Financial Partner - Winter 2012 by Farm Credit East

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Are You a Strategic Manager? INSIDE News & Views 2 CEO Letter 3 Cover Story 4 Tax Testimonial 10 Washington Update 11 Community Support 12

The Difference Makers for Increasing Profitability

NEWS &v iew s

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Winter Webinar Series Don’t be a Victim of Internet Fraud As we increasingly rely on the convenience and speed of digital financial transactions, it’s important to take common sense precautions. At Farm Credit East, we invest substantially 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: • Keep your firewall turned on. A firewall helps protect your computer from hackers who might try to gain access and delete information, steal passwords or retrieve other sensitive information. • Install or update antivirus software. Viruses can often infect computers without the user’s knowledge. Antivirus software prevents these types of malicious software programs from infiltrating your computer. • Keep your operating system current. Computer operating systems are periodically updated to stay in step with technology requirements and to fix security holes. • Turn your computer off. Your computer is more susceptible to attacks if you leave your computer on for prolonged periods of time. 2

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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 comply

Date: December 10 Time: 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 sweeping 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 17 Time: 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 consumers and food hubs. James Barham will define food hubs and how they benefit local communities, agriculture and the Northeast.

Annual Dairy Outlook

Date: January 10 Time: 10 a.m. to noon Speaker: Mark Stephenson, dairy economist with the University of Wisconsin, on global dairy outlook in 2013

More webinars in series Check our website for our February, March and April webinars. Register at: FarmCreditEast.com/webinars

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

The Road to Profitability

CEO’s Message

Bill Lipinski, CEO, Farm Credit East

arm Credit East recently produced a video called “Northeast Agriculture: The Next 10 Years,” which looked at issues and opportunities that Northeast agriculture will face over the coming decade, including farm management, 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 Cooperatives, 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 profitability During 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 insightful 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 management team and family to establish his business, 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 previous 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 working with you to make your business more profitable. Our passion around planning comes from seeing Northeast ag business owners 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 family business. Our cover story, entitled “The Difference Makers for Increasing Profitability,” 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 understand 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 opportunity to wish you and your families a peaceful and happy holiday season as well as a profitable 2013.

Photo Calendar Contest 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.

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Are You a

Strategic Manager?

The Difference Makers for Increasing Profitability

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Stephen McKnight River-Breeze Farm Chase Mills, N.Y.

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As the saying goes, if you fail to plan, you plan to fail.

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 enjoyed 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 One Bringing 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 proactively 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.”

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Erin Pirro Director of Agricultural Retail Benchmarks

Benchmarking Provides Focus 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 advantage, 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, commonsense 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.

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Implementing a forward-thinking strategy 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 providers,” 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 relationship 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 program, helps you compare your processes and profitability against operations of various sizes in your industry. Our consultants 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 important to improved profitability. Additionally, a benchmark allows you to periodically

Combatting Stress Through Collaboration

Farm Credit East’s Anna Supp working with Debbie Crothers on Underground Genetics, LLC, the family’s Pitcher, N.Y., dairy farm

Dave Bishop Branch manager

Anna Supp Farm accounting representative

look at how your business compares to industry peers and then make incremental improvements. Without those steps, businesses can fall behind in their industry. Mark Mapstone believes that benchmarks are critical to creating a strategic management style. “A benchmark is actually a report card of where your business stands in your industry, in terms of profit-

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 summarizing 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.”

Mark Mapstone Farm business consultant

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 numbers to figure out why you are different. What’s important is understanding what drives your numbers and your bottom line results.”

Gregg McConnell Farm business consultant

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

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Farm Credit East offers four types of benchmarking programs: • Dairy benchmarks • Agricultural retail benchmarks • Winery benchmarks • Green industry benchmarks

Stephen McKnight River-Breeze Farm Chase Mills, N.Y.

Gregg McConnell. “Farmers understand their numbers by working one-on-one with consultants and coming together annually 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 numbers, including costs, profits, debts and inventories. 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 valuable budgeting tool that allows you to identify problems in your business, such as whether your production is below commodity 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 problems, they have no means of measuring results.” Mark Mapstone underscores the strategic 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 Profitability River-Breeze Farm Reaps Benefits from Quarterly Meetings with FCE Consultant

Stephen and Mary Lou McKnight own and manage River-Breeze Farm in Chase Mills, N.Y., along with their son, Travis, his wife, Natalie, and their sonin-law, Steven Billings. Stephen is a strategic manager who relies on numbers to plan. That’s why he has been a member of the Farm Credit East dairy benchmarking and dairy profit analyzer (DPA) programs for years. He works closely with business consultant Mark Mapstone in compiling and analyzing his farm’s data to increase his farm’s profitability and stay competitive with his industry peers. The following is his account of what participation in these programs has added to his business acumen. “We don’t hire Mark to be our cheerleader. We want him to dig in to find our weaknesses, 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. 8

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Increasing the profitability of your business starts with you, but bringing together a strong financial services team is integral in being a strategic manager. “With one client, my consulting services 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 McConnell. “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 businesses, and their results in improved profitability speak for themselves.” In addition to having expert advice and analysis regarding your business’s position, 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 production relate to your bottom line? That is the magnitude of return for a business on a per-day basis.”

“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 cutting. 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 customraised to raising them here at River-Breeze. We compared our profitability with those in the industry who raised their own heifers. 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 analyzer 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 absolutely 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 knowledge 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.”

opportunities for the owner and management 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 Future

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.

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 understanding and control of monthly costs and returns • Receive recommendations from a farm business consultant • Benefit from regularly scheduled management team meetings • Track performance with budgeting and monitoring controls

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“Farm Credit East helps us make the best decisions for our business.”

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

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A smooth transition Ron 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 concerned about the time needed to build a new relationship. They turned to Farm Credit East, where they already were a borrower.

How we helped Ron 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.

washington Update Robert A. Smith Senior Vice President for Public Affairs

The 113th Congress and Pending Issues 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 president 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 taxes By the time this article is published, the fiscal cliff issue may have been temporarily 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 deficit. Fixthedebt.org, an organization committed 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 Bill Congress left Washington in September 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 Congress 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 spending, these differences should be resolved. Farm program payments will become less significant with this bill, while crop insurance plays a bigger role.

Estate taxes The estate tax is part of the fiscal cliff issue. The president is expected to continue 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 exemption 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 support) 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 program 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 purposes. It remains an illegal drug under federal law.

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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.

Farm Credit East 240 South Road Enfield, CT 06082-4451

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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: karen.murphy@farmcrediteast.com. 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.

Community Support Farm Credit East Receives United Way’s Community Impact award 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 appreciate United Way’s efforts in helping us to facilitate this initiative. 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.

United Way’s Brian Hassett with Farm Credit East’s Bob Smith

The program continues Farm Credit East Cares is raising funds to assist farm-related efforts associated with Hurricane Sandy. Individuals and organizations interested in contributing to Farm Credit East Cares can do so by sending a check to Central New York Community Foundation, 431 East Fayette Street, Suite 100, Syracuse, N.Y. 13202 or by visiting mygiving.cnycf.org/farmcrediteast to make a contribution by credit card.