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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY AGE OF OPERATOR *** - 35 *** *** 36 - 40 ***
16 FARMS 12 FARMS
ITEM PER FARM PER FARM
1 BEEF 53,062 44,443
2 DAIRY AND MILK 36,234 63,869
3 SHEEP
4 SWINE 16-
5 POULTRY AND EGGS 12-
6 OTHER LIVESTOCK 531 137-
7 CUSTOM FEEDING 542
8 FEED PURCHASED 17,464- 28,393-
9 LIVESTOCK INCOME $72,890 $79,770
10 CORN 12,564 8,356
11 GRAIN SORGHUM 20,654 26,926
12 SOYBEANS 18,448 17,964
13 SUNFLOWERS 788 2,820
14 WHEAT 39,750 38,539
15 HAY AND FORAGE 4,187 4,322
16 OTHER CROP 428 3,562
17 GOVERNMENT PAYMENTS 17,243 21,730
18 CROP INSURANCE PROCEEDS 3,992 1,712
19 OTHER INCOME 14,781 15,484
20 VALUE OF FARM PRODUCTION $205,725 $221,185
21 HIRED LABOR 4,621 11,974
22 MACHINERY REPAIRS 12,554 16,397
23 IRRIGATION REPAIRS 165 3
24 BUILDING REPAIRS 1,047 2,082
25 INTEREST PAID 13,499 14,400
26 SEED-OTHER CROP EXPENSE 9,103 11,254
27 CROP INSURANCE 3,646 2,943
28 FERTILIZER-LIME 20,067 22,134
29 MACHINE HIRE 10,636 8,228
30 ORGANIZATION FEE, PUBLICATION 1,868 2,970
31 VET-MED-DRUGS 3,745 3,460
32 CROP STORAGE-MARKETING 296 1,047
33 LIVESTOCK MARKETING-BREEDING 1,618 2,400
34 DAIRY EXPENSE 3,025 4,907
35 GAS-FUEL-OIL 8,115 9,114
36 IRRIGATION ENERGY 260 190
37 REAL ESTATE TAXES 2,792 3,597
38 PERSONAL PROPERTY TAXES 322 547
39 GENERAL FARM INSURANCE 2,145 3,746
40 UTILITIES 3,677 6,210
41 CASH FARM RENT 13,025 16,023
42 HERBICIDE-INSECTICIDE 8,681 14,036
43 CONSERVATION 102 30
44 AUTO EXPENSE 1,873 2,060
45 TOTAL OPERATING EXPENSE $126,885 $159,754
46 DEPRECIATION-MACHINERY 11,826 15,903
47 DEPRECIATION-BUILDINGS 1,393 4,984
48 TOTAL FARM EXPENSE $140,103 $180,641
49 NET FARM INCOME $65,622 $40,545
50 UNPAID FAMILY LABOR 422 1,313
51 UNPAID OPERATOR LABOR 25,819 26,550
52 MANAGEMENT CHARGE 13,872 10,300
53 CURRENT ASSET CHARGE - 8% 8,842 6,600
54 NONCURRENT ASSET CHARGE - 8% 11,524 13,853
55 RETURN LABOR-MANAGEMENT 44,834 18,779
56 RETURN TO CAPITAL 39,009 16,782
57 ASSET TURNOVER RATIO .4301 .4472
58 OPERATING PROFIT MARGIN RATIO .1896 .0759
59 % RETURN ON ASSETS .0816 .0339
60 % RETURN ON EQUITY .1002 .0093
61 TOTAL EXPENSE RATIO .6810 .8167
62 ADJUSTED TOTAL EXPENSE RATIO .8760 .9892
63 ECONOMIC TOTAL EXPENSE RATIO .9750 1.0817
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 159,969 198,519 168,386 193,395
65 NONCURRENT ASSETS 277,549 320,499 295,417 331,959
66 CURRENT LIABILITIES 62,686 74,748 86,672 110,105
67 NONCURRENT LIABILITIES 137,712 172,234 127,200 153,856
68 CURRENT RATIO 2.55 2.66 1.94 1.76
69 DEBT TO ASSET RATIO .46 .48 .46 .50
%%ISCC CHANGE_OVERLAY SUMMB2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY AGE OF OPERATOR *** - 35 *** *** 36 - 40 ***
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 49,997 80,982
71 MACHINERY AND EQUIPMENT 27,648 46,140
72 MOTOR VEHICLES & LISTED PROPERTY 47,561 83,379
73 BUILDINGS 12,887 31,737
