IFMAPS

1
IFMAPS

• Intensive Financial Management and Planning
  Support

2
What is IFMAPS?

• A free, confidential service assisting Oklahoma
  farmers and ranchers with financial planning
  since 1985
• Trained financial specialists work with families
  one-on-one to develop financial statements and
  evaluate alternative plans

3
Examples of analyses completed

• Can we purchase additional land (or machinery and
  equipment) and make it pay?
• How can our operation earn enough income to
  support a second generation?
• How will the change in government programs affect
  the farms financial outlook?
• Can we qualify for a Linked Deposit loan?

4
What do producers gain?

• Improved understanding of the farms financial
  position and performance
• Assistance in identifying strategies to improve
  the farm finances
• Referrals to other educators and agencies where
  appropriate

5
What farmers and ranchers say

• helps individuals look at their overall program
  and see what pays and what does not.
• The information received was very important in
  establishing future plans for my farm operation.
• I think its a tool all of us in production need
  to use. It puts it on paper to see, what a lot
  of us assume we know. I appreciate what you are
  doing.

6
IFMAPS process

• Producer initiates contact with IFMAPS
• Case is assigned to local IFMAPS specialist
  through Stillwater office
• IFMAPS specialist contacts producer to discuss
  information needed
• Producer gathers and summarizes farm records

7
IFMAPS process (continued)

• IFMAPS specialist and producer arrange a mutually
  convenient time to meet
• IFMAPS specialist uses computer software to
  summarize data gathered into enterprise budgets
  and financial statements

8
IFMAPS process (continued)

• IFMAPS specialist reviews the financial
  statements with the producer
• Confirms data is correct
• Discusses financial situation and expected
  performance
• Helps develop alternatives to be analyzed, if any
  
• IFMAPS specialist generates financial statements
  for alternative plans and reviews them with the
  producer

9
Cost?

• No cash cost to Oklahoma producers
• Funding comes primarily from grants from the
  state legislature through the Oklahoma Department
  of Agriculture, with supplements from USDA

10
Who are the IFMAPS specialists?

• Extension area agricultural economics specialists
• Specially trained part-time Extension employees
  with business and farm backgrounds (called
  financial diagnostic specialists or FDSs)

11
How do you arrange IFMAPS assistance?

• Several alternatives
• Contact the local Extension office or
• Contact an area Agricultural Economics specialist
  or
• Call the IFMAPS office in Stillwater at
  1-800-522-3755

12
What farmers and ranchers say

• It is a very good program. It puts information
  in order and perspective and makes it easier to
  understand.
• Do something positive for your business today!
  Call IFMAPS...