2 F i n a n c i a l P a r t n e r

news

&views

don’t be a Victim of internet fraud

winter webinar series

As we increasingly rely on the convenience and speed of digital financial transactions, it’s important to take common sense precau-tions. At Farm Credit East, we invest sub-stantially in software technology, monitoring, staff training and personal customer service to protect the integrity of online transactions. That’s why you get a phone call from your local customer service rep verifying an email request. It’s just as important that you take necessary precautions on your end of the line. Here are tips from the Federal Bureau of Investigation for protecting your computer:

• Keepyourfirewallturnedon. A firewall helps protect your computer from hack-ers who might try to gain access and delete information, steal passwords or retrieve other sensitive information.

• Installorupdateantivirussoftware. Viruses can often infect computers without the user’s knowledge. Anti-virus software prevents these types of malicious software programs from infiltrating your computer.

• Keepyouroperatingsystemcurrent. Computer operating systems are periodically updated to stay in step with technology requirements and to fix security holes.

• Turnyourcomputeroff. Your computer is more susceptible to attacks if you leave your computer on for prolonged periods of time.

Our winter webinar series presents current topics of interest to Northeast ag businesses and stakeholders. All webinars are live, free and sponsored by our Knowledge Exchange program. If you miss one, you can view it on the members-only section of our website. (Find information on our website about creating your own FarmCreditEast.com member account.)

HealtH care reForm: How to comPlyDate: December 10Time: 11 a.m. to 12:30 p.m.Speaker: Attorney Robert Noonan

The Affordable Care Act, or Health Care Reform, carries with it a series of sweep-ing changes in how health insurance and health care are delivered in this country,

with many changes impacting employers. Provisions take effect throughout 2013 and 2014, so the time to prepare is now.

Food Hubs: wHy do tHey matter to tHe nortHeast?Date: December 17Time: 11 a.m. to 12:30 p.m.Speaker: James Barham of USDA

Increasing interest in local food brings much discussion on how to connect local and regional farmers with consum-ers and food hubs. James Barham will define food hubs and how they benefit local communities, agriculture and the Northeast.

annual dairy outlookDate: January 10Time: 10 a.m. to noonSpeaker: Mark Stephenson, dairy econ-omist with the University of Wisconsin, on global dairy outlook in 2013

more webinars in seriesCheck our website for our February, March and April webinars.

Register at: FarmCreditEast.com/webinars

Farmcrediteast.com

CeO’s MessageBill Lipinski, CEO, Farm Credit East

3w i n t e r 2 0 1 2

the roAd to ProfitABilitY

Farm Credit East recently produced a

video called “Northeast Agriculture:

The Next 10 Years,” which looked at

issues and opportunities that North-

east agriculture will face over the

coming decade, including farm manage-

ment, research and education, exports and

farm policy.

The video features perspectives from

Dean Kathryn Boor, Cornell University;

Dr. David Kohl, professor emeritus from

Virginia Tech; and Chuck Conner, CEO of

the National Council of Farmer Coopera-

tives, in a lively discussion format.

We showed “The Next 10 Years” at

our customer appreciation meetings this

fall. But for those who may have missed

their local meeting, it is available on our

Farm Credit East YouTube channel:

http://www.youtube.com/FarmCreditEast.

We think that you’ll enjoy it.

tHe road to ProFitabilityDuring the roundtable, I asked Dave

Kohl to share his tips for how farmers in

the Northeast can be successful in 2013.

As always, Dave responded with insight-

ful answers informed by his years as an

economist and innovator of farm business

management approaches.

Dave’s answers are also based on his

real-life experience as part owner of a

dairy operation and value-added creamery.

Before he began, Dave mentioned that he

recently followed these steps to get his

operation off on the right foot in 2013:

• First, he sat down with his manage-

ment team and family to establish his busi-

ness, family and personal goals.

• Then he went over his financial

records with his loan officer. Together

they analyzed his business numbers and

benchmarked his business against previ-

ous years as well as against competitors in

his industry.