74 OWNED LAND 198,078 134,094
75 TOTAL ASSETS 478,268 494,578
76 NET WORTH 254,577 255,662
LABOR
77 NUMBER OF OPERATORS .95 .98
78 NUMBER OF WORKERS 1.14 1.38
79 TOTAL WORK DAYS 270 303
80 VALUE FARM PRODUCTION/WORKER 179,869 159,893
81 NET FARM INCOME/WORKER 57,375 29,309
PER OPERATOR BASIS
82 TOTAL ASSETS 500,149 502,961
83 VALUE OF FARM PRODUCTION 215,137 224,934
84 NET FARM INCOME 68,625 41,232
OTHER FACTORS
85 % CROP ACRES IRRIGATED 1.69 .18
86 % TILLABLE LAND 70.57 64.39
87 CROP MACH COST/TOT EXPENSE(%) 22.89 18.91
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 1240 16 294 15 1029 15 1267 12 449 10 973 11
89 NON-IRRIGATED CROP ACRES 860 16 223 13 725 15 814 12 336 10 582 11
90 IRRIGATED CROP ACRES
91 TOTAL CROP ACRES 875 16 227 13 737 15 816 12 337 10 583 11
92 PASTURE ACRES 584 10 161 9 439 10 570 9 120 7 536 8
93 FARMSTEAD ACRES
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 875 889 816 771
95 CROP MACHINERY INVESTMENT 60,369 68.97 67.92 88,855 108.95 115.21
96 CROP MACHINERY COST 32,063 36.63 36.07 34,155 41.88 44.29
97 GROSS CROP VALUE 156,217 178.48 175.75 154,671 189.65 200.55
98 CROP PRODUCTION COSTS 82,444 94.19 92.76 101,883 124.92 132.10
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 7 149 115 130.1
100 GRAIN SORGHUM 11 319 74 96.8 265 95.4 8 320 209 112.0 217 107.6
101 SOYBEANS 13 165 114 35.3 104 30.7 10 146 126 35.8
102 SUNFLOWERS
103 WHEAT 15 366 99 49.7 314 48.9 9 351 184 48.7 256 53.6
104 OTHER CROPS
105 ALFALFA 11 62 46 4.1 56 3.1 10 64 34 4.3 67 3.4
106 OTHER HAY & FORAGE 14 79 33 73 9 78 29 70
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN
111 GRAIN SORGHUM
112 SOYBEANS
113 SUNFLOWERS
114 WHEAT
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 31 29
122 DAIRY COWS 10 18
123 EWES
124 SOWS
125 BEEF PURCHASED FOR RESALE SALES 64 34
126 SWINE PURCHASED FOR RESALE SALES
127 TURKEYS
%%ISCC CHANGE_OVERLAY SUMMF2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY AGE OF OPERATOR *** 41 - 45 *** *** 46 - 50 ***
32 FARMS 46 FARMS
ITEM PER FARM PER FARM
1 BEEF 60,126 82,530
2 DAIRY AND MILK 8,990 18,046
3 SHEEP 739 123
4 SWINE 13,132 10,458
5 POULTRY AND EGGS
6 OTHER LIVESTOCK 1,197- 1,654-
7 CUSTOM FEEDING 1,288 336
8 FEED PURCHASED 20,414- 29,114-
9 LIVESTOCK INCOME $62,665 $80,724
10 CORN 6,325 15,877
11 GRAIN SORGHUM 28,269 26,953
12 SOYBEANS 21,353 23,045
13 SUNFLOWERS 1,333
14 WHEAT 53,077 61,425
15 HAY AND FORAGE 7,824 3,700
16 OTHER CROP 275 6,015
17 GOVERNMENT PAYMENTS 18,138 26,150
18 CROP INSURANCE PROCEEDS 3,503 3,897
19 OTHER INCOME 8,898 8,991
20 VALUE OF FARM PRODUCTION $210,326 $258,110
21 HIRED LABOR 3,802 8,480
22 MACHINERY REPAIRS 16,429 19,600
23 IRRIGATION REPAIRS 7 162
24 BUILDING REPAIRS 986 2,644
25 INTEREST PAID 13,627 13,471
26 SEED-OTHER CROP EXPENSE 12,833 14,746
27 CROP INSURANCE 4,460 6,307
28 FERTILIZER-LIME 24,030 27,056
29 MACHINE HIRE 8,575 7,906
