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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.
Our Newest Resources
Should You Pay Your Kids to Work on the Farm?
Even in the year 2024, farming tends to be a family affair. Predictably, the kids of generational farm parents can morph quickly into farm hands – driving grain carts, loading hay, working cattle, and in general proving themselves to be reliable help the farmer parent comes to rely on. If your farm kid is hard at work in the wheat field or hay field this summer break, consider putting them on the payroll. In 2024, the standard deduction is $14,600. This means one could earn up to $14,600 and not owe any federal tax.
Read ArticleInterest Rates and Refinancing
It is no secret that interest rates have increased. In fact, the Federal Reserve increased interest rates 11 times between March 2022 and July 2023. This rise in interest rates has increased the cost that consumers and businesses pay on borrowed money at all levels. Farm businesses have been paying more on operating loan interest as well as intermediate and long-term rates. This increase in interest expense affects the profitability of the farm business. Increased interest rates affect the ability to use refinancing to manage cash flow issues.
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In the News
Kentucky grain farms unraveling the 2022 financial landscape
The agricultural industry is no stranger to farm income fluctuations. Since 1962, the Kentucky Farm Business Management program has closely monitored grain farm income trends. Their recent analysis indicates notable shifts in net farm income and financial standing, with 2022 presenting both challenges and opportunities for farmers.
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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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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
