Important Changes to the Withholding Tax Laws

Our Payroll and Record Services department recently received the following notification from the Vermont Department of Taxes. If you require assistance with tax planning, payroll or record keeping services please contact you local Yankee Farm Credit office.


Chazy, NY  518-846-7330/800-545-8374
Derby, VT  802-334-8050/800-370-2738
Middlebury, VT  802-388-2692/800-545-1169
St. Albans, VT  802-524-2938/800-545-1097
White River Jct., VT  802-295-3670/800-370-3276

The Vermont Department of Taxes wants to make you aware of important changes to the withholding tax laws that may affect your business.

W-2 Due Date
Forms W-2, 1099, and WHT-434, Annual Withholding Reconciliation, are now due on or before January 31 of every year. This change moves the due date from February 28. The new January due date will greatly help the Department detect and stop fraudulent income tax filings, protect taxpayer dollars, and help to shorten the refund raeview process. It is important to note that the annual reconciliation filing in myVTax will not be available until early January of 2017.

Payment frequency law change
Vermont’s law regarding payment frequency has been updated to follow the federal rules. Your payment frequency (i.e., semi-weekly, monthly, or quarterly) for Vermont withholding should now be the same as your withholding payment frequency with the IRS. If your IRS filing frequency changes or the Department does not currently have you on the correct frequency, please notify us by mail or email.

If you have any questions regarding your account, please contact us at the number listed below during regular business hours.

Vermont Department of Taxes	Phone:   (802)828-2551
Taxpayer Services Division	Fax:       (802)828-5787
Business Tax Section	Email:    tax.business@vermont.gov

New 2017 Partnership Tax Return Deadline!

NEW TAX CHANGE FOR THIS YEAR!! The partnership 1065 tax return for the 2016 tax year is now due on March 15^th for 2017 and beyond.  The deadline previously was April 15^th.  The deadline has been changed to allow partnerships ample time to disseminate the schedule K-1 information form to their partners in a timely fashion. The schedule K-1 form reports the partner’s share of the partnership’s income, deductions and credits.  Partnerships must have the Schedule K-1’s to the partners on March 15^th.  That gives the partners of partnerships ample time in which to prepare their tax returns by April 15^th when individual tax returns are due. Additionally Vermont partnerships must submit the annual entity fee of $250 by the March 15th advanced deadline.

This change was signed into law in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.  The new due dates create a more logical progression of information to aide taxpayers and tax professionals in filing timely and accurate returns.  Prior to this change many taxpayers estimated the K1 information in order to file their return, which generally resulted in the need to file an amended return, or prepared their individual tax return on extension. This also advances the extensions deadline for partnerships up one month from October 15^th to September 15^th for each year. It is important that partnerships gather their financial information as early as possible to meet this new deadline.  

For additional information or clarification please contact any Financial Service Representative here at Yankee Farm Credit, ACA or your tax advisor. 

Commemorative Flag in recognition of 100 Years

Yankee Farm Credit was honored with a ceremonial United States Flag as a commemorative gift in recognition of Farm Credit's 100 years of agricultural lending services. On July 17th 2016, the Farm Credit System's 100 year anniversary, the flag was flown over the Capital Building in Washington D.C. Included with the gift was a letter from President Obama. In which he commented: "Our Nation depends on our farmers, ranchers, and the people of our rural communities to help Americans put healthy food on their tables and to contribute to growing a more vibrant national economy. Established to improve the lives of these hardworking individuals, the FCS has long served the women and men of rural America. By Providing loans and financial services to farmers and communities through its network of cooperatives, the FCS plays an integral role in local economies across the United States."

Yankee Farm Credit is proud to continue in its mission of agricultural lending and financial services for the next 100 years.

Our Mission

At Yankee, we strive to make a positive difference serving the agricultural community by offering reliable, cost-effective services and assuring cooperative viability.

Our Vision

Building Relationships that Last Generations

Yankee will be the financial services leader of choice in the agricultural community.

We provide members with:

-Readily available capital

-Competitive interest rates and services

-Employees who embody our values

Our Values

Integrity

Relationships

Competence

Entrepreneurship

Local Farm Credit directors meet with Congresswoman Ann M. Kuster

From left: Gov. Lynch, Congresswoman Kuster, Steve Taylor, Henry Huntington

New Hampshire Second District Congresswoman Ann M. Kuster recently met with two Farm Credit board members from her district during a timeout from campaign activities in Concord, N.H. Former New Hampshire Gov. John Lynch joined the conversation and both expressed their continuing support for Farm Credit service to agriculture and forestry in the Granite State. From left are: Gov. Lynch; Congresswoman Kuster, Steve Taylor of Meriden, a director of Yankee Farm Credit, which serves the western and northern areas of the state; and Henry Huntington of Loudon, a director of Farm Credit East, which covers the six southeastern counties of New Hampshire.

