Monday, October 27, 2014

Chief Financial Officer

We have an opening for a Chief Financial Officer. Details on our web site here:

Career Opportunities

If you know of anyone who might be a good fit for this position, please feel free to refer them to the link above. Anyone with questions may contact either Ruchel or me.

Caution: That "IRS Agent" May Be A Con Artist

A serious threat has come to the attention of your tax professionals at Yankee Farm Credit. According to the IRS, some taxpayers are facing a new and scary form of fraud: con artists claiming to be IRS employees and soliciting taxpayers for unpaid taxes. A growing and increasingly severe problem, the IRS now considers this fraud their #1 issue—overtaking traditional identity theft and other scams at the top of the agency’s list of threats. To date, the IRS estimates that around 1,000 victims have lost over $5 million to these fraudsters. The con artists have targeted victims in every state and from every walk-of-life, including farmers in Vermont, New Hampshire, and New York.

The con artists follow a similar formula: they contact taxpayers using phony IRS phone numbers, and send emails that appear to be from a legitimate address. Some con artists show up at the taxpayer’s residence or place of business with fabricated IRS badges, threatening to jail or deport the taxpayer, or demanding property and drivers’ licenses from the victims. An accomplice may even follow up the visit by placing a phone call to the victim and pretending to be with the local police department. The con artists usually demand payment in cash or by delivery of prepaid debit cards, oftentimes specifying where these cards should be purchased. They are persistent, and may make repeated phone calls, emails, and visits to their targets.

How can one spot these scammers? By knowing how the IRS actually works, and understanding the methods and protocols of legitimate IRS employees.  
  • IRS employees never make first contact with a taxpayer by phone call or email. The IRS first contacts taxpayers by mail. They may only phone or email the taxpayer if there has already been contact made by mail, or if the taxpayer initiated contact by placing a phone call or email to the IRS.
  • The IRS never initiates collection of taxes by phone or email.
  • The IRS never demands payment or threatens enforcement without first offering the taxpayer the opportunity to appeal or contest the tax assessment.
  • The IRS does not accept debit cards, and they never specify which financial institutions or modes of payment a taxpayer must use.
  • The IRS never confiscates drivers' or business licenses.
  • The IRS does not use local or state law enforcement to collect taxes.
Con artists often gather personal information from hospitals, medical clinics, and nursing homes. Please check directly with an institution if you have any questions or concerns about their procedures for securing personal data.

To report suspicious activity or contact from scammers, call the office of the IRS Inspector General at 800-366-4484, or visit www.tigta.gov or www.ftc.gov  and follow the appropriate links. 

SOURCE: "The General Ledger: The Complete Newsletter for Professional Bookkeepers," The American Institute of Professional Bookkeepers (AIPB), October 2014. www.aipb.org 

FarmStart - Josh and Sarah Vaillancourt

Josh and Sarah Vaillancourt are Yankee's most recent FarmStart investment. They are using funds from their investment to expand their certified organic family farm and dairy operation located in Saranac, New York. The expansion will include constructing an on farm milking processing plant as well as purchasing cows, from which they intend to make various cheeses to add to their existing line of products.


Josh grew up and worked on his parents 80 cow dairy located in Vermont. He holds a PhD in religious studies from Brown University.  Sarah has a Master of Arts Degree in teaching, undergraduate degree in journalism and is also a skilled photographer owning her own photography business.

Together Josh and Sarah and their children raise and sell eggs, poultry meat (chicken, duck, guinea fowl and turkeys), and pastured pork. Their products are marketed under the name of Woven Meadows.  Their customer base is through direct sales as well as local farmers markets, direct on-farm sales and CSA pick up sites.

Josh and Sarah truly enjoy marketing their products locally as it provides them with a wonderful opportunity to talk directly with their customers and get to know them on a more personal level. They are finding that more and more customers are stressing the importance of buying locally and knowing where their food comes from. Josh and Sarah take pride in knowing that they are providing customers with healthy locally grown products.

They are both very excited about the expansion of their product line and can’t wait until the work is completed and they are up and running.
 
For more information of FarmStart, please call your local Yankee Farm Credit office.

Wednesday, October 8, 2014

Director Paul Saenger


We are saddened at the passing of Director Paul Saenger. Paul was passionate about creating opportunities for young and beginning farmers and maintaining the best deal on credit for all farmers. His insight, consideration and zest for agriculture will be sorely missed. Our condolences to the family.

Click here for the obituary.

