The Northeast Regional Dairy Challenge was held October 30 - November 1, 2008 at Penn State University in Harrisburg, PA. Loan officer Jean Conklin, from the White River Junction office, is a member of the National Dairy Challenege board of directors and represented Yankee by volunteering at the event. Jean presented the Don Rogers Platinum Awards to the two top teams: Adisseo and Blue Seal Richer Feeds. Approximately 100 students from 12 colleges in the Northeast and Canada attended the event and were hosted by three farms in Lancaster County, PA. There are four regional events which prepares the teams for the national contest being held in Syracuse, NY in Marh 2009.
Yankee Farm Credit is a Silver sponsor of the event and is proud to have Jean represent us.
Monday, November 10, 2008
Tuesday, November 4, 2008
Exciting News for Beginning Farmers!
Today Yankee Farm Credit entered into a Memorandum of Understanding (MOU) with the Farm Service Agency (FSA) and the Vermont Agency of Agriculture, Food and Markets concerning beginning farmers.
The MOU allows Yankee to make FSA guaranteed loans to qualified beginning farmers without having to charge the borrower the usual 1% FSA guarantee fee. FSA will waive the fee. This will allow these beginning farmers to keep more of their cash on the farm. A beginning farmer is a farmer who has been farming for less than 10 years.
Please pass the word! For more information please contact your local office or click here to send an e-mail.
UPDATE: Vermont Agency of Agriculture news release here.
The MOU allows Yankee to make FSA guaranteed loans to qualified beginning farmers without having to charge the borrower the usual 1% FSA guarantee fee. FSA will waive the fee. This will allow these beginning farmers to keep more of their cash on the farm. A beginning farmer is a farmer who has been farming for less than 10 years.
Please pass the word! For more information please contact your local office or click here to send an e-mail.
UPDATE: Vermont Agency of Agriculture news release here.
Director Nominations
It's that time of year again when Yankee's Nominating Committee begins selecting director candidates for the elections in April 2009. There will be three elections, one director seat in each region. 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, Clinton counties, N.Y.)
Arnold Mercy 802-326-4200
Wynn Paradee 802-524-4202
Mark Wrisley 518-963-4039
Region #2 (Caledonia, Essex, Lamoille, Orange, Orleans, Washington counties in Vt.; Coos and Grafton counties, N.H.)
Richard Hall 802-229-6342
Richard Martin 802-328-4120
Rendell Tullar 603-353-4860
Region #3 (Addison, Bennington, Rutland, Windham, Windsor counties, Vt.; Cheshire and Sullivan counties, N.H.)
David Ainsworth 802-763-8017
Paul Audy 802-388-2348
Bruce Bascom 603-835-6361
If you have any questions about the purpose or the procedures of the Nominating Committee, please contact John Peters, VP Operations at 800-639-3053.
Region #1 (Chittenden, Franklin, Grand Isle counties, Vt.; Essex, Clinton counties, N.Y.)
Arnold Mercy 802-326-4200
Wynn Paradee 802-524-4202
Mark Wrisley 518-963-4039
Region #2 (Caledonia, Essex, Lamoille, Orange, Orleans, Washington counties in Vt.; Coos and Grafton counties, N.H.)
Richard Hall 802-229-6342
Richard Martin 802-328-4120
Rendell Tullar 603-353-4860
Region #3 (Addison, Bennington, Rutland, Windham, Windsor counties, Vt.; Cheshire and Sullivan counties, N.H.)
David Ainsworth 802-763-8017
Paul Audy 802-388-2348
Bruce Bascom 603-835-6361
If you have any questions about the purpose or the procedures of the Nominating Committee, please contact John Peters, VP Operations at 800-639-3053.
Monday, November 3, 2008
Dairy Calf & Heifer Association Seminar at Miner
Loan Officer Kelly Langmaid attended the Dairy Calf & Heifer Association (DCHA) profit seminar at the Miner Institute in Chazy, NY on Thursday, October 30, 2008. This seminar was one of several one-day profit seminars put on by the DCHA at various locations thoughout the United States. At the Chazy meeting the keynote speakers were Jason Karszes of Cornell University and Normand St-Pierre of Ohio State University. In addition to the keynote speakers the group was updated on the Beef Check-off program and the DCHA during the lunch hour.
Dr. St-Pierre talked about "The 10 Best Ways to Mess-up a Good Ration." The discussion talked about how you can have the perfect ration and still not have it turn out right due to weather and moisture changes, as well as human and mechanical error.
Jason Karszes followed with a discussion on the importance of the replacement program to the dairy. This discussion talked about how to take the replacement program out of the dairy and treat it as a different entity to really see how the program is doing.
In the afternoon Dr. St-Pierre continued with a discussion on feeding heifers during these financially difficult times. He looked at different commodities, commodity prices and how they can be incorporated into the ration, while still allowing the most effect for the least cost.
