Partners - Fall 2015

GreenStone FCS

Fall 2015

Promoting the business success of our customers and the rural community

Recreational Land Feature Market Outlook Hunting Safety Focus

EYE ON

INDEPENDENCE Taxes & Healthcare Reform

FALL 15 6 YBSF Feature. Shortly after graduating high school, Casey Youker set his sights on being his own boss. He started Casey’s Excavation in 2004, which adapted to the economy and now focuses on the timber and chipping industry.

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24 GreenStone Story. When you think GreenStone, you should think “agriculture,” but you should also think about rural communities, country living, and even outdoor recreation.

28 Country Living Feature. Homes come in all shapes and sizes... this one comes with 120 acres of pure paradise.

35 Crop Insurance Feature. Last year’s Farm Bill produced the Whole Farm Revenue Policy. Here is what you need to know.

40 Tax Feature. Take a closer look at how the Affordable Care Act may affect your operation.

Editor’s Note: 4 CEO Comments.

President and CEO, Dave Armstrong, addresses the current market and shares an update on the position of our association.

30 Guest Column.

Jimmy Gretzinger, owner and producer of Michigan Out of Doors TV, describes the unlikely sequence of events that put him on the path to an outdoor lifestyle.

10 Guest Column.

Changes to environmental compliance rules are afoot.

Alan Hahn of Dragun Corporation offers some advice on evaluating the potential impact to your business.

32 Health and Wellness.

Portion control at meals can be a key step toward a healthy lifestyle.

12 Market Outlook.

Bob Utterback discusses yield projections and the potential for low export demand later this year.

15 Guest Column.

Carl Jessen,former GreenStone President and CEO, points out the important pieces of a legal generational transfer of family businesses beyond the legal issues.

20 The Farm Credit System.

Here is a helpful overview of how Farm Credit functions.

22 Legislative Matters.

Amidst all of the chaos in Washington, D.C., some issues important to GreenStone members are rising to the surface.

23 PAC Progress.

Keeping Farm Credit top of mind on capitol hill is an ongoing effort.

25 Communities and Agriculture.

Supporting rural infrastructure is a key component of the Farm Credit mission.

26 Director’s Perspective.

New director, Teri Hawbaker, shares some personal background and provides a few observations from her time on the board.

34 Safe Hunting.

Accidents do happen. This personal story will have you rethinking safety this hunting season.

38 El Ni˜no Prediction.

Weather patterns in the foreseeable future are about to get interesting.

42 Ag Careers.

Nearly 60,000 high-skilled agriculture job openings are expected annually over the next five years in the United States.

16 Member News 18 Behind the Scene 21 Pause for Applause 27 Calendar of Events

31 Qualified Forest Program 33 Holiday Giving 33 Commodity Cuisine...

Grilled Venison

36 Crop Insurance News 37 Crop Insurance Calendar 41 Tax Calendar 43 Tech Tip

I recently attended a conference where a panel of young farmers from across the country made it clear that they expect Farm Credit to be their knowledge source, their trusted partner, the resource they go to when they need advice!

We don’t disagree—GreenStone works hard to remain an experienced and knowledgeable source for our customers.

But we also think it is important for us to focus those efforts on the areas we know best, and that is why we too have some trusted experts we partner with to provide you with the expertise in those other areas.

Throughout this and every issue of Partners, you will find a series of ‘guest columns.’ These articles are written by experts in that particular field to fill customer needs beyond GreenStone’s core focus.

Learn from Bob Utterback on page 12 who works day in and day out on commodity marketing for farmers; or take a look at environmental issues through the expert eyes of Alan Hahn of the Dragun Corporation; and you might even consider the benefits you could experience from participating in the Michigan Qualified Forest Program as explained by the Michigan Department of Agriculture and Rural Development.

As you will read, when you work with GreenStone, you not only get our 100 years of experience, you get the network we have built over those decades to round out your team.

Happy reading, and enjoy a safe fall!

This newsletter is published quarterly for the customers of GreenStone Farm Credit Services.

Partners 3515 West Road East Lansing, MI 48823 517-318-2290 marketing@greenstonefcs.com Let’s Be Social

Connect with us online for news and updates.

CEO Comments:

Fall-2015 EVEN THOUGH MANY AREAS OF OUR TERRITORY WERE HIT WITH TORRENTIAL RAINS IN THE SPRING, IT APPEARS THAT, IN GENERAL, OUR MEMBERS FROM COLEMAN, WISCONSIN ALL THE WAY TO MONROE, MICHIGAN SHOULD HAVE AN AVERAGE, AND IN MANY CASES, ABOVE AVERAGE HARVEST THIS FALL.

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“ With that said, areas of east central and southeast Michigan where hit extraordinarily hard by flooding rains, resulting in corn yields as low as zero bushels per acre in some geographic pockets. Anecdotal evidence suggests many cash grain producers will fare better than projected last spring, as growing conditions the remainder of the summer were nearly ideal, producing above average yields. As always, time will tell.

GreenStone’s portfolio, financial position, and marketplace performance, continue on a pace closely mirroring last year’s record setting results. Even though margins continue to compress from very competitive market pressures, loan growth is up over 9 percent, point in time August 31, 2014 to August 31, 2015. Operating expenses continue to be on budget, with loan loss provisions increasing negligibly. Quality of the loan portfolio also continues to be very good, while delinquencies are only slightly higher than at this time last year.

While this all looks good on the surface, we understand the stress that has, and will continue, to develop over the next one to two years, as negative margins persist in not only cash grains, but dairy and likely other proteins as well.

Much of the loan growth experienced so far this year is due to members using their lines of credit to purchase inputs and a slowdown in the volume of special principal payments due to the current economic environment. As you may recall, I wrote about this anticipated “market correction” in our winter and spring issues of Partners, and discussed our approach in working with our members who are adversely impacted by this downturn. What I will say again, is that each of our members understand what their financial situation is and if they anticipate any issues with making their payments, they may need to make an appointment with their financial services officer as soon as possible to formulate a plan together to mitigate the situation.

Remember, “hope” is not a plan!

necdotal evidence suggests many A cash grain producers will fare better than projected last spring, as growing conditions the remainder of the summer were nearly ideal, producing above average yields.

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I hope you enjoy this issue of Partners.

