3 CEO Comments. President and CEO Travis Jones provides a member update.
11 Guest Article. Building next-gen communication skills can help sustain your family and business well into the future.
13 Market Outlook. The U.S. economy remains strong, but the slowdown is beginning. There are multiple factors that will come into play over for the remainder of 2023 and into 2024.
39 Summer Parties. Embrace the outdoors with family and friends, and enjoy the options of making dinner outdoors.
41 Crop Insurance Feature. Margin Protection or Enhanced Coverage Option? Learn why you should take a look at them this fall.
47 Protecting Your Pocket. Avoid fraud and scams when working with financial institutions.
49 Tech Tip. Spotting phishing scams and securing your digital fields.
Publisher’s Note:
It’s a season of growth – some things inspire it, others deter it. Water and nutrients – and the right environment – can make a world of difference, but it’s also the less tangible things like inspiration and encouragement that can make the biggest impact.
We recently welcomed a few new teammates into our department and wow – they’ve certainly inspired growth amongst us all! Their eagerness to learn has the rest of us embellishing our teaching attributes; their questions and fresh perspectives have us inspired to do even better, think more creatively, and explore bigger possibilities. That sense of growth is all around us, from the crops in the fields to the kids in our communities.
21 Ad Direct.
For more than a decade, GreenStone has partnered with AgDirect®, one of the fastest growing equipment financing programs in the nation.
29 Directors’ Perspective. Three GreenStone directors take a minute to reflect on where they see the focus of GreenStone moving forward.
31 Legislative Matters. The underpinnings of sustainable agriculture practices is having a strong Farm Bill.
32 PAC Progress.
The activities in Lansing, Madison, and DC have slowed slightly during summer recess... But the local meetings are in full swing!
36 Guest Column. Michiganders are some lucky folks, surrounded by an endless amount of natural resources other states only wish they had.
37 Mental Health.
Each year we strive to raise awareness and shine a light on the many available mental health resources.
8 Agriculture Blog Brief
9 Young Beginning Small Farmer
Page 25 introduces GreenStone’s interns who are certainly embracing new ways of learning this summer. The word growth is an understatement when you read about young farmer Tye Thompson – aside from the obvious affinity related to the plants he grows in his greenhouses and on the farm, is the growth of his farm stand business throughout southeast Michigan (page 5). Sometimes growth comes through challenges or life changes, like Gary and Roxanne Pederson who packed up and started fresh with a new home built to host the family as it grows (page 33). And maybe most important for many is growth in faith, like the Natzke family, who have also grown their employee count on the dairy farm and now benefit from GreenStone’s payroll services (page 43).
Whether it’s growth in size, mind, heart or all the above, the benefits compound and help each of us in impactful ways. Here’s to your growth as you read through this issue of Partners, and wishes for prosperous growth in and out of the fields this year! Happy Reading!
– MelissaWilliam Eva Greg Ricker
Markie Heideman
Melissa Rogers
Mia
CEO Comments:
As I sit down to write this article, it is the morning of Sunday, June 11. (Our church offers Thursday evening services if we are going to be out of town on a weekend, so not to worry, my wife and I did attend church this week!) I, like many of you, have been praying for rain, not just at church, but every morning. It was supposed to rain last night and all day today. So far, nothing yet at Gun Lake in southwest Michigan.
I got to spend the day with GreenStone’s Board Chair, Ed Reed and Vice Chair, Peter Maxwell on June 1. Peter mentioned his farm in Beaverton, Michigan had not had rain since May 6. It’s 10 days later and still no rain. It is just plain dry. I know you are reading this in July, so I’m hopeful the conditions will have improved, but for now, we will all keep praying. We have seen these cycles before. You, as farmers and our members have seen these types of challenges and certainly GreenStone’s experienced staff has seen them as well. GreenStone is going to be here for our members through all cycles. We have shown that over the last 107 years. We have
the financial strength, experience, and products to help our members through many challenges, including dry weather. Many of you already take advantage of a number of our crop insurance products. During dry spells like this year, having that floor underneath us certainly makes us feel better.
On average, the majority of our members started the year from a higher altitude when it comes to balance sheet strength. The last couple years of financial performance for many of our members has given you some cushion for a challenging year. That doesn’t mean the challenges are fun to deal with, it just means that for many, they can avoid a devastating year. We are already seeing margin compression for a number of our commodities. Pork, dairy, eggs, and cash grains to name a few. If you are starting to see cash flow challenges on the horizon, please be proactive in calling your GreenStone financial services officer sooner rather than later. In most instances, we can help you work through your short-term difficulties. The more time we have to work with you, the easier it will be to reach a good outcome.
One of the reasons we are always here for you is our financial strength. Through the month of May, our financial results continue to be excellent. The following is a brief summary of our interim results as of May 31:
Our financial results continue to be very strong. The numbers above and our operating efficiency continue to make us one of the best performing Farm Credit associations in the country. Our results are always significantly impacted by the credit quality of our members, which is also currently excellent. Thank you for continuing to meet your financial obligations and supporting our cooperative.
Our technology and marketing teams continue to work hard to bring you new tools to make your experience with GreenStone more efficient and enjoyable. One of the latest tools is our new text messaging tool. This will allow GreenStone and our staff to reach customers through our company texting platform, meaning not only adding the convenience of texting, but the ability to provide real time updates and personalized reminders right in the palm of your hands. Watch for more information soon on the simple steps to get signed up!
As some of you know, I don’t bleed green and white (or cardinal and white). I attended the “school in Ann Arbor”. But when I joined GreenStone nearly 16 years ago, it didn’t take me long to discover the special relationship GreenStone has with Michigan State University (MSU). GreenStone is a strong supporter of MSU Extension, scholarships and certainly the College of Agriculture and Natural Resources (CANR).
Our relationship is not unique when it comes to agriculture in the state of Michigan. Many areas of ag within the state have very close relationships amongst each other and with the CANR and MSU. These relationships were on display at a Michigan Agriculture Leaders Dinner in May. The dinner was hosted by Interim MSU President, Dr. Teresa K. Woodruff and her husband, Dr. Thomas O’Halloran. Attendees included representatives from not only GreenStone but Michigan Farm Bureau, and most of the commodity groups in the state. Dr. Kelly Millenbah, Dean and Professor of the CANR also attended.
This was a great opportunity for leaders in agriculture throughout the state to get together and discuss current events and challenges. We also were able to hear Dr. Woodruff speak about current events and topics regarding MSU. As Dr. Woodruff spoke, I was struck by the affection, dedication and excitement she shows when talking about MSU and also the CANR and its relationship with agriculture within the state. She has only been at MSU for three years, but you would think it was 30 years given her articulation of her understanding of the importance of agriculture, as well as her perspective on the impact MSU can have on agriculture within
Michigan. While the MSU Board of Trustees conducts a search for a permanent President of the University, in my opinion, they already have the right person in Dr. Woodruff.
I, and members of the GreenStone executive team, have been visiting each of our branches throughout northeast Wisconsin and Michigan. We have visited over two-thirds of our 35 branches so far this year and will visit the rest soon after you read this in July.
I really enjoy visiting with our staff on a more informal basis and hearing about the local marketplace and any challenges or pain points our staff face. Last fall we rolled out new software for our loan and customer management. The opportunities for improved customer service and work efficiency is endless, and with any new tool, having teammates making great suggestions for enhancements continues to be a great part of our branch discussions. Staff's desire to improve and openness to share input speaks volumes for the culture GreenStone has built not only with customers but internally with our employees as well!
Legislative Engagement
On June 13, GreenStone hosted a legislative lunch at the Michigan Capitol. The event allowed our directors and staff to directly connect with approximately 40 state legislators and many more of their staff. This was a great opportunity for GreenStone to network with the legislative teams and explain to many new legislators who GreenStone is and convey the importance of agriculture to the state of Michigan along with some of the challenges our members are facing. We will continue to develop these relationships and invite our members to join us in our education and awareness efforts! Please feel free to reach out to me anytime if I can ever be of assistance. Thank you again for your membership and business!
Travis Jones 517-318-4144One of the reasons we are always here for you is our financial strength. Through the month of May, our financial results continue to be excellent.
“
During the summer months in southeast Michigan, you can count on at least one thing: four bright orange produce stands in Dundee, Ida, Milan, and Maybee will be stocked with fresh vegetables ready to feed a community on the honor system.
The man behind the stands is Tye Thompson – but his story starts long before these stands attracted lines of people waiting for their fix of his popular produce. Tye didn’t grow up on a farm, but he always knew that being in the fields is right where he belonged. Many of Tye’s neighbors and family friends who babysat him were farmers, and watching the tractors and combines from his window sparked his childhood curiosity.
“For as long as I can remember, I have always liked growing plants and watching farmers in the field harvesting crops,” said Tye. “From the time I was a kid, I always wanted to farm.”
That curiosity turned into a drive to get started. By the time Tye was an early teenager, he was kickstarting his career in agriculture by working on his neighbor’s farm. When he realized that his neighbor had an acre he wasn’t using, Tye asked if he could rent it out and grow some crops.
From that point, Tye began to grow produce to sell – and he hasn’t stopped since.
When Tye was finishing up his senior year of high school, he knew he still had more to learn about agriculture before tackling it fulltime. He decided to pursue a degree in horticulture at Michigan State University. During his time there, he continued his farm operation on the side selling produce out of his stand.
After receiving his diploma in 2019, he began his dream of farming fulltime.
As a young farmer, Tye worked with GreenStone to secure financing to expand his operation – so he could turn a profit and remain a full-time farmer long-term. He worked with Rich Dubke, who, at the time, served as a financial services officer in GreenStone’s Monroe branch.
Rich already knew of Tye because of his signature orange produce stands, and he was excited to work with a young farmer ready to grow his operation.
➡
View a highlight reel video at: www.greenstonefcs.com/YBSFSummer23
“I rented that acre from him, built a little greenhouse, grew some plants, and bought my first tractor for $600,” said Tye.
That tractor was a bright orange AllisChalmers B — the inspiration behind the orange produce carts he still uses today.
“My first sale was a quart of jalapeños and a quart of banana peppers,” Tye recalls proudly.
“His work ethic is second to none,” Rich explained. “He asks the right questions, and he puts the right people around him. The presence he has in the community is huge. You have a hard time not seeing multiple cars lined up at his produce carts in the summer.”
“It has been nice to talk to Rich and hear about different options he has for me,” Tye explained. “He has helped me weigh the pros and cons of buying things.”
Rich was able to utilize GreenStone’s
CultivateGrowth resources to assist Tye in expanding his operation. The CultivateGrowth program provides flexibility in the loan approval process for young, beginning, and small farmers.
“GreenStone has really helped out a lot, especially when I was starting out on my farm,” said Tye. “They have been there to help me make improvements on my property.”
Tye has expanded from one produce cart to four – all bright orange, of course. He now has four greenhouses and 39 acres of farmland. His popularity has also expanded – as he became a staple in the community.
“It’s a hard job, so for the community to be so appreciative, it’s really nice,” said Tye.
Because so many people helped Tye follow his dreams in agriculture, he now gives back by investing in even younger aspiring agriculturalists. Aside from farming fulltime, Tye began working in the classroom fulltime in 2021 at Dundee Community Schools teaching classes like agriculture business, botany, and zoology as part of their agriscience program at the school and leading their FFA Chapter as the advisor.
“It makes life extremely busy, but I enjoy teaching and I enjoy the kids. I like helping expand their knowledge on agriculture,” said Tye.
“I know Tye is aware of how important young farmers are, as an agriculture educator himself,” said Rich. Recently, his students helped open a greenhouse at the school for a full handson experience. Tye hopes to continue in the field of agriculture education in hopes to inspire more people to get into the field.
Tye and Rich have built a close relationship working together. GreenStone takes great pride in the type of quality service we
➡ Tye's bright orange produce stands have become a staple across southeast Michigan.
➡ Tye grows an array of vegetables in his fields that get sold to the community at his produce stands.
GreenStone has really helped out a lot, especially when I was starting out on my farm.
provide our members. That’s why when Rich recently made the choice to move from GreenStone’s Monroe branch to the Ann Arbor branch, he didn’t make that decision lightly.
“The hardest decision I’ve made in my six years at GreenStone was moving on to a new opportunity knowing that I’m leaving my customers, but I know they’re in good hands with Mark, so it made that decision easier,” said Rich.
When these transitions happen, customers like Tye are certainly not left in the dark. GreenStone’s leadership team thoughtfully considers the right partnership and communicates those staffing changes with any affected customers.
Long time Financial Services Officer Mark
Buuck now works with Tye to help him continue growing his popular operation. It’s a transition that Rich and Mark have worked together on to make sure these vital relationships with our customers remain informed and strong.
“I’ve talked to Rich almost every day during the transition to make sure there are no hiccups,” said Mark. “When I take on new customers, I like to get on their farm, answer questions about the transition, and ask questions about their operation.”
As far as working with Tye, Mark is more than ready to get started.
“I know the success he has had, and I’m looking forward to working with him on his next steps,” said Mark.
Tye’s future is as bright as his produce stands. He has a long list of goals he wants to accomplish including the addition of a farm store and dipping his toes into agritourism.
He also hopes to add a pole barn and more greenhouses in the future to be sure he’s able to provide produce even when the weather outside is unfavorable.
“Every year, I always try to expand in some way. I believe if you’re not growing, you’re dying,” said Tye.