30 ORGANIZATION FEE, PUBLICATION 2,051 2,574
31 VET-MED-DRUGS 3,988 4,506
32 CROP STORAGE-MARKETING 914 1,434
33 LIVESTOCK MARKETING-BREEDING 2,271 3,152
34 DAIRY EXPENSE 582 2,117
35 GAS-FUEL-OIL 10,312 12,004
36 IRRIGATION ENERGY 216
37 REAL ESTATE TAXES 2,688 3,525
38 PERSONAL PROPERTY TAXES 519 820
39 GENERAL FARM INSURANCE 4,160 4,440
40 UTILITIES 3,659 3,379
41 CASH FARM RENT 17,041 24,004
42 HERBICIDE-INSECTICIDE 10,548 14,903
43 CONSERVATION 158 532
44 AUTO EXPENSE 959 1,162
45 TOTAL OPERATING EXPENSE $144,601 $179,140
46 DEPRECIATION-MACHINERY 15,968 20,651
47 DEPRECIATION-BUILDINGS 1,198 2,251
48 TOTAL FARM EXPENSE $161,767 $202,041
49 NET FARM INCOME $48,560 $56,069
50 UNPAID FAMILY LABOR 492 1,370
51 UNPAID OPERATOR LABOR 27,169 27,704
52 MANAGEMENT CHARGE 11,575 13,509
53 CURRENT ASSET CHARGE - 8% 8,557 12,163
54 NONCURRENT ASSET CHARGE - 8% 10,050 20,949
55 RETURN LABOR-MANAGEMENT 29,461 21,588
56 RETURN TO CAPITAL 22,951 26,956
57 ASSET TURNOVER RATIO .4256 .3843
58 OPERATING PROFIT MARGIN RATIO .1091 .1044
59 % RETURN ON ASSETS .0464 .0401
60 % RETURN ON EQUITY .0401 .0326
61 TOTAL EXPENSE RATIO .7691 .7828
62 ADJUSTED TOTAL EXPENSE RATIO .9557 .9478
63 ECONOMIC TOTAL EXPENSE RATIO 1.0441 1.0760
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 186,621 207,677 228,944 248,513
65 NONCURRENT ASSETS 279,847 314,127 411,931 453,765
66 CURRENT LIABILITIES 87,557 92,824 88,422 84,959
67 NONCURRENT LIABILITIES 160,064 182,672 158,463 183,521
68 CURRENT RATIO 2.13 2.24 2.59 2.93
69 DEBT TO ASSET RATIO .53 .53 .39 .38
%%ISCC CHANGE_OVERLAY SUMMB2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY AGE OF OPERATOR *** 41 - 45 *** *** 46 - 50 ***
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 49,284 67,807
71 MACHINERY AND EQUIPMENT 46,207 64,468
72 MOTOR VEHICLES & LISTED PROPERTY 68,054 93,671
73 BUILDINGS 11,377 21,554
74 OWNED LAND 154,248 240,742
75 TOTAL ASSETS 494,136 671,577
76 NET WORTH 232,578 413,895
LABOR
77 NUMBER OF OPERATORS 1.00 1.02
78 NUMBER OF WORKERS 1.15 1.42
79 TOTAL WORK DAYS 283 329
80 VALUE FARM PRODUCTION/WORKER 182,893 181,545
81 NET FARM INCOME/WORKER 42,226 39,437
PER OPERATOR BASIS
82 TOTAL ASSETS 491,067 654,503
83 VALUE OF FARM PRODUCTION 209,020 251,548
84 NET FARM INCOME 48,258 54,643
OTHER FACTORS
85 % CROP ACRES IRRIGATED .71 3.34
86 % TILLABLE LAND 65.77 61.98
87 CROP MACH COST/TOT EXPENSE(%) 29.87 29.47
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 1475 32 322 25 1222 32 1766 45 501 37 1354 45
89 NON-IRRIGATED CROP ACRES 963 32 231 23 797 32 1058 45 350 36 778 45
90 IRRIGATED CROP ACRES 235 7 154 7
91 TOTAL CROP ACRES 970 32 231 23 804 32 1094 45 365 36 802 45
92 PASTURE ACRES 671 24 143 19 558 24 769 39 180 29 635 39
93 FARMSTEAD ACRES 46 5 27 5
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 970 991 1071 1096
95 CROP MACHINERY INVESTMENT 95,625 98.60 96.50 131,531 122.85 119.96
