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Many South Dakotans are dealing with flood issues following recent rain and damaging storms.

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A group of employees working as a team at a meeting.

Northeastern South Dakota Communities Team up to Enhance Economic Development Efforts

September 13, 2019

Teamwork is a critical component for successful sports teams – so why not take a team approach to economic development as well? That’s the thought among city and county officials and residents in northeastern South Dakota including Day, Grant, Marshall and Roberts counties.

Community Leadership, Developing Communities, Small Businesses, Entrepreneurship

Lemmon SD, A busy Main Street during the 2019 Energize Conference

Successful Energize! Conference Buoys Community Efforts in Lemmon, S.D., and Beyond

September 04, 2019

Cool, rainy weather in Lemmon, SD, didn’t dampen community spirit on April 30 and May 1, when the community hosted the state’s Energize! Conference facilitated by SDSU Extension’s Community Vitality Team. Over 120 community leaders from South Dakota, North Dakota, Michigan and Kansas gathered for the conference to gain new perspectives and share ideas in revitalizing rural communities. Topics discussed ranged from providing housing and healthcare to establishing a business in a rural community and involving youth on community boards.

Developing Communities, Business Development, Small Businesses, Entrepreneurship, Community Leadership, Strategic Planning

A group of employees working as a team at a meeting.

Community Vitality Newsletter

SDSU Extension's Community Vitality Newsletter includes resources to enhance communities and improve their capacity to flourish.

Lemmon SD, A busy Main Street during the 2019 Energize Conference

Energize! Conference Creates an Economic Impact for Lemmon, S.D.

In late spring 2019, SDSU Extension hosted the second annual ENERGIZE! Exploring Innovating Rural Communities Conference in Lemmon, South Dakota. This conference brought an estimated $25,802 to the local Lemmon economy during the two-day event.

A crowd of Energize Conference attendees enjoying refreshments served in a local art gallery.

Successful Energize! Conference Buoys Community Efforts in Lemmon, S.D. and Beyond

Cool, rainy weather in Lemmon, S.D., didn’t dampen community spirit on April 30 and May 1, 2019, when the North-Central community hosted the state’s Energize! Conference with facilitation by SDSU Extension’s Community Vitality Team.

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.