2014 Dairy Farm Business Summary

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Cornell Cooperative Extension Prepared by Department of Applied Economics and Management Cornell University 214 Dairy Farm Business Summary Farm Educator 2/8/215 Progress of the Farm Business

1 Cornell Cooperative Extension Prepared by Department of Applied Economics and Management Cornell University 214 Dairy Farm Business Summary Farm Educator 2/8/215 Progress of the Farm Business SELECTED FACTORS Size of Business Average number of cows Average number of heifers Milk sold, pounds Worker equivalent tillable acres ,993, ,356, ,649, Rates of Production Milk sold per cow, pounds Hay DM per acre, tons Corn silage per acre, tons 25, , , Labor Efficiency Cows per worker Milk sold per worker, pounds 44 1,132, ,2, ,186,521 Cost Control and Milk Price Grain & concentrate purchased as a % milk sales Dairy feed & crop expense per cwt. Milk Labor and machinery costs per cow Purchased input cost of producing milk per cwt. cost of producing milk per cwt. Operating cost of producing milk per cwt. Net milk price 36% $8.79 $1,787 $17.96 $2.61 $15.66 $ % $9.26 $1,83 $17.77 $2.51 $15.44 $ % $9.22 $2,17 $19.4 $21.98 $16.35 $24.88 Capital Efficiency (average for year) Farm Capital per cow Machinery and equipment per cow Asset turnover ratio $11,241 $2,32.6 $12,577 $2, $13,364 $2,631.6 Profitability Net farm income without appreciation Net farm income per cow without appreciation Net farm income with appreciation Net farm income per cow with appreciation Labor & management income per operator/manager Rate return on equity capital with appreciation Rate return on all capital with appreciation $121,637 $394 $346,932 $1,123 $5, % 8.97% $29,252 $958 $436,447 $1,44 $83, % 1.31% $561,98 $1,81 $571,424 $1,831 $212, % 12.24% Financial Summary Farm net worth, end year Debt to asset ratio Farm debt per cow Debt coverage ratio $2,127,46.43 $5, $2,45, $4, $2,729,95.38 $5,

2 Farm Educator Page 2 2/8/215 Income Statement Farm Expenses Cash Detail Cash Amount Paid Change in Inventory or Prepaid Expenses Change in Accounts Payable - + = Accrual Expenses Hired Labor Gross pay Health insurance & retirement contribution FICA/ Workers compensation Other benefits $14,886 $16,661 $4,247 $161,794 $161,794 Feed Dairy grain & concentrate Dairy roughage Nondairy feed Professional fees $656,918 $-25, $681,918 Machinery Machine hire, rent & lease Machinery repairs & farm vehicle expense Equipment repair Milking system repair Vehicle Expense Parts & supplies Fuel, oil & grease $91,327 $74,669 $91,327 $66,196 $74,669 $91,327 $66,196 Livestock Replacement livestock Breeding Veterinary & medicine Veterinary service Medicine Hoof trimming Milk marketing Milk hauling Advertising & Promotion Cooperative dues Bedding Milking Supplies Cattle lease & rent Custom boarding bst Professional fees Other livestock expense $12,641 $21,823 $4,91 $44,682 $12,653 $4,132 $36,91 $39,374 $61,467 $81,817 $46,877 $38,266 $3,777 $-5,382 $36,91 $39,374 $56,85 $81,817 $46,877 $38,266 $3,777 Crops Fertilizer & lime Seeds & plants Spray, other crop expense Professional fees $76,697 $67,591 $7,177 $36,156 $76,697 $31,435 $7,177