“People like Tye are the future of agriculture,” said Rich. Through it all, GreenStone will be there to help him grow. ■
GreenStone publishes regular updates on our Open Fields blog. Check out some of the posts you may have missed at www.greenstonefcs.com/openfieldsblog.
Dollars and Sense: Changes To Bonus Depreciation
The 100% bonus depreciation begins to phase down effective January 1, 2023.
Commodity Update: Dairy Outlook
In sharp contrast, dairy prices are hovering about $10 less than last year.
Dollars and Sense: Understanding your farm's balance sheet
A balance sheet contains assets, liabilities, and equity at a specific point in time. ■
Learning the ins and outs of managing a farm operation takes time, patience, and sometimes learning tough lessons the hard way. Each changing season, market fluctuation and irregular weather patterns all pose new challenges to farms regardless of size or experience. While this crucial knowledge isn’t learned overnight, young, beginning, and small farmers looking for guidance and a way to fast-track their farm management knowledge base can do so with a mentorship program.
Created with this in mind, GreenStone’s CultivateGrowth Mentorship provides a way for industry leaders to share their lifetime of these lessons and expertise with young, beginning, and small farmers. The current 2022-2024 mentorship class is underway and both mentors and mentees have already benefited from the friendships formed.
Cassandra Eadie, an Ottawa County dairy farmer, is currently participating in the program as a mentee in hopes of learning alongside someone who is well-established in the industry. As her and her husband, Andrew, work to purchase and transition the farm from Andrew’s parents to themselves, they are mapping out a plan for future plans and success. Through this transition, Cassandra knew the value of having an outsider’s experienced voice to guide her and share farm management insight would be crucial in helping her define and reach the goals Andrew and she have.
The program kicked off in late 2022 and has provided Cassandra and her mentor with opportunities to connect with one another and tour each other’s operation. Her mentor, Anna, a Kent County Dairy farmer, has shared more than just business guidance - the two have bonded together on their faith and through sharing stories of personal growth. As for the next couple of months, Anna and Cassandra will continue to meet and will visit each other’s farms – something that is highly encouraged in the CultivateGrowth Mentorship.
The next class of mentees and mentors will kick off fall 2024 but interested future participants can apply online now. Visit greenstonefcs.com/mentorship to learn more! ■
Despite understanding the importance of continuous learning and staying relevant on changing farm practices, sometimes setting aside extra time and dollars for education isn’t always an option for young, beginning, or small producers. To help alleviate some of the financial burden, GreenStone’s CultivateGrowth Grant commits up to $40,000 each year to offset the costs of these important opportunities.
Young, beginning, and small farmers who qualify can use up to $1,000 grants toward:
• farm or business consultations
• educational courses and seminars
• resource-focused events or conferences
• first-time use of GreenStone’s tax and accounting services.
Like Andrew Smith, many have taken advantage of the grant and have utilized it to participate in a variety of activities to gain more insight and knowledge.
For instance, when Andrew and his wife purchased their farm property in 2020, they knew improvements needed to be done to create a more sustainable and nutrient-rich soil. That’s where
GreenStone’s CultivateGrowth Grant came into play. It allowed Andrew the opportunity to attend regenerative agriculture class and provide valuable information on how they could make the necessary changes to their farm to help them reach their goals. The regenerative agriculture class covered the relevant topics for him on rotational grazing, the microorganisms in soil, the best grasses to plant based on location, and how to measure soil health progress. For Andrew, the grant and course were a turning point in the improvement process of his farm’s soil.
Despite summer days being longer, there never seems to be enough time to get the million-and-one things done between planting and harvest. Like many farmers, you probably won’t be caught behind a desk if the sun’s shining – meaning the business-side of your operation isn’t getting the attention it may require. Fortunately, finding time to tackle the less-appealing, potentially intimidating side of being a business owner can be made a little easier when you’re working with the right resources:
• Ag Decision Maker: Providing updates on current trends, industry challenges and connecting you with valuable farm finance information, Iowa University Extension’s Ag Decision Maker online resource delivers the information you need when you need it. Stay in touch with upcoming farm management events, Farm Bill updates and more by visiting www.extension.iastate.
edu/agdm
“My biggest takeaway from the class was the idea that rotational grazing is the fastest way to improve soil health; I really wanted to learn how to quickly regenerate my soil for the health of my current livestock,” explained Andrew.
The grant provides up to $1,000 to current customers and up to $500 to non-GreenStone customers. Individuals like Andrew who qualify as a young, beginning, or small farmer are encouraged to apply for the grant today: www.greenstonefcs.com/ cultivategrowth ■
• Field Crops Virtual Breakfast: Start your day with coffee and crop management during Michigan State University Extension’s Virtual Breakfast Series. Every Thursday morning at 7:00 a.m. ET from April to September, attendees will hear a weather outlook report and have a chance to ask experts questions on the current topic. Watch previous episodes or register to join upcoming webinars at www.canr.msu.edu/field_crops/virtualbreakfast
• Michigan Farm News – Dollars and Sense: Monthly articles covering farm finance topics, tips on tax planning and expert advice from lenders at GreenStone are a valuable resource for all farmers, especially ones just beginning. Check out May’s article, Understanding Your Farm's Balance Sheet online at michiganfarmnews. com or greenstonefcs.com ■
By Barbara Dartt and Tom Emigh, The Family Business Consulting Group
Brad, a next generation member of a family business was venting to me: “It happened again. I brought up my expansion idea and Uncle Fred said that we’ve tried that before, it didn’t work and we won’t be making that dumb move again. He doesn’t care what I think.”
Separately, Fred told me that Brad, “…just isn’t stepping up. He doesn’t seem to take initiative on anything.”
Clearly, these two aren’t hearing each other. Creating space for next gens to both offer their ideas and listen to feedback is an untapped opportunity for growth and development – for both generations! To help family business folks take full advantage of these opportunities for engagement, we propose you think about both preparation and practice.
Preparation
No one is born an excellent communicator. Instead, effective communication is a skill to learn and hone. Communication skills that serve family business leaders are learned in a classroom and during real-life experiences. To build these foundational skills, take advantage of a class, book or podcast that focuses on developing self-awareness, conflict management, active listening or giving and receiving feedback.
Additionally, learning communication skills together can give a group of next gens (or an entire management team) common language, a shared experience and accountability in application of the learned skills.
Practice
It is important for the next gens to have actual, realtime and real-life opportunities to put into practice the skills they are developing and get some coaching and feedback as they go. Consider the following techniques that the leading gen can model and next gens can develop and practice.
A common misperception of leaders is they must know all the answers. This isn’t good leadership, and as businesses and families grow in complexity, this belief is particularly unrealistic and harmful. Instead, good leaders listen, ask thoughtful questions, and continuously learn about challenges and opportunities. Learning to listen well – to hear what is being said and notice what is not being talked about – requires a mindset of humility and is a critical communication practice. If listening isn’t a strong trait in the leading gen, it probably won’t be a skill easily developed by those in the next gen.
Practice active listening. Instead of simply answering someone’s statement or question, first "mirror back" what your speaker said in a slightly modified format, using starter phrases like: “If I'm right, what I hear you saying is...” OR “As I understand it, you're feeling/ thinking...”
Seek Feedback
Next gen employees in family businesses don’t always get great feedback on performance and attitude.
Sometimes it’s because they’re in a small business that doesn’t practice a lot of regular feedback conversations. And sometimes their last name prevents even the most skilled of supervisors from giving honest input. Therefore, next gen family business employees must intentionally seek feedback. Mom, dad or Uncle Fred may work closely with their next gen. If so, these leading gen members should work hard on the skills to give input on work performance. Additionally, leading gens might ask trusted vendors (agronomists, vets, nutritionists, lenders, etc.) for specific performance input. These folks often see lots of next gens and are equipped to give broader perspective on how a next gen is doing. And, they usually have to be asked to provide it.
Create Space
Besides looking for real-time opportunities, leading gens can also create specific experiences during which next gens can practice communication skills. Creating a “safe” space to fail is critical in building the confidence of the next gens. Be mindful: if you’re giving next gens a decision to make, be sure you’re able to be comfortable with whatever they choose. Trumping or overturning a next gen decision sets their development and commitment back faster than nearly any other action.
• Ask older next gens to present key learnings from a conference they attended to the family or management team. Bonus points for asking a pair or team to collaborate and then share their joint insights.
• Pair two next gens up, provide them with introductions to other family businesses and ask them to research and report on a family business choice, e.g., what has been the outcome of requiring next gens to work outside the family business before returning?
• Identify opportunities for next gens to serve on non-profit or industry boards or committees.
Based on our experience working with a large number of next gens, many have significant motivation, plans and hopes for their future contribution in the family business. This approach can allow for intentional, practical, focused communication skill development – one of the most foundational skills to sustain family and business well into the future. This is work of both the leading and next gens. It can be uncomfortable and will include mistakes. And, it can be some of the most rewarding work you will do in your family business!
ABOUT THE AUTHOR
"Barb and Tom are owners and consultants at the Family Business Consulting Group, working with families and owner and manager teams to help them keep their business healthy and the people happy – and assisting with succession and continuity planning. Barb and Tom can be reached at 269-382-8141, dartt@thefbcg or emigh@thefbcg
Next gen employees in family businesses don’t always get great feedback on performance and attitude.
The U.S. economy remains strong, but the slowdown is beginning. There are multiple factors that will come into play over for the remainder of 2023 and into 2024. These factors will affect how the U.S. economy will weather the storm and determine the extent of the likely unavoidable recession.
The banking industry needs to heal their balance sheets because of asset devaluation and the reduction of deposit accounts. The concern over recession will push the banks to tighten their lending standards which could affect the availability of credit for individuals as well as small businesses. Commercial banks have taken advantage of the liquidity programs offered by the federal government and have put in place safeguards over the last few months.
Inflation is cooling with the decline in energy prices and with food prices stabilizing, which is helping to improve all-items inflation. Core Inflation, which excludes energy and food, however, remains high. Core Consumer Price Index (CPI) inflation has averaged 5.1% (annualized) from January through April. The Federal Reserve’s target is 2% over the long run. To achieve their goal, it will take noticeable softening in the labor market. Projections suggest that as we move into Q4 2023 and 2024 there will be a slowdown in consumer spending. Core CPI is anticipated to drop from 4.9% overall in 2023 to 3.1% in 2024.
The housing market has settled down coming off high interest rates last fall. The stabilization in the market will hopefully provide a margin correction and avoid large scale defaults. With the peak of mortgage rates potentially behind us, single family starts are anticipated to bottom out in Q3 2023 then look to rebound Q4 into 2024 slowly.
The Federal Reserve has raised interest rates at ten consecutive meetings since March 2022 as it tries to slow investment and spending. Strong unemployment numbers and job gains, however, have kept inflation high. It is anticipated that the Federal Reserve will continue to hold its current 5-5.25% target range for federal funds rate steady for remainder of 2023 with potential rate cuts in 2024 as inflation starts to decline and labor market softens. Early predications indicate the potential of 25 basis points (.25%) cuts every other meeting.
Necessary to keeping the magnitude of the recession in check is reaching a deal on the U.S. debt ceiling. Over recent days there have been positive signs that there are concrete terms that could result in an agreement between the parties. House Republicans are demanding spending cuts in exchange for an increase to the debt
ceiling. Even with moderate spending cuts, the federal deficit grows from 4.3% of GDP in 2022 to 5.9% in fiscal 2024.
Globally the early signs suggested a recession in 2023 could have a soft landing; however, concerns are growing that it will not be the case. Underlying stress in the financial sector along with high debt limits and Russia’s invasion of Ukraine will pressure the impending recession’s landing to be hard. Global headline inflation is projected to drop from 8.7% in 2022 to 7% in 2023 thanks to lower commodity prices, however core inflation will come down much slower and it will take until 2025 to reach the goal of 3.5%. It will be key to watch if the stress in the financial sector continues, and increases, and if so, what policy changes come from that.
Another factor that will negatively impact the global economy is if the war intensifies in Ukraine. This would lead to more food and energy price spikes, which in turn would push inflation up. Key to preventing this is the continuation of the Black Sea grain deal. The deal was set to expire May 18 but was renewed for another two months. It allows for the flow of exports of food and fertilizer to reach global supply chains. Russia threatened to quit the agreement to get the West to relent on sanctions imposed since the invasion of Ukraine. Russia’s demands include access to international banking systems, allowing the export of fertilizer and allowing for imports of needed agricultural supplies. This deal is crucial to prevent a global food crisis as Ukraine is a major grain exporter. According to the Food and Agriculture Organization (FAO), without Ukraine’s grain moving through these ports there
could be 47 million people pushed to acute food insecurity because of the war.
Corn: The 2023/2024 U.S. outlook for corn is for larger production, greater domestic use, and exports, with higher ending stocks. The corn crop is projected at a record 15.3 billion bushels, up more than 10% from last year based on planting projections and weather adjusted trend yields assuming normal plantings. Domestic corn usage is anticipated to rise 55 million bushels and U.S. corn exports are projected to be 325 million bushels higher as lower prices support increase in global trade. Total U.S. corn production will outpace increased usage and exports, and ending stocks 2023/2024 are projected to increase 805 million bushels. If realized this will result in the highest absolute ending stocks since 2016/2017. Thus, the average season farm price is expected to decrease by $1.80 per bushel from 2022/2023 to $4.80 per bushel for 2023/2024. The global outlook for corn for 2023/2024 is calling for record high production and use, with larger ending stocks increasing 15.5 million tons to 312.9 million tons.
