ken’s experience and dedication, and we thank him for his service and wish him all the best in his well-deserved retirement.

Morgan Rilling, currently the Association’s Credit Operations Coordinator, has been named Interim Branch Manager of the White River Junction office effective August 1st. Morgan began her Farm Credit career in 2004 working as a part-time employee in the Williston office while attending the University of Vermont. Following her graduation in 2005 she became a full-time employee, serving in the White River Junction office. Morgan started as a credit analyst/FRS assistant, became a loan officer in 2006, and assumed her current position in 2012. Morgan’s experience in both credit and administrative roles will serve the Association well. One of her first duties will be to work with Ken Nelson to re-assign his loans to other members of the White River Junction credit staff.

After a 39 year career with Farm Credit, Senior Loan Officer Jeff Temple retired on June 30th. Jeff started out working for the Mohawk-Schoharie Association in Fultonville, NY in 1976, then transferred to Champlain Valley Farm Credit (one of Yankee’s predecessor associations) in 1984. Jeff worked in the Association’s Rutland and Middlebury offices before transferring to White River Junction in 1995. He served there as a loan officer and senior loan officer, becoming the branch manager in 2006. Three years ago Jeff decided it was time to begin transitioning into retirement and stepped down from branch manager to part-time senior loan officer. Jeff’s loans have been re-assigned to other members of the White River Junction and Middlebury credit staff. Just like with Ken Nelson, we’ll miss Jeff’s experience and dedication. We express our gratitude for his service and extend our best wishes for his retirement.

On August 3rd Cory Haggett will begin work as a credit representative. Cory is a native of Brookfield, VT where his parents operated a dairy farm. He holds a degree in agricultural economics from the University of Nebraska. For the past 17 years he has operated his own business in the Randolph area. Cory is enthusiastic about joining Yankee and is looking forward to working with our borrowers.

On June 22nd Kristen Murray began work as a Financial Services Assistant. Kristen is from Ryegate, VT and holds degrees in economics and history from the University of New Hampshire. Immersing herself immediately in tax training, Kristen is looking forward to learning the intricacies of farm taxation.

While there’s been a considerable amount of change in the White River office please be assured that Association management, as well as the entire White River Junction staff, remain committed to continuing to provide you with the highest quality credit and financial services

A Century of Service: Farm Credit Enters Its 100th Year

 

The Farm Credit System celebrates its 99^th anniversary today, officially entering its 100^th year of service to the country’s agricultural and farm community. On July 17th, 1916, President Woodrow Wilson signed into law the Federal Farm Loan Act—thereby establishing the Farm Credit System. For a century now, Farm Credit has provided reliable credit and quality financial services to America’s farmers, farm-related businesses, and rural homeowners. Through its relationships with rural utility providers, Farm Credit has promoted healthy and sustainable growth to the infrastructure of rural America. Farm Credit is grateful for the continued enthusiasm, diligence, and devotion its customers exhibit in their work and conduct, and is proud to celebrate this extraordinary milestone with those who make it all possible.

 

 

Every county in the United States is served by the Farm Credit System. Four counties in New Hampshire (Coos, Grafton, Sullivan, Cheshire), two in New York (Clinton and Essex), and all fourteen counties in Vermont are served by Yankee Farm Credit. But it hasn’t always been that way. Before the creation of Yankee in 1995, those 20 counties across three states were served by two separate Associations—Farm Credit of the Connecticut Valley and Champlain Valley Farm Credit. The Farm Credit System is fluid and adaptable, and there have been many changes throughout its history—names have changed, territories have shifted, and Associations have merged. The thing that has never changed—the one unflinching principle the Farm Credit System abides by—is the commitment to its customers.

Yankee’s motto is “building relationships that last generations.” This is not just a catchy slogan—it is a virtue all of our employees honor and believe in. It is the core of our business. As such, the celebration of  Farm Credit’s 100 years of service is not just about the Association and its employees, it is about you—those customers with whom we forge these relationships. We invite you all to join in the celebration.