Yankeeaca.com

Farmcrediteast.com

http://kuster.house.gov/

New Due Date for 2016 Forms W-2 and 1099

A reminder from our Financial Records and Payroll Services department.

Effective January 1, 2017, electronic Forms W-2, W-3, 1099 and 1096 are due to the IRS by January 31, 2017!

Previously, electronically filing extended the due date to March 31^st. The new January 31^st deadline now matches the due date for paper filed versions of the forms.
So, what does this mean for you?
Wage reconciliation and 1099 reporting information (Forms W-4 and W-9) must be obtained before year end to meet the new deadline.
And how do you prepare?
Put your ducks in a row now before it’s too late by regularly reconciling your records and payroll.
A few tips to help accomplish this:

• Obtain Form W-9 from 1099 vendors before you pay them.
• Keep a record of all payments made to employees and 1099 vendors.
• Keep a log of all tax payments made throughout the year.
• Adopt an accounting program, such as QuickBooks or CenterPoint, to compile all your business activities in one place and produce tax ready reports.

Yankee also offers records and payroll services. Service options are tailored to your needs. Whether it’s at your place of business or in our office, staff is here to help!
Contact your local office for details.

Q3 Financial Results

As we enter the home-stretch of 2016, Yankee can announce that we had another good quarter.

Our year-to-date income at the end of the third quarter was $7.5 million.  While this is down $809 thousand from the same time last year, we are well within our budget for 2016.

Some factors for this reduction include an increase of $1.1 million in the Provision for Credit Losses, primarily due to the increase seen in loan volume since last year, and an increase of $856 thousand in operating expenses.  These adverse factors were partially offset by an increase of $996 thousand in net interest income and an increase of $200 thousand in other income.

Loans held by the Association at September 30, 2016 were $462.1 million, up 2.9 percent from the end of 2015. The loan portfolio continues to be concentrated in the dairy industry, with 49 percent of loans held invested in dairy businesses.  The second largest concentration is timber with 14 percent of loans held, with maple being the third largest concentration with 11 percent.

Credit quality across Yankee's portfolio remained stable during the quarter and well within the risk-bearing capacity of the Association. At quarter end, 0.3 percent of the Association's loans were classified as nonperforming.  This ratio was slightly better than it was at the end of 2015.  There were no loan charge-offs or recoveries during 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.

New Employee - Tess Adone

Tess Adone was hired in October as the Executive Assistant to CEO and President-elect Brenda Frank and also will be supporting the Board of Directors and senior management team. Tess is entering her ninth year of progressive experience as an executive assistant and has worked in the academic, non-profit, and state government sectors. A long-time resident of Vermont, Tess received her M.A. in English from the University of Vermont.

FarmStart- Andrew and Elizabeth Nolan

Andrew and Elizabeth Nolan are a 2016 FarmStart investment for Yankee Farm Credit, working with Loan Officer Kyle Lussier. They are using their FarmStart investment for initial working capital to help assist in the purchase of an existing dairy farm and operate as Nolan Family Farm, LLC.


Andy has a degree in Dairy Farm Management Technology from Vermont Technical College, and Elizabeth is a Registered Nurse. After graduating, Andy became the herdsman for Nor-Dic Farm in Panton, VT where his father was an employee for many years and Andy spent much time growing up. As the previous owner of Nor-Dic Farm was looking to retire, but wanted to keep the farm going Andy and Elizabeth saw an opportunity to start Nolan Family Farm.


Nolan Family Farm will be shipping milk to Agri-Mark and milking 200 cows. Andy has been strategic in his downsizing from the former operation of milking 600 cows to help make the transition more viable. They have a lease agreement for the property, plans in place for purchasing equipment, budget planning strategies with help from Yankee’s Liz Bayne and support from the previous owner to aid in their transition to business owners.


Yankee Farm Credit is excited to partner with the Nolan’s in their new business endeavor.

Meet Yankee's Newest Certified General Appraiser-Nate Goddard

Nate Goddard, out of Yankee’s St. Albans, VT office, has been granted a Certified General Appraiser license by the Vermont Board of Real Estate Appraisers, allowing him to appraise all types of real property.  Nate was hired as an Appraiser Trainee in 2013.

