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1 CORNELL COOPERATIVE EXTENSION DAIRY FARM BUSINESS SUMMARY DATA CHECK-IN FORM SCREEN 1. Name County Farm Name Address Proc. number Year 2011 Phone no. house barn ( )complete, ( ) entered, ( )ready Fax no. Update Screens: address: (Old farm number ) WORKSHEET 1. MACHINERY & EQUIPMENT PURCHASED Market Market Description Amount or boot paid + value of trade-in = value of new item 1 $ $ $ TOTAL MACH. & EQUIP. PURCHASED $ 1 Loss in market value may occur from date of purchase to year end. Adjust year end value recorded in inventory to represent year end market values of machinery and equipment purchased. WORKSHEET 2. MACHINERY & EQUIPMENT SOLD OR DESTROYED (not trade-ins) Insurance Description Sale Amount Received $ $ TOTAL MACH. & EQUIPMENT SOLD $ + $ _ = $ _ MACHINERY & EQUIPMENT INVENTORY & DEPRECIATION (do not include leased items) SCREEN 2. Market Value Beginning of Year Inventory $ End of Year Inventory $ Machinery & Equipment Purchased + Noncash Machinery Transfer to Farm (e.g., gifts & inheritances) + Machinery & Equipment Sold Tax Depreciation 2 - Total Beginning Inventory After Changes Machinery Appreciation (end less beginning after changes) $ _ $ _ 2 Exclude buildings and cattle from ACRS depreciation. Note: This form has 4 kinds of spaces in the boxed-in Screen areas: are required input, _ are calculated values, x x are for optional input, and are workspace. Worksheets 1, 2, 4, 5 & 6 are optional. Agricultural Finance and Management at Cornell Cornell Dairy Farm Business Summary Program

2 2 WORKSHEET 3. GROWN FEED INVENTORY WORKSHEET Use this worksheet to calculate beginning and end year values of grown feed & supplies. Enter totals in Screen 3 below. Item Quant. January 1, 2011 December 31, 2011 $ per Total $ per Total x Unit = Value Quant. x Unit = Value GROWN FEED AND SUPPLIES: Corn-HMSC or HMEC $ $ $ $ Corn-dry, _ Oats _ Wheat _ Dry hay $ $ $ $ Baleage _ Hay crop silage _ Corn silage $ $ $ $ Other _ Grown supplies: bedding $ $ $ $ lumber _ FEED & SUPPLY INVENTORY SCREEN 3. Inventory Change 1 Total Grown Feed and Supplies (from above) $ $ $ _ PURCHASED FEED: (use p.12 definitions) Dairy grain & concentrate x =$ x =$ Dairy roughage Nondairy feed SUPPLIES: Machine: Parts x =$ x =$ $ _ Fuel, oil, grease Livestock: Semen Veterinary supplies Bedding Milking supplies bst supplements Other livestock supplies Crops: Fertilizer Seeds Pesticides & other Land,building & fence Other: Total Feed & Supplies $ $ 1 All inventory changes are calculated: end year minus beginning year. Carry grown feed and supplies over to Screen 15; and purchased feed and supplies over to Screen 17.

3 LIVESTOCK SCREEN 4. Cow no. check: _ = Cows end year (owned & leased) = Cows beg. Year (owned & leased) + heifers fresh + cows purchased + new leased/rented cows cows sold for beef cows sold for dairy cows died leased/rented cows returned to owner. Number of leased and rented dairy cows at beginning of year ; End of Year. January 1, 2011 December 31, 2011 Owned Livestock No. Market Value Inventory Market Value Inventory Using: 1/1/2011 Prices 12/31/2011 Prices $ per Head Total Value No. $ per Head Total Value $ per Head Total Value Dairy Cows:. $ $ _ $ $ _ $ $ _. _ Total Dairy Cows $ _ $ _ $ _ Heifers: Bred Heifers $ $ _ $ $ _ $ $ _ Open (6 mo.-bred) _ Calves (< 6 mo.) _ Total Heifers $ _ $ _ $ _ Bulls/Other Livestock:. $ $ _ $ $ _ $ $ _. _ Total Bulls & Other Livestock $ _ $ _ $ _ Total Livestock $ _ $ _ $ _ Explain change in livestock value per head from beginning of year to end of year at beginning of year prices: 3

