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Mandated Financial Training for FSA/USDA Farm Borrowers

Volume

34

Issue

2

Abstract

Penn State Cooperative Extension, in response to a farm legislation mandate, conducted financial management workshops at 18 sites with distance learning technology. Thirty hours of workshop instruction, a simplified presentation of financial statements, exercises to illustrate concepts, multiple-choice quizzes, homework based on own-farm records, and development of a four-year personalized farm plan, contributed to the success. Cash costs of $231 per borrower, and instructor-overhead costs, were reimbursed from a $290 tuition fee. The on-going mandate provides an opportunity for future Extension cooperation across state lines to a limited-resource segment of the farm population with a critical need for improved management practices.

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