In working with his loan officer, Dave

relies on business tools like records and

benchmarks to move his business forward.

This is a strategy I agree with and believe

would benefit all our customers. Nothing

is more central to our mission than work-

ing with you to make your business more

profitable.

Our passion around planning comes

from seeing Northeast ag business own-

ers leave millions of dollars of profit on

the table every year, which means they

earn significantly less than what they

should, given their dedication and hard

work. Without those well-deserved profits

in their pockets, they are exposed to

adversity and are challenged to invest in

the future or drive efficiencies in their

operations.

Inadequate profits also discourage the

next generation from returning to the fam-

ily business.

Our cover story, entitled “The Dif-

ference Makers for Increasing Profitabil-

ity,” explores how our Farm Credit East

financial experts help their customers to

become strategic business managers and

increase their profitability.

You’ll also read real-life stories from

customers like Debbie Crothers, who relies

on our financial records programs to under-

stand where her business stands every day.

Stephen McKnight also explains how he

uses our dairy benchmarks and consulting

program to steadily improve his business

profitability from year to year, rather than

simply accepting whatever dollars are left

in his checkbook at the year’s end.

We are an organization that looks to

better the lives of our customers and we

believe that our products and services can

help you do just that.

As a final note, all of us on the Farm

Credit East team want to take this op-

portunity to wish you and your families a

peaceful and happy holiday season as well

as a profitable 2013.

“Helping you make your business profitable is our mission …”

Congratulations to the many winners of the 2013 Farm Credit East Photo Calendar Contest.

We received more than 700 entries this year. We thank the 157 talented photographers who shared their views of Northeast agriculture with us. Because of their photography, the Farm Credit East calendar will be proudly displayed in homes and on office walls across our six northeastern states in 2013.

We will begin accepting photo submissions for the 2014 calendar in early 2013 and will look for photos representing Northeast agriculture during every season, so please keep taking your best shots … even in the dead of winter!

Go to our website (farmcrediteast.com/calendar) for a look at the 2013 calendar or ask your Farm Credit East rep for one.

Photo calendar contest


Are You A strAtegic MAnAger?The Difference Makers for Increasing Profitability

5w i n t e r 2 0 1 2

Hoping to increase your profitability without a well-thought-out

game plan is wishful thinking. In recent years, some farm businesses

have struggled to adapt to market headwinds, while others have en-

joyed record profits. The difference between the two may lie in the

ability to proactively adapt to the “new normal.” In short, an effective

manager’s primary tool is a good strategy, well implemented.

You may be an expert at producing and marketing an agricultural

product, but do you know your true cost of production? Do you

create an income and expense statement once a year for your loan

officer but then just stow it in your filing cabinet, never to be seen

again? In both cases, there is the potential to miss out on invaluable

strategic thinking regarding your business.

At Farm Credit East, our goal is to help you shift from a reactive

model that focuses on putting out daily fires, to a proactive approach

that helps you become a strategic manager. Mark Mapstone, a Farm

Credit East business consultant, describes the shift: “Today’s most

profitable businesses have evolved away from the old model of

crossing fingers and hoping that all expenses are paid by year-end,”

he said. “It’s about having current, accurate financial records and

relying on them to continually adjust areas to strengthen your

business performance.”

not a team oF oneBringing a financial team — records, payroll and tax specialists,

loan officer and consultants — onto your management team will go a

long way toward keeping your business progressive and prepared.

“Healthy businesses have problems too, but they adjust more pro-

actively and have better outcomes,” said Dave Bishop, manager of the

Farm Credit East Bedford, N.H., branch. “We understand the difficulty

in operating a business that’s exposed to variables outside its control,

such as weather. That’s why our financial team wants to help you

know your true cost of production, avoid compliance issues and have

data at your fingertips to address unexpected operational changes.”

c o V e r s t o r Y

as the saying gOes, iF yOu Fail tO plan, yOu plan tO Fail.

StephenMcKnightRiver-BreezeFarm

ChaseMills,N.Y.