Farm Credit's Centennial Program, Farm Credit 100, will last all year, and will encompass many features and events across various mediums. Continue to follow the Yankee blog for updates throughout the year. For more information, please visit these sites:

-Farm Credit 100 website: http://www.farmcredit100.com/

-The AGgregator blog post about the Farm Credit Centennial celebration: http://www.farmcreditnetwork.com/newsroom/the-aggregator

 

 

 

 

The Boston Public Market

It’s a busy week on Hanover Street in Boston. 35 agricultural and farm vendors from all over New England are moving into their stalls in preparation for the grand opening of the Boston Public Market (BPM). A self-described “permanent, year-round, self-sustaining market featuring fresh locally-sourced food brought directly to and from the diverse people that make up Massachusetts and New England,” the BPM will be both a showcase of agriculture in New England as well as an active, functioning marketplace. The BPM will open to the public on July 30^th.

Image courtesy bostonpublicmarket.org

Occupying over 28,000 square feet of retail space and with 325 available parking spaces, the Boston Public Market is the local farmers market on an enormous scale. A partnership between the Boston Public Market Association, the Commonwealth of Massachusetts, the City of Boston, various foundations, and individual and corporate donors, the BPM is a massive and ambitious undertaking, and is claimed to be the only locally-sourced market of its kind in the United States. (SOURCE). The BPM’s organizers hope to create a space that will not only allow people to taste and purchase products, but also educate them about their food: how it is made, its nutritional value, and its impact on the environment.

The Boston Public Market is focused on the retail, consumer products side of agriculture. The vendors come from all corners of the region and embody all the flavors of the New England farm and ag community—from dairy to fishing to beekeeping to brewing. Though the majority of the BPM’s vendors are from the state of Massachusetts, Rhode Island and Vermont are also represented in this initial incarnation of the market. The two vendors from Vermont with stalls at the BPM are The Cellars at Jasper Hill, an artisan cheese maker from Greensboro Bend, VT who specializes in aging single-herd sourced cheeses, and Harlow’s Vermont Farmstand, a diversified farm in Westminster, VT that focuses on organic produce. A complete list of BPM vendors can be found HERE.

The Boston Public Market is located above the Haymarket MBTA Station at 100 Hanover Street in Boston. Once open, the market’s hours will be Wednesday-Sunday from 8am-8pm. Applications for potential vendors are still being accepted, and those interested in applying are asked to fill out an application (they can be found HERE). Those interested in working on location for the vendors at the BPM can find information on how to apply HERE. For more information about the BPM, visit their website: https://bostonpublicmarket.org/ 

Farm Credit Fellow - Mara Michaud

This past week Farm Credit Fellow Mara Michaud, of Old Town, Maine visited the Derby office. Mara will be going into her senior year this fall at the University of Maine at Orono. She will graduate with a Bachelors Degree in Financial Economics, with a minor in Business.

During her time in the office she learned about being a loan officer, spent time with related financial services (taxes, payroll and records), worked with appraisal staff on a farm inspection, and met with a Yankee consultant to learn more about their role on farms.

Mara has time before she has to make plans for after graduation, but is interested in record keeping and other financial related services. She was surprised to learn about the many different roles within Farm Credit. 

Yankee Partners with Sterling College's Farmer Veteran Grant Program

Original Press Release from Sterling College:

Sterling College Helps Veterans Launch Farms with $10,000 Grants

Veteran College-to-Farm Program established in partnership with Center for an Agricultural Economy, the Farmer Veteran Coalition, and Yankee Farm Credit

JUNE 23, 2015 • CRAFTSBURY COMMON, VT • Building on the growing interest of veterans in farming at a time when the Department of Labor reports that the nation’s farmers are nearing retirement with an average age of 56, Sterling College has announced the creation of the Veteran College-to-Farm Program.