We have received very favorable feedback regarding the new format introduced in January. Our marketing and public relations department works hard to provide you with a publication that not only keeps you informed about your association, but provides a variety of information that is of value to you. This issue is certainly no different with articles on everything from the results of our most recent customer satisfaction survey to the unique story of a young logger, and a hunting safety reminder from a grateful survivor. I encourage you to reach out to us with any suggestions for the magazine, or information and stories you would like to see in a future issue!

In closing, I want to wish you a very productive and SAFE harvest season.

Thank you for your business. As always, feel free to contact me at if I can ever be of assistance.

Dave Armstrong

517-318-4105 dave.armstrong@greenstonefcs.com

Partners — Fall 2015

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Eye On Independence

By Jennifer Vincent Kiel

On a warm, late August afternoon on Michigan’s Old Mission Peninsula, whole trees are being dragged up to a staging area where the salvageable logs are sawed off.

The rest is fed through a massive chipper that makes way like a food processor, reducing the remaining trunk and limbs to chips in under a minute. Operator and owner Casey Youker, 31, and his crew of five have been on this 10-acre site for about five days and have rather quickly reduced the woodlot to stumps, helping prepare the land for a transformation to cherry trees.

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GROW

resurrected out of the barn,” he says. “I used it for a couple of years. I started out digging basements and other excavation, but that’s about the time the housing industry tanked. I knew someone who was working for Cherryland Electric, and we were able to get some work clearing utility right-of-ways.”

“I sort of fell into this business,” says Casey, who was born and raised on a farm in Buckley, Michigan. “I originally started out in dirt work with an excavator.”

Being a timberman might not have been his original direction, but he did have a mission early on—to be his own boss. “I knew I wanted to be independent,” he says. “It’s a work ethic I learned from my folks.”

After graduating high school in 2002, it only took a few winters performing maintenance and making snow at a local ski resort for him to realize his objectives were not going to be met working for someone else. Making a few dollars more than minimum wage, “I wasn’t able to be independent; there was no way I could afford to move away from home, and have a mortgage and the things you need to survive.”

However, working on the mountain did allow him to save some money and establish a positive reputation – add in a rooted desire to work, and a foundation was beginning to develop for his own enterprise. “On the farm growing up, we worked on everything.

We did everything ourselves,” he says. “I’m not a 7 a.m. to 3 p.m. type of guy – I like to stay busy.”

The business began with hand work and a rented 6-inch chipper, which gave him a much-needed foothold in the business. In 2007, he bought an 18-inch Hurricane chipper. “We were putting stuff in that we probably shouldn’t have been,” he fesses.

Early on, the resulting wood chips were a nuisance. “We were blowing them in the ditch,” he recalls. “But, as we grew, we needed to haul them away. For a while, we were loading them in a dump truck and bringing them back to my place. We had one enormous pile at one time.”

Casey made contact with Cadillac Renewable Energy, which burns them as an energy source, and starting turning a once waste product into a profitgenerating source.

Three chipper upgrades followed, as well as purchases of a feller, skidder and low-boy trailer. Casey started out with financing through his local bank. “I had a job, an income and I always paid my bills on

Casey’s Excavation was started in 2004, and while he’s kept the name, the core of his business is now in the timber and chipping industry… at least for now. “My grandpa had an old 500 International dozer I ➡ Top: Recognizing an opportunity in the chipping industry, Casey Youker bought a chipper and has upgraded it three times to the current model, a Morbark 23 disc chipper. ➡ Bottom : Shortly after graduating high school, Casey Youker, set his sights on being his own boss. He started Casey’s Excavation in 2004, which adapted to the economy and now focuses on the timber and chipping industry.

Partners — Fall 2015

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time,” he says. “I was good for the money, but as I got bigger, I out-grew the bank.”

Casey turned to GreenStone Farm Credit Services; GreenStone was able to meet his growing needs, and Casey realized also reduction in interest.

“That’s a huge difference,” he says.

Because Casey likes to have something to do all day long, “I go home and chop feed for cattle,” he says. ➡ Below: Logs are loaded, while the remaining limbs and tops are chipped.

GreenStone has helped Casey Youker grow his timbering business.

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On what he calls a family operation, Casey and his dad, Bill, farm about 200 acres. Casey also runs a 13 head cow-calf operation at a neighbor’s place.

“I bring the feed, and he keeps the cows,” he says. “I really enjoy farming, but there’s not much money in it right now.”

Travis Bratschi, Casey’s GreenStone financial services officer out of Traverse City, says Casey is a very progressive young man and farmer. “With his expanding excavating business and growing crops on the side, he’s seen and capitalized on

opportunities—he saw the demand for chips. It’s really propelled him forward. He has very strong capabilities, and we believe in that.”

To flush out scenarios and analyze risk, Casey turns to neighbor and GreenStone credit analyst, Autumn Rector,. “She really looks to see if it is doable,” he says. “She runs the numbers to see if it makes sense from GreenStone’s stand point.”

In 2013, Casey used GreenStone to finance a center-pivot irrigation system for his corn and hay.

His newest piece of timbering equipment is a Morbark 23 disc chipper. “My grandpa was against me buying the chipper because of loose contracts, but it has really helped us secure markets,” he says.

Casey began hauling chips to the Packaging Corporation of America in Manistee. “At that time we had the drum chipper, which produces a less desirable chip than a disc chipper. But, they agreed to buy them from us. I really wanted to

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keep that market, so that’s when I bought the 23 this spring. It produces more consistent chips with less fines.”

Last fall, Casey secured another market at McBain Renewable Energy. Expansion of his buyers is important as orders can vary significantly.

DID YOU KNOW? – The Michigan forest products industry directly employs over 26,000 people and generates $14 billion annually.

“McBain has said we are providing the best chips they are receiving,” says Casey, who puts great pride in producing a quality product. He also believes quality has helped him secure markets over other nearby competitors.

– The total value of Wisconsin wood products exported between January and December of 2014 was $207,989,000.

“This business is somewhat like a house of cards; it could fall in at any time,” he says.

“But, that’s why we are working with as many people as we can. There is no insurance, but it all comes back around at some point. I don’t let it bother me, because if that does happen, it’s not the end of the world. It just requires a new plan.”

The quality component of his product is made possible by the chipper, but it’s the “human” attention to detail that really sets him apart, he believes. “It’s how you maintain and run the machine,” he says. “Sometimes I change out the knives twice a day, but generally it’s every fourth semi load. It really depends on what we’re running. Some companies look at that as down time, I don’t look at it that way. I’m producing a better product, and I’m also able to run faster with less fuel.”

