FALL 24
5 CultivateGrowth Feature. Ryan Sullivan is no stranger to hard work. After spending over 25 years in the U.S. Air Force and South Dakota Air National Guard as an aircraft technician, he and his family were ready to set their sights on a new mission.
21 GreenStone Story. While fall may still be in full swing, it’s never too early to start thinking about your year-end financial documents.
39 Crop Insurance Feature. There’s no such thing as a slow day for Keaton Foster, owner of Brixstone Farms located in Bear Lake, Michigan.
29 Country Living Feature. Allan Lutes and his lifelong friend Rick Briggs are making an impact on the lives of those who have served our country.
43 Tax Feature. Huehl Acres is a historical fifthgeneration row crop operation owned and operated by brothers Gerald and Dennis Huehl and their wives Carol and Susan.
3 CEO Comments.
President and CEO Travis Jones highlights some of the reasons we all should be thanking farmers.
11 Guest Feature.
Environmental regulations have a strong political component. Environmental regulations, like other policies, are reflective of the party in power.
13 Market Outlook.
With inflation cooling and the job market weakening, will the Federal Reserve act and continue cutting rates? Economists believe so.
25 Directors’ Perspective.
In this Directors’ Perspective, a few of your board members share insight into how they represent GreenStone.
27 Legislative Matters.
George Washington devoted his life to the improvement of American agriculture. His leadership and experimentation would later assist all American farmers.
28 PAC Progress.
The stories told of rural communities and agriculture are building a foundation for legislative support.
32 Make the Most of Your Time Together.
Fall is the spark of many things. For families it also means our schedules change too with school, sports, and holidays!
33 Guest Column.
This fall is just starting to take shape, and as much as it’s hard to say goodbye to summer it’s so good to say hello to what has to be the best time of the year!
35 Reducing Holiday Waste
During the holiday season plastic, food, and water waste go up drastically. In the spirit of holiday giving, here are ways we can give back to our environment during this time.
41 How to Make Your Kid a Millionaire.
If you employ your children you can save on taxes and help your children create wealth for later in their lives.
45 Tech Tip. Threat actors are finding new ways to exploit financial services by using deepfakes and AI-generated content.
8 Agriculture Blog Brief
9 CultivateGrowth Resources
16 Member News
19 Land Value Report
Publisher’s Note:
The crisp mornings are here and we’re headed into the season of thanks…which may also have you thinking of fall and harvest, family and friends, and laughter and cheer. Although often tied to a specific holiday, I’ve learned gratitude isn’t something you hold on to for a better day. I was recently reminded that the days may feel long and the challenges deep, but life can be all too short, so let’s choose to live like the customers in this issue of Partners and focus on the good around us.
Starting with the Sullivans on page 5 who give thanks for their brave move from the Air Force and National Guard in South Dakota to their farmstead in Wisconsin. Or the men behind the recreational land used for their Camp Liberty initiative appreciated by many Veteran hunters (page 29). Later in the magazine you’ll find Brixstone Farms (page 39) who had the courage to step outside what they knew and forge a new path; farming is diverse and having a team to help you manage this risk isn’t something they take for granted. And finally on page 43 you’ll read about Huehl Acres where fifth generation farmers pay tribute to their family farm legacy and appreciate the efficiency of working with a tax and accounting expert they trust.
These stories share many meaningful experiences, yet you’ll find even more when you re-page through the publication and catch how Michigan Out of Doors’ TV host embraces each season with admiration (page 33); your kids will thank you when you explore options to set them up for millionaire success (page 41); and experience a sense of accomplishment when considering the tips on page 45 to help protect yourself from deepfake scammers.
There’s no right or wrong time to embrace a thankful perspective - so give thanks generously, appreciate yourself and all you accomplish, engage the network around you, hug your family or call a friend today and every day. But don’t take my word for it, take it from the customers and the stories that fill this issue of Partners.
May your fall, and every season, be filled with gratitude and safety. Happy reading!
Melissa
This newsletter is published quarterly for the customers of GreenStone Farm Credit Services.
Editorial
Linnea Jones
Emma Moore
Melissa Rogers
Dakota Spink
Art & Design
William Eva Olivia Gallt
Partners
GreenStone Farm Credit Services 3515 West Road East Lansing, MI 48823
800-444-3276
marketing@greenstonefcs.com
CEO Comments:
Fall Update
“If you ate today, thank a farmer.” I purchased a small wooden sign a couple of years ago for my office with that quote. I was also recently given a larger wooden sign with the same quote that is sitting on my desk.
I thought of these signs this past weekend when I was forwarded a podcast from one of GreenStone’s directors. (I am writing this article in early September.) The podcast was hosted by Mike Rowe and his guest was Victor Davis Hanson. Hanson is very unique. He grew up on a farm in California growing grapes. He then went to college and eventually received a PhD in classical studies from Stanford. While being a professor, writer, historian and sometimes a political commentator, he never really left the family farm. At age 71, he still lives on the farm.
I rarely listen to podcasts, but I found this one hour and 20 minute podcast very interesting. These two guys discussed the importance of farming, mining, other “muscle jobs” and “dirty jobs”. For Hanson, life at a university was much different than life on the farm, but he was never allowed to forget that his family members and other farmers were helping feed the world.
As a full-time student, one day he came home proud of how close he was to earning his degree and was telling his dad
how well he was doing. His college educated dad then asked Hanson a simple question, in any of his classes did he ever learn how to wire a piece of equipment needed for the raisins so it wouldn’t burn up? On the farm, it didn’t matter how much he knew about classical studies. What mattered was wiring the equipment properly, driving the tractor without tearing out the vines, and having the skills to weld, perform rudimentary plumbing and trim trees. Hanson noted how hard it is to grow quality crops and the enormous intelligence and skill it takes to get those crops harvested and trucked to market.
Hanson and Rowe also discussed politics and the importance of having an administration that understands the impact of other countries subsidizing products and having them sold in the world market. Hanson gave an example of government subsidized grapes from Europe being dumped in the United States during the 1980s, driving the market price 70% lower from the prior year and the devastation that event caused to his family and the neighbors’ surrounding farms.
I could go on and on regarding the content of the podcast. However, without Hanson or Rowe saying it, I knew I should be Thanking a Farmer. So…
- Thank you for teaching your children the importance of “muscle jobs” like farming, welding, plumbing and how to maintain equipment.
- Thank you for keeping your land for production agricultural use.
- Thank you for expanding your beef and hog production.
- Thank you for expanding and maintaining your dairies.
- Thank you for repopulating your poultry facilities after a virus-driven depopulation.
- Thank you for all the products your farm produces.
- Thank you for inspiring your children to take on the family business.
- Thank you for being a member of our Farm Credit cooperative.
- Thank you for feeding me, my family and the rest of the world.
The podcast also reminded me of how important our upcoming election and our future elections are. We need an administration, Congress, governor and state legislature that truly supports agriculture in Washington, D.C., Michigan, and Wisconsin. We need elected officials that will promote less regulation, low fuel
costs and low electrical costs. These same individuals need to understand economics to the point that overspending by the government causes devastating inflation and huge debt burden. We need a secure border, and we need our ag products promoted on the world markets while being protected from heavily subsidized products from other countries.
GreenStone and Farm Credit continue to be a voice supporting agriculture in D.C., Madison and Lansing. Let’s make sure we elect individuals that will listen, lead and act all of the time, not just some of the time. Farmers work every day to make sure we are fed, and our elected representatives should perform accordingly to support this critical industry.
Your association continues to perform very well. From a financial perspective, we are one of the top performing Farm Credit associations in the country for the first six months of 2024. For instance, our return on assets is the highest within our AgriBank district and our operating rate (operating expenses divided by earning assets) is the lowest of any Farm Credit association. We continue to be very good stewards of your capital.
In addition, in July we received our customer satisfaction survey results. We are very pleased to report our numbers essentially matched last year’s outstanding results. 96% of our customers are “satisfied” and “very satisfied.” 74% of our customers
were “very satisfied.” That result matches last year’s high for GreenStone. Thank you to those of you who took our annual random survey and thank you for the ratings!
These results don’t happen by accident, however. We wouldn’t have very satisfied customers if our employees didn’t follow our CoreFour values, every day. I want to thank my teammates again for their outstanding service to our customers and to each other!
Good luck during your harvest this fall. As always, please be safe. We are all praying for cooperative weather and excellent yields. Please feel free to reach out to me any time if I can ever be of assistance. Thank you again for your membership and business!
Travis D. Jones
517-318-4144
travis.jones@greenstonefcs.com
FOCUSED ON A
New Mission
Ryan Sullivan is no stranger to hard work. After spending over 25 years in the U.S. Air Force and South Dakota Air National Guard as an aircraft technician, he and his family were ready to set their sights on a new mission.
CultivateGrowth
Feature:
Using the skills, determination, and discipline he learned in the military, Ryan and his family have established a thriving operation where every member of the Sullivan family has an important role to play.
Ryan grew up in Mitchell, South Dakota, and was stationed at Ellsworth Air Force base not far from Rapid City, South Dakota after completing basic training. As a technician, he worked on rebuilding military aircraft, larger transport, and small commercial aircraft. Throughout his career with the military, he completed six tours across Iraq, Afghanistan, and Jordan conducting technical aviation training.
It was 2010 when Ryan and his wife Jackie, who was expecting their first child, began to research eating healthier. “We started learning more about food, and we would joke about what we were going to feed this kid! We knew we had to get smarter about it,” Ryan remarked. A humble vegetable garden and a few egg-laying chickens later, Ryan and Jackie were ready to get even more involved with where their food was coming from.
Forging their Future
In 2011, Ryan and Jackie attended a Farm Beginnings course in South Dakota while he was home from deployment. With their second child on the way, they knew they wanted to build a sustainable lifestyle for their growing family. The Farm Beginnings course taught them the basics of owning a farm-centric small business and gave them the confidence they needed to take the leap and start looking for property. With Jackie’s parents back home in Wisconsin, it seemed like the perfect place to plant their roots and raise their family. Ryan was deployed to Jordan at the time, so searching for the perfect property was a challenging venture but they didn’t give up on the vision they had for their future and their family.
➡ Right: Ryan and Jackie Sullivan as well as their three children all play an important role on the farm and work together to make every harvest a success.
It was late 2013 when Ryan and Jackie purchased their dream property on five acres. Not long after they packed up the life they knew in South Dakota and moved to Manitowoc, Wisconsin with their now three children. While there, Ryan worked for the Air National Guard as a part-time guardsman before retiring from the military in October of 2021.
“Everything we’d been doing over the years had been building towards being able to pursue farming full time,” he explained. Ryan now works full-time on the farm with the help of his wife Jackie, who also works part time as a physical therapist.
The Importance of Farm Fresh Food
Sullivan Family Farm has a diverse range of offerings such as a wide variety of seasonal fruits and vegetables, free-range eggs, pasture-raised meat birds, and grass-fed lamb and beef. In addition, they offer weekly Farm Boxes which include a mixture of in-season fruits and vegetables. The farm’s products are all-natural and use organic practices as the Sullivan’s don’t use any pesticides or herbicides on their crops.
“We want to leave our little piece of Earth better than when we found it when we’re gone,” says Ryan. “Since the beginning, our focus has been on providing families in our community with natural, healthy foods.”
What started as a single refrigerator in the corner of their garage and a hand-painted sign advertising “eggs for sale” has transformed into a bustling self-service stand on the farm’s property. The Sullivan’s also serve as a rotating vendor for Seasonal Harvest, LLC, a local food co-op as well as a woman-owned pop-up market in the Green Bay area. But their true passion lies in providing farm fresh food to local schools, restaurants, and Grow it Forward, a nonprofit organization based in Manitowoc that partners with the Local Food Purchase Assistance (LFPA) program to provide access to healthy food to those in need.
“One of the biggest ‘pinch-me’ moments I’ve had since farming full time was when we were able to load a full pallet of food onto a 53-foot semi-truck that was headed to a local food bank,” said Ryan. “That was a huge accomplishment for us. It’s important to us that we are involved in these programs and can continue to provide fresh food to our local community.”
