Location: University of Maryland Extension - Baltimore City Office, 6615 Reisterstown Road, Suite 201, Baltimore, MD, 21215 (map)
Organizer: University of Maryland Extension
Contact: Neith Little, email@example.com
Description: Most of the work of a farm is in producing and marketing crops and livestock. But will this effort be economically viable? And what are the economic risks? These are questions that all farm businesses must answer regardless of whether they are for-profit or not-for-profit. To stay in business, the farm must be economically sustainable. To measure economic viability, this class will focus on two economic measurements – net income and cash flow.
Calculating an income statement will help you work towards your financial goals, whether your goal is to provide a certain amount of income for yourself or to cover your business’ costs and invest back into the business for the future. Calculating a cash flow statement will help you identify pinch points throughout the season, so that you have enough funds on hand to pay for seasonal expenses without resorting to expensive short-term credit.
This class will be taught by Dale Johnson, Farm Management Specialist, UMD Extension
Dinner will be provided at this evening workshop, thanks to sponsorship by MidAtlantic Farm Credit. www.eventbrite.com/e/urban-farmer-field-schools-tickets-45993009329