4 4 Name [Proc. No. ] WORKSHEET 4. LAND & BUILDING PURCHASES & SALES New Purchases & Capital Improvements Capital Sales Sale Price Description Cost Lost Capital Description or Amount Received Land: $ xxxxxxx Capital Sales: xxxxxxx $ Total Land Purchases $ xxxxxxx Buildings & Land Improvement 1 $ $ Total Buildings & Lost Capital $ _ $ Total Capital Sales $ 1 e.g., new fences, tile drainage, farm ponds. REAL ESTATE TAX BASIS, INVENTORY & DEPRECIATION SCREEN 5. Beginning Year End Year Market Value Land & Long-term Depreciable Buildings (life of asset 20+ years) $ $ Single Purpose Livestock Structure, Silos, & Grain Bins (life <20 years) Operator s Residence 2 Total Market Value $ $ New Real Estate: Purchased: 3 $ + $ - $ = +$ _ land bldgs./land imp. lost capital value added Noncash Real Estate Transfer to Farm (e.g. gifts & inheritances) + Depreciation: from 2011 income tax (Include buildings in pre-acrs, ACRS, - MACRS & ADS) Real Estate Sold: Total sale price $ Sale expenses - Net sale price Note or mortgage held by seller - Net cash amount received in 2011 = _ 4 - Total Beginning Value After Changes Real Estate Appreciation $ $ 2 Residences included in farm real estate lived in by the operators of the business. 3 Use Worksheet 4. 4 Calculated value is a cash inflow to the farm. If part or all of this was converted to nonfarm, include that amount in personal withdrawals (Screen 17, page 15). TAX BASIS AND TAX FILING INFORMATION ARE NOW CONSIDERED OPTIONAL. SCREEN 6. IF YOU WANT TO COMPLETE THIS INFORMATION, IT IS ON PAGES 19 & 20 OF THIS FORM AND IN SCREEN 19 OF THE DFBS COMPUTER PROGRAM.

5 5 LIVESTOCK & BUSINESS DESCRIPTION SCREEN 7. Avg. No. Primary Livestock For Year Production Record Milking System Business Type Dairy cows (owned, Testing Service(DHIA, etc) Bucket & carry Single prop. rented & leased) DHI# Dumping station Partnership Heifers (dairy) On Farm System Pipeline L L C Bulls Other Herringbone conv. Sub. S Corp. Other: (type) None Herringbone rapid Sub. C Corp. Parallel Primary Financial Breed & % Milking Parabone Recordkeeping System of Herd Frequency Dairy Housing Rotary Account Book Holstein, % 2x/day 1 Stanchion/Tie-Stall Other Accounting Service Jersey, % 3x/day 2 Freestall On-Farm Computer Other, % Other 3 Combination (Software ) Other Check if Certified Organic Milk Producer: Year first became certified: SCREEN 8. LABOR INVENTORY Full-Time Months Age Years Educ. Value of Management & Labor Operator - 1 $ - 2 $ - 3 $ - 4 $ - 5 $ - 6 $ Family (paid employees) Family (unpaid) Hired (regular & seasonal) Total 12 = Worker Equivalent (Based on 230 hours/month) LAND INVENTORY Acres Owned + Acres Rented = All Acres Tillable land Pasture (nontillable) Woods & other nontillable Total TILLABLE LAND USE Acres (1st cut only) Total Production (all cuttings) Dry Matter Coefficient 5 SCREEN 9. Total Tons Dry Matter Hay Crop (1st cut acres only) xxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxxxxxxxxx Hay xxxxxxxxxxxxxxxxx tons Baleage xxxxxxxxxxxxxxxxx tons Hay crop silage xxxxxxxxxxxxxxxxx tons Corn silage tons Other forage harvested tons Corn for grain 4 dry sh. bu. Total ton DM Oats dry bu. Wheat dry bu. Other xxxxxxxxxxxxxxxxxx Tillable pasture [ ] Check if Rotational Grazing milking herd at least Idle tillable acres Less double cropped acres Total tillable acres 3 months of year, changing paddock at least every 3 days, and more than 30% of the forage consumed during the growing season was from grazing. 1 All cows were milked 2x for entire year. 2 All cows were milked 3x for entire year. 3 A portion of herd was milked 3x or total herd was milked 3x for part of year or milked more than 3x/day. 4 Convert to dry shelled equivalent (see tables, page 18). 5 Enter as decimal, e.g., 40% is entered as.4.

