Friday, July 14, 2017

Meet our 2017 Summer Intern: Sam Hartman


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!

Name: Sam Hartman

Hometown: Jericho, VT                

College or University and area of study: I attend UVM, with a BS in Business Administration and BA in French.

How did you hear about Yankee Farm Credit? I heard about Yankee through a board member who was one of my professors.

What Branch Location and department are you working in? I am currently working in St. Albans, but last year I worked in Williston.

What do you hope to get out of your internship that you may not get from a traditional classroom? I hope to get hands on experience learning about ag finance, as well as business system organization in general.

Plans for after graduation? I would like to continue work within the Farm Credit network and eventually to graduate school.

Wednesday, July 12, 2017

Meet our 2017 Summer Intern: William Dunkley


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!

Name: William Dunkley

Hometown: Westford, VT

College or University and area of study: I attend the University of Vermont and am studying Forestry.

How did you hear about Yankee Farm Credit? I heard about Yankee’s internship through a faculty coordinator at UVM. I also know people in the community who worked with Yankee and my father has had loans with Yankee to finance his sugaring operation.

What Branch Location and department are you working in? I’m working in St. Albans in the appraisal department. Specifically I’m helping the department develop their forest appraisal program.

What do you hope to get out of your internship that you may not get from a traditional classroom? Understanding how the skills we are taught in the classroom are applied in the real world is invaluable. I hope this internship can help me direct my next two years of study so that I can learn the skills that employers are really looking for. I also hope to learn a lot about appraisal and expand my general understanding of agricultural economy in our region.

Plans for after graduation? I plan to continue sugaring with my dad and eventually start my own business.

Friday, July 7, 2017

Meet our 2017 Summer Intern: Kisa Nop


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!
Name: Kisa Nop

Hometown: Salisbury, Vermont

College or University and area of study: I attend Dordt College in Iowa where I am studying Human Resources and Spanish.

How did you hear about Yankee Farm Credit? I have grown up hearing the name Yankee Farm Credit for as long as I can remember because our farm is a member and my dad use to work in the Farm Credit system!

What Branch Location and department are you working in? I work in Williston in the HR department.

What do you hope to get out of your internship that you may not get from a traditional classroom? I hope to get hands on experience! And hopefully a feel for what areas of HR I am more interested in.

Plans for after graduation? I am not sure yet I still have a few years to go, but right now I am interested in a position in employee relations or training and development.

Wednesday, July 5, 2017

Meet our 2017 Summer Intern: Dan Truso


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!



Name: Dan Truso

Hometown: Granville, NY

College or University and area of study: I attend Grossman School of Business, University of Vermont, and I am studying Business Administration.

How did you hear about Yankee Farm Credit? My father works for a Farm Credit association.

What Branch Location and department are you working in? I work in the Middlebury Branch with the Credit Department.

What do you hope to get out of your internship that you may not get from a traditional classroom? I look forward to meeting customers and learning about their businesses.

Plans for after graduation? After graduation I plan to hike the 272 miles of the Long Trail, then start a career at a Farm Credit institution.

Friday, May 26, 2017

FarmStart - Sam & Karlee Dimock, Hidden Bridge Farm


Karlee and Sam Dimock, Hidden Bridge Farm




Sam and Karlee Dimock formed Hidden Bridge, LLC, operating a beef farm.  The farm consists of 9 brood cows and a mix of heifers and steers.  The steers are raised to slaughter weight and are processed locally and sold to customers in the community. 

Their operation is on a farm rented from Sam’s parents.  This consists of their house, barn, feed lot, and pasture.  Sam and Karlee came to FarmStart for a source of capital to make improvements to the feed lot, purchase a tractor and loader, and to purchase additional breeding stock.

They also work full-time on Sam’s parent’s and grandparent’s 325 cow dairy farm.  In September of 2016 they welcomed their first child, a daughter, Emma into their world.

Sam & Karlee have a good business plan in place.  With a strong Ag background, they are eager to learn more about financial management and view FarmStart as a good source if information as well as capital to help them succeed.

For more about Hidden Bridge Farm, check out their Face Book page, @hiddenbridgefarmLLC
Check out more about the FarmStart program here.

Or give us a call at 1-800-639-3053





Wednesday, May 17, 2017

Data Backups are Critical


-Danielle Tierney, Financial Services Assistant

 Have you ever experienced a computer failure or lost your data somehow? If you have, you know how frustrating it can be and how important backing up your data is. If you haven’t experienced a data loss, backing up is a great way to avoid it happening.

