Farm Credit 100 Fresh Perspective local Honoree

Green Mountain Farm to School, Founder and Executive Director Recognized by Farm Credit in National Search for 100 Fresh Perspectives Shaping Rural America and Agriculture

Williston, VT. March 15, 2016 – Katherine Sims, Founder and Executive Director of Green Mountain Farm-to-School in Newport, VT is among visionaries being recognized nationally through Farm Credit 100 Fresh Perspectives, a search to identify and honor 100 leaders who are changing rural communities and agriculture for the better.  The honorees were announced at a National Ag Day event at the National Press Club in Washington, D.C.

Katherine Sims

Farm Credit launched the Farm Credit 100 Fresh Perspectives program as part of its 100^th anniversary of service to rural communities and agriculture.  As a Farm Credit 100 Fresh Perspectives honoree Sims joins an impressive list of leaders in agriculture and rural enterprise.

“Farm Credit has supported rural communities and agriculture for 100 years, and we appreciate the vision it takes to remain successful over time in agriculture and rapidly evolving, thriving rural industries,” said George Putnam, Yankee Farm Credit President and CEO. “We are delighted to honor Katherine Sims as a leader who is helping to define the future of rural communities and agriculture. This honor helps recognize Katherine Sims’ work on behalf of rural communities and agriculture, and her ability to further contribute to a vibrant future for rural America.”

Selected by a panel of experts on rural matter, including Farm Credit leaders and others from around the agriculture industry, honorees like Sims are among the best-of-the-best who are positively shaping what is next for rural communities and agriculture.

Farm Credit joins the nearly 80 Farm Credit organizations that are celebrating the dynamic future of rural communities and agriculture.

For a complete list of the Farm Credit 100 Fresh Perspectives honorees, visit farmcredit100.com/top100.

About Green Mountain Farm-to-School
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, visit www.greenmountainfarmtoschool.org or call 802-334-2044.

About Farm Credit
Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. Farm Credit has been fulfilling its mission of helping rural America grow and thrive for a century by providing farmers with the capital they need to make their businesses successful and by financing vital infrastructure and communication services. For more information about Farm Credit please visit http://www.farmcredit.com/.

 





2015 Financial Results

Full-year net income for Yankee was $10.2 million, an increase of $169 thousand over 2014. One of the most significant factors driving the increase was net interest income which increased 3.0% to $15.1 million, up from $14.7 million in 2014. Also contributing to the increase in net income was an increase of $260 thousand in patronage refunds from CoBank and a reduction of $147 thousand in the provision for credit losses, as compared to 2014. These favorable factors were offset by an increase of $618 thousand in expenses other than interest expense.

Year-end loan volume at December 31, 2015 was $449.0 million, up 3.6 percent from the prior year. 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 year end, with maple as the third largest concentration with 9 percent.

Credit quality across Yankee’s portfolio remained stable during 2015 and was well within the risk-bearing capacity of the Association. At year-end 0.4 percent of the Association loans were classified as nonperforming, compared to 0.6 percent at the end of 2014. There was a charge-off of $25 thousand and recoveries totaling $4 thousand recorded during 2015. The Association’s capital position remains strong.

The Board of Directors approved a patronage refund to members in the amount $4.9 million for 2015, to be paid 100% in cash. 2015 patronage payments will be made on or about March 23, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.

Our 2015 Annual Report can be found on the Association website here.

2016 Director Nominees

Having a strong board of directors is one of the things that makes Yankee a successful agricultural service institution. Our Nominating Committee is dedicated to providing a diverse selection of candidates for members to vote on. In April, our members will have the chance to vote at our Annual Meetings for the three positions up for election . There is one position in each region for a three year term on the ballot.
The Nominating Committee met on January 20th, to interview potential candidates for director.

The following members were nominated for the three 3-year terms:

Region 1
Alan Bourbeau (incumbent)
Anne Lincoln

Region 2
Bryan Davis (incumbent)

Region 3
Rene Saenger (incumbent)
David Folino

Below is a map of the director regions

Despite the committee's best efforts it was unable to find a second willing candidate to run for the position of Association Director in Region 2.

If you are interested in running for director in the future, we encourage you to contact anyone on the Nominating Committee. See the annual report for names and contact information.

Thank-you to the Nominating Committee members and to the candidates for director for their time and devotion to providing an excellent ballot for our members.



New Employee - Nick Guyer

We are pleased to announce that Nick Guyer from Burke, VT will be joining the Yankee team as an Appraiser Trainee.  Nick will be starting full time on May 30^th in our new Derby office.

 

Nick earned a BA in History and Global Studies from St. Lawrence University.  He is a Certified Residential Real Estate Appraiser with residential appraisal experience as well as a Realtor with real estate sales experience in the Derby office coverage area.  His real estate experience will be extremely relevant in his position and will give him a running start on his Certified General Appraiser license training.  We are excited to have him join our appraisal team. 