More Than a Financial Partner
The farm’s success didn’t come without quite a bit of learning, growing, and trial and error, however. Sullivan Family Farm became an established business in June of 2020, right in the midst of the Covid-19 pandemic. “That’s when we saw an explosion in the number of customers we were getting, and that also came with a new set of challenges on how we would produce a larger volume of food,” Ryan acknowledged. That’s when GreenStone became a resource for Ryan. “Initially working with GreenStone gave us the capital we needed to step up to the next level of what we wanted to do,” he explained. “GreenStone has provided us more than just the capital we needed. They’ve heavily invested in us and our success. They were the exact thing that we needed as far as training and mentoring goes.”
As a recipient of GreenStone’s CultivateGrowth grant, Sullivan Family Farm was able to gain the knowledge needed to add more hoop houses for growing seasonal produce to their property and establish a 40-acre plot of land they rent for their beef cattle and sheep.
In addition, Ryan has attended GreenStone’s annual CultivateGrowth conference twice, and even spoke on the panel of young, beginning, and small farmer experts at the 2023 conference.
“The most remarkable thing about Ryan is his commitment to continuous learning and sharing the knowledge he’s gained over the years with others who are in the same position he used to be in”, says Joe Schlies, financial services officer at GreenStone. “It’s clear Ryan sees the importance in mentorship and learning from others and wants to share the passion he has for producing healthy foods with others who want to do the same.”
As for the future of Sullivan Family Farm? “Our hope is that we can grow sustainably. We want to get even better, and more efficient at what we’re doing now,” says Ryan. “I say to anyone and everyone, GreenStone has been an excellent connection for us, and they have always been invested in our success.” ■
➡
➡
iAGRICULTURE – OPEN FIELDS BLOG BRIEF
GreenStone publishes regular updates on our Open Fields blog. Check out some of the posts you may have missed at www.greenstonefcs.com/openfieldsblog.
Constant Improvement
Read how Ty Bodeis was able to grow his operation with the help of GreenStone's CultivateGrowth program.
Why to Lease Farm Facilities
Here are four benefits to leasing farm facilities you may not have considered.
The Importance of Clarifying Job Roles
No matter the size of your farming operation it is important to clearly define roles and responsibilities among those involved. ■
Top Left: Sullivan Family Farm offers a wide variety of seasonal produce, as well as other fresh from the farm products like their all-natural honey.
Left: Ryan Sullivan stands with GreenStone Financial Services Officer Joe Schlies who has supported them in finding continued education and resources through GreenStone's CutivateGrowth program.
CultivateGrowth Resources:
A SIXTH GENERATION LEGACY
In light of the challenges in May of 2020, Staci Armock decided to shed some light in her local community. She opted to start a roadside flower stand and each morning she was up early to make sure the flowers were put out in the stand by 5:30 a.m. By 6:00 a.m. every bouquet was gone!
Staci was serving her community just as everyone was getting up and going to work. She said, “It was exactly what I needed to motivate me to keep going. Although while living in the city there was not any room to expand, I knew I wanted to grow.” In the fall of 2021, she had gotten the opportunity her family had been waiting for.
Staci is a sixth generation farmer, currently raising the seventh generation, so agriculture is a stable foundation of her life. “It’s a part of who we are,” she verbalizes when speaking of the importance of agriculture. When she and her husband, Russell, had gotten the opportunity to purchase the family farm, they were ecstatic! The farm mainly raises wheat, soybeans, and corn, but on a quarter acre of the homestead sits the garden which is the perfect size for her newly expanded flower business. This is where her creativity blossoms. She grows many of her flowers from seeds or purchases plugs from a wholesaler. Since buying the farm in 2021, the garden has continued to expand. Staci is now able to offer a subscription service within a five-mile radius from her farm. She sells to local florists and provides flowers for many different events like weddings, bridal showers, baby showers, holiday parties, and everyday gatherings.
With GreenStone's CultivateGrowth grant, Staci was able to attend the design class offered by Sweetwater Floral. Staci discovered Sweetwater on social media a few years ago and had looked at classes previously. Once she saw the design class open up, she had to make it work, even with planting season being right around the corner!
With the help of the grant, she decided to pursue the weekend long course in April, even if it meant a weekend away from the farm.
Being a self-taught florist, Staci took the opportunity to further develop her skills and learn from mentors. She was able to learn about wholesalers and what it would look like to purchase from them, sell to them, or partner with them. The class also allowed her to develop her design skills with many different floral arrangement styles like boutonnieres, centerpieces, and bridal bouquets.
She vocalized that the biggest message from the class was efficiency and ensuring you are utilizing the best process possible to prepare the most flowers. After returning from the workshop, Staci has been busy running her own bouquet workshop and Mother’s Day sales. “I was able to go home and 10 days later I had a lot happening with the flowers, the course immediately took effect as to what I was learning and what I was doing on my farm,” Staci emphasizes!
On Mother’s Day she partnered with two businesses by selling bouquets to them, and from her farmstand throughout the day. She said she was able to exceed last year's supplies and cannot wait for the growth to continue! Sweetwater’s course was able to fuel her growth. She is excited to continue to evaluate her crops and continuing to expand. Armock Acres speaks to a legacy of a generational family farm as well as the beauty in expansion and specialization.
GreenStone understands the importance of supporting education for young, beginning, and small farmers like Staci. We work to provide the educational and financial resources needed to help establish a solid foundation. To apply for a grant, visit www.greenstonefcs.com/ grants. ■
CultivateGrowth Grants
Conferences
Is there an event you’ve been looking to go to? Or maybe this new course you saw someone hosting? If you are a young, beginning, or small farmer look no further. GreenStone is able to provide CultivateGrowth grants up to $1,000 for customers and $500 for non-customers.
The grants are eligible to be used for agriculture programs such as courses, events, or conference fees. It is also available for first time
GreenStone tax and accounting services.
These events can be tailored to fit your individual needs and industry. Each person who uses our grant finds it helps them build their goals. We are proud to support our young, beginning, and small farmers. If you are looking for resources to help your operation, check out our website for more CultivateGrowth resources and our grant application. ■
FEB. 3-4
The Politics of the Environment and PFAS Update
By Alan Hahn, Environmental Scientist at Dragun Corporation Environmental Advisors
Environmental regulations have a strong political component. Environmental regulations, like other policies, are reflective of the party in power.
President Trump’s Administration preferred fewer regulations and famously (or infamously depending on your viewpoint) withdrew from the Paris Climate Accord. In contrast, President Biden has expanded environmental regulations and the reach of the regulations. Early in his administration, President Biden issued an Executive Order stating climate change and environmental justice would be incorporated in all areas of the government.
This past spring, there were a flurry of final environmental regulations that reflect this view of increased regulation. The ink was barely dry on one regulation when a new one hit the printing press. The regulations were advanced rapidly because according to Thompson Reuters, “The Biden administration (was) racing to finalize a slew of major environmental regulations to help safeguard them from potential reversal should former President Donald Trump win the 2024 presidential election.”
One of those recently promulgated regulations, The Clean Water Act – Facility Response Plan is reflective of the Executive Order mentioned above. This regulation assumes increased severe weather events as a result of climate change. This climate factor requires more facilities to prepare a Facility Response Plan then would have been required without factoring in increased “weather events.” Environmental justice is mentioned more than 30 times in the final regulation.
Environmental justice has also been used to justify enforcement efforts and in some cases deny permits (and permit renewals) in certain areas of the country that have been deemed as “overburdened.”
This political component is often what adds controversy to developing regulations – they should not be so strict or they are not strict enough. As outlined below, political interests not only influence environmental regulations – but the challenge of regulations as well.
Updating PFAS Regulations
In the fall 2023 Partners, we covered the developing regulations involving per- and polyfluoroalkyl substances (PFAS). It is not hyperbole to say that these chemical compounds, which number in the thousands, are found everywhere across the globe.
The Environmental Protection Agency has recently taken several steps to regulate PFAS, part of the slew of major environmental regulations mentioned by Reuters.
First was establishing maximum contaminant levels (MCLs) for six of the PFAS chemicals under the Safe Drinking Water Act. The lowest of these MCLs is 4 parts per trillion (ppt). For perspective, a ppt is 1 second over 31,500 years.
The other final PFAS regulation is the classification of two PFAS chemicals as hazardous substances under the “Superfund Law.” This means if you have these chemicals above regulatory levels, it could result in Superfund liability. It also (potentially significantly) will affect buying and selling property, including agricultural property.
PFAS Liability
There is growing concern over the magnitude of PFAS liability, which touches nearly every business sector. Attorney Ralph DeMeo (Guilday Law) said of the PFAS liability, “There’s not enough gold in Fort Knox to pay the damages and the settlements that are gonna come out of this. There’s just literally not enough money… there is a lot of concern about bankruptcy.”
With trillions of dollars in environmental liability and the potential for bankruptcy, the domino effect could have some impact on agriculture or agricultural suppliers.
One of the biggest concerns for agriculture when it comes to PFAS is the biosolids component. We covered this in the fall 2023 issue
“
One of the biggest concerns for agriculture when it comes to PFAS is the biosolids component. We covered this in the fall 2023 issue of Partners.”
of Partners. While we cannot predict how this will conclude – it is potentially a very big issue to monitor.
PFAS Regulations Challenged
The American Water Works Association and the Association of Metropolitan Water Agencies are challenging the PFAS in drinking water regulation. In the challenge, they state the EPA, “failed to adequately consider comments filed by the organizations and other stakeholders, and did not abide by all the requirements of the Safe Drinking Water Act during the development of the standard.” Estimates to address PFAS in drinking water are as high as $175 billion.
The Associated General Contractors of America, Inc., National Waste and Recycling Association, and the Chamber of Commerce of the United States filed a petition in the United States Court of Appeals for the District of Columbia challenging the EPA’s designation of certain PFAS as hazardous substances. They are challenging whether the EPA appropriately considered the cost before promulgating the rule.
The Chamber estimates the annual cost for compliance with the hazardous waste designation to be $700 to $900 million.
One of the critics of the PFAS standards is Susan Goldhaber (American Council on Science and Health). In 2023, Ms. Goldhaber wrote, “The extraordinarily low numbers will lead to years of litigation, unnecessary consumer fear, and billions of dollars spent on low-risk compounds.”
In a perfect world, environmental regulations are developed and implemented based on sound science and without political influence. We don’t live in a perfect world so how PFAS is resolved and the fate of the many other environmental regulations that were recently passed may rest in the courts and the elections this fall –because it’s political. ■
ABOUT THE AUTHOR
Alan Hahn has an undergraduate degree in Environmental Studies and completed a graduate program in Environmental Management. He has worked in environmental management for 45 years. He has written hundreds of blogs and articles. In addition to GreenStone Partners, his published work includes Progressive Dairy, Manure Manager, Michigan Lawyers Weekly, Detroiter, Michigan Forward, and HazMat Magazine.
The opinions stated herein are not necessarily those of GreenStone Farm Credit Services
Making the Cut
By: Therese Hill, GreenStone Regional Credit Manager
With inflation cooling and the job market weakening, will the Federal Reserve act and continue cutting rates? Economists believe so.
The July unemployment rate increased .7% from the 2023 average up to 4.3%. Historically the “Sahm Rule” indicated that an increase of .5% in the unemployment rate was indicative of an impending recession. However, a notable difference this time may be the recent increase in immigrants seeking jobs. Monthly payroll gains for July were 114,000, which is 65,000 lower than June and the second lowest since January 2021. The unemployment rate is expected to climb in 2024 Q4, with stabilization in 2025 at an estimated 4.6%.
Along with the softening job market, inflation has continued to cool over recent months. The 3-month annualized and the year-over-year rates for core PCE inflation have both improved consistently. Specifically, the year-over-year rate dropped to 2.6% in June. Although, there was a pop in inflation at year-end 2023, it is anticipated inflation will continue to cool and reach core PCE inflation rate of 2.3% in 2025, on target with fiscal policy set by the Federal Reserve.
As the Fed looks to continue to relax fiscal policy and additional future rate cuts, focus turns to the November elections. It is anticipated that the fiscal 2025 budget will not be finalized before the September deadline, but that a continuing resolution will be passed to avoid a government shutdown which would be detrimental for both parties. Looming national debt must be addressed by either party’s fiscal policy to maintain both near and long-term fiscal stability.
