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rAssociate Extension Ag Economist-KFMA NC Abilene

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rKansas State University

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r*About This Role*

The Kansas Farm Management Association (KFMA) North Central is seeking applicants to fill the role of an Associate Extension Agricultural Economist. The responsibilities of an Associate Extension Agricultural Economist are varied but center around providing education and consultation to KFMA 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.

KFMA NC works with farm families in a 18-county area. Principal crops are wheat, corn, soybeans, and grain sorghum. Livestock enterprises in NC Kansas are primarily focused on beef production. Average farm size is 1,400 crop acres.

*About Us*

KFMA Vision:

The Kansas Farm Management Association (KFMA), through its affiliation with K-State Research and Extension, will be the valued and trusted provider of integrated data management systems to apply critical thinking and strategic business planning for farm and ranch decision makers; and will be the premier source of farm-level economic data in the world.

KFMA Mission and Purpose:

• To work as an efficient team of economists, serving on the management team for KFMA member farms, as a farm business management resource
• To provide high quality and timely farm recordkeeping, financial analysis and tax management
• To achieve the goal of improved farm and family decision making, resulting in increased farm profitability and sustainability

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. An Associate Extension Agricultural Economist position is expected to successfully develop the skills and knowledge required for the position of Extension Agricultural Economist while providing support to the Extension Agricultural Economists working in the association. The position is designed to lead into an Extension Agricultural Economist position with KFMA NC within two years if all objectives are met, based on regular evaluations during the training period.

Specific responsibilities during the training period include:

1. Become proficient in farm record keeping systems used within the association (QuickBooks, FarmBooks, and manual record book)
2. Learn to efficiently use proprietary software and spreadsheets for farm economic analysis and tax planning (K-MAR-105 Analysis System, K-MAR-105 Depreciation, and Microsoft Excel)
3. Develop an understanding of accounting, estate planning, business entity structure, and income tax management as they apply to agricultural businesses
4. Learn KFMA NC procedures to collect, process, and verify information from member farm businesses in order to complete a whole farm and enterprise analysis
5. Complete requirements to achieve IRS Enrolled Agent status
6. Provide support to KFMA NC Extension Agricultural Economists as they deliver economic analysis and technical expertise to KFMA member farm businesses
7. Develop skills necessary to complete tax forms (Forms 1096/1099, W-2/W-3, 1040, 1065, 1120, and 1120S) through North Central Kansas Agricultural Tax Services, Inc.

After successful completion of the training, an Extension Agricultural Economist is expected to:

Develop and maintain a relationship with membership of approximately 70-80 cooperating commercial farms

Ass st cooperating farms with development of a comprehensive and accurate accounting of the farm. Complete records are the essential foundation of all KFMA services provided

Provide KFMA members with:

• Regular, scheduled on-farm visits each year (at times requiring extensive travel within the association)
• 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
• Guidance and recommendations in estate planning, farm succession planning, and business entity structure

Learn and understand federal and state income tax regulations as they apply to farm businesses. This includes significant time spent working with members on:

• Tax implications of farm business management decisions
• Year-end tax planning and management
• Preliminary income tax related work for KFMA NC members
• Final income tax filing as an employee of North Central Kansas Agricultural Tax Services, Inc. (with consulting leave time taken from Extension Agricultural Economist position)

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