Jason also discussed how to prioritize and make improvements to the replacement program by looking at the numbers. Using a series of spreadsheets Jason led the group through an example of tracking expenses. The spreadsheets are available for use at the Pro-Dairy website: http://www.ansci.cornell.edu/prodairy, select the Winter Dairy Management Tools.
This rounded out the day of a very informative meeting. Both speakers gave excellent information and were very interactive with the group. The meeting was sponsored by various companies including Yankee Farm Credit.
Dr. St-Pierre talked about "The 10 Best Ways to Mess-up a Good Ration." The discussion talked about how you can have the perfect ration and still not have it turn out right due to weather and moisture changes, as well as human and mechanical error.
Jason Karszes followed with a discussion on the importance of the replacement program to the dairy. This discussion talked about how to take the replacement program out of the dairy and treat it as a different entity to really see how the program is doing.
In the afternoon Dr. St-Pierre continued with a discussion on feeding heifers during these financially difficult times. He looked at different commodities, commodity prices and how they can be incorporated into the ration, while still allowing the most effect for the least cost.
Jason also discussed how to prioritize and make improvements to the replacement program by looking at the numbers. Using a series of spreadsheets Jason led the group through an example of tracking expenses. The spreadsheets are available for use at the Pro-Dairy website: http://www.ansci.cornell.edu/prodairy, select the Winter Dairy Management Tools.
This rounded out the day of a very informative meeting. Both speakers gave excellent information and were very interactive with the group. The meeting was sponsored by various companies including Yankee Farm Credit.
Friday, October 17, 2008
Tax tip newsletter
Our October issue of Tax Tips newsletter was mailed earlier this week! This newsletter is sent to current tax and records clients, if you would like to be added to the mailing list for future editions please contact your local office. We anticipate sending this out quarterly. Below is an excerpt from the newsletter, to read the whole thing click here.
Year End Tax Planning Strategies
by Michael Moloney, EA - Senior Records and Tax Specialist
As we approach the end of another year, we thought it would be a good time to talk about some of the yearend tax planning strategies available. Remember that having up to date records is a key part of the tax planning process.
Section 179 Expensing: For 2008 the Section 179 deduction has been increased to $250,000 with a purchase limit of $800,000. In other words if you have purchased more than $800,000 in qualifying property, the deduction phases out dollar for dollar on the amount over the limit. Qualifying property is “tangible personal property” (i.e. cattle, machinery and equipment, and single purpose buildings) placed in service and available for use by December 31, 2008.
For the 2009 tax year the Section 179 limit returns to the $125,000 amount (indexed for inflation) that was in effect for 2007.
For further assistance, please feel free to call a Financial Services Representative at your local office.
Year End Tax Planning Strategies
by Michael Moloney, EA - Senior Records and Tax Specialist
As we approach the end of another year, we thought it would be a good time to talk about some of the yearend tax planning strategies available. Remember that having up to date records is a key part of the tax planning process.
Section 179 Expensing: For 2008 the Section 179 deduction has been increased to $250,000 with a purchase limit of $800,000. In other words if you have purchased more than $800,000 in qualifying property, the deduction phases out dollar for dollar on the amount over the limit. Qualifying property is “tangible personal property” (i.e. cattle, machinery and equipment, and single purpose buildings) placed in service and available for use by December 31, 2008.
For the 2009 tax year the Section 179 limit returns to the $125,000 amount (indexed for inflation) that was in effect for 2007.
For further assistance, please feel free to call a Financial Services Representative at your local office.
Friday, October 10, 2008
Congratulations to Morgan and Jon!
Congratulations to Morgan Greenwood and Jonathan Rilling on their marriage! Morgan is a loan officer in the White River Junction Office. We wish you both happiness and love always.
Interest Rates
The following letter is being mailed to members with the next monthly billing statement:
October 10, 2008
Dear Member,
The Federal Reserve (Fed), in conjunction with other global financial institutions and governments, recently responded to continued weak economic data and unsettled market conditions by lowering interest rates. The Fed cut the federal funds rate from 2.00% to 1.50% on October 8, 2008. The commercial bank prime rate decreased from 5.00% to 4.50%.
Yankee’s practice in recent years has generally been to change its variable interest rates to members on the 1st of the month following changes in the commercial bank prime rate. This time Yankee will not be reducing member variable rates.
This decision is due to current conditions in the financial markets. Nearly every sector of the credit markets has seen increasing costs and volatility in recent months, and these conditions have adversely affected Yankee’s earnings. Until market conditions settle down, we believe it is prudent to maintain member variable rates at present levels.
We recognize that many of the industries Yankee serves are also struggling with lower earnings and higher input costs. We believe that current interest rates offered by Yankee are still competitive in today’s tough financial markets. Yankee remains committed to returning excess profits to our members in the form of a patronage dividend, and we expect to pay a 2008 patronage dividend to members around March 31, 2009.