Agricultural Economic Outlook –August WASDE and ERS Outlook Report
Corn: August’s report revises yield estimates for corn 2.1 bushels higher than last month, a record corn crop of 183.1 bushels per
“
Along with the softening job market, inflation has continued to cool over recent months. The 3-month annualized and the year-over-year rates for core PCE inflation have both improved consistently.
acre. This is driven by strong yields coming from Illinois, Iowa, Indiana, Missouri, Nebraska, and South Dakota. The revised estimate drives 2024/2025 production up to15.1 billion bushels, 47 million bushels higher than previously estimated. Along with the higher supply number comes some good news from higher projected corn use domestically, up 15 million, and higher exports, up 75 million. The higher exports estimate is due to U.S. competitiveness in the world market due to low commodity prices. Even though ending stocks are projected lower, this month’s report lowered the season average corn price received by producers to $4.20 per bushel. This is not good news for corn producers, who have been already shown reluctance to sell the 2023 crop due to low prices with 61% of the 2023/2024 crop held in on-farm storage versus the norm of 55% of the crop held.
Soybeans: This month’s report revised the 2024/2025 soybean crop higher, with increases in both acres harvested, an additional 1.0 million acres, and increased yields, 1.2 bushels additional per acre, to 53.2 bushels per acre. If realized this will be an 11% increase over 2023/2024 crop, with projected ending stocks up to 560 million bushels. The USDA revised their season average soybean price received for the 2024/2025 crop 30 cents lower than last month, now estimating $10.80 per bushel for soybeans. As producers begin to harvest this soybean crop, traders will look to the export market which has been adversely affected by a lack of China demand and trade uncertainty given the election. There is potential for exports to improve as China’s economy recovers, increased European demand for US soybeans as the Deforestationfree Supply Regulation goes into effect January 2025, and future rate cuts by the Fed improving the US dollar against the Brazilian real.
A tighter milk supply has factored into improved dairy commodity and milk prices in Q3. Class III prices over the last three months have averaged $20.62. “
Pork: While summer hog prices and producer margins were improved over earlier in the year, they did not rise to the levels suggested by summer futures mid-Q2. Some producers did use the improved futures to lock in higher prices for sales made in late Q2 through the end of the year using various hedging tools including Livestock Risk Protection (LRP) policies, forward contracts, futures, and options.
Over the past few months, the USDA Pork Cutout and CME Lean Hog Index prices have been stable, but both are likely to fall, as they seasonally do, for the remainder of the year. Recently improved futures prices and lower feed costs (primarily corn and soybean meal) have provided a better opportunity to hedge small profits or, at worst, decrease losses for Q4 and Q1 2025. Feed costs are considerably lower than earlier this year or at any point in the last 3 ½ years. A weakening US dollar has helped support exports which remain solid and should be higher for 2024 than 2023. Domestic demand appears to be improving as evidenced by reduced cold storage pork inventories this summer.
Improving domestic demand has been a key focus of the National Pork Board as it invested considerable resources in new customer segmentation and targeted marketing strategies. The June USDA Quarterly Hogs and Pigs Report showed an increasing inventory of market hogs, up 2% from a year ago and slightly above Q1 levels. The US breeding herd was reported down 3% year-over-year at just over 6.0 million sows and down slightly from Q1. The increased inventories of hogs to be sold through the remainder of 2024 is expected to put downward pressure on prices, but perhaps not as sharply as in Q4 of 2023. Producers continue to focus efforts on productivity, cost-control, price risk management, and biosecurity.
Dairy: Milk production in the US continued to decline in July with total pounds declining 0.3% year-over-year, marking the 13th consecutive month of contraction. USDA reported a dairy cow inventory of 9.325 million head in July, a 43,000 head decrease in milk cows from the prior year. Dairy slaughter rates have also dropped significantly, 7.5% year-over-year, as producers try to maintain herd sizes. However, a scarce heifer supply and high beef prices are continuing to limit producers’ ability to expand. Scarce heifer supply has driven the cost of replacements to record high levels, as much as $4,000/head, making it difficult to expand cow numbers and requiring more capital for dairies not raising their own.
A tighter milk supply has factored into improved dairy commodity and milk prices in Q3. Class III prices over the last three months have averaged $20.62. This, along with elevated futures prices, has pushed the overall 2024 Class III futures average to $19.29. Class IV prices averaged $20.50/CWT for the first eight months of the year and the Class IV futures average for the year is AT $21.21. Large crop yields forecasted by the USDA will likely continue to push down feed costs. This, coupled with the improved milk prices, should boost producer margins for 2024 and into 2025.
Confirmation that at least three dairies in California have reported HPAI in their herds caused milk prices to surge since that state produced 18% of U.S. milk and cheese output last year, with the eight counties in the San Joaquin Valley housing 16% of the nation’s milking cow herd. A widespread outbreak in California is likely to have a major impact on milk and dairy product production, with Class IV Milk particularly affected as the state contributed 32% of U.S. butter production and 42% of total U.S. NDM output in 2023. ■
NEWS:
Maintaining our Reputation as Your Trusted Financial Partner:
2024 CUSTOMER SATISFACTION RESULTS
At GreenStone, we know our customers’ success is our success, that’s why we’re proud to share for the second consecutive year we have achieved a customer satisfaction score of 96% on our annual customer satisfaction survey!
Despite fluctuating economic factors like rising interest rates, strengthening customer relationships and providing tailored financial services and solutions has been the driving force behind earning a record-high customer satisfaction rate for the second year in a row. GreenStone has achieved a customer satisfaction score over 90% for the past 21 years.
“The relationship we have with our customers is the foundation of everything we do at GreenStone,” said President and CEO Travis Jones. “Understanding the unique needs of our members is very important to us so we can strive to provide the best service and expertise possible.”
More than ever, customers are seeking a financial partner they can trust. Responses from customers surveyed in both Michigan and Wisconsin indicated they felt a strong sense of support and partnership from GreenStone, and were highly satisfied with the attention to detail and level of service they received.
The customer satisfaction survey uses a seven-point scale ranging from being “very dissatisfied” to “very satisfied”, as well as measuring customers’ perception of GreenStone’s performance over the past year. This year, GreenStone’s “very satisfied” results met the record high 74% again from last year’s survey. Many customers (24%) even reported they felt GreenStone’s performance had improved and exceeded their expectations in 2024.
Other notable areas of high satisfaction included GreenStone’s financial soundness, clerical staff, loan officers, and being a lender that values customers. For the second year in a row, 98% of members surveyed answered GreenStone was a financially sound lender with funds readily available.
Customers also commented on our Patronage program, which is an annual event in which GreenStone gives back a portion of its profits to members. This year alone another $120 million
was given back to customers, who expressed their appreciation of the member benefit in the annual survey.
“These scores are a testament to how our staff continually goes above and beyond to find the right solutions for our customers,” said Travis. “We take great pride in serving the rural communities of Michigan and northeast Wisconsin, and we know our customers’ success is our success.” ■
Harris Blueberries
GreenStone’s marketing and public relations team paid GreenStone customer Harris Blueberries a visit recently! Located in Bloomingdale, MI, Scott Harris and his family have been picking and packing fresh blueberries on their 265-acre property since the late 70s. While we were there, we had the opportunity to tour the blueberry
fields, the storage and packaging facilities, and learned more about the Harris family and their operation.
"GreenStone has had a big part of our growth, and it's been a great partnership for Harris Blueberries," says Scott.
To learn more about Harris Blueberries, scan the QR code here to read the full story! ■
GreenStone’s Wisconsin Deer Challenge is Back!
Calling all Wisconsin residents who hunt in northeast Wisconsin and Michigan’s Upper Peninsula! The GreenStone Annual Deer Challenge is back, and we want to give you dollars for your deer. Take advantage of this opportunity to show off your hunting skills and win bucks for bagging a big buck!
The contest is open to all who harvest a deer in GreenStone’s northeast Wisconsin territory or Michigan’s Upper Peninsula between September 14 and December 1, 2024. The challenge features both adult and junior classes, with cash prizes awarded in each group:
Adults (18 years and older)
• First Place - $400
• Second Place - $200
• Third Place - $100
Junior Buck (17 years and younger)
• First Place - $200
• Second Place - $100
All participants who harvest a buck or doe with a legal gun, bow, muzzleloader, or crossbow and enter the contest will also be entered in a drawing to win a game camera or a $25 gift card.
To enter, hunters should complete
the form found at GreenStoneFCS. com/DeerChallenge or drop off a completed entry form with witness signature and photos of the deer to GreenStone’s Clintonville, Coleman, Little Chute, Manitowoc, or Sturgeon Bay branches. All entry forms must be submitted by December 6, 2024. For complete contest rules, contact your local Wisconsin branch or visit www.GreenStoneFCS.com to learn more. ■
Consider These Online Banking Tools as our Branch Locations are Cashless
As of October 1, 2024, all of GreenStone’s 35 branches no longer accept cash payments. The final steps went into effect to provide a consistent experience for our members and minimize the safety concerns that come with having a large amount of cash on hand at the branch.
For that reason, we want to remind you of the many digital tools available to you.
While we love having our members visit us in person at our branches, we understand how busy you are, and it’s easy to feel like there simply are not enough hours in the day. Instead of taking time out of your busy schedule to deposit checks, pay a bill, or manage your payments, consider utilizing some of the digital tools we have available to help keep your online banking safe, secure, and convenient. Through our online banking mobile app, we offer:
• Bill Pay
• Disbursement Card and Fraud Protection
• Positive Pay
• Advanced ACH
• Wires
• Farm Cash Management
• Paperless Bill and Statement, and eConsent
Learn more about each of the digital tools by scanning the QR code. Your local GreenStone team would also be more than happy to help get you started with the online tools and resources that would be most helpful to you. ■
DON'T MISS THIS IMPORTANT DEADLINE!
Have you Submitted Your Reporting in Compliance with the Corporate Transparency Act?
If you have not already completed your reporting in compliance with The Corporate Transparency Act (CTA), the deadline is quickly approaching. Business entities are required to have reporting submitted by January 1, 2025.
Entities formed or registered in the U.S. required to report information about their beneficial owners and company applicants to the Financial Crimes Enforcement Network (FinCEN) include but are not limited to:
• Limited Liability Companies, including single member LLCs
• S corporations
• C corporations
• Cooperatives
• Associations
• Limited Partnerships
• Certain trusts
To learn more about the CTA, scan the following QR code. ■
TIPS TO PREPARE FOR TAX SEASON
As the year comes to a close, it’s time to start thinking about how to minimize your tax liabilities. Effective tax planning will help lower taxable income, reduce tax rates, and maximize your deductions and credits whenever possible. Take a look at some of these tips that will benefit you come tax planning time:
• Have your records in order and ready - your tax preparer will thank you!
• Don’t procrastinate - give yourself plenty of time to make sure your books are up to date.
• Nothing is irrelevant - notify your tax preparer of any purchases that may not show up through your bank account, such as dealer-financed equipment.
• Meet with your tax accountant - it’s important to discuss your current financial situation well before the end of the year.
Scan the QR code here for more tips on how to effectively prepare for this tax season. ■
Summer Intern Wrap Up
Our interns had a busy summer! Between intern events, job shadows, and work projects our interns had the chance to do it all. At GreenStone, our interns complete valuable work and projects that help the company tremendously, and they even got the chance to share their experiences during the company-wide intern presentations.
These presentations encompassed each intern’s experience at GreenStone. Staff spent the morning learning about each of the 19 interns through their presentation where each discussed their background, projects they worked on, and overall takeaways. Many discussed the challenges they overcame and how much they learned working within their departments.
Many team members, executives, and managers came out to support the interns during the presentations, asking inquisitive questions and networking over lunch after the presentations. This allowed the interns to mingle with people from other departments and thank those that supported them.
The workday wrapped up after the presentations, but it wasn’t the end for the interns! Later that evening many of them headed to Jackson Field to watch the Lansing Lugnuts baseball game. They got to have a little fun on their last day together as a cohort while enjoying food, the game, and their suite seats!
