KFMA Podcast

Dr. Elaine Johannes is the Kansas Health Foundation Distinguished Professor in Community Health for KSRE and is a state Extension Specialist. We sat down to talk about mental health in agriculture and rural communities. While it's just the tip of the iceberg, we discussed issues and concerns regarding stress and mental wellness for agricultural producers and their families, as well as opportunities and resources.  There has not been a publication in relation to the referenced survey conducted by K-State's Ag Safety and Health program. Information provided in this podcast is based on preliminary findings from this survey.  Resources: Surgeon General's report on the epidemic of Social Isolation and Loneliness

You have most likely heard people promoting the idea of deducting excess/residual fertilizer when buying farm ground. So, what does it mean? Is there a deduction available? If so, what documentation do you need? We invited Kristine Tidgren, Director for the Center for Agricultural Law and Taxation, to discuss and help us understand this popular topic.  Resources: https://www.calt.iastate.edu/blogpost/considering-residual-fertility-deduction    

The 2018 Farm Bill was extended in December of 2024. With the deadline to sign up for ARC/PLC approaching in April, we sat down with Robin Reid to discuss the programs and what to consider when making program decisions. Also included in the bill were ad hoc payments, currently being referred to as Economic Assistance Payments, for farmers. We discussed some details related to these payments and how they are calculated. Resources: ARC/PLC Decision Tool: https://agmanager.info/ag-policy/2018-farm-bill/tradeoff-between-20252026-arc-and-plc Economic Assitance Payment Calculator: https://agmanager.info/ag-policy/2025-economic-assistance  

The 2024 Kansas Land Values Book was released in December. We sat down with Robin Reid to discuss trends across the state, how the farm economy is affecting land values, and her predictions for the coming year.  Resources: 2024 Kansas Land Values Book: https://agmanager.info/land-leasing/land-buying-valuing/kansas-land-values-book-2024  

The 2025 Women Managing the Farm Conference is just around the corner! Lori Rogge and LaVell Winsor, co-chairs of the conference committee, joined me for this episode of the podcast. We discussed how Women Managing the Farm originated, what people can look forward to at this year's conference, and so much more. 

The KSU ag econ department offers an online course called Finances and The Farm. This is a self-paced course to help enhance farm management skills. We sat down with the instructors, Robin Reid and LaVell Winsor, to talk about what this class offers and why it is valuable to producers of all sizes and levels of experience. Resources: https://agmanager.info/events/finances-and-farm-online-class

In 2024, several KFMA producers filled out a survey regarding utilization of various conservation practices. The data from this survey has been used for research by Dr. Jenny Ifft and graduate student Delide Joseph to evaluate how conservation practices relate to farm profitibaility. They joined us for this episode of the KFMA podcast to discuss their preliminary findings as well as ideas for future research.  Resources: https://agmanager.info/events/risk-and-profit-conference/previous-conference-proceedings/2024-risk-and-profit-conference/3  

Dr. Jenny Ifft joins us to discuss high coverage crop insurance options available to producers, specifically SCO (Supplemental Coverage Option) and ECO (Enhanced Coverage Option). These are growing in popularity and may become more of a necessity as farmers navigate low margins with the farm economy downturn.  Resources:  SCO and ECO Payment Calculator: https://agmanager.info/crop-insurance/crop-insurance-papers-and-information/2024-supplemental-coverage-option-sco-and Dr. Ifft's Crop Insurance Presentation: https://agmanager.info/events/kansas-crop-insurance-workshop/2024-kansas-crop-insurance-presentations/high-coverage  

A topic that applies to everyone: social security! We receive numerous questions about social security benefits. For this episode, we sat down with David Seymour. David is a Senior Public Affairs Specialist with the Social Security Administration, serving the Kansas City region. He covered many topics, including full retirement age, the earnings limit, disability and survivors' benefits, and much more.  Resources: https://www.ssa.gov/  

As the dealine for PRF (Pasture, Rangeland, and Forage Insurance) is approaching, we thought it would be a good time to sit down with Dr. Jenny Ifft to discuss various forage insurance options for producers. In looking at forage risk management, producers continue to have more options available to insure against loss on their forage crops. Some have been around for years and are growing in popularity, while some are new within the last couple years. In this episode, we discuss the multiple options available for producers and how each type of insurance works.  Tools and resources: https://agmanager.info/hay-inventory-calculator https://agmanager.info/events/ag-lenders-conferences/2024-ag-lenders-conference-presentations/forage-risk-management  

This is a topic we like to cover each year, especially as we are heading into the winter. Tax planning is extremely important for farm businesses because of the potential income volatility from year to year. In this episode, we discuss multiple tools farmers can use to manage their taxable income. 