6 6 BALANCE SHEET INFORMATION ASSETS SCREEN 10. January 1, December 31, 2011 Total Farm Inventory 2 $ $ Other Farm Assets: Farm cash, checking & savings $ $ Accounts receivable 3 Farm Credit stock Other stock & certificates Prepaid expenses 4 x x x x Total Farm Assets $ $ Nonfarm Assets: 5 Personal cash, checking & savings $ $ Cash value life insurance Nonfarm real estate Personal share auto Stock & bonds Household furnishings Other (include mortgages & notes) Total Nonfarm Assets $ $ TOTAL ASSETS (not including leases) $ $ 1 If you participated in the Dairy Farm Business Summary project last year, there is no need to enter the January 1, 2011 values unless a change needs to be made in the values entered last year. 2 The sum of machinery inventory, livestock inventory, feed and supplies, and real estate market value for both beginning and end of year. The computer program calculates this entry from earlier input. 3 Remember to include the January milk check as an account receivable. The amount of accounts receivable at beginning and end of year must agree with the total accounts receivable calculated in Screen 12, page 7. 4 Include any expenses that have been paid for in advance of their use. For example, 2012 rent paid in Use Screen 11 to distribute the change in prepaid expenses among the proper expense categories in the Change in Inventory or Prepaid Expense column in Screen 17, pages 14 and Nonfarm assets for partnerships and corporations should include nonfarm assets of all families in the business or none at all. CHANGES IN PREPAID EXPENSES SCREEN 11. Complete only if you have prepaid expenses of non-inventory items. Account Prepaid Prepaid Change in Allocation Number Balance - Balance = Prepaid Prepaid Change in or Description 12/31/2011 1/1/2011 Expense Code Code Category Prepaid Exp. : $ - $ = $ 1 Hired Labor $ : $ - $ = $ 2 Professional nutritional services : $ - $ = $ 3 Machine hire, rent & lease : $ - $ = $ 4 Replacement livestock : $ - $ = $ 5 Milk marketing : $ - $ = $ 6 Cattle lease & rent : $ - $ = $ 7 Custom boarding : $ - $ = $ 8 Livestock, professional fees : $ - $ = $ 9 Crops, professional fees : $ - $ = $ 10 Real estate taxes : $ - $ = $ 11 Real estate rent & lease : $ - $ = $ 12 Insurance : $ - $ = $ 13 Utilities (farm share) : $ - $ = $ 14 Interest : $ - $ = $ 15 Other, professional fees _ Totals: $ - $ = $ _ 16 Expansion livestock _ Must agree with (Scr. 10) (Scr. 10) (Scr. 17) 17 Extraordinary expense _

7 7 CHANGES IN OPERATING ACCOUNTS RECEIVABLE SCREEN 12. Account Change in Allocation Number Balance - Balance = Accounts Receipt Change in or Description 12/31/2011 1/1/2011 Receivable Code Code Category Acct. Rec. : $ - $ = $ 1 Butterfat $ : $ - $ = $ 2 Protein : $ - $ = $ 3 Other Solids : $ - $ = $ 4 Producer Price Differential : $ - $ = $ (PPD) : $ - $ = $ 5 Quality : $ - $ = $ 6 Volume : $ - $ = $ 7 Compact Payment : $ - $ = $ 8 Patronage Dividend : $ - $ = $ 9 Other Milk : $ - $ = $ 10 Futures/Contracts : $ - $ = $ 11 Dairy Cattle : $ - $ = $ 12 Dairy Calves : $ - $ = $ 13 Other Livestock : $ - $ = $ 14 Crops : $ - $ = $ 15 Government Receipts : $ - $ = $ 16 Custom Machine Work _ Totals: $ - $ = $ _ 17 Gas Tax Refund _ Must agree with (Scr. 10) (Scr. 10) (Scr. 15) 18 Other _ Guidelines for Recording Accounts Receivable 1. Identify changes in operating accounts receivable by subtracting beginning from end of year balance (e.g. changes in milk receipts = January 2012 check minus January 2011 check). 2. Assign and allocate changes in accounts receivable to appropriate farm receipts category. 3. All accounts receivable should appear as assets on the balance sheet, Screen 10, page 6. ACCRUAL CHANGES IN POUNDS OF PRODUCTION Item Pounds Produced Dec Pounds Produced Dec = Change In Dec. Pounds + Annual Pounds Paid for in 2011 = Accrual Pounds For Total Milk Pounds _ Butterfat Pounds _ Protein Pounds _ Other Solids, Pounds _ 1 If accrual pounds for 2011 are available from your recordkeeping system, enter the accrual values in the annual pounds paid for in 2011 column. If this is done, then do not enter values in the December columns.