This was a wonderful way to wrap up summer and show how thankful GreenStone is for this year’s summer interns. It has been a summer full of growth, connections, and opportunities. We wish our 2024 summer interns best of luck in their next adventures. If you’re interested in learning more about our internship program, check out our website! ■
Land Continues to be a Strong Investment in Your Future
By: Andrew Warner VP & Chief Appraiser
Every year, annual land value trends are observed by GreenStone’s team of expert appraisers. These trends are measured by re-appraising the same thirteen plots of land representing unique market areas in Michigan and northeast Wisconsin. GreenStone evaluates these properties annually to give landowners and customers a picture of how the value of cropland, transitional land, recreational land, and dairy improvements have changed throughout the past year. Factors such
as commodity prices, governmental regulation, tourism, and weather all help determine the market value of land within these regions. Reevaluating the same plots of land every year also eliminates any variance that could occur with other survey methods, leading our appraisals to the best representation of market value trends.
The Results are In
Overall, the results across all thirteen benchmarks grew again this year. For the fourth year in a row, land values only increased, ranging from a 3.7% increase
all the way to 19%. For landowners, these results ring positive, but for those looking to acquire land, these rising prices continue to present challenges. Many aspiring landowners are now facing all-time-high land prices coupled with challenging commodity price outlooks. Despite these realities, demand for land remains high and inventory is scarce. With this competitive environment, it’s easy to see why we’re noting significant positive gains in value across the board for all thirteen land benchmarks.
“
Recreational
land and transitional land (agricultural land expected to be developed into another use in the future), continued to experience increases in value.
Dairy and Cash Crop Summary
In 2023, our value benchmark representing a CAFO sized dairy operation saw a historic year-overyear increase in value due to rising construction costs and a thriving dairy market. That trend somewhat moderated but continued into 2024 with a 12.2% increase in value for large dairy operations in Michigan and Wisconsin. As this trend is heavily influenced by construction costs, the benchmark has nearly doubled in value over the past four years.
Land benchmarks for cash crops continued to hold steady in the northeastern Wisconsin region with a year-over year increase of 3.8%. The western part of northeast Wisconsin saw another spike in land value due to rising competition for limited land. This trend has been constant in the region over the past several years and appears it will remain the same going forward. In keeping with the trend, all Michigan cash crop value benchmarks also experienced steady increases in value.
Recreational and Transitional Summary
Recreational land and transitional land (agricultural land expected to be developed into another use in the future), continued to
experience increases in value. However, that increase was not as significant as it has been in years prior. The period directly following the COVID-19 pandemic showed a widespread movement of people leaving urban areas to more rural destinations or purchasing recreational land. That trend seems to be leveling off, as the value of these land types has become more moderate in the past year. This trend can be seen across the land benchmarks in Michigan’s southeast and southern thumb regions, and northern Michigan. Increased interest rates, inflation, and other economic factors all play a role in the decreasing strength of land values.
It's Still a Good Time to Own Land!
An unwavering fact from this year’s land benchmark results is the value of land continues to increase, and the good news for landowners is it’s very likely the value of your land has increased over the past year. Buying land continues to be a strong investment for your future!
GreenStone’s team of financial experts can help find a unique solution that’s tailored to you, whether that’s helping you secure your dream plot of vacant land or expanding your farming operation. ■
SHARE YOUR FAIR FRIDAYS
It’s been an incredible fair season! Across our territory, our GreenStone teams have been all about celebrating youth in agriculture this summer and we’re thrilled to have seen our employees and customers join in the #ShareYourFair fun by sharing their fair moments on our Facebook page (@GreenStoneFCS)! Check out the highlights from this summer’s fairs and shows in our communities. ■
COMMUNITY OUTREACH
Michigan 4-H stands strong in their mission, giving young people access to opportunity. They do precisely that through programming and events. There are opportunities ranging from county fairs to summer youth camps. Michigan 4-H invests their time and resources into the youth, they are preparing the next generation of students in many different industries.
GreenStone knows youth development is the cornerstone of the next generation in agriculture. We are proud to continue to support the Michigan 4-H in all their endeavors. GreenStone is especially fortunate to support the Livestock and Veterinary Science Programming, Volunteer Recognition, Financial Literacy Training, and the launching of a Tech Changemakers Program!
These programs are rooted in what GreenStone believes in, getting involved, and doing the right thing. Together with Michigan 4-H we can strengthen our communities through opportunities for youth. Check out other ways we support the youth through partnerships in upcoming issues of Partners. ■
The GreenStone Story:
Yearend Financial Submissions
Are you ready for the new year? While fall may still be in full swing, it’s never too early to start thinking about your year-end financial documents.
Year-end financial documents not only provide an overview of your finances from the previous year but can also help you plan for the coming year. Planning ahead will help alleviate the stress of making future financial decisions by giving you a baseline of your financial progress so you can make better and more informed decisions.
Keeping track of your financial progress allows you to see any trends that have developed over the past year and can provide insight into what your budget for the next year should be. Did you experience a significant increase or decrease in the cash flow and balances over the past year? Were there any unexpected expenses that popped up, or do you have plans that require financing in the coming year? These are all factors that help determine your financial progress and can help you focus on making the best decisions for you and your operation.
For our GreenStone members, this year we’ve made some exciting improvements that will help make the process of submitting your year-end financial documents even faster and more efficient. You will now be able to submit your balance sheet through our online customer portal, My Access. This will allow you to upload your balance sheet separately from other year-end financial documents. While your balance sheet can be submitted through the portal at any time, it is important your balance sheet includes the
Mark Your Calendar...
NOVEMBER
DECEMBER
Farm Bureau Annual Meeting (3-4) Amway/DeVos, Grand Rapids with virtual options
“
Year-end
financial documents not only provide an overview of your finances from the previous year but can also help you plan for the coming year.
most up to date and accurate snapshot of your finances going into the new year and therefore may be best to wait as close to yearend as possible to ensure it captures all yearend income and purchases.
What can you do now to start preparing to submit your year-end financial documents? Follow this checklist of items to ensure stress-free financial documentation:
• If you do not already have a My Access account, scan the QR code to view the My Access enrollment guide and create your account.
• Navigate to My Access and familiarize yourself with the new My Financials feature. This is where you can access a digital balance sheet and provide updated information regarding your current assets, current liabilities, non-current assets, non-current liabilities, and debt schedule by navigating the 6 tabs.
• Start gathering and preparing necessary information for your year-end financial documents, such as your balance sheet,
tax returns, cash flow statement, etc.
• Be on the lookout for your end of year financial packet that will be mailed around December 20th.
• Input your balance sheet information using the digital interface through the My Financials tool in My Access as close to the end of the calendar year as possible.
• Be sure to have all year-end financial documentation submitted by the deadline in January 2025.
Submitting your year-end financial documents in a timely manner provides you with the peace of mind you need to make informed decisions about your finances going into the new year. Should you have any questions regarding your My Access account, or how to submit your digital balance sheet, please contact your financial services officer for more information. ■
Wisconsin Farm Bureau Annual Meeting and Young Farmer and Agriculturist Conference (6-9) Wisconsin Dells, WI
Michigan Junior Livestock Society Winter Classic (6-8) MSU Pavilion, East Lansing, MI
Great Lakes Fruit, Vegetable and Farm Market Expo/Michigan Greenhouse Growers Expo (10-12) Devos Place Convention Center, Grand Rapids, MI
GreenStone Offices Closed In Honor of Veterans Day
GreenStone Offices Closed (28-29) In honor of Thanksgiving
Michigan
GreenStone Offices Closed (24-25) In honor of Christmas
GreenStone Offices Closed In Honor of the New Year
Dairy Strong Conference (15-16) Green Bay, WI
BEHIND THE SCENES
Learn more about two members of our legislative team and how their roles support our ongoing mission of being the first choice in financial services for rural communities in Michigan and northeast Wisconsin.
Peter Lemmer, Executive VP and Chief Legal Counsel, 16 years
What made you want to pursue this career?
It’s important to me to play a role in communicating the importance of the Farm Credit System and promote a good agricultural policy for our rural communities. It’s an honor to represent our GreenStone team!
What do you enjoy most about your role?
The resilience of our members over generations is humbling and inspiring to me. I enjoy any chance I get to learn from our members about what they do and how their family has grown through agriculture. I’m so grateful to all of our members for how they continue to navigate through the challenges of operating their
businesses, and how they continue to support their rural communities. How does your role support GreenStone’s mission of supporting rural communities and agriculture?
GreenStone’s mission is to be the first choice for providing credit and financial services for farmers and rural communities throughout Michigan and northeast Wisconsin as a part of the Farm Credit System. The sustainability of our Farm Credit System is dependent on so many factors working together. Legislative, legal and regulatory matters are the areas I stay laser-focused on to identify and minimize risk and threats to our cooperative’s mission. Communicating our entire value proposition as a cooperative to a wide variety of public and private interests is core to my role to assure members of our sustainability now and in the future.
What are some things most people don’t know about the legislative team and your role?
The duties of the legislative team are essential because of ongoing legal threats to the Farm Credit System. Legal and legislative matters can be divisive and create conflict. It’s important for people to understand how important it is to have a conversation anyway and do it with fairness and compassion to overcome biases that can get built into divisiveness.
What do you enjoy doing in your free time?
I enjoy a variety of recreational hobbies, but the ones centered in the beautiful Upper Peninsula of Michigan are greatly cherished. We live in the best states in the country in Michigan and Wisconsin, so doing anything here I find to be an unparalleled blessing.
Becky Taylor, VP of Loan Administration and Legislative Affairs, 10 years
What made you want to pursue this career?
Originally this was not something on my radar, but as an accounting intern at GreenStone I was asked to help communicate a story about our public policy in financial terms and it was an easy connection for me. While the news often only highlights the politics of the government arena, I found it refreshing and interesting to participate in more datafocused conversations about our public policy.
What do you enjoy most about your role?
I enjoy the ongoing education and making connections. Challenges and opportunities are constantly presenting themselves. With this comes the need for my own education and the education process of administrative and legislative officials. It is always great to connect legislators with customers, employees and industry experts to discuss different issues.
How does your role support GreenStone’s mission of supporting rural communities and agriculture?
As part of the legislative team, time is spent advocating and protecting the very successful credit and financial services cooperative delivery model. GreenStone, as a Farm Credit System institution, is
a Government Sponsored Enterprise (GSE). This status gets quite a bit of attention for an array of reasons, and changes to the System and requirements can impact GreenStone and our customers. Our legislative efforts assist in ensuring GreenStone can continue to support all rural communities and farmers in Michigan and Wisconsin.
What are some things most people don’t know about the legislative team and your role?
GreenStone’s legislative approach is very collaborative and broad. It isn’t just focused on campaign contributions through Political Action Committees (PACs). In both Michigan and Wisconsin, our best work is done in partnership with other rural and agricultural organizations. We call it agricultural advocacy, and this is where grassroot individuals and organizations work together to educate public policy makers about issues of importance through meetings, events, and other means of direct contact. We also have fantastic lobbyists that assist us and lead the technical side of the legislative process in Michigan, Wisconsin, and Washington, D.C.
What do you enjoy doing in your free time?
My husband, Nick, and I are raising our three, soon-tobe, four kids on the farm in Genesee County, Michigan. We are actively involved in our community through church and supporting our local FFA chapter, and together we enjoy spending time outside caring for our sheep. ■
Pause for Applause...
Recently loan processor, Kristine Ausra, was listed on the 40 under 40 list for making a significant impact on her industry and community! Congratulations Kristine on your achievement!
Kudos to all our customers and employees who are a part of FFA reaching one million members!
In May Shamco, Inc. was named Michigan Logger of the year by Michigan Association of Timbermen. They have continued their success and was recently announced by Timber Harvesting as the 2024 Logging Business of the year! Shamco, Inc. is the second Michigan company ever to be awarded as the Logging Business of the year. Congratulations to the Shamion family on their successes!
SERVICE ANNIVERSARIES
Help GreenStone congratulate and thank these staff who are celebrating an employment milestone. From five to 40, the years represent the dedication and service all employees provide our members.
