2019 FINPACK Annual Update

The 2019 FINPACK annual update is here.  Each year there are enhancements and updates to the FINPACK software.  In 2019, you’ll notice there are some important updates and new features to take note of.  Let’s take a look at What’s New.

[Read more…]

FINPACK 2019 Webinars

The FINPACK Team will host two webinars related to what’s new in the 2019 FINPACK annual update. Attend the webinars live or watch the recordings when convenient. You can also learn more about the annual update here.

Webinar #1 – FINPACK for Agriculture 2019 Updates

  • Topic:  Updates to Agricultural credit analysis tools in FINPACK.
  • Description:  We’ve already heard users say, “What, Legacy Projections are gone!?!?” This webinar will touch on all updates to FINPACK for Agriculture for 2019. We will focus on accessing Legacy Cash Flow Projections for viewing and copying into the new Projection tool.  We will also highlight other recent updates to cash flow projections including the financial scorecard and burn rates. In addition, we will look at importing / exporting balance sheet detail; period end dates in tax forms / income statements; and energy corrected milk in FINAN. There will be time to answer user questions as well.
  • When:  Monday, November 18th, 12 pm (central time).
  • To join go to z.umn.edu/finpackag.

Webinar #2 – FINPACK for Commercial 2019 Updates

  • Topic:  Updates to Commercial credit analysis tools in FINPACK.
  • Description:  This webinar will highlight the other enhancements to FINPACK with the 2019 annual release.  This includes importing and exporting detail in the balance sheet; period end dates in tax forms / income statements; and the Statement of Equity and Cash Drivers reports in C & I Business Analysis. There will be time to answer user questions as well.
  • When:  Wednesday, December 4th, 12 pm (central time).
  • To join go to z.umn.edu/finpackcommercial.

** Simply join the webinars at the designated times. There is no preregistration or password required.

2019 ABA Agricultural Bankers Conference

2019 ABA’s Agricultural Bankers Conference

Make plans to join the FINPACK Team in Dallas at the 2019 ABA National Agricultural Bankers Conference Nov. 10-13.  FINPACK, Farmer Mac, and Dr. Kohl kick off the conference on Sunday afternoon as hosts of the Pre-Conference Seminar titled, “We’re All in the Same Boat – Are You Paddling; Treading; or Bailing Water?”.  This year’s session will focus on what you can do as an ag lender to help customers navigate these challenging times and position your bank to be ready when profitability resurfaces.

Bob Craven will also be hosting a workshop session on Tuesday during the conference titled, “The Numbers and Beyond: Traits of Successful Farms”. Come learn more about the trends we see in FINBIN and how this can apply to your work at the bank.

Don’t forget to join the FINPACK Team as we again host the Grand Opening Reception on Sunday evening.  And, throughout the conference stop and visit our team at the FINPACK booth, located in the Exhibit Hall.  We love to connect with current and potential customers.  While at our booth, get a preview of this year’s FINPACK updates, FINPACK+ developments, and ask those “how do I” questions.

To learn more about the conference and to register visit here.

We look forward to seeing you soon in Dallas!

Did you know?

Like any software, FINPACK has capabilities that users may be unaware of or have forgotten, as they aren’t often used.  We’ll explore some of these options here.

[Read more…]

Upcoming FINPACK Training

The Center for Farm Financial Management is once again offering FINPACK training for agricultural and commercial lenders. The session will take place on October 15-16, 2019.

[Read more…]

2019 FINPACK Lenders Conference

2019 FINPACK Lenders Conference in Minneapolis, MN - December 11 and 12, 2019

Join us for the FINPACK Lenders Conference at the Radisson Blu Mall of America in Bloomington, Minnesota on December 11 and 12, 2019.

2019 Registration

Attendance at the event will cost $345 per person. Pre-registration is required. Registration cancellations will be refunded until November 29, 2019 and are subject to a $25 processing fee. No refunds will be issued after this date.

You should receive an e-receipt shortly after registering. If you do not receive this email or have changes to your registration, please send a message to katiec@umn.edu.

To register, go to z.umn.edu/2019FPLendersConf

or

Register Now

[Read more…]

Prevented Plant Cash Flow Projections

Challenging production years lead to abnormally high levels of prevented plant acres.  When this occurs, many revisit cash flow projections completed earlier in the year to consider the impact of prevented plant acres, including the addition of cover crop plantings.  The following provides recommendations and considerations when working through cash flow projection updates for prevented plantings.

[Read more…]

The Impact of 5%

Each year as you work with customers you encourage them to set goals.  Undoubtedly, some of these goals revolve around financial management.  Within your credit analysis review, you are looking at the past financial performance of the individual farm or business operation.  In this process, you likely look at their individual trend performance and may also benchmark this against their peers.  Hopefully, the customer has also taken the time to evaluate their financial position and talks to you as their lender about the business goals they’ve set.  These may be things like, “Reduce fertilizer costs”, “Improve marketing”, “Improve yields”, “Improve profit margins”, etc. 

Have you ever considered with your customers the impact these relatively small changes actually have on the business?  I suggest challenging businesses to work to improve their margin management by 5%.  It may seem like a simple task, improving gross income and decreasing operating expenses by 5%.  But, this 5% improvement can have a significant impact on a business in any given year.  And then, think of the impact over the customer’s career!

[Read more…]

2018 FINBIN Report on MN Farm Finances

Minnesota farmers continued to struggle with low prices and low profitability. Median net income was $26,055 in 2018, down 8%. After adjusting for inflation, Minnesota farms earned the lowest median farm income of the 23 years included in FINBIN. The economic pain was widespread; median incomes were $31,000 or lower for all of Minnesota’s major commodity farms; crop, dairy, pork and beef producers. Not every operation struggled though. Across all farms, the farms earning the highest net incomes, those in the top 20%, earned an average of $184,000. Those in the lower 20% lost almost ($72,000).  View the 2018 FINBIN Report on Minnesota Farm Finances to learn more about the financial health of the state’s agriculture industry.

[Read more…]

Projections Training

FINPACK Online Training

We want all users to have a positive experience using the FINPACK tools.  Therefore, several training options are available to assist with learning the ropes of the new FINPACK Projection tool.

One of the training options for FINPACK is online training.  Each FINPACK tool has a learning module in FINPACK Online Training.  As you migrate to the 3-in-1 cash flow projection (FINFLO), know training is available and accessible for your use. These training modules have been updated to specifically address using the FINPACK Projections tool (FINFLO).

[Read more…]