8 Name: [Proc. No. ] BALANCE SHEET INFORMATION SCREEN 13. LIABILITIES 1 DEBT PAYMENTS Creditor Beg. Planned 2012 (the first 21 Amount Amount of Amount of Actual 2011 Payments 2012 Amount Payments characters will be used as input.) Long Term Debt (>10yrs.) Jan.1, 2011 Dec. 31, 2011 New Borrowings Debt Refinanced 2 Principal Interest Int. Rate of Payments ($) ($) ($) ($) ($) ($) (%) ($) (number) Intermediate Term Debt (>1yr., <10yrs.) Per Year 1 Farm Credit liabilities at beginning and end of year must be the proceeds amount; i.e., the liability excluding Farm Credit stock. Farm Credit stock displayed above Short Term Debt is entered in Screen 10, page 6. 2 Enter amount of old loan refinanced as a negative number; new loan or refinanced amount as a positive number. Do not include these amounts in new borrowings or with principal payments. 8

9 Name: [Proc. No. ] BALANCE SHEET INFORMATION (continued) SCREEN 13. (continued) LIABILITIES 1 DEBT PAYMENTS Creditor Beg. Planned 2012 (the first 21 Amount Amount of Amount of Actual 2011 Payments 2012 Amount Payments characters will be used as input.) Jan.1, 2011 Dec. 31, 2011 Farm Credit Stock Short Term Debt (1 year or less) (borrowed to purchase capital items) New Borrowings Debt Refinanced 2 Principal Interest Int. Rate of Payments ($) ($) ($) ($) ($) ($) (%) ($) (number) x x... x x... Operating Debt (borrowed to buy items entered as expenses in Screen 17) net reduction planned in: Per Year operating debt: $... Accounts Payable 3 accounts payable: Advanced Gov't. Rec. 4 Total Farm Liab/Pymts $ $ _ $... $ $ $ Nonfarm Liabilities and Payments 5 Total Nonfarm Payments: $ $ $x x $ $ $ $ $ $x x $ $ $ TOTAL LIAB/PYMTS $ $ _ $... $ $ (not including leases) 3 Accounts not paid (no money borrowed) for noncapital items/services. Accounts payable at beginning and end of year must agree with the totals in Screen 16, page Include government payments received in 2012 that are for participation in the 2011 program, as the end year balance. Enter government payments received in 2010 for participation in the 2011 program as the beginning year balance. 5 Include debt incurred for all nonfarm assets purchased. 9

10 10 FINANCIAL LEASES SCREEN 14. Fill in the following table if you are leasing cattle, equipment, or structures from outside your family or business. Include only formal financial lease agreements; i.e., where there is a scheduled payment commitment. Do not include rent paid here but record it under the appropriate expense category on Screen 17, page 14 or 15. Leased item Amount of each payment No. of payments in 2011 Total 2011 expense No. of payments/ full year No. of payments remaining Cattle: $ $ Total $ 1 Equipment: $ $ Total $ 2 Structures: $ $ Total $ 3 1 Enter under Cattle leases on Screen 17, page Enter under Machine hire, rent & lease on Screen 17, page Enter under Real Estate rent/lease on Screen 17, page 15.