OCTOBER
Sandra Albrecht 20 Angela Garvin 10
Ballard 5
Stoutenburg 5
NOVEMBER
Lisa Blaska 20
Shane Kenner 20
Mark Oberlin 10
Moffett 5
House 5
Smith 5
Rottier 5
Isaac 5 Nichole Olson 5 Stacy Stinson 5
Marlene Langerman 20
Devin Roth 10
Gayle Giddings 5 Emily Blocher 5 Cynthia Meyer 5 DECEMBER Elizabeth Turner 40 Yvonne Visger 35 Gordon Waltz 25
Carol Harris 10 Justin Hughes 5
Montanna Ackerson 5
Have a proud moment to share?
Let us know about it. Contact us on social media or by email at: marketing@greenstonefcs.com
Directors' Perspective:
Getting Invoved
GreenStone is a cooperative governed by a board of 16 members, 14 of which are elected by our members and two are appointed to provide specific areas of expertise. While our members might assume that means these directors attend board meetings, what you might not realize is they also provide a great deal of support and engagement in the agricultural and financial industries. In this Directors’ Perspective, a few of your board members share insight into how they represent GreenStone and interact at other opportunities throughout the year!
The opportunity to serve on the Greenstone board has given me a greater appreciation of all the hard work that goes on behind the scenes. The first board meeting left me feeling overwhelmed with all the financial terms and acronyms we discussed. It made me wonder if I would ever be able to remember them. The educational experience, however, has been great! There are many resources that are available to the board members if we have questions or would like a better understanding of topics we discuss. The staff is extremely helpful and willing to answer questions, and the board training sessions are a terrific way to learn about technology, security, and other areas of interest to the board. Outside of the board room the annual meetings are a wonderful place to talk with board members from other Farm Credit associations. These meetings allow us opportunities to share ideas and learn from each other about the challenges and successes each association has as we strive to meet the needs of our customers. As a board member it is important to stay up to date on the challenges so GreenStone can be a great partner through both the good times and the challenging ones. ■
Mike Timmer, Allegan County, MI
Gene College, Appointed Director
The 16-person board of directors for GreenStone is an outstanding board, consisting of 14 elected and two appointed members. I am one of the appointed directors and live in Omaha, Nebraska. The GreenStone board meets quarterly and has four committees with specific responsibilities, each of four members, which meet separately as a part of each quarterly meeting. I serve on the Audit Committee, which I thoroughly enjoy as it involves many aspects of financial, internal audit, credit, technology, and other key areas. The board also has periodic training sessions as a part of the regular meetings dealing with a variety of areas that involve potential risks to the organization such as cybersecurity, possible adverse regulations, etc.
I also annually attend the AgriBank, our funding source, annual meeting as well as a Farm Credit systemwide director leadership conference where directors from essentially every state have a variety of joint and breakout sessions meant to challenge us with ideas and concepts that we can take back to our regular board meetings. Although I live outside GreenStone's lending territory of Michigan and Wisconsin, I still get the opportunity to be involved with congressional leader events in Nebraska to continue to press the importance of current agricultural and Farm Credit matters. The GreenStone board has also had a joint meeting the past couple years with two other Farm Credit association boards. These sessions have been very helpful to gain insights into other association practices, challenges, and more.
No board has all the answers, and ideas gained from such meetings are helpful as we oversee our own association activities.
The external conferences are particularly helpful to me. They delve into many issues including agricultural and general economic conditions, political and legislative landscape, collaborative leadership, futuristic thinking, strategic decision making, technology risks, and artificial intelligence to name a few. These events also provide the opportunity to develop relationships with directors from across the nation and to "pick their brains" relating to matters of interest.
The learning process never ends, and thankfully so!
Scott Roggenbuck, Huron County, MI
As a board member we are asked to attend some conferences outside of our regular board meetings.
These may include the AgriBank Annual meeting, the Farm Credit Annual Meeting, or the Directors Leadership Council. System business is discussed, and valuable training is included. One of the most enjoyable parts of attending these nationwide functions is the networking we get to do with farmer and rancher directors from across the country, many of which have become great friends over the years.
I do try to attend the Michigan AgriBusiness Association winter annual conference here in Michigan to gain insight and to broaden the GreenStone reach, and I stop by our branch office on Patronage Day to say hi to the staff and the customers who are picking up their Patronage checks. I do enjoy the board meetings though as much as anything. It is where we really get to dive into the business and work closely with management as GreenStone navigates the ebbs and flows of the economy and works with our customers to help them thrive.
If you see the hardworking GreenStone staff at a trade show or event manning a booth, stop by and say hello! ■
On Behalf of the Wisconsin Association of Agricultural Educators, I would like to thank you for your generous donation to our annual Professional Development Conference. Without sponsors like you, our experiences would not be as awesome as they are. Thank you for your continued support of agriculture teachers and helping them stay motivated. We appreciate you!
Tiffany Henry, Wisconsin Agricultural Association Educators Board Member
...Candid Comments
All American Junior Show 2024
Legislative Matters:
FROM GEORGE TO TODAY, THE NOBILITY OF AGRICULTURE REMAINS
George Washington devoted his life to the improvement of American agriculture. While his initial interest in farming was driven by his own needs to earn a living and improve his homestead in Mount Vernon, in later years Washington realized his leadership and experimentation could assist all American farmers.
Washington was a leader in service in the all-important emerging governance structure of a new nation. He led the Executive Branch as our first President. This governance structure remains the envy of the world, and Washington’s service serves as a standard bearer of the highest caliber. This example has grown in strength over centuries with leaders chosen by a population of citizens voting for its leaders. While many skills are necessary to be one of those exemplary leaders, leaders that listen distinguish themselves amongst the competition.
Washington built his leadership with the skill of participating in agriculture, listening and acting. Washington stated in his Eighth
Annual Address to Congress on December 7, 1796, “It will not be doubted that with reference either to individual or national welfare, agriculture is of primary importance. In proportion, as nations advance in population and other circumstances of maturity this truth becomes more apparent and renders the cultivation of the soil more and more an object of public patronage. Institutions for promoting it grow up, supported by the public purse; and to what object can it be dedicated with greater propriety?” Washington heard the cries of a growing population and the need to feed the nation. Public patronage was necessary to be the object of promoting agriculture.
It is important for our current legislative and public policy leaders to understand this truth as it remains critical to our nation. We are all required to support our farmers. It is essential to our nation.
Considering farmers being fewer in number as the years pass, it is common sense that we all find ways to continue the mission of public patronage for greater prosperity to support the engine of agriculture, our farmers. Agriculture is core to the strength of the nation as first recognized by our first President. Washington is well recorded with this most useful common-sense statement, “Agriculture is the most healthy, the most useful, and the most noble employment of man.”
As the noblest of all men and women, recognized at our nations very formation, those employed in agriculture and humble in heart, we must journey in our actions by first recognizing this for ourselves. This will strengthen our communications and the messages that our elected officials need to hear. There is a difference between listening and hearing, but it starts with listening. When we communicate, if we want someone to listen, we need to talk about something they want to hear. If the legislative leaders hear, they will act. They must act, or the very strength of our nation will be weakened. It is a critical responsibility of agriculture to tell our story, the story of the farmer, in a manner that makes these policy leaders hear.
One of the sincerest forms of respect is listening to what someone has to say. Respect the listener in return with clear and consistent action and advocacy in all that we do out of necessity to support agriculture. Actions are the cement which holds everything together. As James recounts in the Bible, chapter 2: 17-18, “So also faith of itself, if it doesn’t have works, is dead. Indeed someone may say, ‘You have faith and I have works.’ Demonstrate your faith to me without works, and I will demonstrate my faith to you from works.” As a farmer shows nobility through their works, so must legislative leaders. Legislators need to act favorably towards agriculture, by first listening and then demonstrate that they heard by acting in support of agriculture. Action verifies listening and overcomes mere talk. ■
The stories told of rural communities and agriculture are building a foundation for legislative support.
GreenStone’s outreach to legislators and partnering with other similarly minded agricultural organizations on legislative matters continues to bring focus on ensuring the future of rural communities and agriculture, and the Farm Credit System is bright. Communicating this is an important responsibility of all members and it is built through the open and ongoing conversations.
At the state level, in Michigan and Wisconsin, over 35 meetings have taken place with state Senators and Representatives at the capital or out in the districts. Disbursements are also being completed to provide support to elected officials running for the Legislature this year. The majority of the meetings have focused on demonstrating the connection between GreenStone and the urban and rural districts of elected officials. In addition, time has been spent asking and getting an understanding of what rural and agricultural tours would be helpful to continue the education of our elected officials.
The Farm Credit PAC continues to support federal elected legislators both in Michigan and Wisconsin. Over 20 meetings have taken place with Senators and Representatives this year, both in state and in Washington D.C. The discussion has centered around the Farm Bill conversation and the need for it to provide a level of certainty for farmers and ranchers. Communication is direct: producers are facing a more challenging economic environment, and conditions are expected to continue deteriorating. An update on the growing season and stories of how GreenStone is fulfilling our mission to support rural communities and agriculture to 28,000 members is also provided.
Our elected officials continue to receive the Farm Credit message as the impact of rural communities and agriculture stretches far beyond the rural parts of Michigan and Wisconsin. Those that represent our rural communities and agriculture recognize the great responsibility, and we continue to build relationships with those that do not for the sake of prosperous futures for everyone. The relationships being built establish GreenStone and our members as reliable sources of grassroots information and resources. None of this could be done successfully without active engagement, and your involvement is essential.
Thank you for helping build the voice of rural communities and agriculture! ■
C A MP L IBERT Y
★
There’s no doubt time spent in the great outdoors is therapeutic. But when Allan Lutes and his lifelong friend Rick Briggs set out to invest in recreational property, they didn’t know how much of an impact they would have on the lives of those who have served our country.
Finding the Perfect Property
Nestled in the hardwood forests of the remote town of Brooklyn, MI, sits Camp Liberty. Spanning just under 140 acres, the property has become a haven for veterans and their families to enjoy a multitude of outdoor recreational activities.
“I consider it my personal mission to help other people, and this is just a way that I am able to give back,” says Allan Lutes, president and co-founder of Camp Liberty. “When Rick and I were initially looking at the property, we felt that if we were going to make such a significant investment it would be wise to figure out a way to use it to help people and have them enjoy it too.”
Having served in the Air Force as a Major and working closely with the Brain Injury Association of Michigan, Rick recognized the need for more veteran rehabilitation programs in the area.
“We founded Camp Liberty and our charity as a way to thank veterans for their service, and to use outdoor recreation as a way to educate veterans about traumatic brain injuries and post-traumatic stress disorders,” said Allan. “Since then, we’ve been able to counsel and assist many veterans in seeking treatment for those injuries. And we’ve also been able to provide them with a place of refuge to spend time with their families and find support from other veterans.”
Allan and Rick selected the property because of its location. Camp Liberty is in close
proximity to several veterans' administration facilities, large hospitals in Ann Arbor, and the Eisenhower Center, one of the most progressive brain injury and treatment facilities in the country. With the Detroit Metro Airport also nearby, the location of Camp Liberty was ideal.
“It really was an ideal property. It has over half a mile of river frontage, as well as hardwood forests and open fields that make it perfect for a variety of recreational activities.”
Creating a Place of Refuge
The property also boasts over two miles of groomed trails that are accessible to those with mobility challenges, as well as eight wildlife viewing blinds of which three are
fully handicap accessible. There is an archery range on site, and plenty of opportunities for fishing. The camp also provides equipment and gear to visitors for hunting and fishing if needed. The on-site lodge can be rented out for different events or family getaways and features a fully accessible terrace and fire pit. Located in Jackson County, Camp Liberty provides veterans with the opportunity to hunt in one of the most sought-after locations in the state. With more trophy bucks taken in Jackson County than in any other county in Michigan, the Camp Liberty deer hunting program is by far the most popular activity offered on the property. The deer hunts offered in September and October are also exclusive to disabled veterans. Deer aren’t the only thing harvested at the camp,
➡
Owner and co-founder of Camp Liberty Allan Lutes stands with VP of Lending Ashlee Guerrero who helped ensure they received the funding and support they needed to make Camp Liberty a success.