Susie Latta, Marshall County Extension Agent, joins us to talk about all things Medicare! She has a focus in financial management and spends significant time counseling individuals on signing up for Medicare. In this episode we talk about the SHICK (Senior Health Insurance Counseling for Kansas) program and some Medicare basics in general.  https://www.ssa.gov/medicare https://www.kdads.ks.gov/services-programs/aging/medicare-programs/senior-health-insurance-counseling-for-kansas-shick SHICK Hotline: 1-800-860-5260  

What does a farmer take into account when purchasing equipment? What important factors should they consider? How do equipment purchasing decisions affect profitability? We discuss all of this with Dr. Brady Brewer, Associate Professor in the Ag Economics department at K-State, in this episode of the KFMA podcast. This episode is centered around a recent presentation Dr. Brewer provided at the annual Risk & Profit conference. The link to his slides is below. Economics of Equipment Purchasing: https://agmanager.info/events/risk-and-profit-conference/previous-conference-proceedings/2024-risk-and-profit-conference/10  

We receive several questions about options to save for retirement, and some times about options to contribute to retirement for employees. For this episode, Alice Tunks-Jones, Financial Advisor with Edward Jones, joins us to answer some of those questions. We discussed 5 specific types of retirement accounts, contribution limits and deadlines, and how they pertain to individuals and employers. 

Every year, KFMA publishes an executive summary to showcase certain pieces of data for KFMA farms from the prior production year. KFMA Executive Director, Mark Dikeman, and Associate Director, Kellen Liebsch, joined us to share about the 2023 KFMA executive summary. You can find the summary publication at the below link:  https://agmanager.info/kfma/whole-farm-analysis/kfma-executive-summary/2023-executive-summary Individual association summaries can be found here: https://agmanager.info/kfma/whole-farm-analysis/kfma-association-summaries  

Depreciation is one of the topics on which we receive several questions each year. There are a lot of rules regarding depreciation for tax purposes, but it's also one of the most valuable tax planning tools farmers have available. In this episode, we discuss the basics of depreciation, different rules to be aware of, and how it can be an effective tool for farmers and ranchers. 

We hear a lot about cash accounting and accrual accounting, but it can be challenging to know the difference between the two and how they are both used. Kellen Liebsch, Associate Director for KFMA, sits down to talk about the two accounting methods, how they can be utilized, and the pros and cons of each method.

The 20th annual Women Managing the Farm Conference is almost here! We sat down with the committee co-chairs, Sandra Wick and Lori Rogge, to discuss the upcoming conference. We also discussed the history of Women Managing the Farm, the overall goal and vision of the conference, and what to look forward to in the future.  Conference Website: http://womenmanagingthefarm.com/ AgManager: https://agmanager.info/  

Dr. Brian Briggeman joined us to discuss farmer cooperatives across the state of Kansas. Dr. Briggeman is a professor and the Director of the Arthur Capper Cooperative Center at K-State. We discussed the history and the current state of co-ops in Kansas. Dr. Briggeman also filled us in on all the services provided for co-ops through the Arthur Capper Cooperative Center. 

We sat down with Bob Kohman to discuss a recent KFMA study over machinery and repair costs. Bob and Chelsea conducted this study over the summer with the primary goal of observing the relationship between machinery investment and repair costs on KFMA farms. The data and observations were presented at the annual Risk & Profit Conference at K-State in August. 

In this episode, we are joined by Kay Prather, the program coordinator for the Kansas Agricultural Mediation Services (KAMS). Kay shares with us the background, purpose, and mission of KAMS. Resources: KAMS Website: https://www.k-state.edu/kams/about/ KAMS Toll Free Hotline: 1-800-321-3276 Kansas Ag Stress: https://www.kansasagstress.org/  

Robin Reid joins us back on the KFMA podcast to discuss trends in Kansas ag land values. We also took time to talk about her latest research on agricultural land ownership in Kansas. Make sure to follow the links below for resources discussed in the podcast. 2022 Land Values Book: https://www.agmanager.info/land-leasing/land-buying-valuing/kansas-land-values-book-2022 Analysis of Agricultural Land Ownership: https://www.agmanager.info/land-leasing/land-buying-valuing/analysis-agricultural-land-ownership-kansas  Foreign Holdings of Kansas Land: https://www.agmanager.info/foreign-holdings-kansas-ag-land-0    

Dr. Jenny Ifft joins us again on the KFMA podcast to discuss a new research project. This study looks at agricultrual land turnover in the state of Kansas. During this episode, Dr. Ifft discusses the current findings and preliminary observations. 