Available Resources for Challenging Situations

With 2015 behind us and an anything but average start to 2016, we need to remember that we can’t always predict what the calendar will bring. If our current weather pattern has proven anything, it’s that anything can happen.  And it’s with this in mind that we here at Yankee Farm Credit want to highlight some resources to help alleviate the challenges, manage stress, help mitigate the struggles and prepare for the unforeseen and unknown.

In June of 2009 we posted a list of available hotlines and resources. As the agriculture atmosphere changes we wanted to add some updates, as well as some news links and stories from here and  abroad.

New York:

http://www.nyfarmnet.org/

http://www.ny.gov/

Offers services not always related to agriculture, but personal wellbeing.

New Hampshire:

 Call 211, sponsored by the United Ways of NH (click here for info about New Hampshire 211).

New Hampshire Disaster Animal Response Team

http://newhampshiredart.org/

Vermont:

 FarmFirst 1-877-493-62-16 anytime day or night.

www.farmfirst.org 

This site will direct you to:

 www.investeap.org

Use the password Farm for your organization.

Vermont Agricultural Mediation Program.

Their mission is to help parties resolve environmental, land use, and agricultural disputes through the effective use of mediation.

http://www.emcenter.org/

               

More links for stories from around the globe:

https://munchies.vice.com/articles/farmers-are-taking-tractor-selfies-to-raise-awareness-of-mental-health-issues

http://theconversation.com/farmer-suicide-isnt-just-a-mental-health-issue-9381

http://www.fwi.co.uk/machinery/understanding-rural-mental-health-problems.htm

https://www.realagriculture.com/2016/01/farmers-relieved-mental-health-issues-on-the-table-coordinator/

https://www.ruralhealthinfo.org/topics/agricultural-health-and-safety

http://www.newsweek.com/2014/04/18/death-farm-248127.html

2015 Patronage Refund

Yankee Farm Credit had another good year in 2015. The Board of Directors has approved a patronage refund for 2015 of $4,862,000, which is 1.00% of average member loan volume.

Payment of the patronage refund is dependent on the satisfactory completion of the 2015 audit and the Association's receipt of its 2015 patronage refund from CoBank. We anticipate both of these will be completed in March. Members should expect their checks to be mailed around March 23rd. Those who are signed up to receive their refund electronically should see it hit their accounts on March 25th. If you do not receive your payment please contact your local office or click here to e-mail us.

To all those who contributed to Yankee's success in 2015, thank you!

Why Farm Credit?

Farm Credit is made up of a group of financial cooperatives that serve local and regional markets throughout the U.S. and Puerto Rico. As cooperatives, each Farm Credit organization is owned by its customers, is governed by a board of directors primarily elected from these borrower-owners, and shares profits with its borrower-owners through patronage dividends. This unique structure keeps Farm Credit connected to the local communities we serve, and contributes to the strength and stability we've enjoyed for 100 years.

For more information on Farm Credit,

http://www.farmcreditnetwork.com/

https://www.youtube.com/watch?v=6go4nJqjAdo

Yankee Farm Credit and CoBank Donate $10,000 to Vermont FFA

(FFA's Suzanne Buck, Exec. Dir, Bill Scott, Foundation Pres. YFC George Putnam Pres. and CEO, Paul Franklin Board Chairperson are joined by FFA delegates)

Williston, Vermont (January 27, 2016) – Vermont FFA (Future Farmers of America) recently received $10,000 from Yankee Farm Credit and CoBank, two cooperative lending institutions in the Farm Credit System. Bill Scott, VT FFA Foundation President, and Suzanne Buck, Executive Director VT FFA received the donations from Paul Franklin, Yankee Farm Credit’s Board Chairperson and George Putnam, President and CEO of Yankee Farm Credit. CoBank and Yankee Farm Credit each 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.”

(YFC Board Chairperson, Paul Franklin presenting FFA Foundation President, Bill Scott with Sharing Success donation)

Yankee Farm Credit’s Paul Franklin said: “On behalf of Yankee Farm Credit and CoBank, we are pleased to present to VT FFA two checks of $5,000 that we understand will go towards educating high school teachers of the benefits of FFA and to help you as individuals learn how to effectively advocate for yourselves and agriculture.   As Commissioner Ross noted, it is important that you get a good education, be engaged in your communities, and be able to speak out on behalf of yourselves.  We look forward to seeing the benefits of these funds".

Executive Director VT FFA Suzanne Buck described how they will use the funds: “Vermont FFA Association along with our Foundation Board wrote a grant requesting funds to train our teachers about FFA and its many opportunities as we are finding ourselves in the position of new teachers without any background or knowledge of FFA.  The other part of our grant request was to teach the students how to advocate for themselves for agriculture and to be able to do it in a manner that is respectful and thoughtful.  FFA allows students the opportunities to explore their potential as leaders and as responsible young adults.  They can be exposed to so many opportunities should they wish to open the door and accept the challenge.”