3 Farm Educator Page 3 2/8/215 Income Statement (continued) Farm Expenses Cash Amount Paid Change in Inventory or Prepaid Expenses Change in Accounts Payable - + = Accrual Expenses Real Estate Land, building & fence repair Taxes Rent & lease $34,56 $14,879 $25,229 $34,56 $14,879 $25,229 Other Insurance Utilities (farm share) Interest Professional fees Miscellaneous TOTAL OPERATING EXPENSES Expansion livestock Extraordinary Expense Machinery depreciation Building depreciation TOTAL ACCRUAL EXPENSES $13,964 $44,71 $64,333 $6,828 $1,773 $1,724,621 $11,156 $-5,382 $13,964 $44,71 $64,333 $6,828 $1,773 $1,78,83 $135,94 $96,512 $1,94,535 Farm Receipts Cash Detail Receipts Cash Receipts Change in Inventory Change in Accounts Receivable + + = Accrual Receipts Milk Butterfat Protein Other Solids Producer Price Differential Quality Volume Compact Payment Patronage Dividend Other Milk Futures/Contracts Milk Raised Cattle Sales Purchased Cattle Sales Cattle Sales Dairy Calves Other Livestock Crops Government Receipts Custom Machine Work Gas Tax Refunds Other -Noncash capital transfer TOTAL FARM RECEIPTS $745,24 $926,821 $216,68 $8,891 $49,89 $17,334 $51,88 $2,455 $153,345 $2,9,3 $153,345 $36,274 $25,337 $1,658 $5,357 $2,321,1 $-1,1 $3,5 $44,55 $46,95 $71,224 $62,759 $17,97 $-3,327 $3,749 $1,312 $-34,59 $187 $118,492 $16, $134,492 $816,248 $989,58 $233,75 $77,564 $52,838 $18,646 $17,299 $2,642 $2,28,522 $152,245 $39,774 $6,55 $25,337 $1,658 $5,357 $2,52,443

4 Farm Educator Page 4 2/8/215 Profitability Analysis RETURN TO OPERATOR(S) & UNPAID FAMILY LABOR, MANAGEMENT, & EQUITY CAPITAL: Without Appreciation + Appreciation With = Appreciation Accrual Receipts + Livestock Appreciation + Machinery Appreciation + Real Estate Appreciation + Other Stock & Certificate Appreciation $2,52,443 $5,763 $3,753 Accrual Receipts Including Appreciation $2,511,959 - Accrual Expenses $1,94,535 $1,94,535 = NET FARM INCOME BEFORE TAX $561,98 $571,424 - Estimated State and Federal Income Tax = NET FARM INCOME AFTER TAX $561,98 RETURN TO OPERATOR(S) LABOR & MANAGEMENT: Net Farm Income Before Tax - Unpaid Family 2,6/month - Interest on 2,59,146 Average Equity 5.% Real Rate $561,98 $8,32 $129,57 = LABOR & MANAGEMENT INCOME PER FARM LABOR & MGMT. INCOME PER OPERATOR/MGR RETURN TO EQUITY CAPITAL: Net Farm Income Before Tax - Unpaid Family 2,6/month - of Operator(s) Labor & Management = RETURN TO EQUITY CAPITAL Rate of Return on Equity Capital RETURN TO ALL CAPITAL: Return to Equity Capital + Interest Paid = RETURN TO ALL CAPITAL Rate of Return on All Capital Net Farm Income from Operations Ratio $424,81 $212,41 $561,98 $8,32 $117, $436, % $436,588 $64,333 $5, %.22 (2 Operator(s)/farm) $571,424 $8,32 $117, $446, % $446,14 $64,333 $51, %