The process of obtaining a certified general license is lengthy and extensive, requiring about three years of designated study, testing and supervised practical experience. Each course taken to meet the requirements has a test and there is one BIG test at the end.  The field experience requires supervision and guidance from an experienced Certified General Appraiser and several appraisal reports are selected by the Board for review prior to issuing a license. While this process is long and rigorous it does produce well trained appraisers which is a definite advantage for the appraiser, for the profession and for Yankee.

Nate grew up on a dairy farm in Orwell, VT.  He got his BA from University of Vermont and continues to live in the Burlington area.  Nate has excellent dairy industry knowledge and is capable of handling the valuation of the largest and most complex dairies in the region.  He has also developed a high level of knowledge in the maple industry.  We congratulate Nate for his accomplishment and wish him every success in his career.  We’re proud Nate is part of Yankee’s appraisal team!

2016 Tax Planning

-a reminder from the tax staff at Yankee

I’m sure that tax planning is the last thing on the minds of most dairy farmers this year, however, while many farms have struggled with low milk prices recently, it is important to remember that if you are making regular debt payments those payments are creating taxable income as the principal portion is not deductible. In addition, if your payables have increased significantly from 2015 you are going to have less ordinary expenses available to offset your income in 2016. Even if you haven’t had a profitable year, tax planning can still be a beneficial exercise. For example; if you have funds sitting in a traditional IRA account you may be able to convert some or all of that IRA to a Roth IRA and pay little or no tax. The benefit to this is that after 5 years the principal and earnings from the Roth can be withdrawn tax free. Another item to consider is harvesting winners and losers from your portfolio to take advantage of the 0% Capital Gain rate for taxpayers in the 15% tax bracket. It’s a good way to free up some tax free cash.

For 2016 the $500,000 Section 179 deduction and 50% bonus depreciation are both available. Both these items have limits and phase outs, consult your tax specialist if you are considering using them.

While both Section 179 and 50% Bonus Depreciation can be useful tools for managing your Federal tax liability, most states are not allowing bonus depreciation and not every state’s section 179 limit has been increased to match the Federal limit.

Prepaying expenses is one of the most common tax management practices that we see; it is also an area that is receiving increased scrutiny from the IRS during audits. So here is a quick review of the rules for prepaid expenses. There are three conditions which must be met in order for a cash basis taxpayer to claim a deduction in the year the prepayment is made.

 

1. The expenditure must be a payment for a supply and not merely a deposit. (You need to have an invoice clearly stating the quantity purchased and the price, delivery before the end of the year is not required.)
2. The prepayment must be made for a valid business purpose and not merely to accelerate a tax deduction. (Some examples of valid business purposes include but are not limited to: ensuring the availability of the supply item or locking in a guaranteed price.)
3. The deduction must not result in a material distortion of income.

In addition you need to be aware that there is a 50% rule that limits the deduction for prepaid expenses to 50% of deductible farm expenses unless you are a “qualified farm-related taxpayer”.

Please contact your Farm Credit Tax Specialist if you have any questions or if you wish to schedule a tax planning meeting.

New Employee - Dan Shepard

Dan Shepard joins our Williston office (though he will be a frequent guest in Middlebury) as Controller on October 17, 2016. Dan has provided financial and accounting services to private companies for the past 6 years at Gallagher, Flynn and Company, LLP in South Burlington VT. He has worked with closely held, venture capital and private equity owned companies in a broad range of industries from breweries, manufacturing, and hospitality to non-for-profit and cooperative organizations.   

Dan sits on the Board of Directors for Special Services Transportation Agency, Inc., based in Colchester, VT. He currently serves as Treasurer and is a member of the Executive committee and Finance committee. SSTA’s mission is to provide accessible transportation for people who have specialized mobility needs.  He is also member on the Board of Directors for HOPE. Works Inc., based in Burlington, VT and serves the Chittenden County community. HOPE Works provides crisis counseling and advocacy for those whose lives have been affected by sexual violence.

He graduated from the State University of New York at Plattsburgh, where he earned his Bachelor of Science degree in Accountancy and Business and grew up just south of Lake George, NY.

Dan is an avid motorcyclist. He has toured much of the Northeast and Canadian Maritime on two wheels and a tent (current bike is a Honda Africa Twin) and has hundreds of pictures and videos to share; and is up for discussion all things internal combustion engine anytime. Additional he loves to race sailboats, golf, ride dirt bikes (drz400e), and hike.

