Extension Agricultural Economist
RESPONSIBILITIES: The foundation of the KFMA program is providing education and consultation to member farms in the area of farm business management. KFMA Economists strive to provide cooperating farms with resources to make informed financial, production, and tax management decisions. In order to achieve this goal, an Extension Agricultural Economist is expected to:
1. Develop and maintain a relationship with membership of approximately 80-90 cooperating commercial farms
2. Provide cooperating farms with:
- Assistance with record keeping in order to develop a complete and accurate accounting of the farm, which is the foundation of all services provided
- Regular, scheduled on-farm visits each year
- An annual accrual whole-farm business analysis utilizing KFMA software to collect and process information
- An annual economic analysis of farm enterprises
- Benchmarks of farm performance in comparison to similar farms and/or industry standards
- Guidance based on interpretation of whole-farm, enterprise, and benchmark analysis
- Year-end tax planning and management
- Tax preparation through Northwest Kansas Agricultural Tax Service (leave days are taken from Extension position to complete this activity)
- Guidance and recommendations in estate planning, farm succession planning, and business entity structure
3. Collect, process, and verify financial and production information from cooperating farms to be utilized by K-State Research and Extension for research, teaching, and other Extension programs
4. Market and promote KFMA by supporting county, area, and state Extension personnel with technical expertise in the area of farm business and farm income tax management
5. Participate in continuing education to expand farm income tax and farm management technical skills