5 Farm Educator Page 5 2/8/215 Balance Sheet of the Farm January 1, 214 ASSETS CURRENT Farm cash, check & savings Accounts receivable Prepaid expenses Feed & supplies TOTAL CURRENT Market $5,583 $217,662 $427,9 $651,145 Cost $5,583 $217,662 $427,9 $651,145 LIABILITIES & NET WORTH CURRENT Accounts payable Operating debt: #1: Operating Loans BOC #2: Operating Loans BOC #3: Market $5,382 $4, Cost $5,382 $4, Short term: #1: #2: Advanced Government Receipts Current portion: Intermediate Long term Deferred taxes TOTAL CURRENT $172,595 $4,582 $258,559 $172,595 $4, $258,559 INTERMEDIATE Dairy cows: Raised Leased Heifers: Raised Bulls/Other Livestock: Raised Dairy cows: Purchased Heifers: Purchased Bulls/Other Lvstk: Purchased Mach. & equipment owned Mach. & equipment leased $45,6 $278,9 $1,3} } } $71, $1,855 $312, $172,5 $1,855 INTERMEDIATE #1: Revovling Line #2: Com Bank 1 #3: FC Capital #4: Truck Loan #5: Comb Bank 2 #6: Dealer 1 #7: Dealer 3 #8: Dealer 2 #9: Dealer 4 $131,626 $4,576 $236,167 $16,661 $22,85 $7,281 $4,648 $131,626 $4,576 $236,167 $16,661 $22,85 $7,281 $4,648 FCB stock Other stock & certificates TOTAL INTERMEDIATE $1, $49,82 $1,817,457 $1, $49,82 $96,157 Financial lease (cattle & mach.) FCB stock Deferred taxes TOTAL INTERMEDIATE $1,855 $1, $435,664 $1,855 $1, --- $435,664 LONG TERM Land & buildings Owned Leased $1,45, LONG TERM #1: House Mort #2: Land 1 #3: #4: Com Mort #5: Land 3 $631,876 $15,599 $36,517 $631,876 $15,599 $36,517 TOTAL LONG TERM $1,45, Financial lease (structures) Deferred taxes TOTAL LONG TERM $773, $773,992 TOTAL FARM ASSETS $3,918,62 $1,557,32 TOTAL FARM LIABILITIES $1,468,215 $1,468,215 FARM NET WORTH $2,45,387 $89,87 FARM NET WORTH (excluding deferred taxes) $2,45,387

6 Farm Educator Page 6 2/8/215 Balance Sheet of the Farm December 31, 214 ASSETS CURRENT Farm cash, check & savings Accounts receivable Prepaid expenses Feed & supplies TOTAL CURRENT Market $2,816 $352,154 $483,66 $838,576 Cost $2,816 $352,154 $483,66 $838,576 LIABILITIES & NET WORTH CURRENT Accounts payable Operating debt: #1: Operating Loans BOC #2: Operating Loans BOC #3: Market $193, Cost $193, Short term: #1: #2: Advanced Government Receipts Current portion: Intermediate Long term Deferred taxes TOTAL CURRENT $183,74 $5,31 $427,5 $183,74 $5, $427,5 INTERMEDIATE Dairy cows: Raised Leased Heifers: Raised Bulls/Other Livestock: Raised Dairy cows: Purchased Heifers: Purchased Bulls/Other Lvstk: Purchased Mach. & equipment owned Mach. & equipment leased $43, $285,2 } } } $915, $5,617 $31, $178,8 $5,617 INTERMEDIATE #1: Revovling Line #2: Com Bank 1 #3: FC Capital #4: Truck Loan #5: Comb Bank 2 #6: Dealer 1 #7: Dealer 3 #8: Dealer 2 #9: Dealer 4 $39,424 $25 $371,992 $1,696 $9,975 $74 $16,471 $26,949 $39,424 $25 $371,992 $1,696 $9,975 $74 $16,471 $26,949 FCB stock Other stock & certificates TOTAL INTERMEDIATE $1, $447,383 $2,57,2 $1, $447,383 $942,8 Financial lease (cattle & mach.) FCB stock Deferred taxes TOTAL INTERMEDIATE $5,617 $1, $482,223 $5,617 $1, --- $482,223 LONG TERM Land & buildings Owned Leased $1,525, LONG TERM #1: House Mort #2: Land 1 #3: #4: Com Mort #5: Land 3 $598,44 $11,257 $49,822 $32,475 $598,44 $11,257 $49,822 $32,475 TOTAL LONG TERM $1,525, Financial lease (structures) Deferred taxes TOTAL LONG TERM $781, $781,598 TOTAL FARM ASSETS $4,42,776 $1,781,376 TOTAL FARM LIABILITIES $1,69,871 $1,69,871 FARM NET WORTH $2,729,95 $9,55 FARM NET WORTH (excluding deferred taxes) $2,729,95

