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Graduation table display with photos, awards, and keepsakes. Courtesy: Matthew Beckler [CC BY-SA 2.0]

Graduation Presents

With graduation season upon us, consider gifting your high school or college graduate with the necessary medical, financial and legal paperwork they're need for the next stage of their lives.

A pen and calculator sitting next to an accounting binder.

Bookwork, The Missing Management Component: Consistency of Financial Records

Consistent record keeping will allow for accurate ratios and trend analysis. While operations will change, grow, or contract, having a standard operating procedure will allow for analysis and decision-making.

A male with three female farm administrators reviewing a binder of financial records. Courtesy: USDA

Bookwork, The Missing Management Component: Balance Sheet Valuations

The financial crash of the 1980’s has been attributed to changes in producer’s balance sheets, due to a decline in land prices. After this time, a two-column balance sheet was developed to help prevent that type of balance sheet collapse from occurring in the future.

Farmer sitting inside the cab of a green tractor parked inside a machine shed.

Bookwork, The Missing Management Component: Depreciation Determination and Use

Another component of determining net income is depreciation. This is one component of the Schedule F that many understand the least. Typically, the most use it gets is to minimize income tax through accelerated tax depreciation under section 179.

IRS Schedule "F" Form, Profit or Loss From Farming

Bookwork, The Missing Management Component: Farm Income Determination

Many ag producers do not like bookwork. Many times this job gets pushed to the side, until a bill is due or taxes need to be filed. It is also fair to say it is a missing component to the management of most operations. A missing component that could lead to the collapse of the operation.

an image with credit cards and a combination lock

Strategies to Avoid Identity Theft

We are all concerned about identity theft. Fortunately we can reduce our risk of becoming a victim. Here are some tips.

Change in South Dakota Agricultural Land, Tenure of Farm Operation, and Producer Characteristics 2012-2022

Report using the newly released data from the 2022 Census of Agriculture to provide an update on land in farms, the number of farms, tenure of farm operations, and producers’ characteristics in South Dakota for the last ten years, from 2012 to 2022.

A woman stands in a clothing store behind a pink shirt with geometric patterns

Energize conference inspires new Wessington Springs business owner

April 24, 2024

Dacia Mitchell opened Modest Moxie, a clothing boutique, in Wessington Springs after attending the 2023 SDSU Extension Energize conference.

The Crucial Role of Marketing for Small Businesses

For small enterprises especially, utilizing smart marketing techniques can make a significant difference in the visibility, credibility, and overall profitability of a business.

Caregiver assisting an older adult woman through a memory exercise.

SDSU Extension supports caregiving plans for family farms

April 15, 2024

National Healthcare Decisions Day is April 15, 2024, and South Dakota State University Extension is encouraging family farm owners to make long-term caregiving decisions.