Dan is a member of the American Institute of Certified Public Accountants and Vermont Society of CPAs . In addition to his CPA license he also holds the Charted Global Management Accountant designations from the AICPA and is a member of the CGMA society.

Welcome to the Yankee Farm Credit Team!

New Director - Ken Deon

On August 12, 2016 Kenneth F. Deon was appointed by the board to serve as an outside director. He grew up in Plattsburgh, NY and graduated from SUNY Plattsburgh.  He is a retired CPA who worked for KPMG for most of his career. He was the managing partner of the KPMG office in Burlington, VT from 2004 to 2007 and the Albany, NY office from 2007 to 2015.  Mr. Deon has more than 30 years of experience in providing audit and advisory services to clients in a number of industries.  He has a thorough understanding of industry operations, processes and controls, as well as knowledge of technical accounting issues such as business combinations, regulatory accounting and financial reporting.  His audit experience includes IPO/SEC experience, including Sarbanes-Oxley regulatory requirements. Through the years he has been involved in a number of professional and civic organizations.  He has served as an Adjunct Professor in Accounting at Union Graduate School and at Saint Michael’s College.  Mr. Deon retired from KPMG in 2015 and currently lives in Greer, South Carolina.


We are pleased to welcome Ken to the Yankee Farm Credit Team!

New Employee - Kevin Channell

Kevin Channell joined the White River Junction credit team as a Loan Officer on September 26th.  For the past four years Kevin has performed farm consulting in Indiana and New England while developing and operating a small-scale diversified community farm.  Prior to that he established a 28-acre organic produce farm in Fairlee near Dartmouth College, managing all aspects and after nine years sold the successful operation which is still operating profitably.  He is committed to making a positive impact on farms and farm families.

Welcome to the Yankee Farm Credit team!

Yankee Customer Wins Vermont Dairy Farm of the Year

On Friday September 16th  Yankee Farm Credit customer Lanphear Farm was awarded Dairy Farm of the Year for Vermont.

Yankee Farm Credit Loan Officer, Craig Erickson was in attendance at the Green Pastures Dinner at the Big E in Springfield MA.  The dinner was to honor the Dairy Farm of The Year for each of the New England states.  The Dairy Farm of the Year for Vermont is the Lanphear Farm in Hyde Park, VT.  The whole family made the trip down and it was nice to hear about what a family effort it is on their farm.  During Kirk Lanphear's speech, he continuously went back to the importance of family, and balancing the work load with family time. 

Join them in celebrating with an Open House at the Farm:

For more information about the Open House, click here to visit their FaceBook page.

Click here for an Episode of Across the Fence, highlighting Lanphear Farm's accomplishment

Click here for a link to a University of Vermont Extension article.

New Employee - Kelly St. Pierre-Raymond

Kelly St. Pierre-Raymond started on September 19th  as an office assistant in our St. Albans, VT office.  Kelly has spent several years as a Police dispatcher/911 operator and thrives on providing calm, friendly service while maintaining organization and open communication. She is looking forward to working with our customers!
Please welcome Kelly to the Yankee Farm Credit Team!

New Employee - Dave Keenan

On August 22nd, Dave Keenan joined the Derby staff as a Senior Loan Officer.  A Plymouth State grad with a Bachelor’s in Business Administration, Dave has an extensive history of banking and commercial finance experience with an economic development company and commercial banks in the Northeast Kingdom.  He is very active in the community and is a member of 3 volunteer fire departments.  Dave enjoys working with clients to help them achieve their goals and dreams.
Welcome to the team Dave!

Incoming CEO Announced

Yankee Farm Credit announces that Brenda Frank will start on October 1, 2016 as President and CEO Elect, taking on the full duties on January 1, 2017. Ms. Frank replaces retiring President and CEO George Putnam.

Brenda Frank has dedicated her career to making a difference in the business of agriculture. During her ten year career at Farm Credit Canada, she managed the commercial lending and point of sale finance functions for the Western Provinces of Canada. She also held roles working closely with the Board of Directors at Farm Credit Canada, to create long term business strategy, enterprise risk management and corporate planning processes.

Ms. Frank has a Bachelor Degree in Soil Science from the University of Minnesota, and an MBA from the University of Maryland. She is also a Chartered Director from McMasters University in Canada.