Oilseeds: The 2023/2024 outlook for U.S. soybeans includes higher ending stocks mostly due to improved yields at 4.51 billion bushels, an increase of 5% over last year. Soybean crush is expected to be up 90 million bushels over last year at 2.31 billion bushels. This is the result of an increase of soybean oil as a biofuel feedstock. Exports are expected to be down 40 million bushels from 2022/2023 due to competition from South American production and limited gain in world demand. Ending stocks are
Globally the early signs suggested a recession in 2023 could have a soft landing; however, concerns are growing that it will not be the case.
projected at 335 million bushels which is up 120 million from revised 2022/2023 forecast. Soybean prices are expected to fall to $12.10 per bushel from $14.20 last year. Soybean meal and soybean oil prices are also anticipated to be lower.
Wheat: US Outlook 2023/2024 wheat crop includes lower supplies and exports with increased domestic use and smaller ending stocks from 2022/2023. Projection includes increased planted acres, however increased abandoned acres in Texas, Oklahoma, and Kansas along with lower anticipated yields reducing supply. Average seasonal price for wheat is projected to be reduced to $8.00 per bushel, down 85 cents. Globally consumption is anticipated to be lower due to reduced feed and residual use with projected ending stocks at 264.3 million tons, which is 1.9 million lower.
Dairy: Coming off historic high milk prices in 2022 and a relatively strong first four months of 2023, high costs for feed and replacement heifers, higher beef prices and tight labor availability continue to impair herd growth and expansion. Midwest cheese states and the Southwest are also struggling with an oversupply of milk. Discounts related to oversupply will not help producers on top of Class III futures that dip into the mid to low $16/CWT in Q2 and Q3 before rebounding to $19/ CWT in Q4. Class IV futures remain higher through Q2 and Q3 in the low $18/CWT
before jumping over $19/CWT for Q4. Softening demand is expected to result in the lower milk prices, but wholesale and retail dairy product prices have remained mostly resilient so far. Producers will likely need to dip into their liquidity built up from strong earnings in 2022. Ongoing structural changes within the dairy processing industry will likely persist in 2023 with the continual expansion of cheese processing capacity expected to divert milk away from butter churns, providing ample cheese supplies while keeping butter inventories tight. This trend would suggest that Class IV milk prices will likely maintain a premium to Class III milk in 2023.
Chicken: A combination of high costs and weak chicken prices have negatively impacted the integrated broilers bottom line. With decreasing feed costs, the poultry industry will see things change as we move further into 2023. Additionally, the export broiler market reached 630 million pounds during January which was a record, up 13% year over year. Robust dark meat markets are helping offset the weakness seen in the white breast meat market where inventories reached record highs in February.
Beef: Cattle markets ended Q1 2023 in good shape with fed cattle trading at
$165/cwt and feeder cattle above $190/ cwt on concerns over tightening supplies. Demand has been strong, however there is concern over higher prices with consumers struggling to maintain spending habits.
Pork: Hog prices have remained relatively flat through the Q1 2023. With slaughter rates up year over year, lean hog prices have not seen their normal seasonal increase. USDA estimates indicate the industry is drawing down future hog availability which should help support prices. January 2023 saw overall U.S. exports increase 9% year over year with noticeable increases by Mexico (5% YOY) and China (37% YOY).
Farm Inputs: Fertilizer prices have continued to fall through the Q1 2023. This price drop is helped by the fertilizer production coming back online in Europe. There were planned fertilizer production outages in 2022 to build up their natural gas reserves. In addition to those plants coming back online for fertilizer production, overall usage of natural gas was lower in Europe and US due to unseasonably warm weather reducing demand for residential and commercial heating. Q1 2023 showed limited field work and pre-planting activity thanks to substantial rainfall and snowfall in the month of March which eased demand for both fertilizer and fuel. ■
Fertilizer prices have continued to fall through the Q1 2023. This price drop is helped by the fertilizer production coming back online in Europe.
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Each season farmers face growing environmental challenges and the need to adopt more sustainable practices on their operation continues to rise. Luckily, farmers seeking guidance along their journey in creating a more sustainable operation can turn to the Michigan Department of Agriculture and Rural Development (MDARD) and the Michigan Agriculture Environmental Assurance Program (MAEAP).
Responsible for promoting the growth and sustainability of the state's agricultural sector, MDARD is committed to supporting agricultural businesses, ensuring food safety and security, protecting animal and plant health, and promoting environmental stewardship. The department oversees various programs and initiatives related to agriculture, including crop and livestock inspection, pesticide regulation, food and dairy inspection, and promotion of local food systems. In collaboration efforts with farmers, industry stakeholders, and local community members, MDARD is working to advance Michigan's agricultural economy while preserving natural resources and supporting rural communities. Newly appointed in March 2023 as the Director of MDARD, Dr. Timothy Boring brings years of industry knowledge from prior leadership roles, his education on crop and soil sciences and experiences growing up on a dairy farm. His focus on conservation will be at the helm of MDARD’s goals and program
development moving forward. This focus on conservation mirrors the same values farmers have: both provide vast benefit to the farm operation and surrounding communities.
“The value of conservation is around resiliency and sustainability, not only for the farms but for rural communities too,” Dr. Boring explains.
“Building stronger, more resilient systems, being able to weather increasing climate challenges, having increased biological capacity, more diverse cover crops and less tillage.”
MDARD continues to be a sound resource for farmers looking to implement conservation practices on their operation. One notable program, the Michigan Agricultural Environmental Assurance Program (MAEAP), assists farmers in environmentally conscious practices and being good stewards of the land.
“MAEAP has improved management of farms in a variety ways and has increased the overall average production capacity and environmental protection on farms today,” says Dr. Boring. “[MDARD’s goal] is to increase the understanding of how agricultural investments are consistent with improving conservation. You can’t grow different things if you don’t have the infrastructure or processing to support different things being grown in your community.”
While there are a plethora of both internal and external resources MDARD connects farms with, such as Farm Bill and state-level programs, much of the focus is on educating growers on the importance of it all. Conservation is here to stay and MDARD plans to continue offering support by defining what good management looks like and helping farms get there.
“The environmental conditions we are dealing with are not getting any less challenging and these challenges are becoming more consistent with farms looking to build and expand,” explains Dr. Boring. “The department is prioritizing connecting with growers and producers one-on-one and we recognize the importance those connections are. There are lots
of face-to-face local workshops and field day meetings for growers to attend.”
As you begin to implement environmentally-conscious changes and conservation practices on your farm, turn to MAEAP and the programs available through MDARD. These resources are here to support your conservation journey and streamline your process.
GreenStone recognizes the proactive work of our agricultural community and the efforts of farmers n embracing environmentally conscious practices. For more information on becoming MAEAP verified, conservation practices to implement and how they can bring long-term value to your farm, visit www.maeap.org ■
GreenStone is meeting you where you are with real-time updates and information through text messaging! Whether you’re in the field, on the road, or at home you can now receive updates and deadline reminders straight to your phone. ■
Four current board members have been re-elected to the GreenStone Farm Credit Services Board of Directors: Terri Hawbaker, Marilyn Thelen, Troy Sellen and Dale Wagner. Terri Hawbaker and Marilyn Thelen of Clinton County, Michigan were reelected to four-year terms representing voting region 6, located in six counties covering central Michigan. Hawbaker, a dairy farmer, has been a member of the GreenStone board for eight years, currently serving on the Legislative/ Public Policy Committee. Thelen, a grain and beef farmer, was appointed to the board last year and serves on the Finance Committee.
Troy Sellen of Oconto County, Wisconsin and Dale Wagner of Manitowoc County, Wisconsin were also re-elected for four-year terms representing voting region 7, located in northeast Wisconsin and Michigan’s Upper Peninsula. Sellen, a dairy farmer, is starting his second term having been a member of the GreenStone board for four years, and most recently serving as the Finance Committee Chair. Wagner, a dairy and grain farmer, has served on the board for 11 years and is the Legislative/Public Policy Committee Vice Chair.
“GreenStone is a member-owned cooperative governed by our members who understand that our success is their success,” said Travis Jones, President and CEO. “All four of our reelected board members have been outstanding representatives and leaders of GreenStone. I look forward to working with them and our entire 16-person board in meeting our mission of promoting the business success of our customers and the rural communities in Michigan and Northeast Wisconsin.”
Along with the board positions, GreenStone’s 28,000 members elected individuals to serve on the cooperative’s 2024 nominating committee. The nominating committee is comprised of GreenStone members from throughout the organization’s territory who are tasked with recruiting candidates for next year’s board elections and nominating committee. The 2024 nominating committee includes:
Region 1 – Nathan Clarke (Midland County, MI), Deidre Iciek (Gladwin County MI), and Joshua Schlicker (Saginaw County, MI)
Region 2 – John Ferkowicz (Lapeer County, MI), Timothy Ruggles (Tuscola County, MI), and
Darrin Wolschleger (Huron County, MI)
Region 3 – David VanBrunt (Lenawee County, MI), and Jason Winter (Monroe County, MI)
Region 4 – Edward Kretchman Jr. (Berrien County, MI) and Anthony Stocchiero (Van Buren County, MI)
Region 5 – Nicole Birkett (Mason County, MI) and Tyler Wilson (Gratiot County, MI)
Region 6 – Matthew Keilen (Clinton County, MI) and Kyle Shellenbarger (Ionia County, MI)
Region 7 – Ryan Brock (Oconto County, WI) and Scott Fenendael (Kewaunee County, WI) ■
GreenStone is owned and governed by members who have a vested interest in seeing the association continue its successful mission of serving rural communities and agriculture. Our members are our owners and you have the right and responsibility to guide the cooperative forward.
The nominating committee members from GreenStone’s voting regions 1 & 2 will soon begin the candidate selection process for 2024. All other regions will meet in December to select candidates to run for the open 2025 nominating committee positions. We invite you to consider being a part of your cooperatives governance and submit your interest today!
The Nominating Committee role is a great place to start, it is a oneyear commitment to get you exposed to the process. The time commitment is approximately 5 hours to 3 days typically.
Are you ready to get involved? Go to www.greenstonefcs.com/ governance to learn more about the nominating and director roles. Complete a profile to express your interest or contact our corporate governance coordinator, Cheryl Motz at Cheryl.motz@greenstonefcs.com or 517-318-9557 to get involved! ■
Region 7
Region 1
Region 5
Region 6
Region 4
Region 2
Region 3
GreenStone sees the importance of supporting the youth of agriculture and awards three different scholarships to students pursuing an agricultural based career path each year. The first being the undergraduate scholarship that awards college scholarships to graduating high school seniors who are dedicated to influencing and impacting agricultural industries. GreenStone has committed to awarding $40,000 in scholarships to these incoming college freshmen, with $2,000 going to students pursuing a four-year degree and $1,000 to students pursuing a two-year degree. Since 2010, GreenStone has presented over $400,000 in college scholarships to students who are just as committed to making a positive impact on the agriculture industry as GreenStone is.
The 2023 scholarship awardees are:
Kimberly Abrego – (Peck, MI) attending Michigan State University
Jenna Ainsworth – (Shawano, WI) attending University of Wisconsin - Madison
Dominic Casali – (Okemos, MI) attending Michigan State University
Cassidy Cashen – (Muir, MI) attending Oklahoma State University
Jordyn Chant – (Dewitt, MI) attending the University of Findlay
Nathan Eisenga – (McBain, MI) attending Ferris State University
Chloe Feather – (Bryon Center, MI) attending Michigan State University
Jena Fellabaum – (Waldron, MI) attending Kansas State University
Shelby Flanagan – (Sandusky, MI) attending Centenary University
Dana Gardner – (Croswell, MI) attending St. Clair Community College
Abigail Guza – (Ubly, MI) attending Michigan State University
Jacob Harbaugh – (Marion, WI) attending the University of Minnesota
Grace Kassuba – (Flushing, MI) attending Michigan Technological University
Amy Kern – (Bridgeport, MI) attending Delta College
Corrin Liptak – (Coleman, WI) attending University of Wisconsin - La Crosse
John Nitengale – (Sheridan, MI) attending Huntington University
Thela Priesman – (Bellevue, MI) attending Michigan State University
Peyton Prowse – (Brown City, MI) attending University of Michigan
Nathan Seitz – (Krakow, WI) attending University of Wisconsin - River Falls
Lena Stoller – (Lowell, MI) attending Michigan State University
Garrett Ulness – (Valders, WI) attending University of Wisconsin – Madison.
GreenStone also supports current college students in honor of former president and CEO, Dave Armstrong. GreenStone has awarded up to $20,000 in scholarships to college students in the amount of $5,000 each this year. Dave Armstrong served GreenStone and the agricultural community for 41 years before retiring in 2022. Like GreenStone, Dave values youth development and continued education, supporting the future success of agriculture. To be eligible, applicants must reside within GreenStone’s territory in Michigan and northeast Wisconsin, be a full-time college student with at least the fall semester remaining, have at least a 3.0 grade point average, and be studying an agriculture-related field. In addition, the selected students demonstrate participation and leadership in school, community, and agricultural activities.