7 Farm Educator Page 7 2/8/ Nonfarm Balance Sheet NONFARM ASSETS Personal cash, checking & savings Cash value of life insurance Nonfarm real estate Auto (personal share) Stocks & bonds Household furnishings All other TOTAL NONFARM ASSETS January 1 Dec. 31 NONFARM LIABILITIES #1 #2 TOTAL NONFARM LIABILITIES NONFARM NET WORTH January 1 Dec FARM & NONFARM MARKET VALUE BALANCE SHEET Farm & Nonfarm Assets Farm & Nonfarm Liabilities FARM & NONFARM NET WORTH $3,918,62 $1,468,215 $2,45,387 $4,42,776 $1,69,871 $2,729,95 Financial Ratios Percent equity Debt to asset ratios: Long-term Intermediate/current Leverage ratio Current ratio Working capital As % of total expenses Balance Sheet Analysis (excluding deferred taxes) Farm Business, End Year Market 62% $411,526 21% Cost 5% $411,526 21% Farm & Nonfarm 62%.38 Debt Analysis Accounts payable as percent of total debt Long-term debt as a percent of total debt Current & intermediate debt as % of total debt Cost of term debt (weighted average) Debt Levels farm debt Long term debt Intermediate & long term Intermediate & current % 46% 54% 4.6% $5,454 $2,521 $4,77 $2,933 Per Tillable Acre Owned $4,144 $1,916 $3,98 $2,229 Farm Inventory (Market ) Real Estate Machinery & Equipment Livestock Feed & Supplies Beginning of year Purchases + Noncash transfer to farm - Lost capital - Net sales - Depreciation = Net investment Appreciation End of Year $1,45, $237,759* $7, $96,512 $71,247 $3,753 $1,525, $71, $335,177 $135,94 $199,237 $5,763 $915, $685,8 $2,4** $688,2 $427,9 $483,66 * land + 237,759 building. ** See page 12, "Dairy Inventory Analysis", for dairy cow and heifer inventory detail.

8 Farm Educator Page 8 2/8/215 Statement of Owner Equity (Reconciliation) Beginning of year farm net worth (excluding deferred taxes) Net farm income without appreciation + Nonfarm cash income - Personal withdrawals and family expenditures excluding nonfarm borrowings RETAINED EARNINGS Nonfarm noncash transfers to farm + Cash used in business from nonfarm capital - Note/mortgage from farm real estate sold (nonfarm) CONTRIBUTED/WITHDRAWN CAPITAL Appreciation - Lost capital CHANGE IN VALUATION EQUITY IMBALANCE/ERROR End of year farm net worth Change in net worth with appreciation FARM BUSINESS $561,98 + -$221, = $9,516 -$7, $2,45,387 +$34,75 + +$-6,484 -$73 =$2,729,95 $279,518 Change in Net Worth Without appreciation With appreciation Farm Business $27,2 $279,518 Farm & Nonfarm $279,518 The Statement of Owner Equity has two purposes: It allows: 1. Verification that the accrual income statement and market value balance sheet are interrelated and consistent (in accountants' terms, they reconcile) and 2. Identification of the causes of change in equity that occurred on the farm during the year. The Statement of Owner Equity allows you to determine to what degree the change in equity was caused by: 1. Earnings from the business, and nonfarm income, in excess of withdrawals being retained in the business (called retained earnings), 2. Outside capital being invested in the business or farm capital being removed from the business (called contributed/withdrawn capital), and 3. Increases or decreases in the value (price) of assets owned by the business (called change in valuation equity).