11 + = Accrual 11 SUMMARY OF 2011 RECEIPTS AND CHANGES IN INVENTORY AND ACCOUNTS RECEIVABLE SCREEN 15. Change in Farm Cash Total Cash + Change in Accounts Receipts Detail Receipts Inventory 1 Receivable 2 Receipts Milk Butterfat $ $ _ $ _ Protein Other Solids Producer Price Differential (PPD) Quality Volume Compact Payment Patronage Dividend Other Milk Futures/Contracts Total Milk $ xxxxxxxxxx $ _ $ _ Raised Cattle Sales Purchased Cattle Sales Total Cattle Sales _ Dairy Calves Other Livestock Crops Government Receipts 3 Custom Machine Work xxxxxxxxxx Gas Tax Refunds xxxxxxxxxx Other: $ $ $ Total Other xxxxxxxxxx TOTAL $ $ _ $ _ $ _ Sale of other stock & certificates (exclude Farm Credit stock) $ Nonfarm Receipts: Cash income (describe & itemize largest amounts): Description $ ; Description $ Description $ ; Description $ Cash used in the business from nonfarm capital Noncash capital transferred to farm business for cattle, crops, etc. (e.g. gifts/inheritances) [excluding machinery (enter Screen 2) & real estate (enter Screen 5)] = $ (total) $ $ 1 End of year (at beginning prices for cattle) minus beginning of year. 2 Use Screen 12 on page 7 to calculate. 3 Change in advanced government receipts (beginning year minus end year) calculated from values entered in Screen 13, page Include gross value for pounds of milk sold. Guidelines for Recording This Year s Receipts 2. Dairy cattle sales include receipts from cull cows and breeding stock. Include bob calf receipts under dairy calves sold. 3. Crop sales include sales of standing and harvested crops and any crop insurance proceeds. 4. Machinery and real estate sales are netted out in the inventory-depreciation calculations and must not be added in with other farm receipts.

12 12 5. Itemize and identify miscellaneous receipts of more than $500. Include income from maple product sales and positions such as director of cooperative, as well as farm tax refunds. 6. Nonfarm cash income from nonfarm work for self and spouse, nonfarm tax refunds, principal and interest received from prior sale of farm assets, timber sales, gas and oil royalties, gravel sales, income from elected office, and other nonfarm income that is available for debt payments and family living. In some instances, receipts such as timber sales should be classified as farm income; i.e., if the farm operator has actively managed the enterprise and the corresponding expenses are included in Screen 17, page 14. All nonfarm income must be entered for the Annual Cash Flow Statement to balance. 7. Cash used in the business from nonfarm capital is all the rest of the cash flowing into the farm business from outside. Include cash from personal savings accounts, stocks or bonds converted to cash, cash gifts and inheritances, cash grants, and cost share payments. 8. Noncash capital transferred to farm business includes gifts and inheritances of farm assets (excluding machinery & real estate) and the conversion of nonfarm assets to farm assets. Guidelines for Recording This Year s Expenses on Pages 14 and Enter hired labor expenses separately including wages, social security paid on labor, worker s compensation insurance (net of refunds), unemployment insurance, and privileges purchased for hired labor. Wages paid must be consistent with months of hired labor. Check to see that monthly wages range between $1,400 and $3,500 per employee. Make sure that wages do not include draws to partners or wages of corporate owner-operators for individuals entered as operators in Screen 8, page Dairy grain and concentrate bought should include the concentrate, minerals, protein, and grain purchased during the year for the dairy herd including heifers, calves, and bulls. Also include anhydrous ammonia purchased for silage additive. Dairy roughage includes hay and silage for the dairy herd. All feed purchased for livestock such as horses, beef cattle, sheep, etc. should be included in nondairy livestock feed. 3. Include all machinery rent paid and any lease payments on machinery. Include machinery parts and repair expenses as well as insurance and registration for trucks used solely for farm purposes under machinery repairs and farm vehicle expense. Also include expenses for farm share of other vehicles. 4. Milk marketing expenses include government assessments, milk hauling, milk promotion, and coop dues. Do not include capital assessments. Cattle lease expense includes cattle lease payments and cattle rent. Other livestock expenses include DHIC dues and cattle registration. 5. Enter all the town, county, and school taxes paid on farm real estate. Exclude income and self-employment taxes. (Itemize corporate taxes under miscellaneous.) Sales taxes should be capitalized along with cost of improvement. 6. Enter all the fire, farm liability, and crop insurance paid on farm property. Exclude life insurance and personal health insurance. Enter employee health insurance under hired labor expense, and truck/auto insurance as machinery expense. 7. Enter the farm share of utility expenses (e.g. electricity, telephone, heating fuel). 8. Include all real estate rent paid and any lease payments on structures. Identify taxes and insurance paid by the rentee as rent. Include storage costs associated with storing homegrown corn and soybeans that are either eventually sold or fed to the cows. Enter machinery lease payments under machine hire, rent or lease, cattle lease payments under cattle lease expense. 9. Include all interest paid on farm liabilities including finance charges. Make sure interest paid equals total farm interest, column 7, Screen 13, page Miscellaneous expenses should not be large. Include only those items which cannot be identified within another category. Maple product expenses should be entered as miscellaneous. 11. Cattle and other livestock purchased must be divided into those purchased as replacements and those that increase the size of the herd (expansion). Start by assigning the increase in herd size corresponding to changes recorded on Screen 4, page 3.