Source: Great Lakes Timber Professionals Association

Straight Talk With Casey Youker

When cutting trees, he says they all can be made into pallets. “Any tree can be worth $50, but it might be able to be made into $200 depending on how you cut it,” he says. “You can make or lose a lot of money by not paying attention to what you’re doing. Ultimately, you cannot lose sight of providing quality.”

When you were eight, what did you want to be when you grew up?

What is the biggest challenge for young, beginning or small farmers today?

“I wanted to be a farmer.”

“Securing a market for your product.”

Adding the chipping side of his business has helped secure more work, as some woodlot owners want the land free of debris. “I cut trees.

It’s what I do, but I am also a chipper. For most, the chips are a byproduct. For me, it’s 75 percent of my financial business.”

When did you first realize that you wanted to be a timberman/ farmer for a living?

What advice do you have for young, beginning or small farmers starting out?

“ I don’t know that I realized that yet… probably 20.”

“ Don’t give up.”

He easily rattles off four more jobs that are waiting for him and more than 200 acres. “I’ve got enough work, right now, to run into next summer,” he says.

It’s a year-round business, except when either the rain or snow get too intense or deep. “But, I really don’t have a desire to grow much bigger,” he says. “I’m not willing to sacrifice quality, and I don’t want to be the one riding around in a truck and pointing fingers. That’s just not me —I’d rather be out there working. Maybe in 20 years I will have enough money to sell it all and play around on the farm.” ■

Who do you look up to; who is your mentor? “ My grandfather, Everett.”

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Major Environmental Developments Affecting Agriculture

By Alan Hahn

THERE WAS A TIME, NOT TOO MANY YEARS AGO, WHEN THE MENTION OF ENVIRONMENTAL ISSUES AND, IN PARTICULAR, COMPLIANCE WITH ENVIRONMENTAL REGULATIONS MEANT “SMOKE-STACK INDUSTRY.” WHEN I GLANCED AT SOME OF THE COVERS OF MY TEXT BOOKS LEFT OVER FROM GRADUATE SCHOOL, THEY ALL INCLUDE PICTURES OF SMOKE STACKS, INDUSTRIAL DISCHARGES, AND FUEL TANKERS. ONLY ONE OF MY TEXT BOOKS (AN ENVIRONMENTAL CHEMISTRY BOOK) INCLUDES A VISUAL IMAGE OF A FARM FIELD ON THE COVER.

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Times have changed. There have been major lawsuits against agriculture for “pollution,” political debate of the applicability of environmental regulations to agriculture, and environmental activist groups increasingly opposing (in some cases rather loudly) modern agriculture.

In the last several months alone, major (final) environmental legislation relating to regulating water discharges has been met with significant opposition by several agriculture groups.

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With these developments, agriculture is forced to consider environmental compliance as a priority business issue.

This can include regular (every year or every-other year) environmental compliance assessments. A compliance assessment can be self implemented, but there is a decided advantage when you have “fresh eyes” and someone with specific expertise in environmental compliance look at your operations and management practices.

Understand your potential permitting for fuel/oil storage.

Even though the recent amendments to the Spill Prevention Control and Countermeasure (SPCC) Plan requirements were generally favorable for agriculture, there are many nuances that could mean you do not qualify for the exemptions. Additionally, the final “exemption capacity” for agriculture is still to be determined. For planning purposes, you may want to consider that the regulated (aggregate) capacity will be on the lower end of the suggested threshold (2,500 gallons).

Whether you do it yourself or retain someone to assess your farm or any other operations, you should pay particular attention to some of the recent environmental regulatory developments.

We highly suggest the following:

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Be aware of the air reporting exemptions and requirements.

While all farms are exempt from reporting the “routine” ammonia and hydrogen sulfide emissions from manure storage under the Comprehensive Environmental Response Compensation and Liability Act (CERCLA), not all farms are exempt under the Emergency Planning and Community Right to Know Act (EPCRA). Further, the exemption does not apply to ammonia tanks that may be used on farms for refrigeration.

NOTE: there is still the outstanding issue of what the EPA may do with the data from the National Air Emissions Monitoring Study (NAEMS) and if new regulations may be forthcoming.

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If you do nothing else, look at your operations through the lens of Yakima Valley. By every account, this was a “bellwether” agriculture/ environmental decision and one that may have a very significant impact on agriculture. Much of the “trouble” the dairy farmers in Yakima Valley, Washington found themselves was because, allegedly, they did not follow their own agricultural standards (i.e., Nutrient Management Plan [this point is disputed]). As a result, they forfeited some specific regulatory exemptions and had a very complicated and onerous regulation applied to them—the Resource Conservation and Recovery Act. In the end, one dairy was forced to close; the remaining dairies are under a Consent Order that involves significant capital improvements, ongoing monitoring, and more.

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Finally, “keep a pulse” on environmental issues, including enforcement actions.

As previously mentioned, the Yakima Valley Decision could have a ripple effect on agriculture. However, there are dozens of other high-profile agriculture/ environmental issues that are still pending which could substantially change agricultural practices in the coming years.

Environmental regulations are complicated; they are constantly changing, and their applicability to agriculture, especially larger operations, is increasingly unavoidable. Limiting the likelihood for non-compliance with environmental regulations and the subsequent consequences can be bolstered by assessing your current practices, preferably sooner than later. ■

ABOUT THE AUTHOR

Alan Hahn is an Environmental Professional and Business Development Manager at The Dragun Corporation in Farmington Hills, Michigan.

The opinions stated herein are not necessarily those of GreenStone Farm Credit Services.

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Evaluate your potential water discharge permitting obligations.

The EPA’s substantial redefinition of “Waters of the United States” or WOTUS may mean more farms and companies will require permits, such as the National Pollutant Discharge Elimination System (NPDES). Under the final WOTUS rule (which has been sharply criticized by the American Farm Bureau), there are lingering questions about case-specific determinations of regulated waters, as well as applicability of agricultural exemptions. Furthermore, if you are in Michigan, there have been substantial changes to the NPDES program.

nvironmental regulations are E complicated; they are constantly changing, and their applicability to agriculture, especially larger operations, is increasingly unavoidable.

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Partners — Fall 2015

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market

Outlo

By Bob Utterback WE ARE LEAVING A PERIOD OF MAXIMUM SEASONAL WEAKNESS FOR CORN AND SOYBEANS AS MOST OF THE SUPPLY UNCERTAINTY SHOULD BE RESOLVED ABOUT YIELD POTENTIAL. THIS IMPLIES NOW IS NOT THE TIME TO GET BEARISH; INSTEAD, SELLERS SHOULD START PREPARING FOR THE FUTURE, WHILE FEED BUYERS SHOULD BE GETTING AGGRESSIVE WITH PRICING AT HARVEST WEAKNESS.