9 Farm Educator Page 9 2/8/215 Annual Cash Flow Statement CASH FLOW FROM OPERATING ACTIVITIES Cash farm receipts - Cash farm expenses - Extraordinary expenses = Net cash farm income Personal withdrawals & family expenses, including nonfarm debt payments - Nonfarm income - Net cash withdrawals from the farm $2,321,1 $1,724,621 $221,833 $596,38 $221,833 = Net Provided by Operating Activities $374,547 CASH FLOW FROM INVESTING ACTIVITIES Sale of assets: machinery + real estate + other stock and certificates = asset sales Capital purchases: expansion livestock + machinery + real estate + other stock and certificates - invested in farm assets $335,177 $237,759 $37,581 $61,517 = Net Provided by Investing Activities $-61,517 CASH FLOW FROM FINANCING ACTIVITIES Money borrowed (intermediate & long term) + Money borrowed (short term) + Increase in operating debt + Cash from nonfarm capital used in business + Money borrowed (nonfarm) = Cash inflow from financing Principal payments (intermediate & long term) + Principal payments (short term) + Decrease in operating debt - Cash outflow for financing $26,358 $153, $18,82 $413,358 $18,82 = Net Provided by Financing Activities $233,276 CASH FLOW FROM RESERVES Beginning farm cash, checking & savings - Ending farm cash, checking & savings $5,583 $2,816 = Net Provided from Reserves IMBALANCE (ERROR) $2,767 $73

10 Farm Educator Page 1 2/8/215 Repayment Analysis Debt Payments Planned for 214* Made in 214 Planned for 215 Long term $8,568 $82,921 $9,48 Intermediate term $187,611 $16,714 $27,195 Short term Operating (net reduction) Accounts payable (net reduction) $5,382 $268,179 $249,17 $297,243 (Percent made of planned = 93%) Per cow $86 $798 Per cwt 214 milk $3.1 $2.88 Percent of total 214 receipts 12% 1% Percent of 214 milk receipts 13% 11% *If on business summary in 213. Cash Flow Coverage Ratio Debt Coverage Ratio Cash farm receipts $2,321,1 Net farm income (without appreciation) $561,98 - Cash farm expenses $1,724,621 + Depreciation $232,452 + Interest paid (cash) $64,333 + Interest paid (accrual) $64,333 - Net personal withdrawals from farm** $221,833 - Net personal withdrawals from farm** $221,833 (A) = Amount available for debt service $438,88 (A) = Repayment capacity $636,86 (B) = Debt payments planned for 214 $268,179 (B) = Debt payments planned for 214 $268,179 (A/B) Cash Flow Coverage Ratio for (A/B) Debt Coverage Ratio for **Personal withdrawals & family expenditures less nonfarm income and nonfarm money borrowed.

11 Farm Educator Page 11 2/8/215 Cropping Program Analysis LAND Tillable Nontillable pasture Other nontillable Owned Rented CROP YIELDS Dry hay Baleage Hay crop silage Hay Crop Production Corn silage Other forage Forage Corn grain Oats Wheat Other crops Tillable pasture Idle tillable land Less doublecropped acres tillable acres Acres Production tons DM 186 tons DM 95 tons DM 1,136 tons DM 7,2. tons 2,376 tons DM tons DM 3,512 tons DM 5,9. bushels. bushels. bushels Production Per Acre 3.38 tons DM tons 8.49 tons DM tons DM 5.7 tons DM bushels bushels bushels CROP RELATED ACCRUAL EXPENSES Crop Expenses Fertilizer & lime Seeds & plants Spray & other crop expenses Crop Expense Per Tillable Acre $ $ $ All Corn Per Acre.... Corn Silage Per TonDM.... Corn Grain Per Dry Shell Bushel.... Crop Expenses Fertilizer & lime Seeds & plants Spray & other crop expenses Crop Expense Hay Crop Per Acre... Per Ton DM.... Pasture Crop Per Tillable Acre Per Acre MACHINERY Fuel, oil & grease Machinery repair & farm vehicle expense Machine hire, rent & lease Interest (5.% of average market value, owned & leased) Depreciation Machinery Cost $66,196 $91,327 $74,669 $41,37 $135,94 $49,169 Per Tillable Acre $1.6 $ $ $62.37 $26.6 $ CROP PER COW FACTORS tillable acres per cow forage acres per cow Harvested forage dry matter per cow