Yankee remains financially strong, as does the overall Farm Credit System. Rest assured that we continue to have funds available to meet your credit needs. We are dedicated to agriculture and the members we serve and we will continue to do our best to keep your cooperative sound and on solid financial footing.
If you would like more information on how current conditions in the financial markets are affecting Yankee and the overall Farm Credit System, you can visit Yankee’s blog at www.yankeeaca.blogspot.com. There are two postings dated September 30, 2008, titled Financial Markets, Part 1 & Part 2. We will post updates as warranted.
Thank you for your business and allowing us to serve you.
Sincerely,
George S. Putnam
President and CEO
October 10, 2008
Dear Member,
The Federal Reserve (Fed), in conjunction with other global financial institutions and governments, recently responded to continued weak economic data and unsettled market conditions by lowering interest rates. The Fed cut the federal funds rate from 2.00% to 1.50% on October 8, 2008. The commercial bank prime rate decreased from 5.00% to 4.50%.
Yankee’s practice in recent years has generally been to change its variable interest rates to members on the 1st of the month following changes in the commercial bank prime rate. This time Yankee will not be reducing member variable rates.
This decision is due to current conditions in the financial markets. Nearly every sector of the credit markets has seen increasing costs and volatility in recent months, and these conditions have adversely affected Yankee’s earnings. Until market conditions settle down, we believe it is prudent to maintain member variable rates at present levels.
We recognize that many of the industries Yankee serves are also struggling with lower earnings and higher input costs. We believe that current interest rates offered by Yankee are still competitive in today’s tough financial markets. Yankee remains committed to returning excess profits to our members in the form of a patronage dividend, and we expect to pay a 2008 patronage dividend to members around March 31, 2009.
Yankee remains financially strong, as does the overall Farm Credit System. Rest assured that we continue to have funds available to meet your credit needs. We are dedicated to agriculture and the members we serve and we will continue to do our best to keep your cooperative sound and on solid financial footing.
If you would like more information on how current conditions in the financial markets are affecting Yankee and the overall Farm Credit System, you can visit Yankee’s blog at www.yankeeaca.blogspot.com. There are two postings dated September 30, 2008, titled Financial Markets, Part 1 & Part 2. We will post updates as warranted.
Thank you for your business and allowing us to serve you.
Sincerely,
George S. Putnam
President and CEO
Wednesday, October 8, 2008
Across the Fence 10/3
Members of the Northeast Kingdom Dairy Farmers appeared on the Across the Fence program (Link may go bad after a while) on WCAX Channel 3 on October 3rd.
For more information about the North East Kingdom Dairy Farmer Group, please contact Planning Committee member, Kelly Langmaid, at Yankee's Newport office. 800-370-2738
Click here for a complete listing of streaming videos of Across the Fence.
For more information about the North East Kingdom Dairy Farmer Group, please contact Planning Committee member, Kelly Langmaid, at Yankee's Newport office. 800-370-2738
Click here for a complete listing of streaming videos of Across the Fence.
Tuesday, October 7, 2008
Ag Career Day
Loan Officer Chuck Custeau (right) from Yankee's St. Albans office, and Appraisal Analyst Robert Guay (left) from Yankee's Chazy, NY office submitted the following article:On Friday, October 3, 2008 Cornell Cooperative Extension of Clinton and
Yankee Farm Credit was a proud sponsor of this event and had a career table set up with information about Farm Credit and specifically about the Career Development Trainee and Summer Internship positions which are available through Northeast Farm Credit. Our aim was to educate students about careers in agriculture which are less obvious to them than the traditional “farming” careers associated with local agriculture. We extend our thanks to Clinton and Essex Counties’ Cornell Cooperative Extension for organizing, and to W.H. Miner Institute Farm for hosting, such an important event. It was a success and plans are already being made for next year.
Wednesday, October 1, 2008
Across the Fence 10/3
The Northeast Kingdom Dairy Farmers approached the Across the Fence program on WCAX Channel 3 news as a way to promote the program. The taping was completed last Friday and is due to air this Friday, October 3rd at 12:10. Colleen Leonard, Dairy Specialist for UVM Extension, Meghan DuBois, Loan Officer Trainee for the Farm Service Agency, Matt Maxwell of Maxwell’s Neighborhood Farm and Eric Schneider, herdsman of Chaput Family Farms, were on the program. Colleen and Meghan are both on the planning committee for the group and Matt and Eric are two of the groups’ members.
For more information about the North East Kingdom Dairy Farmer Group, please contact Planning Committee member, Kelly Langmaid, at Yankee's Newport office. 800-370-2738
For more information about the North East Kingdom Dairy Farmer Group, please contact Planning Committee member, Kelly Langmaid, at Yankee's Newport office. 800-370-2738
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