13 CHANGES IN OPERATING ACCOUNTS PAYABLE SCREEN 16. Complete only if you have operating accounts payable. Account Change in Allocation Number or Description Balance 12/31/ Balance 1/1/ = Accounts Payable Code Code Expense Category Change in Acct. Pay. Milk hauling : $ - $ = $ _ 12 1 Hired Labor $ _ Feed Milk promo. : $ - $ = $ _ 12 2 Dairy grain & concentrate _ 3 Dairy roughage _ Coop dues : $ - $ = $ _ 12 4 Nondairy feed _ 5 Professional nutritional services : $ - $ = $ Machinery 6 Mach. hire & lease : $ - $ = $ 7 Mach. repair & vehicle exp. _ 8 Fuel, oil & grease : $ - $ = $ Livestock 9 Replacement livestock : $ - $ = $ 10 Breeding _ 11 Veterinary & medicine : $ - $ = $ 12 Milk marketing _ 13 Bedding : $ - $ = $ 14 Milking supplies _ 15 Cattle lease : $ - $ = $ 16 Custom boarding _ 17 bst : $ - $ = $ 18 Livestock, professional fees _ 19 Other livestock expense : $ - $ = $ Crops 20 Fertilizer & lime : $ - $ = $ 21 Seeds & plants _ 22 Spray, other crop exp. : $ - $ = $ 23 Crops, professional fees _ Real Estate : $ - $ = $ 24 Land, building & fence repair _ 25 Taxes : $ - $ = $ 26 Rent & lease _ Other : $ - $ = $ 27 Insurance _ 28 Utilities (farm share) : $ - $ = $ 29 Interest _ 30 Other, professional fees : $ - $ = $ 31 Miscellaneous _ 32 Expansion Livestock _ TOTAL: $ _ - $ _ = $ _ 33 Extraordinary Expense _ Must agree with: (Scr. 13) (Scr. 13) (Scr. 17) =====equals======> $ _ Guidelines for Recording Accounts Payable 1. Identify changes in open operating accounts payable from beginning to end of year. These are accounts established when farm inputs, such as feed, fertilizer, farm supplies, machinery, repairs, and veterinarian services were bought on credit. 2. If there is more than one account per dealer or farm supplier (e.g., feed is purchased from the same supplier as fertilizer), list them separately on the lefthand portion of the worksheet to facilitate easier allocation to farm expense categories. 3. Assign and allocate changes in open operating accounts payable to appropriate farm expenses using the codes Totals go to Screen 17, page When more than one type of farm input is included in a particular open account, allocate to the expense categories using the estimated ratio of farm input actually purchased from the account during the year. 5. If scheduled debt payments were not made, there is likely an increase in accounts payable for interest. However, if the loan was refinanced and the unpaid amount added to the principal, the interest is considered paid and is reported in Screen 13, pages 8 & Total accounts payable should appear as a liability on the balance sheet, Screen 13, page 9.

14 14 SUMMARY OF 2011 EXPENSES & CHANGES IN INVENTORY & ACCOUNTS PAYABLE See page 12 for instructions. Change in SCREEN 17. Inventory Change in Cash Total Cash - or Prepaid + Accounts = Accrual Farm Expenses Detail Amount Paid Expenses 1 Payable 2 Expenses Hired Labor 3 $ $ x _x $ _ $ Gross pay $ Health insurance & retire contribution FICA/worker comp. Other benefits Feed (see Guideline 2 on page 12) Dairy grain & concentrate Dairy roughage Nondairy feed Professional nutritional services x _x _ Machinery Machine hire, rent & lease x _x _ Machinery repairs & farm vehicle expense 3 Equipment repair $ Milk system repair Vehicle expense Parts & supplies Fuel, oil & grease Livestock Replacement livestock x _x _ Breeding Veterinary & medicine 3 Veterinary service $ Medicine Hoof trimming Milk marketing 3 x _x _ Milk hauling $ Advertising/Promotion Coop dues & other Bedding Milking supplies Cattle lease & rent x _x _ Custom boarding x _x _ bst Livestock, professional fees x _x _ Other livestock expense 1 Changes in prepaid expenses are carried over from Screen 11, page 6 and displayed in x _x spaces. Total change in prepaid expense must = the difference between prepaid expense totals in Screen 10, page 6 (end year minus beg. year). 2 Use Screen 16 on page 13 to calculate. 3 Please provide the breakdown for this expense if available, or enter total in cash amount paid column.