➡ Left: Volunteers of Camp Liberty pose with visitors to the camp who participated in the September disabled veteran's deer hunt.
however. Visitors to Camp Liberty can also participate in spring turkey hunts, coyote hunting, and pheasant hunting.
Currently, there are around 100 volunteers who help run the Camp Liberty charity, serve on their board of directors, and help maintain the property and groom the trails among many other things.
“It’s important for people to know that none of us are getting paid to do this. We do this purely because we want to,” says Allan. “The biggest payoff is when we get to have a disabled veteran come out to our property and see them be successful in their hunt, or just impact their life in a positive way.”
Supporting our Local Communities and Veterans
Having already been familiar with GreenStone, Allan knew they were one of the few lenders who would offer financing for recreational vacant land. “I served on the board of directors for our local builders and remodelers association with Ashlee, who later helped us get the financing we needed for the vacant land from GreenStone,” said Allan. “Ashlee is very knowledgeable about rural land loans and the value of agricultural property. GreenStone was very supportive of our efforts, and worked with us to ensure we received the best interest rate possible so more dollars could go towards our program and helping veterans.”
“Allan has a vast understanding of the building industry, in addition to what the needs of our veterans are,” remarked Ashlee Guerrero, vice president of lending at GreenStone. “I’m grateful I’ve had the opportunity to work with Allan on this cause and support those who have served our country.”
“With the relationship that we’ve built with GreenStone, we really have no reason to look elsewhere to different lenders,” says Allan. “Our mission is to keep supporting our local communities and continue to broaden our outreach to veterans who are seeking the unique tranquility of the great outdoors.” ■
➡ Left: The spacious lodge at Camp Liberty is ideal for a family getaway. Outside of the lodge visitors can enjoy a fully accessible terrace and fire pit.
MAKE THE MOST OF YOUR TIME TOGETHER
Fall is the spark of many things, like the leaves and weather changing, but that’s not the only thing. For many families it also means our schedules change too with school, sports, and holidays!
Watching your family grow and get busy brings so much joy, but how many of us are wishing we had just that little bit of extra quality time with our family?
With full schedules it’s easy to miss out on some of the little things that can move lower on the priority list as other commitments are added on. Use these easy tips and tricks to get the family a little more intentional within our everyday lives. Whether you have littles or teenagers, these are sure to get the whole family involved!
1. Create a family calendar and find a chunk of time to go for a walk, help with homework, or even do some household chores together. It can be 20 minutes or a few hours, setting this up will give everyone something to look forward to when the schedules are hectic!
2. Watch each other’s favorite movies! With the family calendar, try to set aside an evening where you rotate whose favorite movies you watch with the family. Watching someone’s favorite movie shares a little bit about them and makes everyone feel included.
3. Screen free mealtime - dinner is definitely a good time for everyone to come together and share about their days or week! Setting up a day where everyone can be present and talk about their excitements sets up a good time to visit and be intentional with the time you share.
4. Create a holiday tradition like shopping or wrapping gifts together, decorating for each of the holidays, or cooking a meal together. These all give each member of your family something to help with and can create some of the best memories!
5. Write down a couple of questions like “What was the best part of today?” or “What could have made your day better?” and set them up in a high traffic area of your home. Every time someone goes by they can answer the questions to those in the room and start a conversation with everyone.
As schedules only get busier, we hope that your family can use these tips to increase your quality of the time you do have together. Every moment counts! ■
The Best Time of The Year!
By: Jimmy Gretzinger Producer, Michigan Out of Doors TV
What is the best time of the year for someone who loves the outdoors? Speaking as someone who loves to hunt and fish, and who has had the privilege of going all around our great state, this simple question is rather hard to answer. For sportsmen and women around Michigan, each season is special and unique.
Winter - The frozen lakes that call us out onto the hard water are for sure special. Chasing smelt on Higgins Lake, or one of the many other ice fishing opportunities around the state, are a favorite. The annual pilgrimage to Black Lake, in hopes of spearing a sturgeon, is another highlight for many Michiganders. There’s also lots of hunting options during the winter, as fresh snowfall creates ideal tracking opportunities. Winter is a special time for the outdoor lover, no doubt.
“ This fall is just starting to take shape, and as much as it’s hard to say goodbye to summer it’s so good to say hello to what has to be the best time of the year!
Spring - Spring could clearly be made the favorite for many as the woods and water awake from their winter slumber. The rivers are ready for the trout fisherman and the spring turkey woods are full of thundering gobbles around both of our peninsulas. For those who are looking for excellent table fare, the morel mushrooms are also popping up this time of year. Spring has a certain smell and feel, the promise of hope and things yet to come are all a part of this special season.
Summer - Is there anywhere on earth as great as a Michigan summer? I think not. We as Michiganders have a few month window of perfection. Fishing for salmon, walleye, and bass on the Great Lakes is a destination for folks around the world during the summer months. Our large inland lakes like Burt, Mullett, Houghton, Hubbard and Higgins are also popular destinations for anglers and families alike. There’s just so many places to see and experience, so many beaches to enjoy. Summer, although too short, has to be in the running for the best time of the year.
Fall - Winter, spring, and summer all have their redeeming qualities but there is one season that steals the show. The first cool breeze in early September reminds the sportsmen and women of what is about to happen again. It starts with some early waterfowling, followed shortly by the opening of small game season, bear season, and the youth deer season. By mid-September, rivers around the state will be full of thousands and thousands of salmon providing an incredible opportunity for anglers to target them however they choose! Deer season isn’t far behind and once October 1st rolls around, bowhunters flock to the woods hoping to fill a tag. Grouse and woodcock hunting also picks up this time of year, accompanied by the changing colors of leaves. The amount of things that fall brings the sportsmen is almost too much to handle. It is like drinking from a firehose! So much to do, if only October could be 90 days!
This fall is just starting to take shape, and as much as it’s hard to say goodbye to summer it’s so good to say hello to what has to be the
COUNTRY LIVING BLOG BRIEF
best time of the year! To those of you who love the winter, she will be here soon enough. For the lover of the spring, her green will soon be back, we know. For the one who loves the summer, we get it, and we can’t wait to see her again. But – FALL, you have won the hearts of many. Fall brings out our best, its color and crispy leaves under foot reminds us of days gone by, and yet paints the picture of days to come and adventures we have yet to have! ■
GreenStone publishes regular updates on our Open Fields blog. Check out some of the posts you may have missed at www.greenstonefcs.com/openfieldsblog.
Benefits of Buying Hunting Land
When deciding to buy your own hunting land, there are a few things to keep in mind.
Finding the right lender for your next home or recreational land purchase
Here are five things to consider when looking for the right lender.
Things to Think About Before Purchasing a Rural Getaway
If you are looking to escape the hustle and bustle of your everyday life to enjoy your own rural getaway, here are some things to think about before purchasing! ■
REDUCING HOLIDAY WASTE
The holidays are a joyous time of the year, filled with laughter and gifts! With each gift or large family meal there comes a tradeoff, extra waste. During the holiday season plastic, food, and water waste go up drastically. In the spirit of holiday giving, what are ways we can give back to our environment during this time?
1. One of the easiest ways to better your environmental footprint is to conserve energy. Turning off lights, unplugging appliances, and getting light bulbs that save energy are all ways to shave a bit off of your electric bill, especially once family gatherings start!
2. Reduce the use of single use cutlery and plates. When getting the whole family together it can be easy to choose plastic silverware or paper plates as an option of convenience. Take the opportunity this year to choose the reusable option and reduce waste this holiday season.
3. Take leftovers from the gatherings! Food waste is almost inescapable around the holidays, but to limit that you can always take leftovers and reheat them the next day or even freeze it to save the holiday spirit!
4. Buying local products or food helps your local economy. When shopping for gifts or bringing a dish to pass, doing a simple search of locally made products near you helps the local economy and families in your community!
5. Lastly, try to conserve water. This one may be the trickiest, but most beneficial for our planet. “Trapped water” refers to water that never can go back into the environment, meaning leftover water in water bottles, coolers, or any other container. Taking the extra step to dump trapped water or even reusing pasta water for nutritious houseplant water is a great way to conserve your water usage and return water back into the environment.
Keep these eco-footprints in mind this holiday season with these tips as you have large celebrations or small family gatherings. We hope these tips are useful and you have a safe and sustainable holiday season! ■
Commodity Cuisine...
Wild Rice Kale Bowls
Enjoy the flavors of the fll harvest with this hearty wild rice and kale bowl! Made with farm fresh produce from Sullivan Family Farm, this easy and filling dish features a variety of seasonal fruits and veggies that are as delicious as they are healthy! Read more about Sullivan Family Farm on Page 5.
Ingredients
For the Bowl:
• 5 cups chopped kale
• 1 cup of wild rice blend
• 1 Honeycrisp apple, chopped
• 3 oz of feta cheese, crumbled
• ¼ cup of dried cranberries
• ¼ cup of toasted and sliced almonds
For the White Vinaigrette Dressing:
• ¼ cup white balsamic vinegar
• ¼ cup extra virgin olive oil
• ¼ teaspoon salt
• ¼ teaspoon onion powder
• 1 teaspoon minced garlic
Instructions:
1. Bring a medium-sized pot of water to a boil and add wild rice blend. Let simmer, and cook for approximately 30-35 minutes, or until rice is tender.
2. Whisk together ingredients for your white vinaigrette dressing in a small bowl and set aside.
3. Toast your almonds by placing them in a pan by themselves over medium heat. Toss for 4-5 minutes until they become fragrant.
4. After the rice has cooled, fluff and transfer to a large mixing bowl. Add chopped kale, apple, feta cheese, dried cranberries, and toasted almonds.
5. Toss with vinaigrette dressing, serve and enjoy!
Makes 2-3 servings. ■
CROP INSURANCE NEWS:
IMPORTANT - CLAIMS & APPRAISALS
Most producers have been there before. No matter what you do during the growing season, sometimes Mother Nature just will not cooperate, and you are anticipating that your yields may fall below your guarantee. Obviously, this is not the situation you would like to be in, but that is why you purchased crop insurance to begin with. If you do find yourself in a claims situation, there are some important things to remember that can help the process go a lot more smoothly.
Insurance coverage generally begins at time of application or time of planting, whichever is later. The end of the insurance period is the earlier of destruction of the crop, final harvest of the crop, abandonment of the crop, or the end of the insurance period (October 31st for wheat). It is the insured’s responsibility to notify the insurance company within 72 hours of the initial discovery of the damage or production loss, but no later
than 15 days after the end of the insurance period, even if the crop has not been harvested. A phone call to your crop insurance specialist can start the process, but it needs to be followed up in writing with a text or email. If you have a revenue protection policy and have a claim based on strictly price, the insurance company must be notified within 45 days of the harvest price announcement for the crop. The RMA is enforcing these rules and have been known to decline late filed claim requests and have even requested repayment from an insured for paid claims that were improperly filed.
Remembering these key points will help avoid any problems with your claim and make the process go that much better. As always, if you have questions based on what you’ve read, please contact your crop insurance specialist and they will be able to help you out. ■
END OF INSURANCE PERIOD
Insurance ends on each unit or part of unit at the earliest of:
• Total destruction of the crop
• Harvest
• Final adjustment of loss
• Applicable calendar date in the crop or special provisions
• Abandonment
• Or, as otherwise specified in the Crop Provisions
Provisions require a Notice of Loss (NOL) within 72 hours of damage discovery but not later than 15 days after the end of insurance period. Revenue losses must be submitted no later than 45 days after release of Harvest Price. It is the insured's responsibility to contact their crop insurance specialist if they have or think they have a loss. ■
CO-MINGLED PRODUCTION
Please be aware that any production from 2023 being carried over into the 2024 harvest needs to be measured or marked by an adjuster prior to adding the current year’s production. Added production needs to be kept separate by unit through bin markings. If you need a bin measurement, call your crop insurance specialist. ■
SWEET CHERRY INSURANCE CHANGE
Growers can now have optional units by type, where they can have independent coverage for canner and briner type Processing Sweet Cherries. Contact your specialty crop agent for more information. ■
ACREAGE & PRODUCTION REPORTS
It is the customer’s responsibility to report the crop that was planted in each section, the planting date, the percent share of that crop and the quantity harvested. Reporting your crop accurately and double checking everything is especially important. Corrections or changes cannot be made after the reporting deadline. If you have any questions or would like assistance, just contact your local GreenStone crop insurance team. ■
APPLE REMINDERS
November 20, 2024, is the sales closing deadline to change your current coverage or take out a new policy for the 2024 crop year. Premiums are not billed to you until August 15, 2025, and are due September 30. Your current coverage will carry over for 2025 if you do not change anything in writing by November 20. January 15 is the acreage and yield reporting deadline for fruit. PLEASE REPORT ACRES AND PRODUCTION AS EARLY AS POSSIBLE! The County Transitional Yield (T-Yield) and 2025 prices have been recently announced. That information will be included in your renewal information later this year or, you can contact your crop insurance specialist for more details. ■
APH REVIEWS
The Risk Management Agency (RMA) threshold for an Actual Production History (APH) policy review is $200,000. An APH policy review is simply the process of verifying the accuracy of the insured reported production, share and acres. Accurate and complete records will simplify the process along with following these guidelines:
• Production records must be separated by crop, practice, type, unit, and the actual crop year.