96 CROP MACHINERY COST 48,325 49.83 48.77 59,542 55.61 54.30
97 GROSS CROP VALUE 186,404 192.20 188.11 214,508 195.99 191.38
98 CROP PRODUCTION COSTS 114,203 117.75 115.25 145,594 133.02 129.90
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 13 97 43 139.2 95 133.7 21 135 94 144.0 111 136.5
100 GRAIN SORGHUM 27 279 122 93.7 253 104.4 43 239 93 97.6 187 100.0
101 SOYBEANS 23 199 46 35.4 179 36.4 37 185 75 31.1 146 36.9
102 SUNFLOWERS 4 84
103 WHEAT 29 442 106 50.0 369 47.8 45 445 149 51.1 332 49.3
104 OTHER CROPS 4 26 26 7 81 59 54
105 ALFALFA 24 100 23 3.0 105 3.2 37 90 50 3.6 79 3.6
106 OTHER HAY & FORAGE 24 113 52 90 35 117 39 112
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN
111 GRAIN SORGHUM
112 SOYBEANS 7 150 132 36.8
113 SUNFLOWERS
114 WHEAT 4 112
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 31 27
122 DAIRY COWS 2 5
123 EWES 2
124 SOWS 8 4
125 BEEF PURCHASED FOR RESALE SALES 90 128
126 SWINE PURCHASED FOR RESALE SALES 58
127 TURKEYS
%%ISCC CHANGE_OVERLAY SUMMF2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY AGE OF OPERATOR *** 51 - 55 *** *** 56 - 60 ***
54 FARMS 42 FARMS
ITEM PER FARM PER FARM
1 BEEF 72,131 142,344
2 DAIRY AND MILK 21,862 13,303
3 SHEEP 595
4 SWINE 9,841 1,372
5 POULTRY AND EGGS 26 1-
6 OTHER LIVESTOCK 226 524-
7 CUSTOM FEEDING 5,201 5,393
8 FEED PURCHASED 20,833- 54,469-
9 LIVESTOCK INCOME $89,049 $107,417
10 CORN 10,676 7,634
11 GRAIN SORGHUM 26,310 22,092
12 SOYBEANS 23,915 24,577
13 SUNFLOWERS 644 189
14 WHEAT 65,828 62,217
15 HAY AND FORAGE 11,540 16,136
16 OTHER CROP 3,767 1,862
17 GOVERNMENT PAYMENTS 23,885 24,874
18 CROP INSURANCE PROCEEDS 3,250 1,739
19 OTHER INCOME 14,361 11,620
20 VALUE OF FARM PRODUCTION $273,223 $280,358
21 HIRED LABOR 16,023 12,981
22 MACHINERY REPAIRS 24,110 23,444
23 IRRIGATION REPAIRS 520 127
24 BUILDING REPAIRS 2,240 1,851
25 INTEREST PAID 19,026 20,234
26 SEED-OTHER CROP EXPENSE 12,189 11,855
27 CROP INSURANCE 4,984 5,685
28 FERTILIZER-LIME 29,602 29,561
29 MACHINE HIRE 10,967 9,998
30 ORGANIZATION FEE, PUBLICATION 3,091 3,485
31 VET-MED-DRUGS 3,482 5,413
32 CROP STORAGE-MARKETING 1,403 2,388
33 LIVESTOCK MARKETING-BREEDING 4,491 3,977
34 DAIRY EXPENSE 2,398 153
35 GAS-FUEL-OIL 13,678 14,999
36 IRRIGATION ENERGY 72 366
37 REAL ESTATE TAXES 3,943 4,561
38 PERSONAL PROPERTY TAXES 1,082 963
39 GENERAL FARM INSURANCE 4,873 4,284
40 UTILITIES 6,320 3,842
41 CASH FARM RENT 24,025 22,991
42 HERBICIDE-INSECTICIDE 17,600 13,903
43 CONSERVATION 385 299
44 AUTO EXPENSE 839 1,405
45 TOTAL OPERATING EXPENSE $207,346 $198,765
46 DEPRECIATION-MACHINERY 21,606 21,111
47 DEPRECIATION-BUILDINGS 3,272 1,445
48 TOTAL FARM EXPENSE $232,224 $221,322
49 NET FARM INCOME $41,000 $59,036
50 UNPAID FAMILY LABOR 1,292 1,232
51 UNPAID OPERATOR LABOR 27,950 26,936
52 MANAGEMENT CHARGE 11,475 15,057
53 CURRENT ASSET CHARGE - 8% 9,370 12,420
54 NONCURRENT ASSET CHARGE - 8% 21,800 26,861