15 15 SUMMARY OF 2011 EXPENSES & CHANGES IN INVENTORY & ACCOUNTS PAYABLE (Continued) See page 12 for instructions. Change in SCREEN 17. Inventory Change in Total Cash - or Prepaid + Accounts = Accrual Farm Expenses Amount Paid Expenses 1 Payable 2 Expenses Crops Fertilizer & lime 3 3 Seeds & plants 3 3 Spray & other crop expense 3 3 Crop, professional fees x _x _ Real Estate Land, building & fence repair Taxes x _x _ Rent & lease x _x _ Other Business Insurance x _x _ Utilities (farm share) x _x _ Interest x _x _ Other, professional fees x _x _ Miscellaneous TOTAL OPERATING $ _ $ $ _ $ Expansion livestock $ x _x $ _ $ Extraordinary Expense 4 $ x _x $ _ $ Purchase of other stock & certificates (exclude Farm Credit stock) $ Nonfarm Cash Expenses Personal withdrawals & family expenditures 5 Family living $ Insurance Taxes Legal fees Withdrawal of retained earnings 6 Other $ 1 Changes in prepaid expenses are carried over from Screen 11, page 6 and displayed in x _x spaces. Total change in prepaid expense must = the difference between prepaid expense totals in Screen 10, page 6 (end year minus beg. year). 2 Use Screen 16 on page 13 to calculate. 3 Calculate for completion of Crop Expense Breakdown, Screen 19, page 19 (Optional). Please refer to Screen 3, footnote 1. 4 Includes large, one-time expenses, such as legal fees, settlement expenses, or other expenses that are never expected to be paid again. 5 Include all cash withdrawals plus all additional nonfarm expenses paid with farm cash or from farm accounts, e.g., income tax, selfemployment tax, life insurance and wages of corporate owner-operators. Include withdrawals used for nonfarm loan payments, savings and investments as well as family living expenses. Include borrowed capital used for nonfarm purchases, providing it has been entered as a new nonfarm liability in Screen 13, page 9. If any or all Nonfarm Cash Income has been excluded from the value entered in Screen 15, page 11, you must also exclude any family expenses paid from that income. 6 Withdrawal of money out of the business for purposes of transferring ownership or for unusual large family expenses; e.g., emergency medical expenses or wedding.

16 16 NOTES: SCREEN 18. Please describe any special situations or other comments you have about the data for this farm. COMMENTS/SUGGESTIONS FOR IMPROVEMENTS TO DFBS OR SUGGESTIONS FOR IMPROVING USEFULNESS OF DFBS: Please note: Business analyses generated through the use of the Dairy Farm Business Summary Program are dependent upon the accuracy of the individual farm data submitted. Analyses are provided to assist the manager in making decisions regarding future management actions to improve the business. Cornell University and Cornell Cooperative Extension do not assume responsibility for decisions made by farmers.

17 17 Name [Proc. No. ] THE REMAINING PAGES OF THIS FORM CONTAIN OPTIONAL INPUT. WORKSHEET 5. bst Usage in OPTIONAL Used consistently, Percent of Herd Used inconsistently Started usage in month: Stopped usage in month: Did not use in 2011 bst USAGE CALCULATION -- OPTIONAL Percent of maximum possible cow days that could be supplemented with bst that was actually supplemented: Number of cow days treated with bst during the year: $ $ = (A) _ Accrual bst expense Price paid for one treatment, = Number of bst treatments used during the year (See Screen 17 (including shipping costs) to Calculate) (A) _ x = (B) _ Number of treatments x Treatment period = Number of cow days treated with bst (days between treatments) Maximum number of cow days available for treatment per year: - 63 = (C) _ Average days in milk when dried off 63 = Days available per cow for treatment per lactation (C) _ x 12 = (D) Days available per cow per lactation x 12 Calving interval (months) = Days available per cow per year (D) _ x = (E) Days available/year x Average # of milking and dry cows = Total cow days available for treatment Percent of maximum possible cow days treated: (B) _ (E) _ x 100 = _ Number of cow days treated Maximum # of days available for treatment x 100 = Percent of maximum possible cow days treated Average days in milk when cow received first treatment Average days in milk when cow received last treatment Number of cows never treated with bst Cows days days

