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As a cooperative effort between member farms and the University of Kentucky, Department of Agricultural Economics, the Kentucky Farm Business Management (KFBM) Program provides a financial records-based information system to assist Kentucky farmers in best utilizing their resources to accomplish their goals and objectives.
Program members receive one-on-one consultations and a broad range of financial planning and analysis services from their regional Specialist throughout the year while the University gains real-world data from operations across the commonwealth to inform and guide efforts and decisions across areas of research, extension, and teaching.
Based in several office locations across the state, our program's specialists and staff cover 87 counties divided into four regions - Purchase, Pennyroyal, Ohio Valley, and Lincoln Trail.
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As an Extension program of the University of Kentucky, the KFBM program's Specialists and staff work with member farms to provide financial planning, economic analysis, comparative benchmarking, financial statement generation, etc. through personal, one-on-one consultations, both in the office and via farm visits.
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Specialists and staff engage with and educate community leaders, Extension colleagues, program members, and the general public through Extension programs and presentations at Extension agent trainings, lenders conferences, UK Income Tax Program seminars, local meetings, national conferences, etc.
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Our Program Coordinator and Specialists use real-world data and experiences from member farms as they collaborate with faculty and staff from the Agricultural Economics Department and UK's Martin-Gatton College of Agriculture, Food, and Environment to guide Extension programming and champion the needs of farmers.
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Family Living and Net Farm Income
The average family living costs for the 119 Kentucky Farm Business Management (KFBM) farm families whose 2023 living expenses were included in the family living study was $88,522 or $7,375 per month. Their average Net Farm Income (NFI) was $123,618. The average family living costs over the past five years have been $85,409 and the average over the last ten years has been $79,023.
Read ArticleWhat to Think About Going into Harvest?
As we are moving into harvest there are couple of things to think about in terms of farm finances. This year, net farm income is expected to decline and many farmers are worried about how they will cash flow the rest of the 2024 crop year. Now is the time to think about what can be done to help from seeing a significant decrease this year. I’ve outlined below a few topics that need to be thought about as we wrap up 2024 crop year and head into planning 2025.
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In the News
Powers elected president of national association
University of Kentucky’s Laura Powers was named president of the board of directors of the National Association of Farm Business Analysis Specialists during their recent conference. The association’s membership represents...
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KFBM's Jennifer Rogers honored as Agri-business Woman of the Year
Jennifer Rogers received the Agri-Business Woman of the Year Award from representatives from the Mayfield Graves County Chamber of Commerce at their annual event, Farm to Table Dinner, August 2024. With a wealth of experience spanning over two decades, Jennifer has dedicated her career to supporting local farmers in the western Kentucky region.
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UK to host regional conferences for ag lenders
Navigating the ever-changing agricultural markets is not an easy task. To help local lenders feel more confident in their investments for the upcoming growing season, the University of Kentucky hosts a series of regional conferences each fall and winter...
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310
Cooperator Farms Across Kentucky
$204 million
Total Farm Assets Managed
$772 million
Kentucky Farm Revenue Produced