Ms. Frank’s twenty seven years of experience in agriculture started with managing the family farm in central Minnesota. She joined Syngenta in 1997 working in sales, and IT management. She then led a team of grain marketers and agronomy specialists at Cargill in Minnesota and South Dakota, prior to moving to Canada.

Brenda commented on the opportunity, “Yankee Farm Credit has a long history of commitment to agriculture. I look forward to working with the innovative and visionary people in the Association and the members we serve.”

In addition to work experience, Brenda is engaged in the study and advancement of good corporate governance, through the Directors College in Canada. Brenda’s community involvement has included working to address poverty for children and the elderly and dedication to ending the impacts of domestic violence.

George Putnam has been instrumental in the success of Yankee Farm Credit, serving as the President and CEO for the past 10 years. Under George's leadership gross loan volume more than doubled with the staff complement evolving to meet the growing needs of the members.

Board Chairman, Paul Franklin noted, "With such growth comes changes in human resources, technology, and regulatory compliance. The Board is thrilled to have Brenda take over the reins and apply the skills she has gained from her experience with Farm Credit Canada. Brenda is impressed with the diversity of agriculture in Yankee's geographic area and excited about meeting the challenges of Yankee's future. Brenda, and her husband Doug, are attracted to our region's beautiful landscape and its rich culture and history. The Board looks forward to working with Brenda and wishes them the best in their integration with the business and social fabric of our region."

New Employee - Matthew Thompson

Matthew Thompson is a recent graduate of Summit University of Pennsylvania with a Bachelor’s in Business Administration and joined the White River office as a Credit Analyst.  Matthew is coming to us from Chateaugay, NY and started on August 15^th.  Having grown up in a farming community he has a strong desire to help agriculture thrive in the Northeast.  He recently completed an accounting internship and spent several years as a farmhand, he is looking forward to putting his understanding of accounting, farming and analytical skills to work.
Please welcome Matt to our Yankee Farm Credit team!

Yankee Chooses AgFirst as Service Provider

Yankee Farm Credit has selected AgFirst Farm Credit Bank as its new service provider. Details are in this news release.

This announcement is significant for Yankee, and it is potentially significant for the Farm Credit System. It introduces a new model into the Farm Credit System. This is the first time that AgFirst has offered its full suite of services and technology solutions to associations in the Farm Credit System that are outside of its district. In fact, it is the first time that any bank in the Farm Credit System has done so.

We at Yankee are pleased that AgFirst is now offering this new model to the Farm Credit System, and we are excited to be the first association to sign up. This new model will help us better serve our members.

The structure of the Farm Credit System was significantly affected by the Agricultural Credit Act of 1987. (Vermont's Senator Patrick Leahy was deeply involved in shaping and passing that law as Chairman of the Senate Agriculture Committee.) System structure has continued to evolve since that time under the authorities specified in that law. This latest step in that evolution will contribute significantly to the continued strength of associations like Yankee, and I believe, the entire Farm Credit System.

New Employee - Shannon Francis

Shannon Francis joined our Middlebury staff on Monday, August 15th as a Financial Services Assistant. Shannon brings more than 12 years of banking experience and working on the family farm processing bookkeeping records. We are looking forward to her help in expanding our Financially Related Services team and helping us grow the records program in the Middlebury area. Welcome to Yankee Farm Credit Shannon!

Shannon Francis, Yankee's newest employee.

How to Obtain Your New Vermont Tax Number

Effective September 30, 2016 quarterly withholding tax form submissions and payments (i.e. employee withholdings, sales & use, meals & rooms) must be submitted using the new VT Tax ID number assigned to you late last year.

Don’t know your new number?

• Contact the VT Dept. of Taxes at:
  •  (802) 828-2551 (option 3)
  • or email tax.business@vermont.gov.

• Click here for instructions with print screens, or

• Contact a Yankee Farm Credit Financial Services Representative for assistance. 

New Employee - Kelsey Klauzenberg

Kelsey Klauzenberg joined our Middlebury staff on Monday, July 25^th, as an Office Assistant.  Kelsey is a graduate of VTC with a Bachelor’s degree in Equine Business Management.  Most recently she was involved with teaching riding lessons and caring for horses.  Kelsey interned as a Client Care Coordinator for an animal hospital where she gained valuable experience as an office assistant.  Kelsey is looking forward to supporting the ag industry and honing her business skills. If you are in the Middlebury area stop in and say "hello".