Dr. Jennifer Ifft, associate professor and Flinchbaugh Agricultural Policy Chair at K-State, joins us to discuss insurance and FSA program options for livestock producers.  More on Dr. Ifft: https://www.agmanager.info/contributors/ifft  

Dr. Brian Briggeman, professor in the Agricultural Economics Department at K-State and Director of the Arthur Capper Cooperative Center, joins us again to provide a macroeconomic update. We discussed trends with interest rates and inflation through 2023, potential for a recession, the state of the labor market, and how all of this relates back to agriculture. 

KFMA Executive Director, Mark Dikeman, joins us to discuss the 2022 KFMA Executive Summary data and current farm conditions for 2023.

KFMA Executive Director Mark Dikeman joins us to discuss general details of two current FSA programs. These two programs, Emergency Relief Program 2 (ERP 2) and Pandemic Assistance Revenue Program (PARP), work differently than most FSA programs we have seen in the past. Mark explains the general premise of the two programs, eligibility requirements, application deadlines, and more.  This podcast is not meant to be detailed advice or consultation for either of these programs. Anyone looking to apply for these programs should consult FSA and their accountant or tax preparer for more detailed information and to evaluate their eligibility. 

This episode finishes our transition planning series walking through the "Cultivating Your Farm's Future" workbook. In this final episode of the series, we go through the operating agreement worksheet. The goal of this worksheet is to think through and discuss how you want your farm entity to operate and have something you can take to your attorney when setting up the entity.  Thank you for tuning into this series! A huge thank you to the University of Wisconsin- Madison Division Extension for providing this resource to producers and allowing us to use it as the foundation for our transition planning series.  Workbook Link: https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf  

In episode 7 of our transition planning series, we continue our dive into action steps to help make a farm transition successful. This episode continues part 3 of the "Cultivating Your Farm's Future" workbook titled, "How do you get there?" We cover pages 47-49 of the workbook, discussing issue development, how to identify strategic vs. operational issues, and developing an action plan to face issues as they arise. UW- Madison Divison of Extension Workbook Link: https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf  

In episode 6 of our transition planning series, we dive into action steps to help make a farm transition successful. This episode leads into part 3 of the "Cultivating Your Farm's Future" workbook titled, "How do you get there?" We cover pages 44-46 of the workbook, discussing meeting agendas, operational meetings, and strategic planning meetings. https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf  

Episode 5 of our transition planning series continues in section 2 of the workbook "Cultivating Your Farm's Future" from the University of Wisconsin. In this episode, we focus on a worksheet evaluating, "Is Equal Fair?" and discuss control of farm management decisions. We also talk about performing a SWOT analysis for your farm family business and evaluating the "D" risks on  your farm. Make sure to check out the workbook at the link below! Workbook Link:  https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf  

This episode continues our transition planning series, leading into part 2 of the "Cultivating Your Farm's Future" workbook from the Unviersity of Wisconsin- Madison Division of Extension. Part 2, "Where do you want to be?" helps farm families set goals for their transition. This episode specifically looks at various worksheets that help each generation identify their intentions for the transition and their core values. We also discuss a section for the owner generation that focuses on their goals for retirement.  Workbook Link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/  

This episode continues our transition planning series, working through the "Cultivating Your Farm's Future" workbook from the University of Wisconsin. In this episode, we discuss the different areas of decision making and some wonderful resources to communicate about transferring management to the next generation. This episode finishes out section one of the workbook titled, "Where are you now?"  Workbook Link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/  

In episode 2 of our Transition Planning Series, we look at organizing your financial information. We review the essential parts of a balance sheet, both farm and personal, and the farm income statement. In addition, we look at building a monthly/annual household spending plan.  As a reminder, this series is built around UW-Madison Division of Extension's "Cultivating Your Farm's Future" workbook.  Workbook link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/ Spending Plan- Link to Excel File: https://farms.extension.wisc.edu/articles/monthly-and-annual-spending-plan-part-1-of-2/ KFMA Podcast Episodes on Balance Sheets: https://kfmapodcast.libsyn.com/balance-sheets-part-1 https://kfmapodcast.libsyn.com/balance-sheets-part-2 https://kfmapodcast.libsyn.com/balance-sheets-part-3-personal-balance-sheets      

We're kicking off our farm transition series! This series will walk through the topics in the "Cultivating Your Farm's Future" workbook, created by University of Wisconsin- Madison Division of Extension. We're very grateful for the use of this resource and hope you will find it beneficial. This first episode of the series will start in the first section of the workbook titled, "Where are you now?" The topics covered will be the: Family Tree, Family Spotlight, Farm Profile, and Factors Affecting the Farm Business Transition.  https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/ https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf  

Ashlee Westerhold joins me to discuss the upcoming Farm and Ranch Transition Conferences and to give us an update on the Office for Farm and Ranch Transition. The upcoming conferences are: Dec. 13th- Colby, KS Dec. 14th- Salina, KS Dec. 15th- Erie, KS For more information, check out the link below. Scholarships are available! If you are applying for a scholarship, do not register until you have filled out the application and heard back from Ashlee.  https://agmanager.info/events/2022-farm-and-ranch-transition-conferences  

KFMA members often ask us questions about 1031 (or like-kind) exchanges. There are lot of things to remember when completing a 1031 exchange to make sure you're not surprised by a large tax bill. In this episode we are joined by Clay Simons, KFMA South Central Executive Economist, to discuss the rules surrounding 1031 exchanges. 