Having both onsite and offsite backup is the best way to ensure data safety. Backups can be used to restore you to a point in the past. So when or if something goes wrong with your computer, whether it be data corruption or a catastrophic failure you have a restore point to go back to so you won’t have to re-enter all of your data. Think of it as insurance. Restoring to the last known backup saves time and ensures business continuity.

We can safely provide offsite backup for your accounting software. Simply send us a backup monthly or quarterly and we will provide you with assurance that you can restore your data in the event of data loss or computer failure.

Furthermore, we can restore your database in our office and review your records to assist you with making any corrections or adjustments needed, providing your operation with accurate financial reporting to use in the management of your business. Our team is here to assist you with whatever financial record services you need. For more information visit us at Yankeeaca.com.

Friday, May 5, 2017

Q1 2017 Financial Results

A sign of spring (at least for me) is when the first quarter financial results are published. Yankee can announce that we have had another good quarter with $2.4 million in net income. This is slightly lower than 2016, primarily due to the investment we are making in our new information technology platform and enhanced risk management practices.

Quarter end loans held at March 31st were $473.1 million, down slightly from year-end. This is a trend that we see each year, with a dip in the first quarter loan volume numbers. The portfolio continues to be concentrated in the dairy industry with 51.4 percent of loans invested in dairy businesses. The second largest concentration is timber with 13.8 percent of the volume at quarter-end.

Credit quality across the portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter end 1.2 percent of the Association loans were classified as nonperforming - unchanged from the end of 2016. The 2016 patronage refund to members in the amount of $5.1 million was paid 100% in cash on March 23, 2017 and the Association's capital position remains strong.

Click here for the full quarterly Report to Shareholders.

Monday, April 24, 2017

Spring is Here!


Now is a great time to do a little spring cleaning of your financial records. You are likely either going through the data for your 2016 tax return, or have recently completed it, so all of the information should be fresh in your mind. What a perfect time to review those things that took a little longer to figure out and fine-tune your system to make it easier for next year. For example:
  • Maybe it’s a change to your chart of accounts where you have similar accounts and you now realize they could be combined into one account.
o   Did you know there is a function in most accounting software that will combine one or more accounts and all of the history?
  • Maybe it’s providing more detail to your accountant, loan officer or other third party by breaking out certain accounts such as:
o   Raised vs. purchased livestock
o   Family living and personal allocations
o   Allocate principal and interest
  • Maybe it’s a matter of the way you enter your data.
o   Enter quantities such as lbs., number of head
o   Detail in capital assets changes
o   Coop patronage retained


In any event, we at Yankee Farm Credit are here to help with the knowledge and experience to make those records squeaky clean!

We'd love to help with your Spring Cleaning, click here so we can get started.

Friday, April 14, 2017

Annual Meeting Results

It has been a busy week here at Yankee as we held annual meetings Monday in Middlebury, VT; Tuesday in both Hanover, NH and Newport, VT; and wrapping up last night in St. Albans, VT. At each meeting members had the opportunity to listen to director candidates, vote for directors in their region, hear from Brenda Frank, CEO and Paul Franklin, Board Chair about the state of the Association, and observe a presentation on survey results about transferring farm ownership conducted by Business Consultant Joanna Lidback.

Last night members completed voting for directors, ballots were counted, and the results were announced before the meeting was adjourned.
Elected to three year terms on the board of directors were:
Region 1 – Celeste Kane-Stebbins
Region 2 – Kyle Thygesen
Region 3 – Paul Franklin
Congratulations to Celeste, Kyle and Paul, and thanks to Anne Lincoln and Joseph O'Gorman for participating in the elections as candidates.

Thank you to the members that participated, and a special thanks to employees for organizing and running successful meetings. We welcome any feedback about annual meetings. If you have questions or comments please let us know! You can email your thoughts or give our Corporate Secretary, Jim Mills, a call at 800-639-3053.




Thursday, April 6, 2017

FINANCIAL RECORDS PAINT THE PICTURE


We recently shared the #1 reason for having an 
accounting software program –
“For viewing information that allows you to make informed management decisions.”

In addition, there are times it may be necessary to provide financial information about your farm to third parties such as loan officers, consultants and others. Accounting software gives you the ability to track information about your farm, making it easy to provide third parties the detailed information they require. Whether it is for your management team, loan officer, tax preparer or workman's comp auditor, with a good agriculturally oriented accounting software system in place, financial management should be the easiest part of running your business.

If you are interested in discovering how your accounting software can help you manage your business, need help setting up your accounting system or are thinking maybe now is a good time to hire an outside professional to process the financial accounting data for you, we want to hear from you. Comment below or send your questions to our team at Yankee Farm Credit.