Build your Financial Acumen with Us!
Here at Richland Federal Credit Union, we have a vested interest in providing the tools necessary to help our members become masters of their finances!
Consumers, business owners and agricultural producers alike are the backbone of our community’s financial development. Utilize the budgeting, production and estate planning resources on this page to educate yourself further!
Farmers & Ranchers Resources
When applying for a new loan, a lender may ask for a filled out balance sheet. Where does one start? What is the purpose of a balance sheet, and how do lenders use balance sheets and other financial statements? This link will explain what financial statements are and what lenders or other financial managers use them for!
Build a Farm Budget for an operating year! The Iowa State Extension has provided producers with the tools necessary to manage every aspect of their farm or ranch’s finances! Producers should know local costs of inputs such as fertilizer, seed, chemical, feed, labor, etc. before filling out budgets.
This link leads to a farm business management website operated by Iowa State University Extension. Crop, livestock, whole farm, business development, cooperative, and renewable energy information is available here to provide expert analysis of the associated industries, albeit tailored to an Iowa audience. However, the economic principles and tools on the website are applicable to farmers and ranchers in Eastern Montana or Western North Dakota.
MSU Extension has provided decision making tools. Year to year management decisions deserve careful consideration. Farmers and ranchers need decision tools they can depend on! https://econtools.msuextension.org/
Every farm or ranch needs a rock-solid succession plan. Begin the process of planning how your operation will be handed down to the next generation of operators, leased to another party or sold to the next owner. Family legacies, tax implications, and working relationships are important to consider when crafting a plan for the future of your farm or ranch. Plan for the future using classes, workshops and resources offered by the Montana State University Extension!
Every farm or ranch is a business, and should be treated as such! Diversified Ag operations may produce crops, livestock and other services. To analyze the profitability of each individual crop, livestock production stage and service an operation offers, an enterprise analysis tool can prove to be valuable! Separate revenue earned and expenses incurred by each enterprise, along with the goods and services ‘traded’ from one to another in the same operation to calculate the TRUE profitability of each venture!
*Columns can be added and subtracted, internal transactions can be customized, and expense categories can be specified to fit any agricultural operation*
Iowa State University Extension: Fine-tune Management Decisions with Enterprise Accounting | Ag Decision Maker
Financial ratios are important indicators of a business’s financial condition. Current ratio, Debt-to-Equity ratio, Rate of return on Assets, and Debt coverage ratio are a few crucial financial ratios that lenders use to evaluate the financial strength of a business.
This educational series from Michigan State University Extension breaks down 21 important financial ratios. Learn how they are calculated, why they are important, and how lenders use them to make lending decisions!
Budgeting is sexy! Budgets aren’t meant to restrict your life, rather they allow you to plan your spending in a way that fits your unique lifestyle. Spend handsomely on things that bring value to your life, and slash the things that do not.
This user-friendly spreadsheet is a great tool to use in your independent financial planning. Set goals for your spending categories and re-evaluate your actual spending at the end of each month to check your progress! Monthly Personal Budget Tool