Q2 2016 Financial Results

I’m hoping that everybody is having a wonderful summer.  As we get close to the mid-way point, Yankee can announce that we had another good quarter. We saw a slight decrease in net income as compared to the same period last year.  Most of this can be attributed to the Association taking a small provision for credit losses in Q2 2016 as compared to a negative provision for credit losses during the same period in 2015.  The Association also saw increases in operating expenses.  Both increases were offset by favorable net interest income and fees for financial services as compared to the same period last year. The balance sheet shows that loan volume was up from year-end and the quality of the loan portfolio remains stable through the second quarter. All of these good results have one factor in common – good members.

Quarterly net income for Yankee was $2.7 million, down $439 thousand from the same period in 2015. Increases in the provision for loan losses of $473 thousand and an increase in other expenses of $482 thousand were partially offset by an increases of $330 thousand in net interest income and $186 thousand other income.

Loans held by the Association at June 30, 2016 were $453.2 million, up 1.0 percent from year-end. The loan portfolio continues to be concentrated in the dairy industry, with 49 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 15 percent of the loan volume at quarter-end.

Credit quality across Yankee’s loan portfolio remained stable during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 0.4 percent of the Association loans were classified as nonperforming, unchanged from the end of 2015. There were loan charge-offs of $1 thousand and recoveries of $10 thousand in the quarter. The Association’s capital position remains strong.

The 2015 patronage refund to members in the amount of $4.9 million was paid 100% in cash on March 23, 2016.

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

Loan Officer Career Opportunity

Yankee Farm Credit, a leading provider of credit and financial services to the agricultural community in Vermont, western NH and the Champlain Valley of NY is looking for people passionate about agriculture and who want to be involved with supporting local farm businesses to ensure their success.

In our White River Junction office we currently have the following opening:

Loan Officer or Senior Loan Officer - manage and grow an existing loan portfolio by extending sound credit, including loan origination, financial analysis, servicing, and collecting commercial loans. The position requires strong computer skills, Bachelor’s degree in accounting, business or agricultural economics, and minimum lending experience of 1 year for loan officer or 5 years for a senior loan officer.

For a detailed job description, please visit our website.  To apply, please send a cover letter and resume to: Ruchel St. Hilaire, Yankee Farm Credit, 289 Hurricane Lane, Williston, VT 05495 or e-mail to Ruchel@yankeeaca.com

Yankee Farm Credit offers a full, comprehensive benefits package.  Yankee Farm Credit is an equal employment opportunity employer, disabled and veterans.

Yankee Farm Credit and CoBank Donate $10,000 to Green Mountain Farm to School

 

Katherine Sims of Green Mountain Farm to School
and Yankee Board Member Bryan Davis

Derby, Vermont (July 15, 2016) – Green Mountain Farm to School recently received $10,000 from Yankee Farm Credit and CoBank, two cooperative lending institutions in the Farm Credit System. Katherine Sims, Founder and Executive Director received the donations from Bryan Davis, Yankee Farm Credit’s Board member, Loren Petzoldt, Yankee Farm Credit’s Derby office Branch Manager, and George Putnam, Yankee Farm Credit’s President and CEO. Each institution contributed $5,000.

CoBank’s contribution is part of their “Sharing Success” program, a $3 million matching grant program designed to benefit cooperatives and charitable groups they support throughout rural America. CoBank launched this program in 2012 to coincide with the United Nations’ “International Year of Cooperatives.”

Katherine Sims of Green Mountain Farm to School said: “We are thankful and honored to receive support from Yankee Farm Credit and CoBank. Their matching Sharing Success donations will go a long way in helping us plant school gardens, source local food in the cafeterias, and continue educating our children and communities about healthy foods.”

Yankee Farm Credit’s George Putnam commented: “We are pleased to recognize and support the efforts of Green Mountain Farm to School, and its founder Katherine Sims, to promote awareness and use of good, local foods in our schools. Their programs help our children learn healthy eating habits and build connections to where our food comes from.”

 

Green Mountain Farm-to-School (GMFTS) is a non-profit organization in Newport, Vt. that strengthens local food systems by promoting positive economic and educational relationships between schools, farms, and communities. GMFTS supplies fresh, local food to schools and institutions and gives students of all ages the knowledge and skills they need to make healthy food choice through school gardens, farm-to-school programs, a regional food hub, and mobile learning kitchen. For more information about GMFTS, please visit their website at http://greenmountainfarmtoschool.org/.

 

CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. A proud member of the Farm Credit System, the bank also provides wholesale loans and other financial services to affiliated Farm Credit associations, including Yankee Farm Credit, which in turn serve farmers, ranchers and other rural borrowers in 23 states around the country. For more information about CoBank, visit the bank’s web site at www.cobank.com

Yankee Farm Credit Celebrates 100 years of Farm Credit with Open Houses.