The argument about supply will more than likely not be resolved until the January USDA reports; but, overall, I would argue that the central and eastern Corn Belt yields are weak enough to offset the exceptional yields of the western Corn Belt. The end result will be a slight reduction in corn yields. As for soybeans, I believe the dryness in August hurt central and eastern Soybean Belt production, while the west seems to be far better. I would not argue for a significant reduction in USDA soybean yield projections.

The End Result: The final factor of the supply question is yet to be

determined—actual harvested acres. Most market participants are well aware that significant acreage was lost in the central and eastern production regions. The impact of this fundamental has been already factored into the market. I would, however, argue soybeans are the commodity that will be most affected if the trade has underestimated the total harvested acres. Subsequently, all producers of unsold grain should move inventory off the farm by using any November/December price bounce before South American inventory comes online. I suggest the most violent price volatility could develop for soybeans shortly before or right after the October supply demand report.

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look ne of the largest “O consumers of

soybeans,China, has both reduced the number of domestic hog production and lowered the value of their currency. Both of these factors leave the assumption that export demand growth in late 2015 and into 2016 is in doubt.

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In summary, on the supply side all feed grains and oilseeds have experienced an adequate production year, both domestically and internationally.

Producers tend to hold onto inventory because of the depressed price; many expect the initial domestic and international stock levels for both corn and soybeans will not allow a significant price event to occur. This implies that, after the bin doors close it will be next summer before supply can cause some bullish excitement unless a significant supply weather scare occurs in South American.

Since price is determined by the level of supply and the intensity of demand, we must consider what’s happening in the domestic and global demand outlook for corn and soybeans. In a word, it is weak. One of the largest consumers of soybeans, China, has both reduced the number of domestic hog production and lowered the value of their currency. Both of these factors leave the assumption that export demand growth in late 2015 and into 2016 is in doubt.

At the same time, many parts of Argentina and Brazil are facing increasing financial pressure. I expect they will be very aggressive in undercutting the U.S. feed grains and oil seeds export market. Simply put, right now the world economy is struggling to show solid growth. In fact, several commodities like gold, copper, oil and other hard assets related to industrial economies are at multiple year lows.

What does it all mean? At this time we have too much

supply for the demand. Subsequently, the function of the market will be to discourage production, which implies producers with high production costs could be out of business. The good news is I do not believe it will take as long as the 1981 to 1988 correction after the roaring 70’s.

The great news is we are sowing the seeds now of the next great bull run in corn and soybeans. The problem is it may take all the way to 2017 or 2018 unless we experience a significant weather event with the upcoming el nino.

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What can producers do? I have observed

that producers’ biggest blind spot is they cannot price a crop in the field from May through July when a significant weather event is occurring that may affect their yield.

To overcome this, I suggest the following.

1. U se some form of crop insurance to assure yield potential.

2. Develop a marketing plan that forces them to sell as a function of time and return on investment.

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y concern is if U.S. producers M plant the same amount of acres of corn, soybeans and wheat again next year and a normal crop develops, prices next fall will be significantly below the cost of production forcing major financial strain on producers.

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3. H ave a written plan for how to manage a weather scare event.

Decisions that need to be made now:

Based on my outlook, I suggest selling December 2016 corn between $4.25 and $4.50 and the expected 2017 corn crop between $4.25 and $4.75. Focus on selling the expected 2015 soybean crop between $10 and $10.50 and between $10.50 and $11 for the expected 2017 crop.

The obvious problem with selling early is a summer weather scare. Therefore, producers should decide “now” just how to manage their marketing: 1. A selective hedge sounds easy, but it is very difficult to implement and is not generally recommended.

2. B uy deep-in-the-money puts to reduce time value cost and be prepared to roll up aggressively as long as the market rallies due to yield reduction potential.

The big problem is there is no cap on cash flow exposure. But the big advantage is if they are consistent in their rolling-up strategy, they should be able to capture a significant part of the rally.

3. F inally, when the market reaches their target price objective, use forward cash contracts to sell their production and wait for basis narrowing and carry incentive. To offset the upside risk, be long calls at the level where they want to insulate it from higher price gains.

I’ve suggested these calls should have been bought on fall lows. Aggressive producers who understand the risk can focus on selling nearby calls and puts to help offset premium cost.

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The latter part of this year will be a transition time when the function of the market will be to get supply back in line with demand. My concern is if U.S. producers plant the same amount of acres of corn, soybeans and wheat again next year and a normal crop develops,

prices next fall will be significantly below the cost of production forcing major financial strain on producers. I intend to work with producers and help them price their crops by having an insurancelike policy against a 2016 weather scare should it occur. ■

ABOUT THE AUTHOR

Bob Utterback is the Farm Journal Economist and President of Utterback Marketing in New Richmond, IN. Call Bob for strategy updates at 877-898-4324. Email comments on Outlook to utterback@utterbackmarketing.com.

The opinions stated herein are not necessarily those of GreenStone Farm Credit Services.

This material has been prepared by a sales or trading employee or agent of Utterback Marketing Services, Inc. and is, or is in the nature of a solicitation. This material is not a research report prepared by Utterback Marketing Services, Inc. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions. Distribution in some jurisdictions may be prohibited or restricted by law. Persons in possession of this communication indirectly should inform themselves about and observe any such prohibition or restrictions. To the extent that you have received this communication indirectly and solicitations are prohibited in your jurisdiction without registration, the market commentary in this communication should not be considered a solicitation.

The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that Utterback Marketing Services, Inc. believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.

THE “UNLEGAL” SIDE TO SUCCESSFUL GENERATIONAL TRANSFERS FOR FAMILY BUSINESSES

By Carl Jessen YES, WE MUST FOLLOW THE LAW AND THE IRS RULES IN GENERATION TRANSFERS AND ESTATE PLANS. NO, WE CANNOT BREAK THE LAW. THE POINT IS, WHILE THE LEGAL SIDE IS NECESSARY, IT IS ONLY A SMALL PART OF DOING A SUCCESSFUL TRANSFER OF YOUR BUSINESS TO THE NEXT GENERATION. So what is more important?