The 2023 Dave Armstrong scholarship awardees are:
Jenna Gries – (Manitowoc, WI) attending University of Wisconsin - Madison
Kaitlyn Hansen – (Sheridan, MI) attending Michigan State University
Joseph Schuh – (Seymour, WI) attending University of Wisconsin – River Falls
Emma Woller – (Montague, MI) attending Michigan State University
In addition to these two scholarships, GreenStone is involved in the Smith-Pickard Friendship and Alliance Scholarship. This scholarship is an opportunity for students that are attending Florida A&M University in the College of Agriculture and Food Science/School of Business & Industry. GreenStone is the agricultural connection on the scholarship advisory committee for the is designated for students who attend this school, a part of the historically Black colleges and universities, and study agriculture. GreenStone offers professional mentorship to the students, as well as assists them in finding internships in agriculture. The goal of the award is to support young leaders that aspire to be educated in and work in the field of agriculture. The scholarship pays for up to 15 hours of tuition for the fall and spring semesters annually and is renewable each year for up to three years.
The new Friendship Alliance scholarship awardees are:
Aaron Francis – (Bahamas) Agronomy major
Myron Boyd – (Westland, Michigan) Business Administration major DeAngelo Crawford – (Detroit, MI) Agriculture Economics major
All scholarship applicants and recipients this year have inspired GreenStone as each scholarship awardee has demonstrated academic integrity, commitment to a variety of extracurricular activities, leadership in their communities, and passion for the agricultural industry. GreenStone feels honored to be able to support such a devoted group of young leaders as they chase their dreams and achieve their goals with the ultimate plan of entering the agriculture industry after graduation. ■
As profit margins tighten and the cost of new and used equipment continues to climb, many producers are leveraging financing to spread out their machinery costs and reduce the financial burden of keeping their equipment up to date.
For more than a decade, GreenStone has partnered with AgDirect®, one of the fastest growing equipment financing programs in the nation, to offer competitive loan, lease and refinancing* options. Through this partnership, GreenStone customers can count on attractive rates, fast decisions and flexible terms no matter where you choose to buy. Because AgDirect has no manufacturer rebate or financing restrictions, customers can also take advantage of manufacturers’ cash payment discounts and still finance though the AgDirect program, allowing you to leverage the best of both worlds.
“One of the reasons AgDirect has been successful is its connection to the Farm Credit System,” says Scott Welden, an AgDirect Territory Manager in Michigan, Indiana and Ohio. “As part of the Farm Credit System, customers can count on a lender that has been serving agriculture just as long or longer than some of the major equipment manufacturers. It’s rewarding to play such a critical role in helping producers afford the equipment they need so they
can remain competitive and profitable. And AgDirect earnings help offset the operating expenses of participating Farm Credit System associations which helps pay their eligible customers patronage.”
Celebrating 25 years of simple, fast and flexible financing
Since 1998, AgDirect has been serving customers and dealers by offering loan, lease and refinancing options for both new and used equipment purchases completed at the dealership, at auction or through private party transactions.
The AgDirect model scales back the length of the application and accelerates credit decisions. Customers can complete their loan application and have a credit response within minutes.
At the dealership, 70% of AgDirect’s credit decisions are made in less than 30 seconds, allowing customers to count on quicker
closing and funding for their equipment needs. To apply, participating AgDirect dealer salespersons simply enter the customer’s financing application online.
A dedicated financing team and network of AgDirect territory managers are available to assist with auction and private party purchases and can help both dealers and producers with quoting and selecting the best financing solutions. And when it comes to customer service, 100% of calls are answered by a live person during business hours.
Dedicated to the customer experience
As part of AgDirect’s evolution, the technology used to support customers and dealers through the transaction process has evolved. Online tools like a built-in payment calculator allows dealers to provide customers with accurate pricing options and financing comparisons were introduced.
Subject to approval, there are several other advantages to choosing AgDirect equipment financing:
• As low as $0 down
• 2-7 years terms on most equipment – up to 10-year term on pivots
• Competitive variable and fixed rates for new and used equipment
• Delayed payments up to 15 months
• No prepayment penalties**
When you are in the market to buy, lease or refinance equipment, be sure to ask for AgDirect financing. Call your financial officer with any questions or contact AgDirect at agdirect.com or 888-525-9805.
AgDirect is an equipment financing program offered by Farm Credit Services of America and other lenders, including participating Farm Credit System Institutions.
Scan to apply today!
An online application, electronic signatures and a mobile app also contribute to the ease of use and provide anytime access. Thanks to these tools, customers can now submit secure financing applications 24/7, sign documents remotely and run different scenarios before making a purchase decision all from their mobile phone.
“It goes back to our focus of serving agriculture’s machinery and equipment financing needs,” says Scott. “All of our digital tools serve a fundamental purpose of maintaining that focus while creating flexibility, faster turnarounds and a sense of convenience.” ■
*Farm Credit System debt is ineligible for refinance.
**Excludes leases over $500,000.
On behalf of the MSU Block & Bridle Club, I would like to extend a sincere thank you for your donation to our recent benefit auction! Your generous donation will help fund club activities as we strive to provide agricultural opportunities for our members and others! We appreciate your support!
Rachael Sena, MSU Block & Bridle Club Recognition Banquet Committee MemberThank you guys so much for choosing me as a recipient for you scholarship.
I am super excited to learn and experience what my future has to hold and this scholarship will be a great help! Thank you again for choosing me and I look forward to my next few years of schooling with the help of your scholarship.
Thela PriesmanIn this behind the scenes, GreenStone employees share how their role allows them to support rural communities and agriculture!
10 years of service
How does your role carry out GreenStone’s mission of supporting rural communities and agriculture.
I am the contact point, and the facilitator of the products Greenstone offers to our part time farm customers and to our rural resident customers. I provide them with sound advice and guidance as to what would best fit their needs.
What do you enjoy about your role?
Creating a best fit product scenario for our customers and new potential customers. Having the many years of lending and life experiences in my playbook, I feel I can give sound advice as to what direction customers could go, even if it does not lead to a new loan for GreenStone. I always try to do what is best for the customer.
What changes have been incorporated to meet evolving customer needs?
The ever-changing need for digital delivery of our products and services.
How do you see GreenStone moving forward?
I believe we continue to try and improve our delivery systems of our products and services. With the move to our new backend customer and loan system, Journey+, I hope this opens up more opportunities for improvements on the digital front for employees and customers alike.
What do you enjoy doing in your free time?
I love spending time with my wife, Sandy, camping, hiking, biking, boating, traveling, and fishing. We live on over 18,000 acres of private land that we enjoy every day when we are at home.
Eric Vandivier Senior Tax Accountant10
How does your role carry out GreenStone’s mission of supporting rural communities and agriculture. My role as a tax accountant is crucial for our customers, particularly as they approach year-end or look to make changes in their business (creating, selling, expanding, transitioning, etc.). I try to take the knowledge I have in tax, accounting and payroll law and pass that on to customers so that they can make the best financial decisions for their particular situation.
What do you enjoy about your role?
I enjoy being the go-to person for one of the most complicated issues our customers deal with. Taxes aren’t fun but they don’t have to be the headache that some people think they are. Tax accountants can be as trusted of an advisor as doctors or therapists. I enjoy building that personal relationship with my customers as well.
What changes have been incorporated to meet evolving customer needs?
Tax laws and regulations change on an almost annual basis. So, no tax year is ever the same. My role requires me to stay on top of all these changes so I can educate and serve my customers to the best of my ability.
How do you see GreenStone moving forward?
Our department has gone through a good deal of changes since I started back in 2013, but every change has been made to make our lives as tax accountants, and the lives of our customers, easier. We’ve used automation in our software to allow us to provide better financial reports in a timelier fashion to our customers. We’ve educated ourselves on ever-changing financial programs like PPP loans and Employee Retention Credits to try to get as much money back in our customers pockets as possible. We’ve used better technology to streamline how information flows back and forth between our department and our customers.
What do you enjoy doing in your free time?
I most enjoy spending time with my family. My wife and I recently welcomed our second child, Tristan, to the world back in November. With my 2-year-old daughter, Addison, loving her role as big sister, we spend as much time as possible making irreplaceable memories. Of course, when there is a moment to catch our breath as parents you might find us golfing, at our cabin up north or relaxing and watching a movie.
Mark Buuck VP of LendingAdrian, MI
20 years of service
How does your role carry out GreenStone’s mission of supporting rural communities and agriculture.
In my role, I’m able to provide reliable products and services to farmers that assist them in running an efficient and profitable business. Their success is GreenStone’s success, giving me the opportunity give back through donations and volunteering to support the rural community and be involved in local agriculture.
What do you enjoy about your role?
What I enjoy about being a part of GreenStone is the people I get to work with and the people we serve together. Whether it’s buying a piece of farmland or receipting a loan payment, it’s all of us working together towards a common goal.
What changes have been incorporated to meet evolving customer needs?
Improvements in technology have allowed me to be more flexible in my role. It also allows me to be more accessible to customers, and improving our ability to meet their needs that much faster.
How do you see GreenStone moving forward?
Moving forward at GreenStone, I’m in a position to grow with our customers in good times and in times of stress. Building strong relationships with customers and being involved in the rural community positions me to be a reliable resource that understands what is happening on a local level.
What do you enjoy doing in your free time?
I enjoy spending time with my family, whether at our kids sporting and school events, or going to the lake. ■
GreenStone’s summer interns are well underway in their positions! A group of 23 student interns joined GreenStone’s team for the summer months covering a variety of departments. As a GreenStone intern, students gain exposure to realworld projects and experiences aligning with their career goals.
Jourdyn Armstrong: Real Estate Appraisal Intern College: Attending Central Michigan University with a major in Business Administration. What do you look forward to in your internship: I enjoy going out on the farm and doing construction inspections. I like having a first look into real estate and land values. I find it interesting to watch those markets and I like having that knowledge.
Jason Juengel: Appraisal Intern College: Attending Oakland University with a major in Business Economics and a minor in Business Analytics.
What do you look forward to in your internship: I’m most looking forward to farm inspections.
Jaxson Gray: Business Analyst Intern College: Attending Michigan State University with a major in Finance and a minor in Information Technology.
What do you look forward to in your internship: Learning about the corporate world.
David Rocendo: Client Support Intern College: Attending Michigan State University with a major in Information Science. What do you look forward to in your internship: Develop skills, network and job shadow other roles.
Harshil Chaudhary: Client Support Intern College: Attending Michigan State University with a major in Data Science.
What do you look forward to in your internship: I look most forward to working closely with likeminded people while learning from one another and gaining knowledge that will continue to help me throughout my life and career.
Ali Willenborg: Credit Intern College: Attending Murray State University with a major in AgriScience Technology and a minor in Finance.
What do you look forward to in your internship: I’m mostly look forward to learning more about every department and networking with other interns throughout the summer. I am also excited to see all the different aspects of agriculture that Michigan has to offer.
Dakota Spink: Credit Intern College: Attending Michigan State University with a major in Agriculture, Food, and Natural Resources Education.
What do you look forward to in your internship: Learning more about the agriculture industry and more specifically farm credit and understanding how ag professionals can expand their operations.
Eric Gumz: Credit Intern College: Attending the University of Alabama with a major in Finance and a concentration in Banking & Financial Services.
What do you look forward to in your internship: I am most looking forward to having the opportunity to speak with customers about their specific experiences and operations, because every farm or business is different in ways that are often not represented on their financial statements.
Luke Harry: Credit Intern College: Attending Northwood University with a major in Finance.
What do you look forward to in your internship: Learning from experienced professionals and applying knowledge learned in the classroom to something that has an impact.
Holly Lashua: Crop Insurance Intern College: Attending UW-River Falls with a major in Agribusiness and a minor in Crop Science. What do you look forward to in your internship:
I look forward to applying what I know from my agricultural background at GreenStone.
Kirsten Langmaack: Crop Insurance Intern College: Attending Olivet College with a major in Insurance and Risk Management and a minor in Claims Investigations. What do you look forward to in your internship: Learning how to do crop insurance and what crop insurance consists of.
Haniah Kring: Data Analyst Intern College: Attending Hope College with a major in Computer Science. What do you look forward to in your internship: Being able to work with messy data which I can transform using my skills into useful insights and analysis for the company.
Alexander Shaltry: Finance & Accounting Intern College: Attending Northwood University with a major in Accounting.
What do you look forward to in your internship: I look forward to learning from everyone I work with. We have many people who have been in the accounting profession for a long time so being able to tap into their knowledge is something I think will really benefit me.
Ashby Henderson: Human Resources Intern College: Attending Michigan State University with a major in Human Capital and Society and a minor in Leadership of Organization. What do you look forward to in your internship: I most look forward to learning about the functions of Human Resources outside of school, and networking with the other interns and departments.
Tomas Ruiz: Information Security Intern College: Attending Michigan State University with a major in Computer Science and minor in Philosophy.
What do you look forward to in your internship: Learning a lot with cybersecurity and learning how to protect not just an organization but to learn the craft and be able to teach others how to protect themselves.
Grace Hull: Legal Intern College: Attending Michigan State University with a major in Agribusiness Management and a minor in Agronomy. What do you look forward to in your internship: To continue learning more about the different sides of farm credit.
Mia Vander Hoff: Marketing, Events, & Sales Intern College: Attending Michigan State University with a major in Agribusiness Management and minor in Food Industry Management. What do you look forward to in your internship: I look forward to learning from and working with everyone in both the marketing and sales departments.
Olivia Gallt: Marketing & Graphic Design Intern College: Attending Lansing Community College with a major in Graphic Design. What do you look forward to in your internship: I most look forward to making connections within this internship and gaining knowledge about agriculture.