55 RETURN LABOR-MANAGEMENT 8,538 18,522
56 RETURN TO CAPITAL 19,310 36,046
57 ASSET TURNOVER RATIO .3786 .3067
58 OPERATING PROFIT MARGIN RATIO .0707 .1286
59 % RETURN ON ASSETS .0268 .0394
60 % RETURN ON EQUITY .0007 .0322
61 TOTAL EXPENSE RATIO .8499 .7894
62 ADJUSTED TOTAL EXPENSE RATIO .9990 .9436
63 ECONOMIC TOTAL EXPENSE RATIO 1.1130 1.0837
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 227,786 253,689 335,964 387,523
65 NONCURRENT ASSETS 461,124 500,682 542,679 562,057
66 CURRENT LIABILITIES 111,108 136,124 196,802 216,185
67 NONCURRENT LIABILITIES 207,276 209,531 205,623 227,577
68 CURRENT RATIO 2.05 1.86 1.71 1.79
69 DEBT TO ASSET RATIO .46 .46 .46 .47
%%ISCC CHANGE_OVERLAY SUMMB2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY AGE OF OPERATOR *** 51 - 55 *** *** 56 - 60 ***
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 70,945 87,652
71 MACHINERY AND EQUIPMENT 64,032 69,025
72 MOTOR VEHICLES & LISTED PROPERTY 109,587 103,141
73 BUILDINGS 27,418 14,901
74 OWNED LAND 261,039 352,920
75 TOTAL ASSETS 721,640 914,111
76 NET WORTH 389,621 491,018
LABOR
77 NUMBER OF OPERATORS 1.03 .99
78 NUMBER OF WORKERS 1.58 1.54
79 TOTAL WORK DAYS 341 342
80 VALUE FARM PRODUCTION/WORKER 172,159 181,994
81 NET FARM INCOME/WORKER 25,834 38,323
PER OPERATOR BASIS
82 TOTAL ASSETS 697,112 916,293
83 VALUE OF FARM PRODUCTION 263,937 281,027
84 NET FARM INCOME 39,606 59,177
OTHER FACTORS
85 % CROP ACRES IRRIGATED 2.20 3.33
86 % TILLABLE LAND 64.15 50.66
87 CROP MACH COST/TOT EXPENSE(%) 24.41 29.61
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 1828 54 591 44 1425 51 2182 42 642 37 1741 39
89 NON-IRRIGATED CROP ACRES 1147 54 382 42 917 50 1069 42 451 36 774 37
90 IRRIGATED CROP ACRES 233 6 207 5 155 10 146 9
91 TOTAL CROP ACRES 1173 54 391 42 938 50 1106 42 457 36 789 38
92 PASTURE ACRES 761 46 277 34 656 39 1286 35 266 27 1182 32
93 FARMSTEAD ACRES 74 5
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 1173 1174 1106 1149
95 CROP MACHINERY INVESTMENT 134,608 114.78 114.68 142,904 129.27 124.36
96 CROP MACHINERY COST 56,677 48.33 48.29 65,531 59.28 57.03
97 GROSS CROP VALUE 209,004 178.22 178.06 210,634 190.53 183.31
98 CROP PRODUCTION COSTS 147,140 125.47 125.35 155,907 141.03 135.68
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 20 126 48 137.4 121 133.3 11 86 73 149.8 73 144.3
100 GRAIN SORGHUM 50 243 93 91.6 204 91.7 38 230 127 87.4 174 85.4
101 SOYBEANS 38 222 125 36.5 176 36.2 27 204 138 33.1 172 37.3
102 SUNFLOWERS 5 77
103 WHEAT 52 566 162 45.0 502 45.6 40 551 215 44.9 421 46.7
104 OTHER CROPS 5 39
105 ALFALFA 39 109 94 3.5 73 3.4 29 135 48 3.3 187 3.8
106 OTHER HAY & FORAGE 44 111 53 93 31 159 122 88
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN 7 71 77 187.8
111 GRAIN SORGHUM 4 49 40 130.9
112 SOYBEANS 5 128 131 54.2 9 100 40 48.8 92 51.6
113 SUNFLOWERS
114 WHEAT
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 54 27
