Monday, March 13, 2017

Is your Financial Management System as efficient as it can be?

While accounting software may be easy to find and purchase, what really matters most is the ability to enter your data into the program in a way that is meaningful. The system you use should allow you to enter transactions easily and intuitively so the data will be accumulated into the correct ‘income or expense bucket’. If your business accounting software system is not intuitive or is just plain difficult, you will find mistakes being made, and this will make the analysis of the data extremely difficult, if not impossible.

The number one reason for having an accounting software program is for viewing information that allows you to make important management decisions. Are you able to pull out the information you have entered in such a way you can make good management decisions for your business? Taking a bigger picture view of the business using reports to analyze where the business is, where it has been and where it should go? By using your accounting software and data in the correct way, you are ensured of making better, more informed decisions, thereby improving your business’s profitability in the short term and for years to come.

Are you:

  • Interested in discovering how your accounting software can help you manage your business. 
  • In need of help setting up your accounting system. 
  • Thinking maybe now is a good time to hire an outside professional to process the financial accounting data for you.
Our team at Yankee Farm Credit is here to assist you!
 Click here to request more information, or visit us at 
yankeeaca.com

Wednesday, February 15, 2017

FarmStart-Adam Allen, Kingdom Timber Logging & Forestry LLC


Adam Allen, owner operator of Kingdom Timber Logging & Forestry LLC
Adam Allen, age 22 is the owner and operator of Kingdom Timber Logging and Forestry LLC in Eden, VT and a new Yankee Farm Credit FarmStart investment. Adam earned a bachelor’s degree in forestry operation through Paul Smiths College in NY December 2015.  He is using his FarmStart investment to purchase a new skidder and assist with day to day operating expenses.  With this new equipment Kingdom Timber will be able to offer a wider array of forest products and services. 

Kingdom Timber operates mostly in northern Vermont, serving both private and industrial land owners seeking a forester to manage their land. They offer private forestry consulting, current use application and planning, timber theft cases, maple sugarbush management, set-up and management of timber harvests, boundary delineation, and professional timber harvesting.  They plan to produce saw timber and pulp which will be marketed to saw mills, pulp mills and bio-mass plants inside and outside of Vermont. 

Adam has already established himself in the logging community and industry in Northern Vermont with 8 years of logging experience. He has a mentor in place to help him make important management decisions and has a good reputation as a hard worker with a passion for logging.  We look forward to helping him achieve greater success.
Check out his Facebook page here.

The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.

To learn more about FarmStart please visit our website or contact your local office.

Monday, February 13, 2017

VT Secretary of Ag. Tebbetts Plans Conference Call for Dairy Farmers-TOMORROW

Secretary Tebbetts would like to provide an update to dairy farmers that may have migrant labor by conference call on:
Tuesday, February 14 from noon to 1 p.m.
 
 
Call in number:
877-273-4202
 
Conference room number – 8279200
 
Agenda for the call
 
1.       Work done so far
a.       Brainstorming at meeting Feb. 2.
b.      Governor’s cabinet on Civil Rights
c.       Law to be passed and impact to farm labor
2.       Ideas for emergency milking relief
a.       Assistance from inmates
   i.      Training
  ii.      Pay
 iii.      Length of time
b.      Longer term hiring of inmates upon release if trained etc.
c.       How to alert farmers that this exists without keeping a list

3.       Longer term action
a.       H2A application for 10 months of labor
b.      Emergency application
4.       Feedback from those on the call
 
Please share this message with other dairy farmers who you may know that fit this description.
Please help us get the word out widely. 
 

Thursday, February 9, 2017

New Employee - Amy Baisden


Amy Baisden joined our Middlebury staff at the end of January as a Loan Documentation Specialist. Amy earned her Juris Doctor degree from Case Western Reserve University School of Law and most recently was a managing partner of a small law firm in South Burlington. For generations, her family raised beef cattle in Fayette County, WV. Amy is looking forward to turning her career toward supporting farmers and agricultural businesses.


Welcome to team Yankee Farm Credit!

Wednesday, January 25, 2017

FarmStart - Justin and Rachel Sauerwein


Justin and Rachel Sauerwein are a FarmStart investment with Yankee Farm Credit. The Sauerweins will be using their FarmStart investment to purchase feeder calves for their beef farming operation Almanack Farm in Chelsea, VT.

Justin is a graduate of the University of Illinois and is the farm’s primary manager. Rachel, Justin’s wife, is a graduate of the University of Chicago and provides secondary management along with managing the farm’s financial records and web based marketing. The Sauerweins raise grass fed beef on the beautiful rolling hills of their 70 acre farm. Currently their herd consists of nine animals but should grow to roughly twenty by the end of the year. Their animals are processed locally and distributed through a local wholesaler to various inns and restaurants throughout Central Vermont. The Sauerweins use this sales and distribution method to regulate their sales volume but are hoping to better utilize their farm’s website as their capacity increases. Yankee is excited to partner with Justin and Rachel as they build their herd and expand their capacity to meet the growing demand for locally produced grass fed beef throughout the association’s territory.