Samuel Koresky: Project Management Intern College: Attending Arizona State University with a major in Organizational Leadership Project Management. What do you look forward to in your internship: Learning how other project managers work and execute projects within the Farm Credit System.
Alex Rolls: Quality Engineering Intern College: Attending Davenport University with a major in Computer Science. What do you look forward to in your internship: Gaining valuable real-world experience in software development.
Pratham Pradhan: Service Desk Intern College: Attending Michigan State University with a major in Computational Data Science. What do you look forward to in your internship: Assisting in projects that can ultimately change the interactions between the employees and technology for the better.
Andrew McGovern: System Administrator Intern College: Attending Illinois State University with a major in Computer System Technology. What do you look forward to in your internship: All the learning and meeting cool people.
Brian Lapetina: Tax & Accounting Intern College: Attending Western Michigan University with a major in Accounting. What do you look forward to in your internship: Experiencing what summer work is like as a Tax Accountant, and how it differs from busy season. ■
At GreenStone, we understand that the success of our members is, in part, determined by the strength of the communities we serve. Each year, the co-op gives back thousands of dollars and volunteer hours to hundreds of organizations that align with our mission and vision.
GreenStone aligns those dollars and hours to four target focus areas:
• Agriculture Advocacy, Customer and Industry Relations and Producer Leadership Development and Education
• Young, Beginning and Small Farmers
• Youth Education and Agriculture Awareness
• Rural Community Engagement
As we mark the halfway point of 2023, GreenStone is once again leading the charge by dedicating 3,360 hours and $162,000 dollars to the community through local events, scholarships and partnerships with local organizations committed to advancing rural America and agriculture.
Highlights of outreach efforts year to date:
Supporting the future of farming is a part of our commitment to supporting our rural communities. This year, GreenStone awarded $60,000 dollars in scholarships for current and incoming college students pursuing degrees that help advance agriculture. You can meet this year’s scholarship recipients on page 19-20.
GreenStone is committing to the advancement of youth in agriculture by being a proud supporter of 4-H in both Michigan and Wisconsin. GreenStone’s values align with
4-H’s goal to advance youth through rural community engagement and personal growth. GreenStone is an annual sponsor of the Michigan 4-H Volunteer Leader Recognition Training and a top sponsor of the Wisconsin 4-H program. In addition to these donations, staff from each of our 35 locations are involved year-round through communitybuilding activities, county fairs and youth engagements.
Advocating for farmers is another way GreenStone is committed to giving back. One way is through our partnership with Michigan Grown, Michigan Great, which promotes Michigan-grown products and the local farmers growing it. GreenStone donates to the group annually to help make it possible for them to attend farmer’s markets, community events and food festivals. The group aims to raise awareness of the food grown around us and the steps farmers take to ensure food is safe and wholesome.
The diversity of agriculture in Michigan and Wisconsin is extensive, and the dairy industry
So far, in 2023:
is a key contributor. GreenStone advocates for the dairy industry. Among the partnerships is Dairy Business Association in Wisconsin through which GreenStone supports their Dairy Strong event, golf outing, policy meetings and the World Dairy Expo among others. Like many similar organizations, GreenStone teammates are involved and help promote and support their values. The Dairy Business Association is a large supporter of dairy farms in Wisconsin and aligns with GreenStone’s commitment of advocating for the agriculture industry.
We know that the investments made in our communities today will help strengthen them and the next generation for tomorrow. GreenStone is proud to continue building on this promise to rural Michigan and northeast Wisconsin.
To learn more about how GreenStone is showing up for our communities through sponsorships, outreach and scholarships, check out our page at www.GreenStoneFCS. com/community ■
Volunteer Hours 3,360 $162,000 335
In Community Donations
Organizations & Events Supported
Integrating your operating loans with short-term investments through a GreenStone Farm Cash Management account gives you the dual benefit of easy access to operating funds while potentially minimizing net interest costs.
Integrating your operating loans with shortterm investments through a GreenStone Farm Cash Management account gives you the dual benefit of easy access to operating funds while potentially minimizing net interest costs.
When your Farm Cash Management account is activated and funded, money drawn will be pulled from the investment account before advancing withdrawals from your GreenStone operating loan. The benefit is the Farm Cash Management program combines the availability of a revolving line of credit with the high return of a short-term investment account.
As a result, you can save money by putting your funds into an account where they generate the best return. Farm Cash Management helps you make the most of the money you have now to help out with future expenses.
When you have available cash, your operating loan is paid first. Any excess funds are then invested in an account of shortterm investment bonds. You’re then paid a return, similar to a money market account.
Bonds pay interest at rates that are higher than typical commercial bank accounts like checking, savings, and certificates of deposit.
When you need cash for operating expenses, you can use the investment account funds first - before your operating loan – to help minimize your operating loan interest cost. Plus, you don’t have to worry about access. If you need your Farm Cash Management money, you can get it at any time, with no penalty. If you access more money than your balance, Farm Cash Management will automatically use your credit line.
Funds are immediately available by writing a draft on your revolving line of credit. You can transfer funds online or over the phone, and the investment funds are liquid. There is also an option to utilize a debit card to access your Farm Cash Management funds.
What are my limits?
Farm Cash Management has no limits on the number of drafts that can be written or the number of electronic funds transfers that can be made. In addition, there are no monthly or per check fees.
What about taxes?
Interest earned on your investment bonds is exempt from state and local income tax, so the tax-adjusted annual yield is even higher. It’s a simple process. Using Farm Cash Management is as straightforward as making a payment on your loan or writing a draft on your operating loan.
Your Money is Secure
You will receive a monthly detailed transaction statement so you can make sure all purchases made with your Farm Cash Management account are valid. You can also receive text message notifications of credits or debits posted to your line of credit or debit card. Contact your GreenStone team for more information on Farm Credit Management, and start saving today! ■
In GreenStone’s 2022 annual report released earlier this year, we explored the ways our customers and co-op alike are moving forward to meet the needs of our farms, families and customers. Here, three GreenStone directors take a minute to reflect on where they see the focus of GreenStone moving forward, and how they themselves are embracing the future on their own farms. Together, we are moving forward for a strong future!
As we think about the future of GreenStone, there are many things that come to mind. We need to continue to build relationships between GreenStone and our membership, and between GreenStone and other Farm Credit associations. The personal engagement between GreenStone’s staff and the customer is what I value most in working with GreenStone. They know me and my farm, my priorities and future goals, and they are always ready to stop by and help me explore options. That’s something GreenStone will continue to provide as we move forward. That same
relationship is just as important when we think of our peers across the Farm Credit System. Being able to brainstorm and collaborate together creates even better results. And having those existing relationships makes future transitions of associations even stronger. We need to continue to be advancing the ease of use for members, from DocuSign for electronic document sending and signatures to online banking for customers to have instant access any time, and securely doing business digitally. As we leverage technology, we must be mindful of the efficiencies we can create.
When we look to the future, GreenStone must remain a reliable and consistent source of credit for our customers now and in the future.
GreenStone is moving forward with a new CEO! Travis Jones has been leading the management team for almost a year now; it feels and looks like the same team with a few new teammates. Our goal was a seamless transition and I am confident we are accomplishing just that.
Farmers are a tough bunch, I can say that now that I’ve just turned 60. I am optimistic about the future of agriculture, and the next generation of farmers who have grown up using technology. We are retrofitting hog buildings with a distributed control system and internet connection allowing us to control all facets of the barn in real time. Irrigations have electronic valves and can be changed and started all from your phone. With advanced vision technology, it has been demonstrated with AI the ability to score the health of animals. Michael Bloomberg couldn’t be more wrong with his take on how a modern farm works.
This technology comes with a cost and GreenStone is here to assist with all your capital needs. I see a much different agricultural industry; we are doing more with less. Human capital is a limiting factor on most operations, we must embrace technology to maximize returns on our operation’s assets. I can’t wait to see what AI programs like ChatGPT and Watson will provide agriculture.
Let’s move forward!
In this fast paced ever changing world we live in, few things change as fast as agriculture. And GreenStone is "moving forward" to meet the needs of our members. GreenStone's hardworking and talented information services team has recently launched Journey+, a cloud based loan origination system; your board and management team just entered into a capital markets collaboration with three other Farm Credit associations - AgHeritage Farm Credit Services, Farm Credit Services of Mandan, and Farm Credit of Western Arkansas. These are only two examples, as our team works hard to stay ahead of change and continue to move forward.
Your board is always working diligently with management to monitor credit quality, loan growth, hold positions and adjusting to the ever changing regulatory environment.
We are moving forward on our own farm also. We, like many of you, have enjoyed several years of good commodity prices and low interest rates. We have put some of this away having learned some hard lessons back in the 80s.
Yes, I have learned some lessons over the last 40 years in this business we love. Good times don't last for ever, neither do bad times. Get strong when you can, to weather the storms ahead. Keep good booksyou don't want to be the last one to find out the money's gone. Never stop building relationships, you never know when you will need them, and people that trust you will have your back. And finally, don't let pride get in the way of making the right decision, that's why football teams have punters. ■
Moving forward, stability and clarity are a critical factor in any business operation, and farming is no exception. The complexities of farming are unparalleled and one of the underpinnings of sustainable agriculture practices is having a strong Farm Bill. The Farm Bill is complex and reaches well beyond the farm. The path to reauthorizing the Farm Bill is like an old farm field filled with rocks.
The starting line for a potential 2023 Farm Bill in the U.S. House of Representatives is the Committee on Agriculture. There is a parallel process in the Senate, but this article focuses on the House. To provide some perspective on the reauthorization debate, it is important to understand the diversity of the districts represented by members of the House Agriculture Committee.
If Congress reauthorizes the omnibus suite of programs and policies in a farm bill this year, that path begins at the committee level. Committees are the workhorses of Congress; they hold the hearings, investigate,
provide oversight, and either review bills introduced or initiate the drafting.
For complex, omnibus legislation like a farm bill, the committees often take the lead on negotiating and writing early drafts, as well as consolidating various bills introduced by other Members. A committee print of legislation will be brought before the committee or subcommittees in a process known as a markup where members consider and debate the bill, as well as offer and debate amendments to revise it. If the committee agrees on legislative text, it will vote to report it to the full chamber for consideration, debate and
possible further amendment or revision.
The chair and ranking member of the committee manages the bill on the floor. If a conference committee is convened to work out the differences between House and Senate versions, the four committee leads (chair and ranking from House and Senate, commonly referred to as the “four corners”), along with other committee members appointed by leadership, will resolve differences and produce a final legislative text. This conference bill is reported back to the House and Senate for final consideration and, if passed, is presented to the President for signature or veto.
The House Agriculture Committee is composed of a diverse group of members. For perspective, given relatively proportional representation, the total population represented by each caucus on the Committee is close: the 28 Republicans represent a total of 21.4 million people, while the 25 Democrats represent just over 18 million people. These millions of people are very diverse and often have “uncommon interests”, agriculture belongs
to the entire population and should be beyond political party.
Supplemental Nutrition Assistance Programs (“SNAP”) take up most of the Farm Bill budget, and therefore get much scrutiny.
Both Republicans and Democrats represent relatively similar numbers of households receiving SNAP benefits in FY2018: 909,260 for Republicans and 882,771 for Democrats. USDA typically administers 15 domestic food and nutrition assistance programs that together affect the lives of millions of people and account for roughly two-thirds of its annual budget. In response to the COVID-19 pandemic, USDA launched additional programs and expanded the scope and coverage of existing ones.
While the view from the starting line in the Committee on Agriculture of the U.S. House of Representatives is one of stark differences between Republicans and Democrats, both represent nearly equal numbers of households receiving SNAP, districts represented by Republicans have far more farmers, land in farms and receive a larger share of total farm payments. Among other things, one result is that Democratic districts represent a much larger ratio of SNAP households to farms.
If a Congress narrowly divided between the parties is to achieve a farm bill reauthorization in 2023, it will likely require strong bi-partisan support.
Communication churn at every level to bring people and the Farm Bill together will be necessary to produce a bountiful legislative crop. ■
PAC Progress:
The budgeting process for the MI GreenStone PAC was completed with the conclusion of the record setting 2023 MI GreenStone PAC contribution campaign. Elected government officials were identified on a bipartisan basis by the Board of Directors to be recipients of MI GreenStone PAC funds with input from Kelley Cawthorne, GreenStone’s lobbying consultant. Delivery of the funds has begun and the steady communication updates of our rural communities and agriculture continue. The beneficiaries are made aware that the funds came from farmer cooperative members that appreciate the work being done to address challenges and create further opportunities for Michigan agriculture.
In Wisconsin, since the conclusion of the 2023 WI Farm Credit PAC contribution campaign, opportunities to connect legislators to customers and staff are being identified. When legislators are able to accept contributions to their campaigns, the WI Farm Credit PAC will make disbursements.
The national Farm Credit PAC also continues to disburse funds within GreenStone’s territory as a result of the positive engagement of our elected delegation on issues of importance. Members, directors, and management have been involved in meeting U.S. Senators and Representatives. All meetings have been mutually beneficial as the Farm Credit story is shared and the happenings of DC are relayed. In addition, follow-up legislative meetings are taking place to focus on discussing the Farm Bill, and specifically talk about the importance of getting it done on time, having strong farm safety net programs, and access to markets.