1. Your mind set.

2. Getting out of your normal patterns.

3. Reaching out not 50 percent of the way, not even 80 percent, but 100 percent of the way to appropriately communicate with all other family members.

The research tells us that less than 30 percent of farm families are successful in transferring their business to the next generation.

When you are serious about planning for your generation transfer, here are some pointers learned from other farm families.

1. Your mind set: Take leadership and set realistic goals. Allow a minimum of three years to get the plan moving, but elevate the priority of generation transfer; forget the statements like “someday we will do this” or “I will live a long time, no rush.”

2. Getting out of your normal patterns: a. Do Not: Be in your normal mode of, “I’m the boss,” nor can you assume, “It is obvious, of course they understand.” b. Do: Be open in your thoughts, over communicate, be transparent, and include all family members in the discussion. Yes, even the in-laws. You may not include the inlaws in ownership of the business, but if in-laws are not included in the conversation, they can derail or kill your plans. Promote open discussion and clearly explain your reasoning.

3. Reaching out: When building a bridge across a river, it is weak if the planks from each side only go half the way across. When the planks both go 100 percent of the way across, it is much stronger. Likewise for communication. Do not make assumptions. Be open, repeat important points, and ask open ended questions.

It is also appropriate to consider hiring a professional facilitator. All family members have a vested interest in the outcome, and have a “conflict of interest” in the process. An independent party can help facilitate the process and discussions of generational transfers.

Carl Jessen is a former GreenStone President and CEO, is the owner of Jessen Coaching LLC, doing business coaching and facilitating generational transfers for farm families. ■ The opinions stated herein are not necessarily those of GreenStone Farm Credit Services.

Partners — Fall 2015

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CONNECT

NEWS:

Summer 2015 Internships Come to a Close This past summer GreenStone hosted six interns for 14 weeks in the credit and marketing departments. The interns worked with their mentors on a variety of real-world projects including industry benchmarking, appraisals, and sponsorships, among others. Throughout the course of the internships, students also visited farms, learned about presentation skills and participated in a series of blog posts chronicling their journeys with GreenStone. Visit GreenStone’s Open Fields Blog at www.greenstonefcs.com to read the variety of posts by the interns! ■

GreenStone Maintains Strong Customer Service, 95 Percent Satisfaction Rating

GREENSTONE TEAMS UP WITH TIMBER RATTLERS TO GROW A ROW For the second year, GreenStone and the Wisconsin Timber Rattlers have partnered on a vegetable garden at Neuroscience Group Field at Fox Cities Stadium. The garden produces tomatoes, potatoes, carrots, cucumbers, cantaloupes and green peppers, among the fruits and vegetables. All produce is donated to the St. Joseph Food Program to help feed hungry families in Calumet, Outagamie and Winnebago Counties. This season the garden produced over 300 pounds of food for the program. Students from Freedom High School’s FFA Chapter volunteered again this year to maintain the garden and harvest produce. ■ ➡ TOP: Back row (left to right): Paul Larson (Teacher at Freedom High School), Alex Rohan (Freedom High School student), Karen Ziemke (St. Joe’s Food Program), Jerrad Radocay (Corporate Marketing Manager, Timber Rattlers), Kevin Champeau (Teacher at Freedom High School), Nicole Wesoloski (GreenStone Farm Credit Services), Waylon Baum (Freedom High School student), Danielle Angotti (Freedom High School student); Front row (left to right): Hilary Bauer (Director of Marketing, Timber Rattlers), Dayna Baitinger (Director of Community Relations, Timber Rattlers)

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You, our customers, once again rated GreenStone with a 95 percent satisfaction rating on a recently completed survey conducted by Michigan-based Advantage Research and Analysis.

For 14 consecutive years, customers have rated wthe cooperative with a satisfaction score above 90 percent.

“I am very proud of GreenStone’s outstanding team,” said President and CEO Dave Armstrong.

“Each individual works hard to deliver quality and put the customer first, which ultimately makes us a successful team by supporting the needs of our members.” In fact, more customers reported the cooperative had improved performance over the previous year. Among several specific areas

surveyed, effective support staff, being financially sound, and effective loan officers were the top ranking factors of customer satisfaction.

“GreenStone’s 2015 customer satisfaction rate of 95 percent dominates that of most banks, which are more typically in the 65-85 percent range,” said Dr. Robert Myers of Advantage Research and Analysis. “The fact that GreenStone customer satisfaction rates have remained at such a high level for such a long time is even more impressive.

Survey responses reflect a clear and consistent staff commitment to the needs of their customers.”

GreenStone customers throughout Michigan and Wisconsin, which includes a random selection of members from the cooperative’s traditional, country living, and commercial customer segment, participated in the survey. ■

Recreational Land Campaign Recap In August, GreenStone held a Win Big contest in partnership with Michigan Out of Doors TV. Entries were collected, and drawings were held weekly for one of three outdoor gear prizes, and one lucky winner won an exclusive sporting experience with Jimmy Gretzinger and his crew.

Special thank you to our partners, Michigan Out of Doors TV, VANGUARD Hunting, and to everyone who entered! Visit GreenStone’s Facebook page to learn more about the prizes and winners!

Employee Fundraiser (MLE/WI FFA) GreenStone employees are proud to have once again pulled together to support youth and the future of the agricultural industry through a companywide fundraiser, benefiting the Michigan Livestock Expo (MLE) and two Wisconsin FFA chapters.

FFA chapters of Oconto-Falls and Reedsville. Both chapters are dedicated to making a positive difference in students’ lives by developing their potential for leadership, personal growth and career success through agricultural education. In total, GreenStone employees contributed more than $5,000 to these organizations this summer! ■

Profitability Boot Camp for Farmers

Donations made to the MLE enabled employees to participate in the purchase of animals during the Expo’s seventh annual Saleabration; youth livestock exhibitors traditionally apply their earnings to college expenses or invest it back into their next livestock project.

In addition, staff members also contributed to the local Wisconsin

GreenStone recently hosted a Profitability Boot Camp for Farmers Workshop in coordination with the Farmer Veteran Coalition, Niman Ranch, Farm Credit, USDA Farm Services Agency, Morse Marketing Connections, LLC, and Michigan State University Center for Regional Food Systems. The workshop welcomed all farmers planning for success through improved financial readiness practices, with special focus on farmer veterans.