There's been a lot of uncertainty in the economy over the last couple years. Many producers are concerned about the rising costs of inputs and interest rates. We sat down with Dr. Brian Briggeman, professor in the agricultural economics department at K-State, to discuss inflation, interest rates, and what businesses can do to be prepared. 

In September we covered various tax planning strategies for high income years. Dillon Rapp joins us again to discuss tax planning strategies for low income years. We cover ways to increase income or decrease expenses and why it is important to avoid net operating losses. 

Robin Reid joins us on the KFMA podcast to discuss recent trends in agricultural land values. Robin is an Extension Ag Economist with K-State and has spent much time devoted to research around agricultural land values, historical trends, and much more.  Associated Links: https://agmanager.info/land-leasing/land-buying-valuing/kansas-land-values-book-2021 https://agmanager.info/land-leasing/land-buying-valuing https://agmanager.info/farm-management/land-rental-rates/local-land-lease-information https://agmanager.info/farm-management/land-buying-valuing/land-use-value-research  

Dillon Rapp, KFMA Southeast Economist, shares with us some important tips and strategies to managing taxable income. Most tips discussed in this episode are geared toward planning in a high-income year. We'll be back later this fall with part 2, managing taxable income in low-income years. 

We welcomed KFMA South Central economist, Madelyn Lee, to explain what items should be brought to a tax estimate meeting. Our end of year tax estimate meetings are some of the most important and valued meetings we have with KFMA members. Madelyn explains the importance of having accurate information and records prepared for effective tax planning.

We sat down with Mark Dikeman, KFMA's new Executive Director, to discuss his goals for the direction and future of the association. 

Kevin Herbel, our Executive Director, is retiring from KFMA! It's hard to find another individual who has had such a great impact on our association. We sat down with him in this episode to hear about his experiences and time while working with KFMA. We are sad to see him go, but wish him the very best on his next endeavor. 

Mark Dikeman joins us for episode 18 to discuss current weather conditions across the state of KS and how they are affecting both livestock and crops. We also discuss some tax-related provisions surrounding weather-related crop and livestock issues and current FSA programs to assist farmers suffering from drought. 

What exactly is the role of a KFMA economist? What does our job look like and why have many of us chosen this profession? Bob Kohman and Trenton Hargrave join us for this episode to discuss what it's like to work as a KFMA economist, why they originally came here, and why they find it rewarding.  Current Openings: https://agmanager.info/kfma/job-descriptions

We're back with Jordan Steele for this episode to discuss cash flow and cash flow management. Jordan Steele was with KFMA for 7 years, with many of those years spent as the KFMA, NW Executive Economist. He just recently moved on to a new endeavor, so we were very grateful he sat down with us to share his thoughts on this important topic! 

We had the chance to sit down with Jordan Steele, executive economist for KFMA Northwest. Jordan reflects on his years with KFMA: lessons he learned, rewarding parts of his job, and general advice for producers.  Links: https://www.kansasagstress.org/ https://agstateofmind.com/  

KFMA Executive Director Kevin Herbel joins us in this episode to discuss the 2021 Executive Summary. You can access KFMA summary and enterprise reports at the following links: https://agmanager.info/kfma/whole-farm-analysis https://agmanager.info/kfma/kfma-enterprise-reports  

For this episode we welcome Ashlee Westerhold, the Director for the Office of Farm and Ranch Transition. This office was established within the Ag Econ Department at K-State thanks to a new grant. Listen in to hear about Ashlee and her background, how the office was established, and the goals and vision for how it will ultimately benefit Kansas farmers and ranchers! 

Good recordkeeping is an essential part of every business. In this episode Tressie shares her thoughts and tips related to organization and efficiency with recordkeeping. It doesn't have to be overwhelming! Special Note: Tressie shares information on how long to keep certain records. This is specifically as it relates to taxes and the IRS. There may be different requirements when it comes to crop insurance, FSA, etc.  IRS Publication 225: Farmers Tax Guide https://www.irs.gov/pub/irs-pdf/p225.pdf