Your support of elected officials is commended and greatly appreciated by recipients of PAC funds. As champions of the agriculture industry, we all must continue to work closely to raise awareness and gather support. This is just one part of reminding and ensuring elected officials recognize agriculture as an essential component to a thriving economy and safe food system. ■
local meetings are in full swing!
This year, delivery of 10 PAC checks have been completed and more awaits. Keep an eye out for opportunities to get involved from your local branch!
After another financial institution was unable to help Gary and Roxanne, they made their way to GreenStone where Financial Services Officer Brian Peariso was ready to help.
“They came to me back at the beginning of 2018 to inquire about doing a self-build.
When you’re able to help someone after they haven’t had success with another financial institution, it’s very rewarding. We were able to appraise it and move forward,” said Brian.
And move forward, they did. The two broke ground on a new piece of property in West Branch, Michigan which would soon become their brand-new four-bedroom paradise.
Gary has a background in construction, but this was the first time his wife Roxanne has worked with him on a build.
“Gary is a handyman so it’s always awesome to work with people who have a background in construction,” said Brian.
A learning curve for her, the two made the most out of the experience together.
“I worked for a builder to put me through college, but this is the first time Rox and I worked on something together,” Gary explained.
“I pretty much learned on the fly, but I had a good teacher,” said Roxanne.
Gary and Roxanne had some help from
contractors, but built about fifty percent of the home entirely on their own. Roxanne jokes that being able to go to her job during the day and only work on the house in the evening is what kept her going.
“He worked day and night on this place, but I had the luxury to go to work during the day,” said Roxanne.
As expected, there were some compromises along the way.
“One of the best decisions we made was on the back porch,” Roxanne explained. “It’s half covered. I get to be in the sun and he gets to be in the shade.”
That compromise was important –because of their work arrangements.
“I work outside, and she works in the office, so we flip-flop when we get home,” said Gary.
Among many of their projects, one thing Roxanne is happy to show off is their beautiful stone fireplace.
For Gary and Roxanne Pedersen, family means everything.
After spending years in their Houghton Lake, Michigan home located closer to the center of town, they were ready for something more private.View a highlight reel video at: www.greenstonefcs.com/CLSummer23 ➡ Gary and Roxanne Pedersen enjoy a summer evening outside their dream rural home.
“That was a fun project,” Roxanne remarked. “It was like playing Tetris because I got to pick out the rocks and he got to place them together.”
But the thing they’re most proud of is having a space where they can host their family.
“It’s a house built for a family of twelve, but there’s two of us,” Roxanne joked. “It’s awesome because when our granddaughter comes up to visit, there’s room to play.”
That extra room was the goal all along.
“We always hosted family, but now, we actually have the room,” said Gary. “The kids can go outside during the winter time. During the summer, there’s a slip-and-slide going down the hills. There’s a little creek out back to cool off. There’s plenty of room depending on where you want to visit at.” Gary and Roxanne said this would not have been possible without the help of Brian and GreenStone.
“GreenStone has been really easy to work with,” said Gary. “Everyone requires certain amounts of documents, but GreenStone makes it easy. It’s nice that they are familyoriented and blue-collar-oriented.”
Gary also appreciates GreenStone’s commitment to giving back to our memberowners through our Patronage program. In 2023 alone, GreenStone returned $120 million of profits to our members.
“The Patronage program helps out,” said Gary. “It’s awesome to get a bonus check in March to get caught back up in the winter.” Gary and Roxanne enjoyed their experience with GreenStone so much that when they decided to put up another building on their property, they knew exactly who to call.
“Gary called me not too long ago, and said they wanted to build a barn,” said Brian. “We had such a good relationship with them, and I was happy to assist them.”
After a quick process, Gary and Roxanne were able to begin building their dream barn.
“The construction loan was pretty darn easy. Everything went smoothly,” said Gary.
The barn will be used for storage, a game room, and Gary and Roxanne’s newfound passion – his woodworking business.
“It’s kind of a hobby and a stress reliever, and I thought we could make some money at it, and we have.”
If that business ever needs an expansion, Gary knows exactly who to reach out to.
“I’m not just a number at my branch, they know my name,” said Gary. “We tell everyone to call GreenStone.”
And our staff, like Brian, will always be ready to take that call. “If something sounds like a solid plan, GreenStone will try to make it work.” ■
GreenStone
Country Minute: Important Documents to Have to Ensure
When applying for a loan, be ready with a folder of common documents you will need to help ensure a smooth process.
Country Minute: Costs Beyond the Mortgage
Our GreenStone experts are happy to help you understand all the costs that go into purchasing a home.
Country Minute: Habitat Improvement for Whitetails
Though it's tempting to start making improvements on hunting land immediately after purchase, there are many things that need to be considered before making changes. ■
We as Michiganders are some lucky folks. I know we all take it for granted, it is hard not to. We are surrounded by an endless amount of natural resources other states only wish they had.
Where do we start. We could start with our endless amount of blueribbon trout streams. I suppose we could start with the over 11,000 inland lakes. Maybe it’s our elk population that other Midwest states don’t have. Maybe it’s that we harvest more Woodcock than any other state. Maybe it’s our deer, maybe our bear, maybe our 4.6 million acres of state land! I
in Michigan. Folks here in our state and across the Midwest and beyond come here to tangle with this formidable hard fighting fish. Lake Michigan is not the only lake that holds the king salmon but does produce more than the other lakes and among the west Michigan coast ports that produce the most fish Grand Haven, Ludington, and Manistee
Eat some, freeze some, give some.
Eat some. I always like to eat as much as I can while its fresh so with in the first 2-3 days plan on grilling or smoking as much as you can! My favorites recipe for the grill is as follows:
• Cut the fillets into smaller pieces roughly the size of your spatula.
hour at 225, then bump up to 350 for another half hour and enjoy!
Freeze some.
don’t know what our most prized natural resource is, oh wait yes, I do - it’s our Great Lakes! And a top the fish swimming in the big water of Lake Superior, Michigan, Huron, Erie and Ontario is the chinook or king salmon. The king salmon is such an amazing fish it’s hard to say just how much it means to the billiondollar sport fishing industry here
are typically the hot spots for some of the best fishing. Last week found me in Manistee with the conditions just right, the fish feeding on some lingering bait fish and the cooler was full at the end of the day. So, the problem is, what does one do with 60-80 pounds of fish?
• Marinate your fish in a zip lock, skin off, for 30 minutes in equal part soy sauce and Lemon Concentrate. I also will put some corn oil in the bag for some lubrication as well. I once put corn syrup in on accident and it was really good as well!
• Once you let that sit for half an hour put on a hot grill for a few minutes per side until done and enjoy.
If you want to smoke it, you can do skin off or leave on, do the same marinade but smoke for half
I like to bag in smaller portions. Typically, 2-3 fillets per gallon size ziplock. That way you don’t have huge portions if you’re only going to be cooking for a few people. You can always pull more bags out. Try to label by date and species of fish. Try to eat within a month or so. You may go fishing again and need the space!
Give some.
This is the best part. I have found real joy in going around town to the endless amount of people who love salmon who rarely get it. I just dropped off fish for about five families this past week and it was so much fun, and so appreciated!
Catching a big king is awesome, giving some away is just as rewarding, give it a try! ■
“
The king salmon is such an amazing fish it’s hard to say just how much it means to the billion-dollar sport fishing industry here in Michigan.
Mental health is often an overlooked fight that millions of people, especially farmers, face nationwide. However, each year we strive to raise awareness and help in the fight against this challenge through shining a light on the many available resources.
Mental health and physical health go hand in hand. To ensure a healthy and happy lifestyle, both aspects need to function properly together. When someone catches a cold or comes down with a stomach bug, they tend to seek help from medical professionals right away. But when someone experiences frequent anxiety or depression, they rarely seek help. If you wouldn’t ignore an issue with your physical body, don’t ignore your mental health issues either. A body with an unhealthy mind will start to see physical issues as well, such as stomach pain, headaches, and fatigue. Mental health can be affected by factors including unemployment, family conflict, grief, and many more. For farmers, mental health can be affected by a number of specialized factors including farmland issues, rising inflation and production costs, weather disasters, or farm injuries. Due to many farmer’s rural location, mental health services can be hard to locate. In hopes of combatting this disparity, there are now multiple virtual avenues available to provide help for everyone no matter their location or circumstances. For example, you can connect virtually with a telehealth professional, explore farm financial resource options, or contact a specialist all online. To learn more about mental health resources available, visit Managing Farm Stress (msu.edu).
Many of the factors affecting mental health are beyond your control. Instead of focusing on the uncontrollable, turn your focus to what you can control- your healthcare.1 in 4 people experience mental health related illnesses, this is more than a million people worldwide. Out of the millions, less
than half seek help leading to generation cycles of untreated illness and preventable tragedies. Break the stigma by knowing you are not alone! Along with seeking help, you can also work on stress management techniques. Farm Credit has developed a stress management course to help everyone, not just farmers, understand the sources of stress, manage their own stress, learn the warning signs of stress and suicide, and identify effective communication strategies. The course is free and available to everyone! Visit Farm Credit to take the course today. ■
Prep Time: 25 mins
Additional Time: 8 hrs 5 mins
Total Time: 8 hrs 30 mins
Servings: 4
Yield: 8 kebabs
Ingredients
• ¾ cup balsamic vinegar
• ¾ cup extra-virgin olive oil
• 2 tablespoons whole-grain mustard
• 1 tablespoon dried oregano
• 1 tablespoon dried rosemary
• 2 cloves garlic, sliced
• ½ teaspoon salt
• ½ teaspoon ground pepper
• 1 pound tri-tip sirloin steak, trimmed and cut into 32 chunks
• 16 button mushrooms
• 16 cherry tomatoes
• 1 small bell pepper (any color), cut into 16 pieces
• 16 (1 inch) chunks red onion
Directions
1. Whisk vinegar, oil, mustard, oregano, rosemary, garlic, salt and pepper together in a small bowl.
2. Skewer beef, mushrooms, tomatoes, bell pepper pieces and onion chunks, alternating evenly, on 8 metal or wooden skewers. Place the kebabs in a 9-by-13-inch baking dish and pour the marinade over them. Refrigerate (or store in a cooler packed with ice) for at least 2 hours, up to 8 hours.
3. Preheat grill to medium-high. Remove the kebabs from the dish; discard the marinade. Grill the kebabs, turning once, to desired doneness, 6 to 8 minutes total. To grill over your campfire, hold the skewers over the flames (but do not let the flames touch the food), turning regularly, until the meat is cooked to your liking, about 15 minutes for medium. ■
Source: eatingwell.com
For many people, especially selfproclaimed or “want to be” grill masters, summer is the best time of the year. Instead of spending the evening indoors isolated over a stove, you get to embrace the outdoors with family and friends, and enjoy the options of making dinner outdoors.
The sounds of laughter as kids play in the yard and the smell of the fresh barbeque on the grill is what makes the memories of a great summer!
A little prep work and planning can go a long way to ease the stress and focus on the fun. Here are a few tips and tricks to help!
Of course, the best way to start is usually the most dreaded task: cleaning. It’s important to take the time to clean your grill and cooking tools after they have sat unused all winter. A mixture of dish soap and water can help break down any leftover residue and ease the scrubbing. Some experts suggest the final step of rubbing vegetable oil on the cooking grates to help prevent rust and avoid food sticking.
Along with the cleaning the cooking area is the yard prepping. A fresh lawn cut is nice to avoid overgrown grass to walk in and can help limit bug hideouts. Cutting a day or two before your gathering not only ensures an appropriate grass length but also avoids fresh clippings from gathering on your guest’s feet.
Bugs seem to enjoy parties too. Be sure to test out the area a few days before the party to know what to expect from these uninvited guests. Sitting outdoors at the same time as your party is planned will give you an accurate picture to be able to plan accordingly. Bug repellent, citronella candles or other tools may be appropriate to have on hand to keep pesky bugs away. If you’re grilling, make sure you have enough propane, wood chips or pellets, or charcoal to supply your grill of choice. And of course, if a bonfire is in the plan, be prepared with ample dry wood in various sizes, including kindling and larger pieces for extended burning and warmth.
Lighting and sound are great additions to the ambiance. For lighting, you may consider solar powered lights or light strings. Timers on your lighting is another great touch to automatically come on at dusk and turn off at a predetermined time for consistency and energy conservation. Sound can be sourced from a variety of different music boxes and, if necessary, spread throughout the area using Bluetooth speakers. If you plan to leave them outdoors, ensure they are designed for the elements.
And while a back yard gathering is a perfect summer experience, Mother Nature doesn’t always agree. So the final tip is to always have a back-up plan – whether it means you’re now hosting a garage or barn party, converting to the comforts of the indoors, or possibly popping up a few tents. ■
Most producers have been there before. No matter what you do during the growing season, sometimes Mother Nature just will not cooperate, and you’re anticipating that your yields may fall below your guarantee. Obviously this is not the situation you’d like to be in, but that’s 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 more smoothly. Many times, money is left on the table because these guidelines are not followed. Don’t lose out on a potential indemnity because notification was not done on a timely basis.
• Perils - The vast majority of naturally-caused perils are included under multipleperil crop insurance (MPCI) coverage. This includes but is not limited to: adverse weather, failure of irrigation water supply, fire, insect damage or plant disease (unless you improperly or insufficiently applied pest or disease control measures) and wildlife damage. Those covered under Revenue Protection are also protected from a decline in market price as well.