JOIN US: GREAT LAKES FRUIT & VEGETABLE EXPO AND GREENSTONE RECEPTION Visit GreenStone at the 2015 Fruit & Vegetable Expo, Dec. 8-10, 2015, at the DeVos Place in Grand Rapids, MI. Stop by our booth during the show and join us for a reception on Wednesday, Dec. 9, from 4:15 p.m. to 5:30 p.m. where you will hear from GreenStone leadership about the year in review, have the opportunity to ask questions, and connect with your local GreenStone team.

Keep your eye out for additional opportunities to connect with GreenStone during customer receptions at other industry events in 2016. These events will be your unique opportunity to hear stockholder information and stay connected with the GreenStone leadership team! ■

A study done by William O’Hare and Bill Bishop of the University of New Hampshire’s Carsey Institute in November 2006 stated that “rural families are paying a disproportionately high price for the wars in Iraq and Afghanistan.”

As a result, Michael O’Gorman, now the Executive Director of the Farmer Veteran Coalition, began to organize ideas for creating jobs on farms for returning veterans, and it took hold. Today, the Farmer Veteran Coalition is contacted by 12 veterans per day, has more than 4,500 members, and provides an array of resources for beginning farmer veterans.

Veterans were among the workshop attendees and received information on a variety of topics, including training on monthly cash-flow analysis and cost-benefit analysis using benchmarks and real scenario examples. Attendees also had the opportunity to get connected to the financial and

JOE HICKEY– CHIEF APPRAISER Joe Hickey was recently promoted to vice president and chief appraiser for GreenStone, and will lead the association’s appraisal function while continuing to conduct real estate and personal property appraisals in support of client needs.

Joe advanced to this position following the retirement of longtime GreenStone employee James Garvey, who had been with the organization for more than 35 years.

In this role, Joe will oversee the development and lead the implementation of appraisal policies, program standards and procedures to ensure consistent and effective practices.

He will also spearhead the quality control evaluation processes of internal and external appraisal resources.

business resources available to begin and scale farm operations through Farm Credit, MSU, and USDA. ■

Facilities Update Alma, Michigan – The branch moved to a new office in June, located at 2942 W. Monroe Road, stop in and see us!

Schoolcraft, Michigan – A new office opened Sept. 16, and is conveniently located right next door to the previous location.

Be sure to visit us!

Traverse City, Michigan – Interior remodeling of the current branch location began mid-September, and is expected to conclude early 2016.

Ann Arbor, Michigan – Construction is expected to begin late fall of this year, with an anticipated completion of early 2016. ■

continued satisfaction of our members,” said Paul Anderson, executive vice president and chief credit officer. “Thanks to James’ leadership and service to GreenStone’s appraisal department, Joe has built a tremendous amount of experience and industry knowledge, which has greatly prepared him for his new role in the company.”

Joe began his career at GreenStone as a financial services officer, but has spent a majority of his 26-year tenure in various positions within the association’s appraisal department. Most recently, he served as the appraisal group manager responsible for overseeing chattel property and delivering timely valuation for customer-first lending. ■

“Joe’s performance driven attitude, and ability to develop relationships and employ proven management practices and business tools for the benefit of clients and customers, will ensure him

Partners — Fall 2015

17

BEHIND THE SCENE

Justin Rudy Collateral Analyst Caro, Michigan What is your favorite outdoor activity and why?

Mike Kennedy Senior Financial Services Officer Ionia, Michigan What is your favorite outdoor activity and why?

My favorite outdoor activity is hunting—especially turkey hunting in the spring and archery deer hunting in the fall. In my household, hunting is a family event and not just something I do alone.

Is there a particular place you love to go to experience the outdoors?

While I love to travel and hunt other parts of the United States, there is something special about being able to hunt on your own land. Owning my own parcel allows me to do habitat improvement projects, which improves quantity and quality of wildlife on my land. When you own your own land, you don’t have to ask anyone’s permission to

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make improvements. I also don’t have the worry that the parcel might get sold at a future date after I have spent hours improving the land. Some of the projects I do include planting food plots, planting trees, building wildlife ponds, and doing timber management. There is something special about seeing your hard work pay off.

What recommendations do you have for someone thinking about buying recreational land?

My recommendation to anyone looking to buy recreational land is to first determine your primary goal for the property. If possible, find a parcel that will require a minimal amount of work to get it how you want it. While any parcel can be improved, it is always easier to buy land that already has the features you are looking for without a lot of hard work.

I enjoy a variety of outdoor activities including hunting deer, waterfowl, turkey, bear, and also fishing for walleye, among many others.

I would say if I could only pick one, hunting for Whitetail deer in the Midwest with my bow would have to be my absolute favorite. In my opinion, having the opportunity to be in a tree stand on a beautiful fall evening, with a bow in my hand and deer within archery range is hard to beat!

Is there a particular place you love to go to experience the outdoors?

Luckily, I’ve been fortunate enough to have my passion for the outdoors take me to a variety of amazing places across the country, from Bristol Bay in Alaska, to the bottomlands along the banks of the Mississippi River, to the peaks of the Rocky Mountains, as well as the

foothills of the Appalachians, and all over throughout the vast farmlands and forests of my home state of Michigan.

But, I have to say the scenery of the Rocky Mountains in Colorado is pretty tough to match.

What recommendations do you have for beginners looking to start hunting and fishing?

I would tell anyone that is just getting started, whether it be hunting or fishing, to try to find a mentor, someone willing to share information and knowledge with you. Have that person help get you on the right path with safety advice, equipment to use, and locations to go. Once you have the basics down, then it’s just a matter of getting out there and doing it as much as possible. Treat each trip as a learning experience, and most importantly remember that it’s not always about catching the biggest fish or shooting the biggest deer, but more so the overall experience and the opportunity to be outdoors having fun! ■

AGRIBANK NAMED SAFEST BANK IN THE U.S. BY GLOBAL FINANCE

Fresh Perspectives Search

AgriBank, (GreenStone’s wholesale bank), has been named the safest bank in the United States by Global Finance magazine, and earned a place on its “World’s 50 Safest Banks” list for the third consecutive year. The financial services industry magazine names the World’s 50 Safest Banks annually, and last year named AgriBank the second safest bank in the United States. The ranking methodology includes total assets and an evaluation of long-term ratings from major rating agencies. AgriBank is one of three Farm Credit Banks to make this year’s list. ■

Do you know an individual or group of individuals whose leadership and vision is changing the future of agriculture for the better? GreenStone and the Farm Credit System are searching for 100 leaders who are positively shaping rural communities and agriculture. Farm Credit 100 Fresh Perspectives honorees will have the opportunity to share their stories and vision throughout the Farm Credit centennial year in 2016 and beyond.