122 DAIRY COWS 6
123 EWES 6
124 SOWS 21 2
125 BEEF PURCHASED FOR RESALE SALES 93 216
126 SWINE PURCHASED FOR RESALE SALES
127 TURKEYS
%%ISCC CHANGE_OVERLAY SUMMF2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY AGE OF OPERATOR *** 61 - 65 *** *** 66 - 70 ***
32 FARMS 16 FARMS
ITEM PER FARM PER FARM
1 BEEF 154,703 50,850
2 DAIRY AND MILK 25,663
3 SHEEP
4 SWINE 4,457 543
5 POULTRY AND EGGS
6 OTHER LIVESTOCK 146-
7 CUSTOM FEEDING 146 470
8 FEED PURCHASED 82,051- 10,511-
9 LIVESTOCK INCOME $102,773 $41,351
10 CORN 14,322 4,433
11 GRAIN SORGHUM 23,396 32,078
12 SOYBEANS 24,958 22,888
13 SUNFLOWERS 1,496 142
14 WHEAT 58,538 63,382
15 HAY AND FORAGE 7,855 2,142
16 OTHER CROP 245 4
17 GOVERNMENT PAYMENTS 25,001 18,544
18 CROP INSURANCE PROCEEDS 4,050 1,932
19 OTHER INCOME 8,846 1,554
20 VALUE OF FARM PRODUCTION $271,479 $188,450
21 HIRED LABOR 15,961 4,050
22 MACHINERY REPAIRS 20,117 12,423
23 IRRIGATION REPAIRS 819 441
24 BUILDING REPAIRS 1,973 1,855
25 INTEREST PAID 12,051 6,998
26 SEED-OTHER CROP EXPENSE 13,035 9,394
27 CROP INSURANCE 4,698 4,202
28 FERTILIZER-LIME 28,698 21,755
29 MACHINE HIRE 12,492 3,230
30 ORGANIZATION FEE, PUBLICATION 2,725 1,854
31 VET-MED-DRUGS 5,320 1,971
32 CROP STORAGE-MARKETING 1,091 1,093
33 LIVESTOCK MARKETING-BREEDING 3,906 3,969
34 DAIRY EXPENSE 3,960
35 GAS-FUEL-OIL 12,330 9,288
36 IRRIGATION ENERGY 389 114
37 REAL ESTATE TAXES 5,626 4,312
38 PERSONAL PROPERTY TAXES 648 517
39 GENERAL FARM INSURANCE 5,235 2,523
40 UTILITIES 3,853 2,950
41 CASH FARM RENT 12,709 11,536
42 HERBICIDE-INSECTICIDE 11,846 11,198
43 CONSERVATION 516
44 AUTO EXPENSE 989 1,161
45 TOTAL OPERATING EXPENSE $180,991 $116,833
46 DEPRECIATION-MACHINERY 21,500 15,652
47 DEPRECIATION-BUILDINGS 1,999 1,056
48 TOTAL FARM EXPENSE $204,490 $133,540
49 NET FARM INCOME $66,989 $54,910
50 UNPAID FAMILY LABOR 1,266 2,391
51 UNPAID OPERATOR LABOR 28,603 23,456
52 MANAGEMENT CHARGE 15,850 12,375
53 CURRENT ASSET CHARGE - 8% 15,308 9,915
54 NONCURRENT ASSET CHARGE - 8% 35,876 42,823
55 RETURN LABOR-MANAGEMENT 14,540 219-
56 RETURN TO CAPITAL 33,321 23,686
57 ASSET TURNOVER RATIO .3006 .2414
58 OPERATING PROFIT MARGIN RATIO .1227 .1257
59 % RETURN ON ASSETS .0369 .0303
60 % RETURN ON EQUITY .0332 .0253
61 TOTAL EXPENSE RATIO .7532 .7086
62 ADJUSTED TOTAL EXPENSE RATIO .9217 .9114
63 ECONOMIC TOTAL EXPENSE RATIO 1.1102 1.1913
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 331,097 356,750 170,337 188,554
65 NONCURRENT ASSETS 543,330 575,241 596,696 605,466
66 CURRENT LIABILITIES 154,943 150,214 54,912 56,113
67 NONCURRENT LIABILITIES 108,991 112,680 69,030 62,552
68 CURRENT RATIO 2.14 2.37 3.10 3.36
69 DEBT TO ASSET RATIO .30 .28 .16 .15
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY AGE OF OPERATOR *** 61 - 65 *** *** 66 - 70 ***
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 42,725 36,398
71 MACHINERY AND EQUIPMENT 61,944 54,807