• Timeframe - Insurance coverage generally begins at time of application or time of planting, whichever is later. The end of the insurance period is generally recognized as the earlier of: total destruction of the crop, final harvest of the crop, abandonment of the crop, or the end of the insurance period (which is December 10th for corn insured as grain and soybeans).
• Insured’s responsibilities – For planted crops, the insured must 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 yet been harvested. 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.
• Appraisals - If you are going to harvest your planted crop in any non-traditional manner, a crop appraisal needs to be completed, otherwise you may lose out on a potential indemnity payment. The most
common time an appraisal is needed is when you’re going to chop corn that is insured as grain for silage. If you have a corn policy, any acreage that is not harvested traditionally as dry grain should be appraised. You should contact your crop insurance specialist at least a week in advance of when you are planning on harvesting, so it can be arranged for an adjuster to come out and perform the appraisals while the crop is still in the field. In the event you harvest before an adjuster is able to perform appraisals, representative sample strips must be left in the fields so the adjusters can use them for appraisals. The strips must be at least 10 feet wide and run the entire length of the field. If you do not agree with the appraisals you’ve gotten from the adjuster, do not sign them. Call your crop insurance specialist right away and we can have another adjuster come out and perform a second appraisal.
Throughout the whole claims adjustment process, if you ever feel uneasy or that something doesn’t seem right, contact your crop insurance specialist as soon as possible. Along those same lines, if you ever have a problem with the adjuster that’s working your claim and you’d like someone different, if you let your crop insurance specialist know we can generally make that happen. Remembering these key points will help make the process go better. As always, if you have questions above and beyond what you’ve read, please contact your crop insurance specialist and they will be able to help you out. ■
It is not too late to purchase hail insurance for 2023. Hail is a separate policy from your multi-peril crop insurance coverage. As an added bonus, your hail policy can provide coverage for fire, lightning, vandalism/ malicious mischief and transit to the 1st place of storage. Rates and coverage can vary by crop and county. Keep in mind, hail insurance must be purchased before damage occurs. Contact your GreenStone crop insurance specialist today to set up an appointment to review your options. ■
Late fees will be charged on any unpaid premium on October 1st. Please make note of this important change as late fees cannot be waived. If you cannot pay your premium before the due date, please contact your AIP to make payment arrangements. Payment is due regardless of whether or not you have an outstanding claim. ■
Appraisals are required when you plan to do something with the crop other than harvest in the normal manner. If you do not plan to take your wheat/forage to harvest, we must appraise the acres prior to destruction. ■
It won’t be long until it’s time to fill the bunker silo. Before chopping corn for silage, please call and arrange for an appraisal ahead of time. Every effort will be made to have your crop appraised before you chop. Otherwise, you will be instructed on how to leave samples in your field for later evaluation. ■
If you think you may be facing a forage production loss, contact your crop insurance specialist to file a claim. If you didn’t have forage insurance for the 2023 crop year and are interested in coverage for 2024, the sales close date is the same as wheat, September 30th. ■
Crop insurance continues to be the number one method used to mitigate the financial risks involved with growing a crop, and this year Margin Protection and the Enhanced Coverage Option deserve a closer look. Both programs are quality tools to reduce financial risk on the farm as 95% coverage is available with higher subsidy percentage than other alternatives. Let’s compare and contrast the programs. Margin Protection is an area-based insurance plan for corn and soybeans that provides coverage against an unexpected decrease in operating margin (revenue less input costs), caused by reduced county yields, reduced commodity prices, increased prices of certain inputs, or any combo of these. Coverage is available up to 95%. It is important to remember that Margin Protection is an areabased insurance product. This means an individual’s actual performance in the 2023 crop year will not be a determining factor in how an indemnity is calculated.
Enhanced Coverage Option (ECO) is also an area-based insurance plan for corn, soybeans and wheat producers that provides coverage against an unexpected decrease in county revenue. Losses are caused from lower revenue from reduced county yields and/or reduced commodity prices. This area-based
supplemental shallow-loss coverage shields loss from 86% up to 90% or 95%.
Both programs offer up to 95% protection. Margin Protection covers from 95% (the coverage you select) the entire way to down to $0, if both the Margin Protection and underlying policy have a claim then the Margin Protection policies claim is reduced. For ECO the protection is from 95% down to 86% and a producer could be paid for the full amount from 95% to 86% and it does not impact the underlying policy claim. Do I need to purchase an underlying policy? For Margin Protection an underlying policy is not required, however most producers still purchase their normal Revenue Protection policy. For ECO an underlying policy is required for which most producers purchase Revenue Protection. A producer could also purchase yield protection, but then the ECO policy is focused on county yield.
A producer can select Margin Protection with the Harvest Price Option or without. ECO matches the underlying policy, for most producers that is Revenue Protection, which includes the harvest price option.
Timeline to sign up Margin Protection selection is different than
you might expect - the sign up period for the 2024 corn and soybean crop is currently underway with a sign up deadline of September 30, 2023.
Enhanced Coverage Option sign up deadline for corn and soybeans is March 15, 2024, while the wheat deadline is September 30, 2023. Since you can only pick one program, here are a few considerations to think about when deciding to purchase Margin Protection vs. waiting for ECO.
• Does the current Margin Protection guarantee provide you with the floor you need for 2024?
• Do you think prices could fall between now and February? Is so, Margin Protection would provide more protection.
• Do you think prices will rise higher going into February? If so, waiting for ECO and deciding then could be the better alternative. How are guarantees set up?
Margin Protection Liability is county based with the producer selecting the “protection factor” to choose if they are a better producer than the county average or lower than county average. The producers can choose from 1.2 to .8 protection factor. If a producer selects 1.2 then they would receive $1.20 for every $1.00 the county has a loss.
ECO is triggered with a loss in the county, but the liability/guarantee is established based on a producer’s Actual Production History (APH). If a producer has a higher APH, then they have a higher liability.
2024 Corn and soybean market prices are now at a price that allows most producers to operate at a profit. These prices could go up, but they also could go down. Margin Protection is unique in that it allows you to set a price for corn and soybeans now.
It’s important to note that Margin Protection is normally bought in tandem with the more popular and well-known Revenue Protection product. A premium credit is even applied lessening the cost of Margin Protection when a Revenue Protection policy is purchased in tandem. Revenue Protection will gather prices for 2024 crop in February of 2024. If the price continues to go up, a producer’s Revenue Protection policy could secure that higher price in February. If prices go down, a producer may have established a much
higher amount of coverage per acre than their respective Revenue Protection policy would afford them.
The United States Department of Agricultures Risk Management Agency (RMA) is the governing arm of crop insurance. RMA has determined the average expected yield for each county for the 2024 crop year. This bushel per acre average is multiplied by the 2024 projected price for the applicable crop creating an expected revenue. The projected price is determined by collecting the closing trading price of 2024 futures from August 15 to September 14 (December futures for corn and November futures for soybeans) and averaging them out. RMA then subtracts both fluctuating costs (diesel, interest, urea, potash, etc.) and fixed input costs (depreciation, labor, etc.) creating a margin. The fluctuating costs are given a projected price just like grain with the same time period being used for most. Come harvest, the price of grain is established again, referred to as the harvest price, along with the actual county average yield. The fluctuating costs are also gathered again but with the harvest price discovery period being from April 1 to April 30, 2022 for most
fluctuating inputs. If the harvest margin is less than the expected margin minus deductible, an indemnity is due.
This can be simplified with the following:
Margin Protection- Expected Margin (expected yield x projected price - input costs) x coverage level = Trigger Margin Harvest Margin- (actual county average yield x harvest price – actual average input costs).
Trigger Margin- Harvest Margin = any applicable indemnity
Should you Purchase Margin Protection for the 2024 Corn and Soybean Crop?
GreenStone’s Optimum quoting software can greatly help producers evaluate the options and answer this question by looking at how this product would have performed historically for their operation, as well as offering the ability to perform “what if” scenarios, and profit and loss matrixes.
Be sure to contact your local GreenStone crop insurance specialist to see how Margin Protection would fit your individual farm.
If you want more certainty for 2024, consider purchasing one of these insurances which gives you up to 95% coverage. ■
JULY
1
Forage & Fall Wheat Premiums Billing Date
15 Spring Acreage Reports Due & Processing Beans Final Plant Date
AUGUST
15
Spring Premium Billing Date
SEPTEMBER
30
Wheat, PRF & Forage Production Sales Close Date. All changes need to be completed by the September 30 deadline! If a signed application is not returned, your policy will automatically renew at the same level you insured at during the previous crop year
30 End of Insurance Period (loss reporting deadline) for Peach & Blueberry
Your fresh apple policy can be signaled out for a fresh review at any time during the year or at claims time. You will be asked to prove you have sold your apples as fresh and at what price they were sold. The requirement is 50% or more were sold as fresh, at a fresh price in at least 1 out of the last 4 years. Call us if you need more information regarding what documents can be submitted and what needs to be on those documents. If you cannot prove fresh sales, RMA requires that your apples be changed to processing for the current crop year. ■
15
OCTOBER Forage Underwriting Report Signature Due Date
25 Wheat Final Plant Date*
31 End of Insurance Period (loss reporting deadline) for Fall Crops
31 Final Claim Reporting Date for Dry Beans
* Please note that some dates can vary by County. Please check with your crop insurance specialist for specific dates if you are unsure.
160 years ago, the Natzke family wanted to make a difference in their community. They broke ground on the development of Zion Lutheran Church in Greenleaf, Wisconsin, while at the same time, starting a farming operation that is known today as Wayside Dairy.
It’s that passion for agriculture and faith in God that has helped them become the community staple they are, all these years later. Through hard work and a passion to serve, their continued success is inevitable.
Equipped with four generations of knowledge, Dan Natzke shares the farm with the fifth generation, his children, Jeremy and Jenna. After growing up watching their father have a passion for the trade, they knew they wanted to do this important work as well – working full-time on the farm.
“I personally like the challenge,” Jeremy explained. “No two days are ever the same. You start your day off with an agenda, and it doesn’t always go according to plan, but it turns out a different way and that’s not always a bad thing.”
“It’s something different every day, and that’s what makes it exciting,” Jenna agreed.
Every farmer knows that life in agriculture is far from simple, and some days are tougher to bare than others. In 2001, when the farm was milking 400 cows every day, they suffered a barn fire depleting most of their facility.
Their cows were moved to an off-site facility for six weeks as they fixed up what they had left. Although a stressful and defeating situation, Dan keeps a positive spin on that fateful day.
“That was one of the worst days, but also one of the best days for us to start over and modernize,” said Dan.
And that’s exactly what they did. Today, the farm milks 2,200 cattle and harvests 3,200 acres of crops including alfalfa, corn for silage and wheat – much of which is used for feed. Nearly 211,000 pounds of milk per day is produced on the farm.
Between the crops and a full-scale dairy operation, managing the books and making sure the farm’s 35 employees are paid is a full-time job. Jenna works in the office and handles day-to-day accounting and payroll with the help of her GreenStone tax accountant, Eric Vandivier.
“They’re fantastic to work with and very down-to-earth people,” said Eric.
Eric handles the farm’s personal and business tax returns, quarterly payroll duties, year-end payroll and monthly accounting. Eric’s favorite part of helping the farm manage their books is getting to see them grow in real time.
“It’s always fun to see where they were at financially 12 months ago and compare that to where they are now,” said Eric. It’s fun to be a small part of a successful farm like this.”
That’s the kind of can-do attitude that Eric likes to deliver to all of his customers.
“Not a lot of people like talking about taxes, but I try to keep it as simple as possible for
customers to understand what it all entails. I can help them plan for the future and give them information that helps them make the best business decisions possible.”
The farm doesn’t just lean on GreenStone for help with tax and accounting services, but also loans and crop insurance. Dan enjoys the one-stop-shop convenience that GreenStone offers.
“We’ve worked with GreenStone for more than 20 years, and through the years, GreenStone has been there,” said Dan. “They’ve helped us with loans, building projects, accounting, and crop insurance. It’s a great place to get all of that done at once. They have people handling all of those accounts. It makes it fun doing business with them.”
It’s always fun to see where they were at financially twelve months ago and compare that to where they are now.
Another person on team Wayside, their GreenStone financial services officer, Michelle Backhaus. Michelle loves assisting the farm with new projects because she knows the energy she puts into the Natzke family benefits the entire community.
“They are a very community-based farm and family,” said Michelle. “They are very involved with the church. It has been fun to get to know how they give back to the community.”
Not only is Wayside Dairy passionate about giving back to the community, but they value giving back to the earth, as well.
Wayside Dairy began a digester project where there are able to collect methane from manure
Non-farm employers file Form 941 for the 2nd quarter to report Social Security, Medicare, and withholding.
Form 5500 is due for all employers that maintain an employee benefit plan, such as a pension plan.
If not able to file, file form 5588 to request an automatic 2.5 month extension.
waste on the farm and turn it into natural gas. Leading the pack on this project is family friend Jesse Dvorachek, who grew up seven miles down the road from the farm. Soon, Jesse will have a share of the farm, after working on manure management for the operation for years.
“I know this family very well,” Jesse explains. “When the fire broke out in 2001, I was a little kid helping wrangle the cows running around.”
Jesse also explained that the farm has moved away from sand as bedding for cattle and is using dried manure solids. This helps prevent truckloads of manure from leaving the farm reducing risk of pollution and saves them tens of thousands of dollars on sand.