The FFA has a membership of 629,327 students in grades seven through 12 and 7,757 chapters in the United States, Puerto Rico and the U.S. Virgin Islands. Yankee Farm Credit and CoBank’s Sharing Success donation will be distributed to Vermont FFA chapters to aid in the development of new and current teachers as well as student advocacy programs.  For more information on FFA, its history, mission or how you can participate see below.

https://www.ffa.org/home

https://www.facebook.com/Vermont-FFA-Association-236183829754977/


Suzanne S. Buck, M.Ed CAGS
Executive Director VT FFA
4351 Crown Point Rd.
Bridport, VT 05734
suzannesbuck@gmail.com

Vital Communities Seasons 2016: A Mid-Winter Dinner Celebrating Local Food

​Mike Moloney and Jean Conklin from the YFC office in White River Junction as well as Steve Taylor, YFC board member attended Vital Communities Seasons 2016 Dinner last night at the Hanover Inn in Hanover, NH. It was Vital Communities 10th Annual fundraising dinner celebrating local food, local farms and the work of Vital Communities in the upper valley of VT and NH.

Ellen Kahler, Executive Director of the Vermont Sustainable Jobs Fund (VSJF) was the guest speaker. She provided an update on the past 5 years of the Vermont Farm to Plate Initiative and what it has accomplished. She also mentioned NH's Food Alliance, a similar effort in NH which is just starting.

Seated at the table with YFC for dinner were: Becka Warren, Valley Food and Farm Manager, Nancy LaRowe, Valley Food and Farm Coordinator, Beth Roy, Farm to School Program director, all with Vital Communities, as well as Amy Richardson, dairy farmer, Peter Allison, Director Farm to Institution of New England, Allan Reetz, Director of Communications, Hanover Coop as well as the owners of B&W Catering of Chester, VT. It was an excellent opportunity to network and enjoy a wonderful dinner of local food.

The four course dinner featured a Trilogy of Vermont Cheeses as the third course.

For a full menu and description, click here.

Farm Credit 100: 50th Anniversary Time Capsule

In 1967, a time capsule was buried in Larned, Kansas to commemorate the 50th anniversary of the Federal Land Bank system, the precursor to today's Farm Credit System. The small community in central Kansas was chosen as the site for the time capsule because it was the location of the first Farm Credit loan ever made—a loan made to finance Larned resident A.L. Stockwell’s family farm.

As part of Farm Credit 100, a celebration of the Farm Credit System’s centennial anniversary, Farm Credit recently revealed the contents of the 50^th anniversary time capsule. On February 2^nd, the time capsule was unearthed and opened for the first time in a half century. The contents included predictions about the future as well as artifacts from the early days of the Federal Land Bank system. Predictions were drawn from 12 prominent Farm Credit leaders of the 1960's and demonstrate how they imagined the world of agriculture and lending would look in the modern day. Many of the predictions correctly anticipated changes in the industry:

•  “Successful Farming in the future will increasingly demand a high degree of training and skill… not only in production techniques, but also in business and financial management."
   
•  “The more sophisticated farmers will actively participate in hedging practices on the livestock and commodity futures market, protecting themselves against adverse price movements both on what they buy and what they sell.”
   
•  “Contractual relationships between producers and processors will be commonplace. The ability to produce products with a high degree of uniformity in accordance with specified characteristics will make contracting very practical.”
   
•  “Million dollar operations will be more common than hundred thousand dollar operations are today. This of course will necessitate the use of more credit.”

Nearly one hundred years after Farm Credit helped finance his ancestor’s farm, Danny Stockwell (the great-grandson of A.L.) was in attendance on February 2^nd to help celebrate the unveiling of the capsule. He had previously attended the 1967 burial of the time capsule, and had even helped to tighten the bolts on the container before it was buried! Other people in attendance included former Kansas Senator Bob Dole, who also attended the burial in 1967, and current Kansas Senators Pat Roberts and Jerry Moran.


Later in 2016, Farm Credit will bury a new time capsule in Wichita, Kansas—to be opened at the 150^th anniversary of Farm Credit.


For more information about the time capsule unveiling as well as other Farm Credit 100 stories, please visit: http://www.farmcredit100.com/

Interest rate change January 1, 2016

All Yankee Farm Credit variable interest rates increased by 0.25% on January 1, 2016. This action followed market interest rates. The Federal Reserve increased interest rates by 0.25% at its meeting on December 16, 2015. The prime interest rate immediately followed, increasing from 3.25% to 3.50%.

This is the first general increase in our interest rates since October 1, 2010.