12 Farm Educator Page 12 2/8/215 Dairy Analysis DAIRY INVENTORY (Market s) Beginning of Year + Change in inventory (without apprec.) + Appreciation = End of Year Dairy Cows No. 313 $46,9 $-3,9 31 $43, Bred Heifers No. 86 $12,4 $58,8 128 $179,2 Open Heifers No. 13 $13, $-56, 74 $74, Calves No. 57 $28,5 $3,5 64 $32, End (including leased) Average number All Age Groups MILK PRODUCTION milk sold Milk sold per cow Average milk plant test 8,649,737 lbs. 27,724 lbs. 3.97% butterfat ANIMALS LEAVING THE HERD Cows sold for beef Cows sold for dairy Cows died Culling rate Number Percent ACCRUAL RECEIPTS FROM DAIRY Milk Dairy cattle (including culls) Dairy calves Net milk receipts $2,28,522 $152,245 $39,774 $2,4,541 $2,152,437 $7,79 $488 $127 $7,694 $6,899 $25.53 $ $27.75 $24.88 ACCRUAL COSTS AND PROFITABILITY Operating cost of producing milk Purchased inputs cost of producing milk* cost of producing milk Net farm income with appreciation Net farm income without appreciation $1,414,162 $1,646,614 $1,91,441 $571,424 $561,98 $4,533 $5,278 $6,94 $1,831 $1,81 $16.35 $19.4 $21.98 $6.61 $6.5 DAIRY RELATED ACCRUAL EXPENSES Purchased dairy grain & concentrates Purchase dairy roughage purchased dairy feed Purchased grain & concentrates as % of milk receipts Purchased feed and crop expense Purchased feed and crop expense as % of milk receipts Breeding Veterinary & medicine Milk marketing Bedding Milking supplies Cattle lease Custom boarding bst expense Professional fees Other livestock expense $681,918 $681,918 31% $797,227 36% $36,91 $39,374 $56,85 $81,817 $46,877 $38,266 $3,777 $2,186 $2,186 $2,555 $116 $126 $18 $262 $15 $123 $12 $7.88. $7.88 $ * cost of producing milk excluding unpaid family labor and operator's labor, management and capital. No Testing Service Limited Liability Corporation Parabone On - farm accounting software Quickbooks Freestall 1% Holstein, % Jersey, % Other. 3X per day bst usage =. Farm coded full-time Farm coded owner Farm coded dairy

13 Farm Educator Page 13 2/8/215 Milk Income and Marketing Report Pounds Percent Price Per Pound Milk BASE FARM PRICE Butterfat Protein Solids 343,186 26, , % 3.1% 5.75% $2.38 $ $816,248 $989,58 $233,75 $9.44 $11.44 $2.7 $2,616 $3,172 $749 Component Contribution $23.58 $6,537 PPD 8,649,737 $77,564.9 $249 Base Farm Price $24.48 $6,786 Premiums Quality Volume Market Premiums Premiums $52,838 $18,646 $2, $169 $6 $8 $237 BASE FARM PRICE + PREMIUM $25.34 $7,23 Deductions Promotion Hauling & Stop Charges. Market Fees & Coop Dues Deductions $12,653 $44,682 $4, $41 $143 $13 $197 BASE FARM PRICE + PREMIUMS - DEDUCTIONS $24.62 $6,826 Marketing Programs Compact Futures Contracts, Forward Contracting, Etc. Marketing Income... Patronage Dividends $17,299.2 $55 NET PRICE RECEIVED ON FARM, ALL SOURCES $24.82 $6,881 PPD - Hauling.38 $16 PPD - Hauling + Market Premiums Net Marketing (PPD + Premiums - Deductions).41 $1.4 $114 $289

