Since 1962, the Kentucky Farm Business Management Program (KFBM) has been serving the agricultural industry by assisting member farmers track financial performance, determine the profitability of individual enterprises, improve management practices, complete tax returns, set business and personal goals, and make sound management decisions.
The KFBM Program's design also helps improve farm management on non-member Kentucky farms by providing factual economic information about Kentucky farms for use in research, teaching, and extension.
The KFBM Program is a joint effort of the University of Kentucky Department of Agricultural Economics and five Area Farm Management Groups. Each of these five areas elects a board of directors from their membership. The local board of directors sets policy and direction for the group within the framework of the KFBM Program.
The mission of the Kentucky Farm Business Management Program (KFBM) is to provide a records-based information system to assist Kentucky farmers in best utilizing their resources to accomplish their goals and objectives. This mission is extended to KFBM clientele through direct consultation and to the general population through research, education and extension programs of the University of Kentucky.
Members receive information and assistance with what many consider the most difficult part of farming -- management.
Some of these benefits include:
- Use of a detailed farm record keeping system designed to help with farm management decision-making.
- Counsel with a trained specialist to develop business and family priorities, compare costs and returns, and examine alternative plans for management of the farm business.
- Computerized economic analysis of the farm business, including financial statements, cost and return analysis, crop and livestock enterprise analysis and comparative benchmarking with similar size and type of farm business.
- Information to use with lenders and tax professionals, including balance sheets, accrual income statements, depreciation schedules, and completed farm income tax forms.
- Personal contact with an area specialist in farm management through on-farm visits, phone calls, newsletters, and office visits.
The University of Kentucky and member farmers share in the cost of the KFBM Program. The local board of directors determine membership dues and other fees according to their cost structure.