On Friday July 15^th, 2016 four of Yankee Farm Credit’s offices opened their doors to celebrate the Centennial Anniversary of Farm Credit. Derby, St. Albans, Middlebury and White River Junction VT, each welcomed past, present and hopeful future customers, directors, families and friends  to highlight the 100 years of service Farm Credit has been able to offer the agricultural and rural communities.

Each branch welcomed visitors to join them for lunch and festivities.  Everyone was welcome for fun, food, a chance to catch up with your local office staff or meet them for the first time.

Middlebury's collection of
Vintage Farm Credit signs

If you were lucky and visited White River Junction you could have left with a tractor painted on your cheek! St. Albans had lawn games in full swing with Island Ice Cream, Middlebury had a showcase of vintage Farm Credit signs on display and the Derby office had the honor of an extra -special guest at their Open House.

Katherine Sims of Green Mountain Farm to School stopped by the Derby office to accept matching donations of $5000.00 each from Yankee Farm Credit and CoBank, as part of CoBank’s “Sharing Success” program. George Putnam, Yankee’s President and CEO also presented Katherine with a personalized plaque awarded to her by Farm Credit as a top 100 Fresh Perspective Honoree. A program created by Farm Credit to highlight 100 individuals or organizations creating the future of agriculture and rural America across the nation. 



President and CEO, George Putnam and
 GMFTS Executive Director, Katherine Sims

A few comments from Yankee Farm Credit’s board members on our 100 Years Open Houses:

 “Enjoyed the time out to catch up with employees and customers that I don't usually cross paths with. Good summer time food,- especially the baked beans. Hats off to the preparers of the photo albums of earlier association times and members. Makes you appreciate the earlier footprints we are all following. Thanks for the work of all the staff to pull it together.”

                -Paul Franklin, Board Chairperson

 

 “The open house event in White River Junction was very enjoyable because it gave my sons and me the chance to visit informally with various members of the staff in a relaxed, festive setting. It’s great to get to know what they’re doing in their lives both professionally and beyond. They’re a pretty impressive group.”

- Steve Taylor, Board Member

 

The White River Jct., staff.

 “The 100th year open house celebration was a hit.  When the kids and I had the tour, they realized how much YFC had grown since their loans with Ken at the old office.  100 years seems like a long time until you are sitting with member friends of 30 years plus and it occurs to you that you have been a part of this amazing organization for just shy of a third of that time.  Couldn't stay long enough to see everyone, but it was encouraging to see a FarmStart couple take the time to attend.”

                                -- Rene Saenger, Board member

The St. Albans staff.

 

“It was so good to see our members.  When I see the many different ages and enterprises represented, it reaffirms my belief that Yankee has and will continue to play an essential role in agricultural communities, farm families and the well-being of our nation.”

                -Rocki-Lee Dewitt, Board Member

 

 

Promotion - Nick Bullock

I am pleased to announce that Nick Bullock has been promoted to Senior Farm Tax and Records Specialist.

Nick joined Yankee in October of 2011 after owning his own tax preparation business in St Johnsbury, VT for 10 years.

Nick currently serves as the President of the Vermont Tax Practitioners Association and is a member of the UVM Tax School advisory board and an instructor for the school.

Nick holds a BA in Business from Lycoming College in Williamsport, PA and also spent some time overseas studying at Oxford University’s Westminster College.

Nick became a first time homeowner last spring and has been busily deconstructing and reconstructing his new home ever since.

Please join me in congratulating Nick on his new position!

Applying the P-PC Balance

I just reviewed the latest milk price forecast. As an ever-optimistic person, it’s hard to conclude that there is just not much for good news in the dairy industry out there. Milk prices have been adjusted downward again for the short run, meaning grinding through another few months of tight cash flow. Combine that with any number of other frustrations – increased regulation, foiled expansion plans, family conflict, etc. At least grain prices seem to be holding steady at relatively low levels, (as we hold our breath waiting to see what the weather brings this cropping season).


Instead of writing another article about strategies for periods of low milk prices, I’m going off on a tangent to ask you about your P-PC balance. No, this has nothing to do with “political correctness” but for those who have read Dr. Stephen Covey’s The 7 Habits of Highly Effective People, you may recognize this term.