“We started producing the solids and we have a separator,” said Jesse. “We’re running the solids through an infrared dryer. We took out the sand and started putting in the dried manure solids. We transitioned all the cattle to this in about seven weeks.”
The farm is also hoping to plant cover crops regularly after each harvest season to use as feed and keep the soil fertile and sustainable.
“We know large farms aren’t always well received, but if we can have grain fields that are good for the soils, it’s the right thing environmentally,” said Dan.
Between working to make the farm more sustainable and making sure the next generation is inspired to continue the family legacy, the Natzke family is busy planning for the future.
“We hope to get our kids involved,” said Jenna. “They could be our sixth generation. We hope they get excited about things here and eventually want to join.”
From generation to generation, GreenStone will be there to help keep their crops protected, keep their books balanced and help make their ideas a reality.
“They just want to be the best operation they can be,” said Eric.
“I value the relationship we have created together,” said Michelle. “I like to help them be a part of their day-to-day operations and a part of their success. Watching them climb the ladder is the most rewarding for me.” ■
3rd quarter estimate due for 2023 for individuals that pay estimated taxes.
S Corporations file a 2022 calendar year income tax return (Form 1120S) if you requested an automatic extension.
Partnerships file a 2022 calendar year income tax return (Form 1065) if you requested an automatic extension Corporations deposit 3rd installment of estimated tax for 2023.
Individuals file a 2022 income tax return (Form 1040) if an automatic extension was requested Corporations file a 2022 calendar year tax return (Form 1120) if you requested an automatic extension.
Non-farm employers file Form 941 for the 3rd quarter to report Social Security, Medicare, and withholding.
The most commonly used accounting software system for GreenStone customers these days is QuickBooks. The product is easy to use and has been relatively cheap in the past. Recently we have been receiving a lot of questions from customers asking what is going on with QuickBooks and all of its product and pricing changes in the past year.
In this article we hope to provide insight into the changes QuickBooks has made recently, how these changes might impact its users, and what you should consider moving forward with your accounting system.
What changes has QuickBooks made?
1) No more CDs!
2) All of its products have moved to a subscription based model.
In the past, business owners could pay once to download QuickBooks Desktop and use it for years without additional fees by forgoing the annual upgrades. However, 2021 was the final year that Intuit made QuickBooks Desktop available for a one-time fee. Like many software companies, QuickBooks has moved to a subscription based pricing model. Beginning in 2022, new QuickBooks Desktop releases are only available with an annual subscription. Additional fees apply for payroll and other add-on services.
3) Pricing increases coinciding with these changes!
In addition to the subscription changes, the prices of all products have also increased and there are new fees for customers with payroll. Normally I would provide pricing examples for you to identify the possible impact this could have – however, QuickBooks pricing is very confusing! I have not been
able to calculate the exact impact of the pricing changes, but my estimate is that for customers with payroll and approximately 10 employees, the costs will increase approximately 40% over a 3 year period from what has been paid in the past, Business owners accustomed to getting years of accounting software use for a onetime fee are obviously concerned about the higher annual cost. Can I just keep working on my older QuickBooks desktop version?
The answer is that it depends on which version you own and which products you use. If you only use basic recordkeeping and accounting features, you may not need to upgrade right away. You can continue entering transactions and generating financial statement reports with no issue. However, if you use an older version, you may have trouble sharing your company file with other QuickBooks users, like your accountant, who have the latest version.
QuickBooks Desktop 2020 users should be aware that Intuit discontinued support for add-on services including Payroll Services, Live Support, Online Backup, Online Banking, and security updates on May 31, 2023. This includes the electronic “Send To My Accountant” feature. If you rely on any of these services, you should be prepared to upgrade to the current version of QuickBooks Desktop (this can be done by calling QuickBooks customer service) or switch to another program.
Should I switch systems due to all of these changes? Again, it depends. QuickBooks is a great product – and if you have used it for a while, you are probably pretty comfortable with its user friendly platform.
The most important thing to note is that farmers need to use an accounting system that provides sound financial records to prepare income tax returns, to obtain financing from lenders, to analyze new investments, and to make business decisions with confidence. A strong financial accounting system is foundational to the success of any farm. Every accounting system has its costs and benefits, and a farm manager must analyze all of these items to select the best option for their business.
If I do switch, what do I need to think about?
Any time a product you use or a cost you incur changes significantly, it is good to evaluate your position and other options you want to consider:
1) Do you switch to another software offering? CenterPoint by Redwing makes a great agriculture software program as does PcMars Farm Accounting Software, amongst others. Agriculture specific accounting programs are typically even more expensive than QuickBooks. You need to make sure you are going to use these programs to their fullest to offset your additional costs.
2) How easy is it to transfer financial data from the existing
accounting system into the new one? Will the farm lose access to records that cannot be transferred?
3) Does the accounting system meet the needs of external entities? Can the farm file tax returns on time and generate information that lenders require?
4) Do you consider outsourcing to an accounting firm for all of your accounting needs or a portion of them – i.e. outsource payroll processing and tax payments? Farm owners have a never-ending list of things they could do with their time if they were not sitting in front of a computer entering transactions. For this reason, it is critical to include the opportunity cost of owner labor when evaluating the true cost of an accounting system or outsourcing certain services.
If you decide to change accounting software, it is imperative that you discuss the transition with your tax and/or accounting professional so that prior year data is entered into your new system appropriately. Reach out to your local GreenStone tax and accounting professional if you need assistance with considering any of these issues listed, understanding QuickBooks changes or any other financial related services. Our team of experts is ready to help!. ■
Using online banking features is a really simple way to handle your finances from home or on the go, but it’s important to know how to do this safely and securely. Keeping your business’ book up to date can help you determine if an unauthorized charge has been made on your account. When you know exactly what money is coming in and what money is going out of your account, you can be quick to determine if a charge on your bank account is suspicious.
Many financial institutions, including GreenStone, offer a Positive Pay option. This is a service that helps banks detect fraud by matching your issued draft check with the check presented for payment. If the dollar amount or check number you submitted as
your drafts does not match the check that is cashing your check, you are alerted and have the option to approve or deny that transaction. This helps to stop check fraud before it hits your account.
Another way to monitor suspicious activity on your account is by setting up fraud alerts through your bank. Most financial institutions offer a text or email option when an unusual purchase is made on your account. Many institutions also allow the option to receive a text any time a transaction is made from the account.
If you have a debit or disbursement card from your financial institution – like the one offered through GreenStone’s revolving line of credit accounts, it often comes with a smartphone app that allows you to see realtime transactions. If you see a transaction
you did not make, you can report it for fraud. GreenStone’s disbursement cards use an app called SecureLock.
It is key to catch fraud early. The earlier you report a fraudulent charge on your account, the greater the chance of receiving that money back.
GreenStone experts also suggest having more than one person handling for operation’s finances. It’s important to have one person submit check drafts and keep the books up to date while another person approves certain transactions. Even the best teams can be infiltrated by a good actor doing bad actions, leading to fraud happens within the company. It’s important to have more than one set of eyes on where money is coming and going.
Another method of fraud is scammers using your identity to take out new loans, open bank accounts, or open up credit cards. GreenStone’s information technology experts recommend keeping your credit frozen at all times through the main three credit bureaus: Experian, Equifax, and TransUnion. The only time you will need to unfreeze your credit is when you are taking out a new loan, or opening up a new credit card or bank account, to allow the authorized institution to pull your credit. Each of these bureaus allows you to freeze and unfreeze your credit by using an app, and by law, it’s free to do so. For more tips on protecting your personal information, visit: www.greenstonefcs.com/privacy/ information-protection
Buying equipment for your operation?
Make sure it’s lien-free.
If you’re in the market for a new piece of equipment for your operation, it’s important to make sure there’s not a lien on your purchase. A lien is when there is a legal right to possess someone’s property until a debt is repaid.
If the person you’re buying the equipment from still owes money to their lender on it, when you purchase the equipment from them, that lien can then become your responsibility. If the seller defaults on their loan for that piece of equipment, that can put you in a sticky situation –the lender can repossess the equipment from you, and you will be out the money you paid for it.
Preventing this headache is as simple as an internet search. For about the price of
a cup of coffee, you can search if the seller has a lien on their equipment on your state’s website. This is called a Uniform Commercial Code, or UCC, search. This quick and inexpensive search can save you thousands in the long run.
Remember, if something seems too good to be true, it most likely is.
Before making an online purchase, confirm that the website is secure before typing in your credit card, debit card, or bank account information. A simple way to check if the website is secure is to look for a “lock” symbol by the URL.
If you find there is a lien on the product, you can ask the seller to get the lien released. They can do this by paying off their debt on the product to the lender, or by working with the lender to negotiate a release.
These days, you can do almost anything online. Buying equipment for your operation on the Internet is a convenient and quick option to find deals, but it comes with the risk of scams.
Before making a purchase online, do your research. Oftentimes, when doing a simple Google search for a company, you may come across articles or reviews that indicate it is a scam. You can also check reports from the Better Business Bureau’s website to see if there are any red flags. You may also consider talking with other people in your industry to see what trusted websites they have used to purchase equipment.
If you are paying somebody you have met in person or on social media for equipment, and you have confirmed their legitimacy, before transferring money to their bank, confirm it is a legitimate banking operation by doing a search.
We understand that dealing with the risks of hackers, fraudsters and scammers can be overwhelming and difficult to understand. The best route of action before utilizing mobile banking options, buying equipment, or transferring money to somebody, is to simply ask for advice from the experts. At GreenStone, our team is happy to pick up the phone and ease any anxieties or answer any questions you may have about these important topics. We have dedicated finance, legal, and information technology teams always keeping tabs on the latest methods fraudsters are utilizing. Our goal is to keep you and your bottom line safe. ■
By: Matthew Cosgrove GreenStone VP of Information Security
The modern era, while bringing the world closer and making information accessible, has also brought unique challenges. One of these challenges lies in navigating the digital landscape safely. The 2023 Verizon Data Breach Investigations Report (DBIR) underscores this.
According to the report, “74% of breaches include a human element, such as Error, Privilege Misuse, Use of Stolen Credentials, or Social Engineering. Furthermore, 49% of breaches by external actors involved the use of stolen credentials. Phishing made up 12% of external attacks, and attackers exploited vulnerabilities in 5% of breaches. As what drives these attacks is financial gains, 95% of breaches are financially driven.” (Verizon, 2023).
What does this tell us? Your role in protecting your information is more significant than ever. Phishing is one of the most popular tricks in the scammer's toolbox, largely due to its success rate. They send deceptive messages disguised as communications from a trusted entity, attempting to coax you into revealing crucial sensitive information. Because of the ease with which a phishing email can be crafted, they often take on the guise of fraudulent wire transfer requests, banking account changes, or even something as mundane as a bank account password reset page. GreenStone is committed to helping you stay secure. Here are some key ways you can identify and neutralize such attempts:
1. Unsolicited Requests: Be cautious of unexpected emails or texts, particularly those asking for wire transfers or sensitive information.
2. Urgency: A message that tries to create a sense of immediate action is often a warning sign.
3. Sender Verification: Always verify the sender's details. Watch for slightly altered email addresses that closely resemble legitimate ones.
4. Links: Treat every link in an email with suspicion. Hover over it to check its destination before you click.
5. Spelling and Grammar: Typos or poor grammar in messages are often clear indicators of phishing scams. Besides spotting phishing attempts, we should also understand the importance of vigilance in certain scenarios. Take, for example, a loan process. It is a chance of connections involving you, GreenStone, title companies, realtors, and possibly other participants. Each link in this chain is an email of information exchange. A single compromised link, infected by cyber attackers, could put the entire chain at risk.
That’s why we must be on guard when it comes to emails involving sensitive information including wire instructions or other personal sensitive information. Use your gut instincts, if something feels off, like the timing of the message or the language used is out of place, it’s critical to verify its authenticity.
GreenStone takes your information and privacy seriously; all of our websites and emails are secured using current internet security standards of encryption, TLS, which stand for “Transport Layer Security” and ensures your information is encrypted between your computer and our website to prevent unauthorized access. We also offer a secure File Exchange platform to share sensitive information using our My Access customer portal.
Remember, a chain is only as strong as its weakest link, our email conversations are only as private as the most secure email. With this in mind, let's also ensure you're well-fortified with:
1. Confidentiality: Never disclose sensitive information or conduct wire transfers based on unsolicited messages.
2. Device Updates: Keep your devices updated to patch security vulnerabilities.
3. Financial Monitoring: Regularly check your financial statements and immediately report any irregularities to your bank.
4. Multi-factor Authentication (MFA): Enable MFA on your accounts wherever possible, especially on your email and bank accounts.
5. Verification: Always verify wire transfer instructions, particularly if there are any changes. Use known, trusted channels for this verification.
Should you receive a suspicious message that appears to be from us or your bank, don't hesitate to contact us. Use contact details that you trust, not the ones provided in the suspicious message.
We prioritize your security in the digital landscape. With vigilance, robust safety measures, and a keen eye, we can together keep your digital fields safe.
Verizon. (2023). Verizon 2023 Data Breach Investigations Report. ■
Phishing is one of the most popular tricks in the scammer's toolbox, largely due to its success rate.
For Gary and Roxanne Pedersen family means everything. After spending years in their Houghton Lake, Michigan home located closer to the center of town, they were ready for something more private.
Read more on page 33.
