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Increasing Financial Management Skills in Farm Women

Chris Bruynis

Summary

Farm Finance for Women workshops were designed to address the area of financial risk management. The need to provide more in-depth workshops focusing on the development of financial statements, recordkeeping, and financial analysis of the farm business was identified by the participants of the Annie’s Project workshops held previously. The Farm Finance for Women workshop was designed for a class size of ten women, meeting four times for three hours each time. Participants were taught using a variety of lectures, hands-on training, class exercises, homework, and guest presenters. Session one included exercises related to how men and women view money, how money is utilized, and cash flow budgeting for both the household and the farm. Session two focused on recordkeeping utilizing Quicken software where each participant had a laptop computer. The last two sessions focus on the five main financial statements, how to development the statements, where to find the numbers and how to evaluate your financial situation using farm financial standards ratios. Class exercises and homework were utilized as teaching tools and participants were given the opportunity to complete a financial analysis of their farm using FINPACK software. Three workshops were held in 2011 with 47 women participating. Evaluation results indicated participants’ improved financial decision making skills and increased their confidence level in financial management and analysis. Additionally, 73% believed the knowledge gained will have a positive economic benefit to their farm business, 80% improved their recordkeeping and involvement in financial decisions, and 47% adopted Quicken software for recordkeeping.

Details

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