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Hurricane Helene charges toward Florida's Gulf Coast, expected to strike late today as a dangerous storm; Millions of Illinois' convenient voting method gains popularity; House task force holds first hearing today to investigate near assassination of Donald Trump in Pennsylvania; New report finds Muslim students in New York face high levels of discrimination in school.

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Biden says all-out-war is threatening in the Middle East, as tensions rise. Congress averts a government shutdown, sending stopgap funding to the president's desk and an election expert calls Georgia's latest election rule a really bad idea.

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The presidential election is imminent and young rural voters say they still feel ignored, it's leaf peeping season in New England but some fear climate change could mute fall colors, and Minnesota's mental health advocates want more options for troubled youth.

Iowa Growers Spark Profit Conversations by Opening Their Books

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Monday, March 28, 2016   

DES MOINES, Iowa - A new project is helping some beginning Iowa farmers enter the business with their eyes and accounting books open.

As part of the Whole Farm Financial Project created by the group Practical Farmers of Iowa, about a dozen fruit and vegetable growers shared their financial data so their peers could review and compare to assess their own potential profitability.

Rick Hartmann, co-manager of Small Potatoes Farm in Minburn, contributed to the data, which he says adds some clarity for aspiring growers.

He explains it's never been clear just how well small, direct-market farmers have been doing, given the increased interest in local foods.

"It's one of the few growing areas of farm ownership," says Hartmann. "And there's been a lot of enthusiasm around it and so I think maybe that bucolic picture that was painted went a little far without looking at some of the financial realities."

The project analyzed data from 2013 and is now available for review at practicalfarmers.org.

The project's goal is to have 50 farmers share financial information in some way by 2017.

Hartmann says he's been a cheerleader for the project from the beginning, as he has always wanted to compare data with other operations to assess weaknesses in order to improve business.

"I didn't feel comfortable asking my peers, 'So, what's your return on equity?' But we have a very small farm and to operate efficiently is very important to our success," he says. "I was able to look at things like operating margin, return on assets, net income ratio - compared to other similar farm businesses."

The data is not a blueprint for success, but Hartmann says it does show farmers which ratios to track and what level of revenue might be reasonable to expect.

"It might say to me, as a beginning farmer, there's a wide range of financial success or financial insecurity among the people that participated in this," he says. "It looks like it's not a sure thing perhaps; maybe it's not a financially guaranteed avenue."

Data from 2013 is available in the report. It shows five of 11 farms are hitting their profitability goals, and six that anticipate eventually earning 100 percent of household income from their operation.


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