18 18 Name [Proc. No. ] WORKSHEET 6. CORN GRAIN CONVERSION WORKSHEET -- OPTIONAL Percent Moisture Tons as Harvested 1 Conversion Factor 2 Dry Shell Equivalent Ear Corn: % T = bushels = Shell Corn: % T = bushels = Total (enter in Screen 9, page 5) bushels 1 Use Table 1 below. 2 Use Table 2 below. TABLE 1. TOWER SILO CAPACITIES FOR HIGH MOISTURE CORN Settled Tons High Moisture Ear Corn 3 Inside Diameter in Feet Tons High Moisture Shelled Corn 4 Sealed Storage Depth Feet Diameter Based on 33 percent moisture content. 4 Based on 28 percent moisture content. HMEC stored in horizontal silos will range from 40 to 42 pounds per cubic foot. TABLE 2. CORN GRAIN CONVERSION TABLE Percent Tons of Shelled Corn Moisture in Kernel Needed to Equal One Bushel of Dry Shelled 5 Percent Moisture in Whole Ear Tons of Ear Corn Needed to Equal One Bushel of Dry Shelled Corn One bushel of no. 2 corn at 15.5 percent moisture content.

19 19 *************SCREEN 19. OPTIONAL INPUT************* BREAKDOWN OF 2011 ACCRUAL CROP EXPENSES BY CROP -- OPTIONAL Crop Accrual Fertilizer & Lime Accrual Seeds & Plants Accrual Spray, Other Crop Expenses Hay crop (silage & dry) $ $ $ Corn (silage & grain) Pasture All other crops Total $ $ _ $ _ Totals above must equal accrual expenses in Screen 17, page 15. INFORMATION NEEDED TO CALCULATE DEFERRED TAXES -- OPTIONAL MACHINERY & EQUIPMENT TAX BASIS -- OPTIONAL Beg. Year $ End Year $ LIVESTOCK -- OPTIONAL Beginning Year Owned No. Livestock Raised Base Value 1) End Year No. Raised Dairy Cows:. ($ 1000). ( 1000) Total Dairy Cows Heifers: Bred Heifers ( 900) Open (6 mo.-bred) ( 600) Calves (< 6 mo.) ( 300) Total Heifers Bulls/Other Livestock:. ( 1000). ( 1000) Total Bulls & Other Livestock Total Livestock Tax Basis of All Beg. Year End Year Current Year Depreciation Purchased Livestock on Cattle Purchased $ $ $ Tax Basis of Purchased Cattle Sold in Current Year $ 1) These are recommended values; may be revised if necessary.

20 20 SCREEN 19. OPTIONAL INPUT -- CONTINUED REAL ESTATE TAX BASIS -- OPTIONAL Beginning Year End Year Land & Long-term Depreciable Buildings (life of asset > 20 years) $ $ Single Purpose Livestock Structure, Silos, & Grain Bins (life < 20 years) Operator s Residence 2) 2) Residences included in farm real estate lived in by the operators of the business. TAX FILING INFORMATION -- OPTIONAL Proprietorship: Tax filing status 3) Number of dependents Nonfarm Income of operator on which self-employment or Social Security tax was paid. $ OR Partnership Information: Partner 1 Partner 2 Partner 3 Partner 4 Partner 5 Tax Filing Status 3) Number of Dependents Percent Share of Farm Adjusted Gross Income % % % % % Percent Ownership of: Current Assets % % % % % Livestock % % % % % Machinery % % % % % Real Estate % % % % % Nonfarm Income of operator on which self-employment or Social Security tax was paid. $ $ $ $ $ 3) 1=single, 2=married filing jointly, 3=married filing separately, 4=head of household.