Implementing a forward-thinking strat-

egy allows you to manage the day-to-day

operations of your farm with confidence.

Gregg McConnell, also a Farm Credit East

consultant, stresses the need to create

such a strategy with a team of expert

advisors.

“Our customers get the best out of

their consulting dollar when they work

with a team of financial service provid-

ers,” he said. “For example, for many of

my clients, the financial services experts

in my branch provide a monthly balance

sheet, cash flow statement and profit and

loss statement that all reconcile.

“When I have that level of accurate,

current information, I don’t have to

second-guess the numbers, so now I can

analyze the strengths and weaknesses of

the business and not be a bean counter.”

Anna Supp, a financial records and tax

specialist from our Cortland, N.Y., office,

agrees. “Consultants can add value to your

business, but they need to be confident

that I will provide the right numbers.

None of this works without that relation-

ship or without accurate numbers.”

bencHmarks: GrowinG tHrouGH comParison

Setting benchmarks for your business

allows you to chart your growth in an

informed way. Too often, farm businesses

are only able to compare their success and

profitability against their own numbers

from previous years.

A key consulting service offered by

Farm Credit East, the benchmarking pro-

gram, helps you compare your processes

and profitability against operations of

various sizes in your industry. Our consul-

tants will assist you in using benchmark

information to compare your costs and

profitability against operations of various

sizes in your industry. Subsequently, our

consultants will work closely with you to

create an action plan and monitor your

farm’s progress.

Benchmarking your business against

other successful businesses will help you

better understand your own business and

focus on those areas that are most impor-

tant to improved profitability. Additionally,

a benchmark allows you to periodically

According to Erin Pirro, farm business consultant and director of the

Agricultural Retail Benchmarks program, business owners have many demands

clamoring for their attention. Benchmarking allows owners to focus on areas that

bring in the most profit.

Success means knowing how to use your talent and resources to best advan-

tage, and it’s very difficult to do that without an action plan. Benchmarks provide

owners with the information that they need to focus on aspects of their business

that require their attention and use that focus to develop a realistic, common-

sense plan.

Pirro cites one client whose greenhouse operation had experienced a decrease

in sales of $200,000, which seemed like an insurmountable challenge. “But when

we looked at the changes in the business, we saw that fewer customers were now

walking through the door, and those that did were spending, on average, $3 less

per visit than they formerly had,” she explained. “We had pinpointed the problem

and then needed to develop an action place to resolve it.”

The first item in their action plan was to bring more customers through the

door by increasing advertising. Pirro then divided the goal of a $200,000 increase

in sales by the number of her client’s employees. As a result, seven employees

were asked to increase their individual sales by $30,000 over the next year — an

achievable goal in the face of a daunting loss of sales.

When assessing your business for profitability, a Farm Credit East consultant

works closely with you to develop an action plan that articulates specific goals

for both your operation and each employee. What to do first? Who will do what?

What goals should be set for your employees and for what period?

By working with a consultant to apply the information in your benchmarks

report, you can turn a seemingly insurmountable goal into realistic, achievable

objectives.

BenchMArking ProVides focus

ErinPirroDirectorof

AgriculturalRetailBenchmarks

7w i n t e r 2 0 1 2

look at how your business compares to

industry peers and then make incremental

improvements. Without those steps, busi-

nesses can fall behind in their industry.

Mark Mapstone believes that bench-

marks are critical to creating a strategic

management style. “A benchmark is actu-

ally a report card of where your business

stands in your industry, in terms of profit-

ability, strengths and weaknesses. It shows

where your business is ok and where it

needs work,” he said. “When you compare

your farm to its industry benchmarks, your

management team can dig into the num-

bers to figure out why you are different.

What’s important is understanding what

drives your numbers and your bottom line

results.”