72 MOTOR VEHICLES & LISTED PROPERTY 119,661 100,949
73 BUILDINGS 20,363 13,165
74 OWNED LAND 333,755 392,067
75 TOTAL ASSETS 903,209 780,527
76 NET WORTH 639,795 659,223
LABOR
77 NUMBER OF OPERATORS 1.05 .86
78 NUMBER OF WORKERS 1.65 1.11
79 TOTAL WORK DAYS 315 181
80 VALUE FARM PRODUCTION/WORKER 164,222 168,447
81 NET FARM INCOME/WORKER 40,523 49,081
PER OPERATOR BASIS
82 TOTAL ASSETS 852,587 898,448
83 VALUE OF FARM PRODUCTION 256,264 216,921
84 NET FARM INCOME 63,234 63,205
OTHER FACTORS
85 % CROP ACRES IRRIGATED 3.12 .92
86 % TILLABLE LAND 67.80 71.74
87 CROP MACH COST/TOT EXPENSE(%) 31.31 36.28
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 1531 31 655 28 1040 28 1122 16 617 14 621 15
89 NON-IRRIGATED CROP ACRES 1006 31 409 28 704 28 798 16 522 14 389 14
90 IRRIGATED CROP ACRES 201 5
91 TOTAL CROP ACRES 1038 31 428 28 721 28 805 16 530 14 389 14
92 PASTURE ACRES 629 24 325 19 446 20 503 10 147 8 551 7
93 FARMSTEAD ACRES
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 1006 993 805 808
95 CROP MACHINERY INVESTMENT 147,815 146.99 148.88 140,613 174.70 174.13
96 CROP MACHINERY COST 64,022 63.67 64.49 48,443 60.19 59.99
97 GROSS CROP VALUE 203,274 195.83 198.35 154,165 191.54 190.92
98 CROP PRODUCTION COSTS 149,111 148.28 150.19 111,541 138.58 138.13
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 10 177 207 144.8 75 138.8 4 121
100 GRAIN SORGHUM 26 227 123 95.2 160 98.9 14 207 123 103.2 129 84.4
101 SOYBEANS 23 199 128 37.7 146 39.3 12 152 86 38.8 99 38.3
102 SUNFLOWERS
103 WHEAT 30 467 162 50.1 377 49.4 16 414 291 49.7 213 49.7
104 OTHER CROPS
105 ALFALFA 24 67 41 4.4 68 4.1 5 48
106 OTHER HAY & FORAGE 25 108 64 87 10 70 52 55
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN
111 GRAIN SORGHUM
112 SOYBEANS
113 SUNFLOWERS
114 WHEAT
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 36 20
122 DAIRY COWS 7
123 EWES
124 SOWS 2
125 BEEF PURCHASED FOR RESALE SALES 440 51
126 SWINE PURCHASED FOR RESALE SALES
127 TURKEYS
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY AGE OF OPERATOR *** 71 - *** *** - ***
20 FARMS
ITEM PER FARM PER FARM
1 BEEF 24,180
2 DAIRY AND MILK
3 SHEEP
4 SWINE 8,840
5 POULTRY AND EGGS
6 OTHER LIVESTOCK 110-
7 CUSTOM FEEDING
8 FEED PURCHASED 5,461-
9 LIVESTOCK INCOME $27,448
10 CORN 3,673
11 GRAIN SORGHUM 14,652
12 SOYBEANS 12,908
13 SUNFLOWERS
14 WHEAT 40,978
15 HAY AND FORAGE 656
16 OTHER CROP 54
17 GOVERNMENT PAYMENTS 14,257
18 CROP INSURANCE PROCEEDS 429
19 OTHER INCOME 3,032
20 VALUE OF FARM PRODUCTION $118,087
21 HIRED LABOR 1,505
22 MACHINERY REPAIRS 9,814
23 IRRIGATION REPAIRS 41
24 BUILDING REPAIRS 1,092
25 INTEREST PAID 3,736
26 SEED-OTHER CROP EXPENSE 5,939
27 CROP INSURANCE 2,298
28 FERTILIZER-LIME 17,032
29 MACHINE HIRE 2,977
30 ORGANIZATION FEE, PUBLICATION 1,266
31 VET-MED-DRUGS 557
32 CROP STORAGE-MARKETING 476
33 LIVESTOCK MARKETING-BREEDING 826
34 DAIRY EXPENSE
35 GAS-FUEL-OIL 6,605