14 Farm Educator Page 14 2/8/215 Capital & Labor Efficiency Analysis CAPITAL EFFICIENCY (Average Market ) Farm capital Real estate Machinery & equipment Per Worker $571,974 $112,584 $13,364 $4,768 $2,631 Per Tillable Acre $6,337 $1,247 Per Tillable Acre Owned $1,22 $3,646 RATIOS LABOR FORCE Operator number 1 Operator number 2 Operator number 3 Operator number 4 Operator number 5 Operator number 6 : Family paid Family unpaid Hired Asset Turnover.6 Operating Expense.66 Months Interest Expense.3 Age Depreciation Expense.9 Years of Education of Labor & Management $6, $57, 87.5 /12 = Worker Equivalent Operator/Manager Equivalent LABOR EFFICIENCY Cows, average number Milk sold, pounds Tillable acres 312 8,649, Per Worker 43 1,186,521 9 LABOR COST of operator(s) labor ($ 2,6 / month)* Family unpaid ($2,6 / month)* Hired Gross pay Health insurance & retirement contribution FICA/worker compensation Other benefits Labor $14,886 $16,661 $4,247 $78, $8,32 $161,794 $248,114 $25 $27 $519 $ $1.87 $2.87 Machinery Cost (see page 11) $49,169 $1,311 $4.73 Labor & Machinery Cost $657,283 $2,17 $7.6 Hired labor expense per hired worker equivalent Hired labor expense as % of milk sales $35, % *When comparing to previous years' data, please note 1998 constants used in calculations were $16/month for both the value of operator(s) labor and unpaid family labor. In 1999, these values were $18/month, 2 = $19/month, 21 = $2/month, and in 22 = $21/month. For 23 through 25 these values were $22/month and in 26 = $23/month.

15 Farm Educator Page 15 2/8/215 Receipts and Expenses per Cow and per Cwt Item Average number of cows Cwt. of milk sold , , , ACCRUAL OPERATING RECEIPTS Milk Dairy cattle Dairy calves Other livestock Crops Miscellaneous receipts Operating Receipts $5,4 $46 $39 $269 $37 $6,6 $19.48 $ $1.4 $1.19 $23.43 $5,859 $38 $52 $388 $231 $6,91 $21.24 $ $ $25.5 $7,79 $488 $127 $194 $133 $8,21 $25.53 $ $28.93 ACCRUAL OPERATING EXPENSES Hired labor Dairy grain & concentrate Dairy roughage Nondairy feed Professional nutritional services Machine hire, rent & lease Machine repair & vehicle expense Fuel, oil & grease Replacement livestock Breeding Veterinary & medicine Milk marketing Bedding Milking supplies Cattle lease Custom boarding BST expense Professional fees (livestock) Other livestock expense Fertilizer & lime Seeds & plants Spray & other crop expense Professional fees (crops) Land, building & fence repair Taxes Real estate rent & lease Insurance Utilities Interest paid Professional fees (other) Miscellaneous Operating Expenses Expansion livestock Extraordinary expense Machinery depreciation Real estate depreciation Expenses Net Farm Income Without Appreciation $438 $1,85 $63 $275 $184 $199 $7 $16 $118 $186 $219 $243 $11 $166 $1 $16 $25 $18 $2 $75 $55 $56 $43 $94 $243 $34 $29 $5,7 $311 $285 $5,666 $394 $1.69 $ $ $ $1.2 $1.1 $21.9 $1.52 $452 $2,27 $61 $184 $236 $22 $14 $142 $272 $185 $171 $177 $7 $12 $339 $17 $19 $52 $45 $59 $59 $19 $234 $32 $2 $5,38 $354 $29 $5,952 $958 $1.64 $ $ $ $1.28 $1.5 $21.58 $3.47 $519 $2,186 $239 $293 $212 $116 $126 $18 $262 $15 $123 $12 $246 $11 $23 $111 $48 $81 $45 $141 $26 $22 $35 $5,475 $436 $39 $6,22 $1,81 $1.87 $ $ $ $1.57 $1.12 $22.43 $6.5

NEW YORK DAIRY FARM DECEMBER 2010 E.B Wayne A. Knoblauch Linda D. Putnam

NEW YORK DAIRY FARM DECEMBER 2010 E.B Wayne A. Knoblauch Linda D. Putnam DECEMBER 2010 E.B. 2010-18 NEW YORK DAIRY FARM RENTERS 2009 Wayne A. Knoblauch Linda D. Putnam Charles H. Dyson School of Applied Economics and Management College of Agriculture and Life Sciences Cornell