Working with Farm Credit East in

organizing your information to profile

your business allows you to set informed

goals and create a personalized action

plan. “Participants in the benchmarking

program seek to understand their drivers

of profit, examine the secrets of success

in managing their businesses and get the

maximum return on investment,” said

Debbie Crothers and her husband maintain a herd of 180

animals on their New York farm. Challenged by the day-to-day

responsibilities of operating a hoof-cutting business and a dairy

farm, the Crothers increased their productivity and significantly

reduced their stress by partnering with Anna Supp, a Farm Credit

East farm accounting representative.

“Between morning chores, afternoon chores, writing checks and

keeping the farm’s expenses and income straight, I’m busy enough.

Now, I just balance my checkbook and Anna provides easy-to-read,

real-time financial statements, including a spreadsheet summariz-

ing key issues for us to focus on. It shows our progress and where

we need to adjust. When I wonder if we have a cash gain, I turn to

profits and losses. I can see where I’m spending too much, where my

dollars are going, where we’ve cut costs and by how much.

“When I can’t handle the stress load, Anna reminds me that’s

what I have her for. ‘We’ll figure this out,’ she says. I rely on her. I

don’t have to remember to write a check to the federal government

or take out Social Security. There are too many rules and regulations.

Anna knows the rules and keeps up with changes.

“Our entire Farm Credit East team provides expertise and peace

of mind. As our goals have evolved and challenged us, Farm Credit

East has followed our dream with us, and adapted to the changes we

have made to continue to grow.”

coMBAtting stress through collABorAtion

FarmCreditEast’sAnnaSuppworkingwithDebbieCrothersonUndergroundGenetics,LLC,thefamily’sPitcher,N.Y.,dairyfarm

DaveBishopBranchmanager

AnnaSuppFarmaccountingrepresentative

MarkMapstoneFarmbusinessconsultant

GreggMcConnellFarmbusinessconsultant


Gregg McConnell. “Farmers understand

their numbers by working one-on-one

with consultants and coming together an-

nually in a benchmark meeting with their

peers and consultants.”

turninG bencHmarks into ProFits

Equipped with this data, you will be

able to look closely at your business’s num-

bers, including costs, profits, debts and in-

ventories. Gregg McConnell explains, “The

profit analyzer program is real-time data

and detailed analysis. It points out how

a farm has performed historically with a

detailed projection of how they will do

in 2013 through every month. The profit

analyzer works well with the benchmarks

because it is the forward-looking piece to

the analysis. It allows you to implement

your business plan.”

The profit analyzer program is a valu-

able budgeting tool that allows you to

identify problems in your business, such

as whether your production is below com-

modity price, and develop an action plan

to address them. “People who don’t do this

process shoot in the dark and don’t know

if their management moves are enough,”

said Gregg. “Without quantifying prob-

lems, they have no means of measuring

results.”

Mark Mapstone underscores the strate-

gic benefits of using benchmarking to plan

for the next year and the profit analyzer

program to monitor progress of actual

business results against budgeted, planned

business metrics. “These tools identify

A Profile in ProfitABilitYRiver-Breeze Farm Reaps Benefits from Quarterly Meetings with FCE Consultant

“We don’t hire Mark to be our cheerleader. We want him to dig in to find our weak-

nesses, and he is also quick to point out areas where we can take the business to the next

level. The benchmarks and profit analyzer are invaluable in doing this analysis.

“The benchmarking program shows strengths and weaknesses as they relate to the

industry, and goes beyond financial numbers to include management numbers. We base

many of our decisions on where we stand in the industry.

StephenandMaryLouMcKnightownandmanageRiver-BreezeFarmin

ChaseMills,N.Y.,alongwiththeirson,Travis,hiswife,Natalie,andtheirson-

in-law,StevenBillings.