Additionally, ten distinguished honorees will receive a $10,000 award to help further their contributions to thriving rural communities and agriculture. Nominations will be accepted through Dec. 18, 2015. Visit farmcredit100.com to submit your nomination. ■

Be confident with your return...

PREPARED TAX SERVICES– From planning to execution, GreenStone has you covered. Our tax accountants know the business of farming inside and out. Make sure you leverage every advantage to save this tax season and beyond.

Contact your local branch to get started today!

800-444-3276

www.greenstonefcs.com

Partners — Fall 2015

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UNDERSTANDING THE NATIONAL FARM CREDIT SYSTEM

By The Farm Credit Council THROUGHOUT AMERICA AND PUERTO RICO, NEARLY 80 FARM CREDIT ORGANIZATIONS LIKE GREENSTONE FARM CREDIT SERVICES WORK WITH FARMERS, RANCHERS, HOMEOWNERS AND OTHER AGRICULTURAL BUSINESSES TO PROVIDE THE FINANCING THEY NEED TO MANAGE AND GROW THEIR OPERATIONS.

MEMBER BORROWERS

Each of these organizations offers deep expertise in the specific crops raised in its territory, like coffee in Hawaii or citrus in Florida, and even in the specific industry or market challenges its individual borrowers face, from excess rain to skyrocketing land values.

Each Farm Credit organization is also operated as a cooperative, owned by the people and businesses who borrow from it and who also elect the board of directors that guide the strategy of the association. Each is operated independently, managing its own risk and portfolios, setting its own strategies and measuring and reporting its own performance, and most, like GreenStone, share

a portion of their profits with their member/stockholders through patronage dividends.

As important as this local expertise, local ownership and local control is, one unique aspect of Farm Credit is where the money comes from to finance these important agricultural enterprises. As many of GreenStone’s borrower owners may know, unlike commercial banks, Farm Credit associations do not accept deposits from customers. Instead, the funding for Farm Credit loans and leases comes from the international money market through the work of a national Farm Credit organization called the Federal Farm Credit Banks Funding Corporation, or the

WHOLESALE BANKS

RETAIL ASSOCIATIONS

$ DOMESTIC AND INTERNATIONAL INVESTORS

FEDERAL FARM CREDIT BANKS FUNDING CORPORATION

KEY OWNERSHIP

FUNDS

“

ach Farm Credit organization is also E operated as a cooperative, owned by the people and businesses who borrow from them and who also elect the boards of directors that guide the strategy of the association.

”

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Fall 2015 — Partners

Funding Corporation. The Funding Corporation issues Farm Credit debt securities as needed, which investors purchase in anticipation of a return and because of the consistent performance of Farm Credit over the years, performance that has earned Farm Credit high ratings from the credit rating agencies like Standard & Poors and Moody’s.

Acting as a conduit between the national Funding Corporation and the local Farm Credit associations are four regional wholesale banks, including AgriBank in the Midwest area. Every day, these banks discuss the funding needs of the associations they serve, obtain the necessary capital from the Funding Corporation, and then funnel it to the associations to loan to the borrowers who need it.

As with the Farm Credit associations like GreenStone, the four funding banks are also operated as cooperatives, each owned by the associations they fund. Similarly, the Funding Corporation operates as a cooperative owned by the four wholesale banks. This cooperative approach focuses governance control and operational management at each level within the Farm Credit System: individual borrowers are memberowners of their local association, the local associations are member-owners of their wholesale bank, and the wholesale banks are member-owners of the national Funding Corporation.

In this way, the strength and capacity of Farm Credit nationally delivers consistent access to credit locally, supported by the expertise and commitment of local staffs and the guidance of locally-elected directors. This unique structure is one reason Farm Credit will achieve its 100th year of support in 2016 for agriculture and rural communities, and why it is positioned to continue to do so long into the future. ■

Pause for Applause...

1. The greater Flint area’s My

City Magazine announced Maria Carlin, GreenStone customer and owner of d’Vine Wine, as the winner of the City Choice Awards for the wine store category. Her boutique is located in downtown Flint and sells a wide selection of wine and craft beers, unique gifts, glassware and specialty food items.

Congratulations, Maria!

2. Congratulations to GreenStone

board member and customer, Christine Crumbaugh, as well as GreenStone customer, Gordon Dick, for each being selected as one of National Farm Credit’s Producing Excellence features. This online segment shares compelling stories of American farmers and ranchers, representing the diversity in this thriving industry. Both articles can be read online at: www.farmcreditnetwork.com/ community/producing-excellence.

3. Rita Herford of Bad Axe, Michigan, was recently honored by the White House as

a “Champion of Change.” She was one of 11 women to receive the honor. A fifth generation farmer, Herford uses sustainable farming practices to grow wheat, sugar beets, dry beans, corn, and soybeans on 4,400 acres in Huron County. According to the White House press office, “Rita’s passion for agriculture has led her to share her farm’s story with local groups such as Rotary Club and on social media to help educate consumers about how modern day farmers grow safe, quality and affordable food for their families and others.”

The Champions of Change program was created as an opportunity for the White House to feature individuals doing extraordinary things to empower and inspire their community. Visit Open Fields Blog to read more about Rita’s award.

SERVICE ANNIVERSARIES Help GreenStone congratulate and thank these staff who are celebrating an employment milestone. From five to 40, the years represent the dedication and service all employees provide our members!

October:

November:

December:

Rick Bulgrien (40)

Nancy Flint (30)

Susan Smith (30)

Kathleen Esckilsen (35)

Laurie Schetter (25)

Heidi Pettis (5)

Carl Treml (35)

Trina Powers (10)

Matthew Willbrant (5)

Ian McGonigal (15)

Leah Mills (10)

Susan McMann (5)

Kyanne Rodabaugh (15)

Nicole Goetschy (5)

Have an applause to include in the next issue of Partners?

Share it with us on social media.

Partners — Fall 2015

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THE FALL OF CONGRESS HOPEFULLY THE TITLE GRABS YOUR ATTENTION AS HERE WE ARE IN THE “FALL” OF 2015 AND WE MAY BE WONDERING WHAT’S NEXT IN THE CONGRESSIONAL SEASON THAT WILL IMPACT AGRICULTURE IN BOTH THE FEDERAL AND STATE FORUMS. Like a lot of industries, some issues never go away, and it seems true for agriculture and agricultural financing as well. As our farmers toil in the fields to produce the food and fiber, our legislative bodies explore ways to address important policy issues to support continuing future harvests.