Monday, October 6, 2014

Livestock Gross Margin Insurance for Dairy Cattle (LGM) and Margin Protection Program for Dairy (MPP-D)

The Livestock Gross Margin Insurance for Dairy Cattle (LGM) and Margin Protection Program for Dairy (MPP-Dairy) are voluntary programs offered to dairy producers. Both programs are risk management tools that work by supporting and protecting farmers according to projected margins in the market. However, there are several differences between the LGM and the MPP-Dairy. To make the right decision for your farm, it is necessary to understand the differences between the two programs, and to utilize the available tools in deciding which program is the correct fit for you and your farm.
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The Livestock Gross Margin (LGM) for Dairy is a program offered by the RMA (Risk Management Agency) that works by insuring a dairy producer's projected margin--that is, a producer's projected milk revenue minus his projected feed costs, or his Gross Margin Guarantee--against the Actual Gross Margin. The Actual Gross Margin is the actual performance of the market--the prices set in the futures market for milk, corn, and soybeans. By insuring his product with the LGM's Gross Margin Guarantee, the producer is protecting himself from the volatility of the market (i.e. when milk prices drop or feed costs rise). For example, if a producer insures 5,000 cwt for the month of October and the projected milk revenue is $18/cwt and the projected feed cost is $3/cwt, the producer's Gross Margin Guarantee is $15/cwt. If during the month of October, the Actual Gross Margin drops below the $15/cwt insured by the producer, the producer is protected from the fluctuations of the market below that $15/cwt. The program does NOT cover changes in milk production due to cow mortality, disease, or other production shortages.

LGM Dairy offers a Federal premium subsidy of 18% for the $0.00 deductible policy and up to 50% for the $1.10-$2.00/cwt deductible. The next available enrollment period for the LGM Dairy program is October 2014, and payment is due at the end of each coverage period.

To enroll in the LGM Dairy program, or to hear more about what the program can offer you and your farm, please contact Amy Couch by phone at 802-524-2938, or email her at amy.couch@yankeeaca.com.

To see what your premium and Gross Margin Guarantee might look like, use the LGM Dairy Analyzer: http://future.aae.wisc.edu/lgm_analyzer/ 

To learn more about the LGM Dairy program and what it can do for your dairy operation, there are three information sessions available:

October 21st, 2014
11:00 am - 2:30 pm
St. Albans Cooperative Creamery
140 Federal Street
St. Albans, VT

October 23rd, 2014
6:00pm-8:30pm
Yankee Farm Credit, ACA
52 Farmvu Drive
White RIver Junction, VT


October 28th, 2014
11:00am - 2:30 pm
UVM Extension Office
23 Pond Lane
Middlebury, VT

If you wish to attend either of these sessions, please RSVP with Amy Couch at 802-524-2938, or email her at amy.couch@yankeeaca.com. Space is limited at these meetings, and lunch will be provided.

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The Margin Protection Program for Dairy (MPP-Dairy) is a program created by the USDA (United States Department of Agriculture) in the 2014 Farm Bill. Similar to the LGM, the MPP-Dairy is a risk management program. The MPP-Dairy is a government safety net that offers protection to dairy producers when the margin--the difference between the national average milk price and the national average feed cost--falls below a certain dollar amount selected by the producer. Eligible participants enrolled in the program select a coverage level (between 25%-90% margin per cwt of their established production history) and a margin trigger (the margin level at which the program's margin protection payments kick in--anywhere from $4.50-$8.00 per cwt, in $0.50 increments). The producer's premium is based off of his level of coverage, as is his protection payment during times of compromised margin.

To participate in the MPP-Dairy program, a producer must meet certain eligibility requirements. The producer must produce and commercially market milk from cows located in the United States, must provide proof of milk production at the time of registration in the program, and must NOT be enrolled in the Livestock Gross Margin for Dairy (LGM) program.

The signup period for the program began September 2nd and continues through November 28th, 2014 . UPDATE 10/30: The sign-up deadline for the MPP-Dairy program has been extended one week. The new enrollment deadline is Friday, December 5th, 2014. Premiums are due at the time of registration, and in subsequent years of enrollment, at least 25% of the premium is due on February 1st, and the remaining balance is due before June 1st. Once enrolled in MPP-Dairy, a producer must continue to carry coverage through calendar year 2018. 

Eligible dairy operation must register for MPP coverage at the FSA (Farm Service Agency) office where their farm records are maintained. They must establish a production history by completing and submitting form CCC-781 "Production History Establishment," complete and submit form CCC-782 "Contract and Annual Coverage Election," and pay the $100.00 administrative fee.

Also: Participation in the MPP-Dairy or LGM programs is mutually exclusive: once registered for the MPP-Dairy program, a producer CANNOT participate in the LGM Dairy program until January of 2019.

Information sessions about the MPP-Dairy program are scheduled for the week of October 13th-17th in both Vermont and New Hampshire. The sessions are coordinated and conducted by the USDA Farm Service Agency (in partnership with the UVM and UNH extensions schools), and will run from 10:00am-2:00pm, Monday through Friday, on these dates and at these locations:


Vermont
  • Monday, October 13, at the American Legion in St. Albans 
  • Tuesday, October 14, at the American Legion in Middlebury
  • Wednesday, October 15, at the Holiday Inn in Rutland
  • Thursday, October 16, at the Fairfield Inn in White River Junction
  • Friday, October 17, at the East Side Restaurant in Newport
New Hampshire
  • Southeastern New Hampshire Region: Merrimack, Hillsboro, and Belknap Counties: Monday, October 13, Merrimack County Cooperative Extension Office, 315 Daniel Webster Hwy, Boscawen, NH
  • Grafton County Region: Tuesday, October 14, Grafton County Cooperative Extension Office, 3855 Dartmouth College Highway, North Haverhill, NH
  • Southwestern New Hampshire Region, Sullivan and Cheshire Counties: October 15, Stuart and John’s Sugarhouse, Junction Routes 12 and 63, Westmoreland, NH
  • The North Country Region, Coos and Carroll Counties: Thursday, October 16, Coos County Cooperative Extension Office, 629A Main St., Lancaster, NH
  • The Seacoast Region, Rockingham and Strafford Counties: Friday, October 17, Rockingham County Nursing Home Auditorium, William Sturtevant Way off North Road, Brentwood, NH
For further reading about the MPP-Dairy program, visit these sites:

To use the MPP-Dairy program decision tool and see if the program is right for you, visit the USDA website at:


If you have any further questions about the MPP-Dairy program, please contact Amy Couch by phone at 802-524-2938, or email her at amy.couch@yankeeaca.com.


Thursday, October 2, 2014

Green Pastures Program Awards

On September 12th, the Forbes Farm from Lancaster, NH and Dolloff Acres from Springfield, VT were honored at the Green Pastures Program’s annual recognition banquet. Both farms were honored as the 2014 Dairy Farm of the Year in their respective states. Jean Conklin, Senior Loan Officer in the White River Junction branch office, and Loren Petzoldt, Vice President out of the Newport office, represented Yankee Farm Credit at the award ceremony and dinner.

Though originally started in 1947 as a challenge to find New England’s best pastureland, the aim of the Green Pastures Program has shifted over the years. Today, the goal of the program is to promote dairy farming in New England by highlighting and honoring outstanding farms. Every year the program’s review committee awards the “Dairy Farm of the Year” to an exceptional dairy farm from each of New England’s six states. Farms considered for the award are judged on a “total management” basis which includes a performance analysis of a farm’s production and finances, as well as the farm family’s personal contribution to the agricultural community. Each fall, the selected dairy farms are honored at a banquet held at the Storrowton Tavern on the grounds of the “Big E” (the Eastern States Exposition) in West Springfield, Massachusetts. The Green Pastures Program is supported by the Northeast Farm Credit AgEnhancement Program.

Forbes Farm, the New Hampshire Dairy Farm of the Year, is owned and operated by Scott and Allan Forbes. Established in 1902, Forbes Farm is a five-generation dairy operation that milks over 1,300 cows and farms over 2,000 acres of land. With an emphasis on feed quality and animal comfort, the farm has significantly improved milk production and quality over the last few years, boasting a herd average of 27,000 lbs of milk, 1,053 lbs of fat, and 837 lbs of protein. The farm employs 32 people—24 of which are hired labor. They are the second largest employer in the town of Lancaster, smaller only than the hospital! Beyond the farm, they have made a huge impact on the local community by donating to area schools and helping to promote ag. education.


Several generations of the Forbes family gathered to celebrate the award.

Dolloff Acres, the Vermont Dairy Farm of the Year, is owned by Mike and Heidi Dolloff. An 80-cow Holstein operation, the Dolloffs have proven that not only can small dairy farms survive in New England, they can prosper! By keeping herd size and milk quality consistent, Mike and Heidi have been able to keep their operation both profitable and sustainable. The Dolloffs credit herd management and genetics, as well as improvements to crop yields and cow comfort, as reasons for their success. Mike and Heidi's attention to detail and industry has allowed for stability. Their goal is to create and maintain a viable and successful family farm that can be passed on to the next generation.

 
Michael, Heidi, Hannah and Matthew Dolloff

Yankee Farm Credit would like to congratulate the Forbes Farm and Dolloff Acres on their Dairy Farm of the Year awards and for their continued excellence in the field of dairy farming!

2015 Director Nominations

It's that time of year again when Yankee's Nominating Committee begins selecting director candidates for the elections in April 2015. There will be one director elected in each of the three regions. Each position is for a three year term. If you would like to be considered for nomination, please contact a member of the Nominating Committee at the numbers below or call your local branch.

Region #1 (Chittenden, Franklin, Grand Isle counties, VT; Essex and Clinton counties, NY)
Arnold Mercy 802-326-4200
Wynn Paradee 802-524-4202
Mark Wrisley 518-963-4039

Region #2 (Caledonia, Essex, Lamoille, Orange, Orleans, Washington counties, VT; Coos and Grafton counties, NH)
Paul Gingue 802-748-8843
Richard Martin 802-328-4120
Patrick Waterbury 802-785-4753

Region #3 (Addison, Bennington, Rutland, Windham, Windsor counties, VT; Cheshire and Sullivan counties, NH)
David Ainsworth 802-763-8017
Bruce Bascom 603-835-6361
Bill Nop 802-388-3565

If you have any questions about the Nominating Committee, please contact John Peters, Chief Credit Officer at 800-639-3053.

You can find general information about the director nomination process and the role of directors on the Farm Credit Administration's web site.