Stephenisastrategicmanagerwhoreliesonnumberstoplan.That’swhy

hehasbeenamemberoftheFarmCreditEastdairybenchmarkinganddairy

profitanalyzer(DPA)programsforyears.Heworkscloselywithbusinesscon-

sultantMarkMapstoneincompilingandanalyzinghisfarm’sdatatoincrease

hisfarm’sprofitabilityandstaycompetitivewithhisindustrypeers.Thefol-

lowingishisaccountofwhatparticipationintheseprogramshasaddedto

hisbusinessacumen.

farm credit east offers four types of benchmarking programs:

• Dairy benchmarks

• Agricultural retail benchmarks

• Winery benchmarks

• Green industry benchmarks

StephenMcKnightRiver-BreezeFarm

ChaseMills,N.Y.

opportunities for the owner and manage-

ment team to set goals and an action plan,”

he said. “Then you can hold your team

accountable and cheer them on when they

do well. It is a management tool to get

everyone working on common goals.”

invest in your FutureIncreasing the profitability of your busi-

ness starts with you, but bringing together

a strong financial services team is integral

in being a strategic manager.

“With one client, my consulting ser-

vices cost just 2 cents per hundredweight

of milk. With a different client, the cost

came to about $0.12 a case of wine. Both

costs make an infinitesimal impact on the

business finances,” said Gregg McCon-

nell. “The bottom line is that my clients’

business performance is better as a result

of my working with them regularly. It is

money that they invested in their business-

es, and their results in improved profitabil-

ity speak for themselves.”

In addition to having expert advice and

analysis regarding your business’s posi-

tion, Farm Credit East consultants offer a

wealth of industry experience. “I am on

more than 50 farms annually,” said Mark

Mapstone. “I bring insight into what works

and what doesn’t on other farms. I see the

difference markers and challenges of other

farms as well as new technologies and

management practices. For example, how

would an extra 500 pounds of cow pro-

duction relate to your bottom line? That is

the magnitude of return for a business on a

per-day basis.”

Strategic management is more than just

about profitability; it is about mitigating

risk to your business so that you can use

your industry knowledge for day-to-day

operations. “We enjoy helping customers

grow more confident in their financial

management abilities in business analysis,

decision making and planning,” said Anna

Supp. “And we enjoy taking stress off their

shoulders so they can do what they love

to do.”

For more information regarding our

tax, records, payroll, benchmarking or

profit analyzer programs, talk to your local

Farm Credit representative or log onto

FarmCreditEast.com.

“From the benchmarks, we look at our

results throughout the year. We sit down

with Mark to identify our weaknesses,

which we work on correcting by the next

year. For example, the benchmarks offer

numbers like days to complete first cut-

ting. When I see that farms in the top 20

percent were done one week sooner than

we were, I may prepare to be ready earlier

next year, because we know that the

sooner we complete that task, the sooner

the result filters down to feed costs, etc.

It also shows us when we are making

progress. When our management numbers

are better than average, such as with calf

mortality, we try to maintain or improve it.

“Based on the benchmarks, we recently

changed from having our heifers custom-

raised to raising them here at River-Breeze.

We compared our profitability with those

in the industry who raised their own heif-

ers. Then we analyzed those numbers and

asked some questions: “Do we have the

land base to support these extra animals?

Do we have the labor to carry through

with this?” We worked with Mark to make

a decision that was right for us based on

the benchmarks.

“We also look at the dairy profit ana-

lyzer for quarterly financial analysis and

budgeting in relation to where we are

in the quarter, where we are in the year

and where we stand to budget. The profit

analyzer helps us find weaknesses and

strengths in our business each quarter so

we can make adjustments at that point and

complete the year as close to budget as

possible.

“The profit analyzer helps us be more

diligent about our budgeting, and we ab-

solutely get a return on our investment. It

cost pennies per hundredweight.

“Now that we have the profit analyzer,

we look at each segment of the business

to determine if we are getting a return

and to set our budget. Soon after each

quarter, we sit down with Mark for about

two hours. If we find issues, we correct

them and measure any change at the end

of the next quarter. Mark may catch things

before the year’s end, such as the fact that

feed costs may be a little higher based on

the industry trend. If our number looks

high, we find the reasons.

“Mark brings a lot of industry knowl-

edge to the table. When we do budgeting,

we pick a milk price based on the price

that the experienced people at Farm Credit

East estimate. We use their number rather

than trying to study the market and figure

it out ourselves. They have people who

understand this.”