Sterling was among the first institutions in the United States to focus on sustainable practices in agriculture and, starting this fall, veterans that complete a degree in Sustainable Agriculture or Sustainable Food Systems at the Vermont college will receive a $10,000 grant to launch a farm or food business.

“We are proud to launch this first-of-its-kind program and enlist veterans in furthering a more sustainable future for farming,” said Sterling College President Matthew Derr. “With these grants, Sterling will help start the post-service careers of veterans who will redesign the nation’s food system into one based in environmental stewardship that is more just, healthy, and doesn’t exacerbate climate change.”

Eligibility to join the first cohort is limited to veterans who are admitted and enroll at Sterling College for September 2015. Assistance with post-graduation careers in food entrepreneurship will be augmented by continued support from the Center for an Agricultural Economy and Yankee Farm Credit.

The Center for an Agricultural Economy, based in Hardwick, Vermont, will offer business and technical services for farm and food businesses started by veterans. Through its multi-use shared food business incubator, the Vermont Food Venture Center, veterans will have access to food safety training and regulatory assistance, industrial production kitchens, and specialized food business advising, such as marketing, nutritional labeling, and more.

“With our shared-use food hub facility, we’ve worked with over 200 specialty food and farm products in the past four years,” said Sarah Waring, Executive Director of the Center for an Agricultural Economy. “The range of services can be tailored to meet the needs of each veteran’s specific enterprise. With this new program, we’re thrilled to partner with Sterling to provide support as the next generation of agricultural entrepreneurs is fostered in Vermont and beyond.”

In collaboration with Sterling’s partners at Yankee Farm Credit, each veteran who meets the criteria of the program will also be provided with access to business and financial planning consulting and management development programs. Additionally, based on creditworthiness, qualified participants will be eligible for the FarmStart program which includes up to a $50,000 working capital investment, a personal FarmStart advisor, and a written business plan.

“Yankee Farm Credit is enthusiastic to collaborate in the launch of the Veteran College-to-Farm Program at Sterling,” said George Putnam, President and CEO of Yankee Farm Credit. “We are proud to work with America’s farmer veterans and look forward to this partnership to help support the transition from service to college and then to launching farm businesses where veterans will continue to serve their neighbors and communities.”

This new program will enroll five students for September 2015. Priority will be given to those who apply by July 15, 2015. For more information, please contact Mr. Tim Patterson, Director of Admission, via email at tpatterson@sterlingcollege.edu or by telephone at 802-586-7711 x124. For more information about Sterling College and the College-to-Farm Program, please visit www.sterlingcollege.edu/collegetofarm.

FarmStart - Ben Haigh and Hilary Hammond

Ben Haigh and Hilary Hammond are a recent FarmStart investment for Yankee. Ben and Hilary operate a diversified farm in Shoreham, VT, and will be using the FarmStart funds to purchase haying equipment.

Ben and Hilary, both 26, are a married couple with diverse backgrounds in agriculture. Ben, a graduate of Paul Smith’s College with a degree in Ecological Forest Management, has worked as an independent forester, consultant, digital mapmaker, and sawmill operator. He also works part-time on his uncle’s 200 cow dairy farm. Hilary, who holds a degree in Animal Science from The University of Vermont, is a certified butcher and meat cutter, and also has experience working on both dairy and diversified farms.

In 2014, Ben and Hilary started Rolling Bale Farm, Inc, a diversified produce and animal farm in Shoreham. They grow hay and strawberries, and raise beef cows, poultry, and lamb. They sell various cuts of meat, pelts, and value-added products like baked goods and salad greens on location at the farm and at the Middlebury Farmers Market. They also have plans to do a CSA in the near future. To learn more about Rolling Bale Farm, visit their website at www.rollingbalefarm.com.

Loan officer Kyle Lussier out of Yankee’s Middlebury office worked with Ben and Hilary during the FarmStart application process, and he will serve as their FarmStart advisor during their time in the program. Yankee is excited to work with these two motivated and creative farmers!

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.

To learn more about FarmStart please visit our website or contact your local office.