The seven habits Dr. Covey describes in his book contribute to effectiveness. Effectiveness lies in the balance of Production of desired results and the Production Capacity to achieve those desired results. In the book, he illustrates this balance through Aesop’s fable of the golden goose. Surely you remember it: A farmer, going through tough times, finds out that one of his geese lays golden eggs. Each morning the goose has a golden egg waiting for him. The farmer sells the eggs and gets rich but it turns out, that’s not enough for him. One day he decides to kill the goose so he can get all the golden eggs out at once. Once he killed the goose though, he opened it up and found nothing. Effectively, he destroyed his production capacity.


As dairy producers, we are well aware of the P-PC balance when it comes to our cows. Our desired result is quality milk production. We know that if we try to overcrowd or push the cows too much, it can backfire on us in terms of stress, herd health, reproductive issues, etc. This in turn impedes our ability to obtain the quality milk we desire. Thus finding the balance or “sweet spot” for making milk from healthy cows as efficiently as possible is a perennial goal.


The same principal can be applied to owners/managers. What are your own personal or professional desired results? Do you have the capacity to reach them? Are you burnt out, downtrodden or just plain tired? What will it take to refresh or restore that diminished capacity? Those things we do for ourselves tend to get shuffled aside especially during the busiest of times; but it’s those times that we need to be most effective. For some it might be easily found throughout the day – a morning cup of coffee, a short visit with a son/child/grandchild, a cat nap in a quiet corner. It may be taking a bigger break to exercise, go out to dinner with a spouse or significant other, maybe even taking the long way home from town.


However you find it, whatever works for you, it’s important.


I saw a quote the other day that brought a sheepish smile to my face, “Dairy Economists all agree: The milk price will go up…sometime.” It will!

“It’s precisely those who are busiest who most need to give themselves a break.” -Pico Iyer

New Employees - Charlie Messenger and Greg Pugh

We're excited to introduce you to two new employees in our Middlebury office:

Charlie Messenger joined the Yankee/Crop Growers team as a crop insurance Marketing Agent on Monday, May 2.

Charlie has spent the better part of his life involved in agriculture and has a strong commitment to promote and support agriculture in the local communities. He lives in Weybridge, VT, where he and his wife, Teresa, have two sons, Sam and Patrick. Sam is a sophomore at UVM and Patrick, a junior at Middlebury High School. Charlie has been coaching youth sports in Middlebury all his life and currently coaches Middlebury High School baseball.

Gregory Pugh joined the Yankee team as a Credit Representative on May 16th. Greg graduated from SUNY at Cobleskill last December with a Bachelor’s Degree in Agricultural Business Management.

Our goal is to have Greg learn the credit business in Middlebury but to also have him available to help wherever he’s needed. 

2016 Loggers' Expo

The 2016 Northeastern Forest Products Equipment Expo was held at the Champlain Valley Exposition in Essex Jct. on May 6th & 7th. The expo alternates each year within the northeast, usually between Maine and Vermont and is organized by the Northeastern Loggers’ Association.  Yankee Farm Credit and Farm Credit East were proud sponsors of the Annual Loggers’ Banquet, held on May 5th. Farm Credit has sponsored the award banquet for 11 years.  Awards were given to a distinguished group of forestry experts including:

• Outstanding Logging Operator-Britt Moulton, Moulton Logging, INC. West Charleston, VT.
• Outstanding Sawmill Operator-Clifford Allard, Allard Lumber Company, Brattleboro, VT.
• Outstanding Secondary Processor Operator- Ray Colton, Colton Enterprises, Pittsfield, VT.
• Outstanding Service to the Forest Industry-Scott Piper, Plymouth, NH.
• Outstanding Leadership in the Industry-Henry Gundlach, Norfolk, CT.
• Outstanding Contribution to Forest Industry Education-William Leak, Barrington, NH.
• Outstanding Use of Wood-North Country Union H.S. and Career Center-Thoreau’s Cabin Project, Newport, VT.
• Outstanding Industry Activist-Ron and Nancy Bottom, Hampton, NH.

Yankee Farm Credit and Farm Credit East partnered to represent Farm Credit to a crowd of over 6300 registered attendees including the up to 250 exhibitors sharing the expo space inside and out. There was an abundant variety of individuals representing the forestry industry spanning the northeast area from Quebec to Connecticut. Families, business partners and large equipment fans were all present. We were happy to see so many past and current Farm Credit customers touring the expo and stopping by the booth!

For more information on the Loggers’ Expo or the Northeastern Loggers’ Association, visit:

Northernlogger.com