The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their careers. Within five years recipients should be able to graduate to a conventional line of credit from Yankee or another lender.

Thursday, December 22, 2016

Important Changes to the Withholding Tax Laws

Our Payroll and Record Services department recently received the following notification from the Vermont Department of Taxes. If you require assistance with tax planning, payroll or record keeping services please contact you local Yankee Farm Credit office.


Chazy, NY  518-846-7330/800-545-8374
Derby, VT  802-334-8050/800-370-2738
Middlebury, VT  802-388-2692/800-545-1169
St. Albans, VT  802-524-2938/800-545-1097
White River Jct., VT  802-295-3670/800-370-3276




The Vermont Department of Taxes wants to make you aware of important changes to the withholding tax laws that may affect your business.

W-2 Due Date
Forms W-2, 1099, and WHT-434, Annual Withholding Reconciliation, are now due on or before January 31 of every year. This change moves the due date from February 28. The new January due date will greatly help the Department detect and stop fraudulent income tax filings, protect taxpayer dollars, and help to shorten the refund raeview process. It is important to note that the annual reconciliation filing in myVTax will not be available until early January of 2017.

Payment frequency law change
Vermont’s law regarding payment frequency has been updated to follow the federal rules. Your payment frequency (i.e., semi-weekly, monthly, or quarterly) for Vermont withholding should now be the same as your withholding payment frequency with the IRS. If your IRS filing frequency changes or the Department does not currently have you on the correct frequency, please notify us by mail or email.

If you have any questions regarding your account, please contact us at the number listed below during regular business hours.
Vermont Department of Taxes
                                    Phone:   (802)828-2551
Taxpayer Services Division
                                    Fax:       (802)828-5787
Business Tax Section
                                    Email:    tax.business@vermont.gov

Thursday, December 15, 2016

New 2017 Partnership Tax Return Deadline!

NEW TAX CHANGE FOR THIS YEAR!! The partnership 1065 tax return for the 2016 tax year is now due on March 15th for 2017 and beyond.  The deadline previously was April 15th.  The deadline has been changed to allow partnerships ample time to disseminate the schedule K-1 information form to their partners in a timely fashion. The schedule K-1 form reports the partner’s share of the partnership’s income, deductions and credits.  Partnerships must have the Schedule K-1’s to the partners on March 15th.  That gives the partners of partnerships ample time in which to prepare their tax returns by April 15th when individual tax returns are due. Additionally Vermont partnerships must submit the annual entity fee of $250 by the March 15th advanced deadline.

This change was signed into law in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.  The new due dates create a more logical progression of information to aide taxpayers and tax professionals in filing timely and accurate returns.  Prior to this change many taxpayers estimated the K1 information in order to file their return, which generally resulted in the need to file an amended return, or prepared their individual tax return on extension. This also advances the extensions deadline for partnerships up one month from October 15th to September 15th for each year. It is important that partnerships gather their financial information as early as possible to meet this new deadline.  
For additional information or clarification please contact any Financial Service Representative here at Yankee Farm Credit, ACA or your tax advisor. 

Tuesday, December 13, 2016

Commemorative Flag in recognition of 100 Years




Yankee Farm Credit was honored with a ceremonial United States Flag as a commemorative gift in recognition of Farm Credit's 100 years of agricultural lending services. On July 17th 2016, the Farm Credit System's 100 year anniversary, the flag was flown over the Capital Building in Washington D.C. Included with the gift was a letter from President Obama. In which he commented: "Our Nation depends on our farmers, ranchers, and the people of our rural communities to help Americans put healthy food on their tables and to contribute to growing a more vibrant national economy. Established to improve the lives of these hardworking individuals, the FCS has long served the women and men of rural America. By Providing loans and financial services to farmers and communities through its network of cooperatives, the FCS plays an integral role in local economies across the United States."
Yankee Farm Credit is proud to continue in its mission of agricultural lending and financial services for the next 100 years.










Our Mission
At Yankee, we strive to make a positive difference serving the agricultural community by offering reliable, cost-effective services and assuring cooperative viability.

Our Vision
Building Relationships that Last Generations
Yankee will be the financial services leader of choice in the agricultural community.
We provide members with:
-Readily available capital
-Competitive interest rates and services
-Employees who embody our values


Our Values
Integrity
Relationships
Competence
Entrepreneurship

Friday, November 11, 2016

Local Farm Credit directors meet with Congresswoman Ann M. Kuster


From left: Gov. Lynch, Congresswoman Kuster, Steve Taylor, Henry Huntington
New Hampshire Second District Congresswoman Ann M. Kuster recently met with two Farm Credit board members from her district during a timeout from campaign activities in Concord, N.H. Former New Hampshire Gov. John Lynch joined the conversation and both expressed their continuing support for Farm Credit service to agriculture and forestry in the Granite State. From left are: Gov. Lynch; Congresswoman Kuster, Steve Taylor of Meriden, a director of Yankee Farm Credit, which serves the western and northern areas of the state; and Henry Huntington of Loudon, a director of Farm Credit East, which covers the six southeastern counties of New Hampshire.