• Records must be sorted by the 578 producer prints, settlement sheets and soft records.
• The insured must keep three years of production records.
• Daily livestock feeding should be recorded daily.
• Printed combine monitor records should be stored with settlement sheets.
• The insured cannot split truckloads, tickets, and bins between units without proper soft records for comingled production.
• Comingled production needs to be measured by a disinterested third party.
• The insured should keep original records and provide the Approved Insurance Providers (AIP) with copies.
Hard records are production records that prove the final disposition of the total crop and are verifiable by a third party. Soft records are the documents an insured must provide if production is separated by unit, practice, type, or variety. Soft records must include all units; missing or incomplete soft records may result in comingled production and the loss of optional units. This may result in a lower guarantee.
If you think you will be submitting a claim that will be above the $200,000 threshold, please contact your agent to begin the APH Review process. Most claims will not be paid until the review is completed. The earlier the process begins, the earlier a claim can be paid. For more details, please contact your local GreenStone crop insurance specialist. ■
Crop Insurance Calendar...
15 5 31 15 31 15 20 10 15 15 OCTOBER NOVEMBER DECEMBER JANUARY
Forage Underwriting Report Signature Due Date
25 14 Wheat Final Plant Date*
End of Insurance Period (loss reporting deadline) for Fall Crops
Final Claim Reporting Date for Dry Beans
End of Insurance Period (loss reporting deadline) for Apples
Michigan Wheat and Wisconsin Forage Production Reports Due
Wheat and Forage Acreage Reports and Wheat Production Reports DueWisconsin
Final Claim Reporting Date for Sugar Beets
Fruit Acreage/Production Reports and Pre-Acceptance Worksheets Due
End of Insurance Period (loss reporting deadline) for Spring Crops
Wheat Acreage Reports Due – Michigan
Fruit Acreage/Production Reports and Pre-Acceptance Worksheets Due
* Please note some dates can vary by County, especially in Wisconsin. Please check with your Specialist for specific dates if you are unsure.
Brixstone Farms
Crop Insurance Customer Feature
The air is getting colder, the leaves are starting to fall, and the kids are back in school. For most, fall is traditionally seen as a time to start slowing down after a summer of bustling activities. But for apple growers here in Michigan, that’s not the case at all.
Forging their own Future
Between being out in the orchard and hauling truckloads of apples throughout northern Michigan, there’s no such thing as a slow day for Keaton Foster, owner of Brixstone Farms located in Bear Lake, Michigan.
“It’s crazy busy here for about eight weeks during the harvest, but after that it will go back to normal,” Keaton says. He and his wife Liz, and their 10-15 seasonal employees that work during the harvest time are responsible for nearly 200 acres of fruit trees and maples trees. They produce over 25 varieties of apples and peaches and tap over 2,000 maple trees for homemade maple syrup every year.
Growing up working in maple syrup production with his parents, Keaton knew that he had a passion for farming since the beginning. He attended Michigan State University where he studied Agribusiness Management and met his wife Liz who was studying to be a nurse practitioner. Having also been raised on a farm in Southwest Michigan, Liz was more than supportive of Keaton’s dream to pursue farming.
Although Keaton had a background in maple syrup production, their geographic location proved to be ideal for fruit production. Located minutes from the shores of Lake Michigan, Brixstone Farms has the ideal climate for not only making maple syrup but growing apples and peaches as well.
When they bought the farm from its previous owner, Keaton admitted it was a bit of a new business venture. “I didn’t know that much about growing fruit, but the farm’s previous owner acted as a mentor for us and worked with us to help us be successful in taking over the orchard,” said Keaton.
➡ Top Left: Keaton Foster grew up working in maple syrup production, but he was ready to take on a new challenge when he and his wife Liz became the owners of Brixstone Farms orchard in 2019.
➡ Bottom Left: Brixstone Farms is home to over 25 varieties of apples and peaches, and spans nearly 200 acres.
Protecting their Livelihood
When Keaton and Liz took over the farm, some of the advice from the previous owner was to invest in crop insurance. He had worked with GreenStone for years, and when he transferred ownership of the farm over to them, they also took on the existing crop insurance policy.
“Our crop insurance specialist at the time, Cory Blumerick, worked with us when we first took over the farm, and helped explain what was necessary and what wasn’t,” said Keaton.
The crop insurance policy they kept on their fruit trees that first year ended up paying off big time, however. “Our first year on the farm, we ended up getting a big freeze as well as a hailstorm that ended up taking out some of our trees,” Keaton explained. “If it wasn’t for our coverage through the existing policy, I think things would have turned out a lot different for us that first year.”
After working with Cory for a number of years, he was promoted and they were introduced to their current crop insurance
specialist at GreenStone, Trevor Gernaat.
“When we started working with Trevor the transition was really seamless. We really appreciated the help both Cory and Trevor gave us, and we never felt like they were trying to sell us something we didn’t need,” said Keaton.
“Keaton is constantly trying to improve their operation, and it’s clear he has a lot of passion for what he does,” says Trevor. “I’m happy to be able to help farmers like him minimize their risk and ensure their operation can continue to run smoothly.”
Just the Beginning for Brixstone Farms
Since 2019, the Fosters have added an additional 12,000 trees to the farm’s property and have expanded the operation by an additional 65 acres. Their apples are sold to commercial packers, processors and vendors throughout the state of Michigan, and used for products such as apple pie filling, juice, and apple sauce in addition to selling the apples wholesale.
Constantly looking to expand their offerings, they continue to add more
varieties of apples to the farm. “Our trees take 3-4 years each to mature, so they’re a huge investment,” says Keaton. “It’s just another reason why having crop insurance is so important to us. We need to protect the investments we’re making in these trees in case they’re destroyed before they have a chance to produce any fruit.”
In addition to actively preserving their fruit trees, Brixstone Farms also places a huge emphasis on their sustainability and conservation efforts around the farm. They are MAEAP (Michigan Agriculture Environmental Assurance Program) certified, which recognizes farmers in the state of Michigan who take active steps to minimize their agricultural pollution and is a huge point of pride for Keaton and Liz.
Another proud moment for the Fosters?
“Anytime people say our apples are the best they’ve ever had,” says Keaton. “We take a lot of pride in the fruit we produce, and our mission at Brixstone is to continue benefitting our community with farm fresh produce while being good stewards of the land.” ■
➡ Owner Keaton Foster talks with GreenStone Crop Insurance Specialist Trevor Gernaat in the Brixstone Farms farmstand where they offer a variety of their apples, peaches, and maple syrup for sale.
How to Make Your Kid a Millionaire
By: Chad Zagar, VP and Managing Director of Tax and Accounting
As we approach the fall harvest season, we thought it might be a good time to suggest one possible way for farming business owners to save on taxes while also investing in your family’s future – by paying your kids! As a family farm, many of you employ your children on the farm. Not only does it instill excellent work ethic and provide business knowledge, but if you employ your children you can save on taxes and help your children create wealth for later in their lives by using a custodial Roth Individual Retirement Account (IRA) on their behalf.
How could a Custodial Roth IRA Ensure My Next Generation is a Millionaire?
The S&P 500 has averaged an annualized growth of 10.13% since its inception in 1957 through 2023.
Scenario: If your child earns at least $7,000 annually in wages for work performed on your farming operation between the ages of 12 and 22, and all of those amounts are contributed to a Roth IRA account ($77,000 in total Roth IRA contributions over an 11 year period) –your child could have over $1,000,000 stocked away in a tax-free account for when the child turns 60.
In the above scenario, a Roth IRA account balance for your child at the age of 60 would be greater than $1,000,000 if the account experiences 6.50% in annualized growth. If the account grows 9.50% annually, the account would have close to $4,000,000. Approximate balances at different levels of growth rates over the almost 50 year time period are presented in this example:
How does an account grow to this large of a balance off of just $77,000 in contributions? Compound interest! The earlier you start, the longer you have until your retirement age to reap the benefits of your account growing exponentially due to interest more or less building upon itself over time.
So… what is a Roth IRA?
A Roth IRA is a retirement investment account that anyone with earned income can contribute after-tax earnings. Investments in a Roth IRA account grow tax free. A custodial Roth IRA is when a parent or other adult opens one for a minor. At age 18, the child becomes the owner of the account. It should be noted that Roth IRAs can have fees associated with them, so be sure you understand those before opening an account.
A Roth IRA is different than a traditional IRA. With traditional IRAs, you deduct contributions now and pay taxes on withdrawals later, while Roth IRAs allow you to pay taxes on contributions now and get tax-free withdrawals later.
What are the requirements of a Roth IRA?
A single filer with an adjusted gross income under $146,000 per year, regardless of age, is eligible to contribute to a Roth IRA account. Roth IRAs allow anyone with earned income, such as farming wages, to contribute after-tax dollars. People can contribute up to the annual limit ($7,000 for individuals under the age of 50 in 2024) or the total of their earned income, whichever is less. Contributions to a Roth IRA are not tax deductible. There is no need to worry about making annual contributions as there is no mandatory funding requirement for Roth IRAs.
Are contributions tax deductible? No No
Are earnings taxable? Yes
Typically. Most states allow for an income tax deduction (Michigan is $5,000 for Single filer or 10,000 for MFJ filer; Wisconsin is $5,000 per beneficiary) for MFJ filers
No, unless balances are not used for qualified education expenses
Income limits to contribute? No No
Annual contribution limit? No
No, unless amounts are withdrawn before age 59 ½ and not used for a first time home purchase or qualified education expenses
Yes, $146,000 for Single filers; $230,000 for MFJ filers (2024)
Yes, $7,000 or annual earned income, whichever is less (2024)
Contribution withdrawal restrictions? None None
Interest withdrawal restrictions? None
Varies dependent upon state of residency Funds should be used for qualified education expenses
Funds should be used for qualified education expenses
Can be withdrawn penalty-free after age 59 ½. Exceptions for first time home purchase and qualified educational expenses.
Impact FAFSA? Yes No
Note that income and contribution limits adjust annually and vary based on age, and marital status. You can look online at the IRS rules each year to see how the wage and contribution limits change as most years these numbers are adjusted due to inflation.
How is payroll to a child treated?
Your farming business gets a tax deduction for child wage expenses. The deduction reduces your federal income tax bill, your self-employment tax bill, and your state income tax bill, if applicable.
Additionally, your child’s wages when they are under the age of 18 may be exempt from social security taxes, medicare tax, and federal unemployment tax depending on the structure of your business. Your child can ultimately shield up to $14,600 of wages from any federal income taxes during 2024. It should be noted that there will be state income taxes due – but those are taxed at a much lower percentage. One caveat to cover regarding hiring your child - your child’s wages must be reasonable for the work performed. You need to maintain the same records as you would for any other employee to substantiate the hours worked and duties performed. This includes timesheets, job descriptions and W-9 forms.
Savings vs. 529 vs. Roth IRA
There are other options for you to consider if you are employing your child and have
Depends on ownership and beneficiary designations
monies you want to save on their behalf –should they simply put their wages into a savings account, a 529 education plan, or the Roth IRA account we have discussed so far?