The Farm Credit East profit analyzer program can help you become a more strategic manager. Below are just a few ways it can benefit your business:

• Monitor your business’s numbers, including costs, profits, debts and inventories

• Seek better under-standing and control of monthly costs and returns

• Receive recommenda-tions from a farm business consultant

• Benefit from regularly scheduled manage-ment team meetings

• Track performance with budgeting and monitoring controls

9w i n t e r 2 0 1 2


don’t PAY More tAxes thAn You should“Mark Kellogg’s understanding of our businesses as well as current tax laws has been advantageous to our operation. It was easy to switch to Farm Credit East to prepare our taxes and get help with tax planning. Mark knows current tax laws so we rely on his advice for the tax implications of business options that we may be considering, which helps us make the best decisions for our business.” – Ron Robbins

a smootH transitionRon and Nancy Robbins own an 800-cow dairy farm,

6,000-acre crop operation and busy agritourism business

called Old McDonald’s Farm in Sackets Harbor, N.Y. Already

busy operating these diverse businesses, the Robbins hired

a tax preparer to file their taxes. But the preparer was not

timely. The Robbins’ wanted to change, but they were con-

cerned about the time needed to build a new relationship.

They turned to Farm Credit East, where they already were a

borrower.

How we HelPedRon was shocked at how easy it was to work with his local

Farm Credit East tax preparer, Mark Kellogg. Ron came to

us for the tax preparation service, but left with much more.

He gained an accurate and timely tax return and a team of

financial experts. Now he doesn’t have to explain to his loan

officer what his accountant did or what his tax planner said.

Instead, at Farm Credit East, he works with knowledgeable

experts in all aspects of business financial services.

farm credit east helps us make the best decisions for our business.”

“

11w i n t e r 2 0 1 2

wAshingtonUpdate

Well, the elections are over and the real

(or important) work begins.

Overall, the 2012 election maintained

the status quo. With the reelection of

President Obama, Democrats control the

White House. The Senate continues to be

closely divided, but with the Democrats in

control. And Republicans maintain control

of the House.

The key political difference is that we

now have a president who will never run

in another presidential election. What this

means is unclear, but we may see the presi-

dent take a tougher negotiating position

than in the past.

In the House, Speaker John Boehner

(R-OH) will face the same difficulty that

he faced in the last Congress if he seeks

to compromise with the president. Many

individual representatives feel that they

were elected by their constituents based

on their policy views rather than on those

views that prevailed in the presidential

election.

sPendinG and taxesBy the time this article is published,

the fiscal cliff issue may have been tempo-

rarily addressed. However, spending and

tax reform issues are likely to be front and

center throughout the 113th Congress.

As shown in the elections, Congress has

sharp differences on issues relating to tax

rates, entitlement programs and other

government spending.

While we have had four years of

budget deficits in excess of $1 trillion,

stronger advocacy groups tend to push

spending programs or tax cuts, and don’t

place primary focus on reducing the defi-

cit. Fixthedebt.org, an organization com-

mitted to addressing the deficit, has been

getting a little more attention recently, but

significant deficits seem likely. On many

spending and tax issues, we are likely to

have uncertainty throughout 2013.

Farm billCongress left Washington in Septem-

ber without action on the Farm Bill. Farm

organizations, including Farm Credit

institutions, urged Congress to finalize a

Farm Bill that clarifies which programs

will continue. I tend to believe that Con-

gress will pass a Farm Bill, if not in the

lame duck session of Congress, then in

the first quarter of 2013. While significant

differences exist between the House and

Senate on food stamp eligibility and spend-

ing, these differences should be resolved.

Farm program payments will become less

significant with this bill, while crop insur-

ance plays a bigger role.

estate taxesThe estate tax is part of the fiscal cliff

issue. The president is expected to contin-

ue to push for the $3.5 million exemption

and 45 percent rate, but many members

of Congress will want to keep the current

$5.1 million and 35 percent rate. With no

action, we revert back to a $1 million ex-

emption and 55 percent rate on January 1.