36 IRRIGATION ENERGY 39
37 REAL ESTATE TAXES 4,247
38 PERSONAL PROPERTY TAXES 406
39 GENERAL FARM INSURANCE 2,572
40 UTILITIES 2,247
41 CASH FARM RENT 6,146
42 HERBICIDE-INSECTICIDE 6,483
43 CONSERVATION 267
44 AUTO EXPENSE 1,058
45 TOTAL OPERATING EXPENSE $77,630
46 DEPRECIATION-MACHINERY 11,413
47 DEPRECIATION-BUILDINGS 761
48 TOTAL FARM EXPENSE $89,805
49 NET FARM INCOME $28,283
50 UNPAID FAMILY LABOR 1,800
51 UNPAID OPERATOR LABOR 23,760
52 MANAGEMENT CHARGE 7,584
53 CURRENT ASSET CHARGE - 8% 10,192
54 NONCURRENT ASSET CHARGE - 8% 35,209
55 RETURN LABOR-MANAGEMENT 18,918-
56 RETURN TO CAPITAL 1,126-
57 ASSET TURNOVER RATIO .1860
58 OPERATING PROFIT MARGIN RATIO .0095-
59 % RETURN ON ASSETS .0018-
60 % RETURN ON EQUITY .0086-
61 TOTAL EXPENSE RATIO .7605
62 ADJUSTED TOTAL EXPENSE RATIO 1.0412
63 ECONOMIC TOTAL EXPENSE RATIO 1.4256
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 160,171 170,777
65 NONCURRENT ASSETS 465,972 472,594
66 CURRENT LIABILITIES 36,224 39,926
67 NONCURRENT LIABILITIES 31,356 26,996
68 CURRENT RATIO 4.42 4.28
69 DEBT TO ASSET RATIO .11 .10
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY AGE OF OPERATOR *** 71 - *** *** - ***
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 16,826
71 MACHINERY AND EQUIPMENT 37,354
72 MOTOR VEHICLES & LISTED PROPERTY 73,780
73 BUILDINGS 8,829
74 OWNED LAND 333,666
75 TOTAL ASSETS 634,757
76 NET WORTH 567,506
LABOR
77 NUMBER OF OPERATORS .88
78 NUMBER OF WORKERS 1.01
79 TOTAL WORK DAYS 157
80 VALUE FARM PRODUCTION/WORKER 116,342
81 NET FARM INCOME/WORKER 27,865
PER OPERATOR BASIS
82 TOTAL ASSETS 721,315
83 VALUE OF FARM PRODUCTION 134,190
84 NET FARM INCOME 32,139
OTHER FACTORS
85 % CROP ACRES IRRIGATED .45
86 % TILLABLE LAND 70.27
87 CROP MACH COST/TOT EXPENSE(%) 38.19
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 867 20 478 17 542 17
89 NON-IRRIGATED CROP ACRES 607 20 341 17 396 16
90 IRRIGATED CROP ACRES
91 TOTAL CROP ACRES 609 20 341 17 399 16
92 PASTURE ACRES 340 15 228 10 313 9
93 FARMSTEAD ACRES
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 609 610
95 CROP MACHINERY INVESTMENT 98,159 161.06 160.83
96 CROP MACHINERY COST 34,295 56.27 56.19
97 GROSS CROP VALUE 110,592 181.46 181.21
98 CROP PRODUCTION COSTS 78,188 128.29 128.11
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 5 103 50 108.1
100 GRAIN SORGHUM 17 157 82 96.9 141 93.8
101 SOYBEANS 13 101 80 44.5 75 40.1
102 SUNFLOWERS
103 WHEAT 20 314 172 50.2 223 49.9
104 OTHER CROPS
105 ALFALFA 12 43 29 3.1 62 3.4
106 OTHER HAY & FORAGE 15 51 34 35
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN
111 GRAIN SORGHUM
112 SOYBEANS
113 SUNFLOWERS
114 WHEAT
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 16
122 DAIRY COWS
123 EWES
124 SOWS 7
125 BEEF PURCHASED FOR RESALE SALES 28
126 SWINE PURCHASED FOR RESALE SALES
127 TURKEYS
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