A traditional place for families to put a child’s earnings is in a savings account. Savings accounts are likely to have a lower rate of return when compared to a 529 or Roth IRA.
A 529 account is a tax-advantage college savings plan. Similar to a Roth IRA, it is an investment account that is likely to earn a higher rate of return than a savings account. 529 accounts have no income limits or annual contribution limits, and anyone can contribute.
Many of you may look at employing your child to help save for their future college expenses. A Roth IRA account can now be used for qualified educational expenses. Above is a table comparing and contrasting some key attributes of each type of account to help you make a decision.
Conclusion
Every situation is different and there is no one-size-fits-all solution. The scenarios and content of this article may not apply to you. However, if you find yourself in the situation where you are questioning if you should make a farm purchase to offset income and lower your tax payment, you may also want to consider the option of investing in your most valuable asset – your children!
Reach out to your local GreenStone tax
and accounting professional to discuss options for your individual situation or if you need assistance with any financial related services. Our team of experts is ready to help! ■
Non-farm employers file Form 941 for the third quarter to report wages paid, and social security, Medicare, and income tax withheld from wages, and compute employer matching social security payments. OCTOBER
Individuals file a 2023 income tax return (Form 1040) if an automatic six-month extension was requested.
Corporations file a 2023 calendar year income tax return (Form 1120) if you requested an automatic six-month extension.
Corporations deposit the fourth installment of estimated tax for 2024.
Huehl Acres
A fifth-generation farm is a testament to an enduring legacy and resilience, a rare gem in today’s rapidly changing world. With each passing generation, the challenges and complexities of maintaining a family farm also evolve, making the survival and prosperity of such farms an extraordinary achievement. These farms are more than just businesses; they are living histories, where the knowledge and values of those who came before are cultivated alongside the crops.
Huehl Acres is a fifth-generation farming operation in Freedom Township, Michigan, which is located between Chelsea and Manchester. It is owned and operated by brothers Gerald and Dennis Huehl and their wives Carol and Susan.
The original farm has been in the family since 1839, when the brothers’ great-great-grandfather, John Huehl, started with 20 acres. The farm has now expanded to 417.5 acres owned and a total of 1,500 acres that are farmed for corn, soybeans, wheat and hay.
The Next Chapter for Huehl Acres “Mom sold the cows after our dad passed away, and in 1976, we decided we wanted to get back in the dairy business,” Gerald Tax & Accounting Customer Feature
Reaching the fifth generation is not just a milestone, it’s a celebration of tradition, commitment and the unbreakable bond between a family and its land.
➡ Right Top: Steve Eshelman (pictured left) has been the Huehl brothers' tax and accounting specialist since 1986, shortly after GreenStone launched its tax services division.
➡ Bottom Right: Dennis Huehl stands in front of his father's tractor, one of the many symbols of the farm's five-generation family legacy. His father purchased the tractor the year Dennis was born, and he recently restored it to its original state.
➡ Right: Gerald (pictured left) and Dennis (pictured right) Huehl are proud fifth generation farmers who transitioned from dairy farming to cash crop and specialty farming in April of 2018.
said. “We milked cows for 41 years.” They produced and sold milk until April 2018 when the last of the cows left.
Previously a dairy farm, Huehl Acres now focuses on cash crops and specialty farming work, such as hauling grain or custom combining for other farms.
Along the way, the brothers have continued to grow the operation into what it has become today.
“We borrowed money from Federal Land Bank, which later became GreenStone, in 1979 to buy the next farm,” Dennis said. “We used to joke that we went in to borrow $100-200, and then rounded it up to the nearest $10,000 and then rounded it up to the next $100,000.”
Working the Figures
The Huehls’ relationship with GreenStone’s tax and accounting team began in 1981— only a few years after the cooperative launched its tax services division.
“Our computer goes back to 1989,” Gerald said. “Before that, we filled out the paperwork and sent it in every month to GreenStone.”
Steve Eshelman, tax and accounting manager at GreenStone, has been the tax and accounting specialist for the Huehl brothers since 1986.
“We always like the fact that we go in and spend a couple hours one morning with Steve every year, and other than a form or a phone call, that’s all the time we’ve had to put in to get our taxes done,” Gerald said.
“It’s simple and stress-free. We’ve been very happy with it.”
Planning Pays Off
Steve said that the Huehls prefer to do tax planning before the end of the year.
“They want to get a good idea of where they’re sitting, so they can make some decisions of where they want to end up when doing their tax returns,” Steve said.
The brothers also shared that the tax accounting service GreenStone provides is convenient because Steve is able to share the information with their financial services officer, eliminating one set of paperwork they need to supply.
“If a customer authorizes it, we have electronic storage for tax information, so the loan officer can then go into the system and get that information, so the customer doesn’t have to be bothered at all,” Steve added.
The brothers said that GreenStone has been especially helpful the last few years as they transitioned to cash crop farming as they were able to do preplanning to minimize the tax burden as much as possible.
“Through tax planning with the Huehls, we were able to minimize their taxes as much as possible with the sale of those cows and some equipment that went with those cows,” Steve said. “We planned ahead of time and were able to work out the best scenario for them.”
The brothers’ sons, Robert, Thomas and Nicholas Huehl, have all shown interest in the farm, which means the next exciting hurdle will be to work the farm into the sixth generation of the Huehl family.
"Farming is more than a livelihood; it's a legacy,” Gerald said. “One day we’ll pass on the seeds of tradition and let the future harvest be even richer.”
As the Huehls look to the future of the farm, Steve said he is happy to continue to work with them and help ensure the success of their operation.
“The Huehls are very easy to get along with, very intelligent and ask very good questions,” Steve said. “They know enough about taxes to ask the right and tough questions to understand what’s best for their operation to minimize taxes as much as possible.” ■
iTech Tip: The New Era of Financial Fraud – Deepfakes and AI
Whenever I start preparing to share another set of tech tips, I always hope it comes at a time free of alarming news about a recent security breach or some other dire cybersecurity issue.
However, like clockwork, another breach happens. So, before diving into the topic of AI and Deepfakes, let’s address the recent significant data breach.
This time, it was National Public Data, a data aggregator for background checks, which confirmed their computer systems had been compromised. The hacking group USDoD alleges to have stolen the personal records of 2.9 billion people (DeLetter, 2024). These records include name, address, and social security numbers. If you want to find out if your personal information was part of that breach the following sites can help NPD Breach Check - Pentester.com and Have I Been Pwned: Check if your email has been compromised in a data breach - now onto our regular scheduled program (topic).
By: Matthew Cosgrove VP & Chief Information Security Officer
A few years ago, terms like Artificial Intelligence (AI) or Large Language Model (LLM) would have been unfamiliar to many people. Unless that is you were a fan of the Terminator movies and equated AI with Skynet, but I digress. Fast-forward a few years and AI and LLM are all the rage. It seems like every new product is offering some fancy AI features, and even Apple, Microsoft and Google have introduced AI into the tools that we use every day, changing the way we use technology. While AI is not as scary as Skynet, the rapid advancements have made it easier than ever to create highly convincing fake content, and the really scary part is we are only at the infancy of these technologies.
Deepfakes are hyper-realistic videos or audio that mimic real people and even their voice.
Products like ChatGPT and Microsoft CoPilot can generate human-like text which is blurring the lines between reality and fiction. While these technologies offer numerous benefits like the ability to quickly summarize information or explaining complex topics, they also pose a significant risk. Threat actors are weaponizing these AI tools to commit fraud, steal financial information, and spread misinformation.
Imagine this scenario: you receive a video call or message from someone who appears and sounds identical to your financial advisor, requesting sensitive information such as your social security number. Similarly, imagine getting an AI-generated email that lacks the typical signs of phishing, like misspellings or grammatical errors, and instructs you to transfer money to a fraudulent account. How would you evaluate and respond to these types of communications? As AI technology continues to evolve, the threats are becoming more prevalent, making it more crucial than ever to safeguard yourself.
How Deepfakes and AI Pose Risks to Your Financial Security
Threat actors are finding new ways to exploit financial services by using deepfakes and AI-generated content to impersonate trusted individuals, manipulate communications, and trick people into making harmful financial decisions. Here is how these technologies are being used to target customers like you:
• Impersonating Financial Representatives
- Criminals are using deepfake technology to create highly convincing videos or phone calls that impersonate bank officials, financial advisors, or company executives. These deepfakes can be used to instruct you to transfer money, share sensitive account details, or approve financial transactions. The AI-generated content looks and sounds so real that even the most vigilant person can be deceived. In February, a multinational firm was tricked into paying out $25 million to a threat actor using this type of deepfake technology (Chen, 2024).
• Phishing Emails - Tools like ChatGPT can generate incredibly convincing phishing emails that mimic legitimate financial communications, including the nuance of someone’s tone and writing inflection. Threat actors use these emails to trick you into clicking malicious links, providing account credentials, or transferring funds to fraudulent accounts. The level of realism in these messages makes it much harder
“
Products like ChatGPT and
Microsoft CoPilot can generate human-like text which is blurring the lines between reality and fiction.
to spot the fraud. Since 2022 there has been an increase of 1,265% of malicious phishing emails, and a rise of 967% in credential phishing (Violino, 2023).
• Identity Theft Through AI - Deepfakes and AI-generated content can also be used to steal your identity by creating fake videos or audio of you interacting with financial institutions. There have been examples where hacking organizations have been able to successfully steal biometric data. These forged interactions can be used to open new accounts in your name, apply for loans, or authorize fraudulent transactions, all without your knowledge.
Steps to Help Safeguard Against Deepfakes and AI Risks
As these risks continue to advance, it is essential to adopt stronger cybersecurity practices to protect your personal financial information. Here are specific steps you can take to safeguard your accounts and financial assets from AI-enabled fraud:
1. Verify Requests for Financial Information
- Always be cautious when receiving requests for sensitive financial information, especially if they come through unexpected channels like email or video calls. GreenStone will never ask you to reply to an email message to update your confidential information or to provide a PIN, account number, social security number, username, password, or other similar information. We recommend to our customers never to respond to any email or call that asks for such information, even if it appears to be from GreenStone or another financial institution. If you are unsure of the authenticity of a communication, contact us to confirm. If you suspect fraud has occurred in connection with your GreenStone accounts, please let us know immediately and we will promptly assist you in resolving the matter.
2. Use Strong Authentication Methods - If you could do one thing today to protect your personal financial information, it would be
enabling multi-factor authentication (MFA) everywhere you can, including email, online banking and financial accounts. Our customer portal, My Access, offers MFA by sending a code via text or a phone call to your device to verify it’s you. MFA adds an extra layer of security by requiring a second form of identification beyond your password, such as a code sent to your phone or email. MFA can help prevent unauthorized access, even if your login credentials are compromised.
3. Stay Skeptical of Unusual or HighPressure Requests
Threat actors often create a sense of urgency to trick you into making quick decisions. Be wary of any financial communication that pressures you to act immediately, especially if it involves transferring money or disclosing sensitive information. Take the time to doublecheck and verify the request. Trust but verify!
4. Monitor Your Financial Accounts Regularly
Keep a close eye on your bank statements, credit card transactions, and investment accounts for any unusual activity. Set up account alerts to notify you of suspicious transactions, withdrawals, or changes to your account information. Additionally, putting a freeze on your credit file prohibits consumer reporting agencies from releasing your credit report without your express authorization.
Protecting Your Information | GreenStone FCS
With the advancement of deepfake and AI technologies, the threats to financial security are increasingly significant. Threat actors are using these tools to generate believable counterfeit communications, impersonate reputable financial officials, and deceive customers into disclosing sensitive data or approving fraudulent activities.
Protecting your personal financial information and assets from the new surge of AI-driven fraud involves staying informed, implementing robust cybersecurity measures, and verifying any suspicious financial requests. ■
There’s no doubt time spent in the great outdoors is therapeutic. But when Allan Lutes and his lifelong friend Rick Briggs set out to invest in recreational property, they didn’t know how much of an impact they would have on the lives of those who have served our country. Read more on page 29.