Farm labor/immiGration enForcement

I-9 audits continue to be a problem for

agricultural producers in many parts of

the country, including the Northeast. For a

number of years, the “politics of no” (that

is, it’s politically easier to oppose than sup-

port) has killed reasonable guest worker

and immigration reform efforts.

We anticipate that President Obama

will push an immigration reform proposal.

As part of this effort, the farm community

needs to push even harder to establish a

new, improved long-term guest worker pro-

gram for agriculture. National farm groups

have been working to develop a consensus

approach to take to the new Congress.

Message to Congress: Agricultural

guest worker legislation is essential. The

uncertainty is not allowing farms to

invest in their future.

otHer interestinG election results• In an interesting food-related vote,

California voters rejected a state ballot

initiative that would have required

most processed food labels to declare

any biotech-derived ingredients. This

was defeated by a 53 to 47 percent

margin.

• On the specialty crop side, voters in

Washington and Colorado voted to

legalize marijuana for recreational pur-

poses. It remains an illegal drug under

federal law.

Robert A. SmithSenior Vice President for Public Affairs

The 113th Congress and Pending Issues

FINANCIAL PARTNER is for the customers, employees and friends of Farm credit east. Farm credit east is a farmer-owned lending cooperative serving the farm, commercial fishing and forest products businesses in new Hampshire, massachusetts, connecticut, rhode island, new york and new Jersey. Part of the national Farm credit system, Farm credit east is a full-service lender dedicated to the growth and prosperity of agriculture.

HOW TO REACH US: whether you want to praise us, complain, ask our advice or just let us know what’s on your mind, we’d like to hear from you. write: karen murphy, editor, Farm credit east, 240 south road, enfield, ct 06082-4451. call: 860.741.4380. e-mail: [email protected].

copyright © 2012 by Farm credit east, aca. all rights reserved. Farm credit east is an affirmative action, equal opportunity employer.

Financial Partner is printed on recycled paper.

Farm Credit East recently received the United Way of the

Greater Capital Region’s Community Impact Award for our Farm

Credit East Cares program. In coordination with United Way, our

program provided holiday donations to farm families impacted by

the Irene and Lee disasters last fall.

“This was a tragic time for our producers. Many Northeast

farm families are still working toward recovery from the hardships

brought upon by the 2011 storms,” said CEO Bill Lipinski. “We ap-

preciate United Way’s efforts in helping us to facilitate this initia-

tive. With their help we were able to quickly provide assistance to

farm families just in time for last year’s holidays.”

“United Way believes that the best way to help people in need

in our communities is to work together,” said Brian T. Hassett,

president and CEO, United Way of the Greater Capital Region.

“The gift that Farm Credit East provided went beyond the cash

donations and reminded flood victims that they were surrounded

by a community that cared.”

Farm Credit East, CoBank, employees and other organizations

contributed to the Farm Credit East Cares Community Fund, which

provided a total of $143,500 to farm families hurt by the Irene

and Lee tragedies. 167 farm families received donations and six

organizations working directly with farmers and rural communities

received financial support through this program.

tHe ProGram continuesFarm Credit East Cares is raising funds to assist farm-related

efforts associated with Hurricane Sandy. Individuals and organiza-

tions interested in contributing to Farm Credit East Cares can do

so by sending a check to Central New York Community Founda-

tion, 431 East Fayette Street, Suite 100, Syracuse, N.Y. 13202 or by

visiting mygiving.cnycf.org/farmcrediteast to make a contribution

by credit card.

coMMunitYSupport

UnitedWay’sBrianHassettwithFarmCreditEast’sBobSmith

fArM credit eAst receiVes united wAY’s coMMunitY iMPAct AwArd

FarmCreditEast240SouthRoadEnfield,CT06082-4451

Address Service Requested

PRSRT STDU.S. Postage

P A I DPermit No. 690Springfield, MA

Financial Partner - Winter 2012

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Transcript of Financial Partner - Winter 2012