In the center of the federal forum of issues affecting agriculture remains the immigration challenge, and without a clear path toward resolution. The debate appears to be like a back and forth fall football game, with neither team getting a chance for the end zone.

Add to that the labeling of agricultural

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Fall 2015 — Partners

products as to where these products are from and whether there are any genetic modifications. Stir in the massive implications of the Dodd-Frank Act and the creation of the Consumer Financial Protection Bureau which regulates consumer financial products including rural home lending, and the efforts of the Environmental Protection Agency to protect and regulate water. We all can see the legislative harvest basket is full with a lot of the same challenges.

On state side issues for Michigan, infrastructure of roads, bridges, rail and water remain as huge opportunities to support positive yields. Addressing

energy resources as coal plants close, and discovering the best ways to deliver and service rural energy needs are keeping the Michigan legislative bodies busy. Water issues in both Michigan and Wisconsin also remain as a center pivotal issue. High capacity well permitting in Wisconsin has active draft legislation underway. Both Wisconsin and Michigan are exploring ways to best address youth work force issues by increasing collaboration and support for technical education in the trades, manufacturing and agricultural tech.

As the fall months find our legislative bodies coming in from the summer heat, we remain hopeful that some of the challenges will find resolutions to create certainty for our farms and families moving forward with the important work of bringing food and fiber to America. We must also remember that in the middle of the fall months there is this holiday called Halloween, and we can never be certain what we will find at our door. Please stay tuned and engaged. ■

PAC PROGRESS THE FLOW OF EDUCATION AND SUPPORT BETWEEN AGRICULTURE AND LEGISLATORS IS BUILDING STRONG FOUNDATIONS FOR THE FUTURE. The newly elected legislators were sworn in Jan. 1, 2015 and wasted no time settling in and getting to work.

Immediately, action was taken through the PACs to disburse funds and be involved in dialogue with legislative leaders who are eager to support the agriculture industry. Your GreenStone team, board of directors, and fellow members have spent time with Federal and State elected officials discussing the challenges and economic power of agriculture over the course of the year, and have built strong relationships.

Locally, 20 meetings have occurred with state Senators and Representatives.

The majority of conversations revolved around solutions to road funding and getting natural gas to rural areas. Legislators also expressed deep appreciation for the relationships built to provide trusted resources in the constantly evolving political landscape, and for the financial support provided through the MI GreenStone PAC.

“

he focus has been and T continues to be on why the Farm Credit System was chartered and how GreenStone and the other Farm Credit associations still carry out the mission in the ever changing business environment.

”

Federally, 30 meetings have taken place with Senators and Representatives to communicate the importance of the Farm Credit System. The focus has been and continues to be on why the Farm Credit System was chartered and how GreenStone and the other Farm Credit associations still carry out the mission in the ever changing business environment. Other on-going issues that have been discussed include: Dodd-Frank consumer compliance, crop insurance, GMO labeling, COOL, and immigration.

As stewards of the Farm Credit System and partners in the Michigan and Wisconsin agriculture industry, the highest importance is placed on ensuring that the future of agriculture is bright. Your support of agriculturalminded legislators is commended and ensures that communication channels are open in the future if issues arise. ■

Partners — Fall 2015

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“

GreenStone Story:

or the last 40+ F years, we have been financing recreational land, home sites, construction mortgages and country homes.

Endless Possibilities WHEN YOU THINK ABOUT GREENSTONE FARM CREDIT SERVICES, YOU MAY THINK ABOUT AGRICULTURE. THE WORD “FARM” IS IN OUR NAME, AFTER ALL.

For a century, we have been known throughout the state of Michigan and northeast Wisconsin as the agriculture lending experts and agriculture supporter, participating at county fairs, farm breakfasts, young farmer events, and much more. When you think GreenStone, you should think “agriculture,” but you should also think about rural communities, country living, and even outdoor recreation.

For the last 40+ years, we have been financing recreational land, home sites, construction mortgages and country homes. The Farm Credit Act of 1971 updated the Farm Credit charter, broadening the System’s lending authority to include the purchase of non-farm rural homes. Since then, our expertise has come to include financing country living and outdoor lifestyles.

We know agricultural markets fluctuate from time to time, and by supporting 24

Fall 2015 — Partners

a wide spectrum of borrowers, we diversify our portfolio and help insulate our association from the impact of local weather events and market collapse.

By doing so, we also help ensure rural communities are economically successful by providing stable and diverse lending options to rural homeowners, farmrelated businesses and infrastructure providers, among others. This portfolio diversity is essential to ensure we will remain a steady source of funding for all of our borrowers, day in and day out, regardless of market or industry

”

fluctuations, for years to come.

We understand your dream of a quiet, country lifestyle. We understand because we also love hunting and fishing, hiking and biking. GreenStone has helped thousands of families find the perfect place to play, fish, hunt, retire or simply escape to the country. And when you are looking for land, think big! Our financing specialists have the tools and experience to tailor a loan package specific to your needs. We offer low down payments on acreage of any size.

Our 30-year amortization terms also offer affordable payments.

So the next time you are dreaming of your own little slice of heaven, remember GreenStone can help make that dream come true. We support rural communities and agriculture, and we have helped folks finance their dreams of recreational land and country homes for decades, just like we do for farmers and producers. When you find the perfect spot to settle in the country, we will make your financing easy. ■

ENJOY YOUR LAND WITH NO RULES BUT YOUR OWN We are experts at providing recreational land loan solutions to help make financing your land simple and easy. You can benefit from: • Competitive interest rates to save you money • Small to unlimited acreage financing • 30-year amortization terms for affordable payments

• Low down payment requirements • Experienced staff to make your financing simple and quick • Cabins, pole barns, outbuildings and other site improvements can be included in your financing

MISSION-DRIVEN: SUPPORTING RURAL COMMUNITIES AND AGRICULTURE

By AgriBank GREENSTONE WILL MARK ITS CENTENNIAL IN JULY 2016. LOOKING AHEAD TO THE NEXT 100 YEARS, WE REMAIN DEDICATED TO OUR ORIGINAL MISSION TO SUPPORT RURAL COMMUNITIES AND AGRICULTURE. President Theodore Roosevelt planted the seeds of the Farm Credit System in 1908 by appointing a Country Life Commission to address the challenges facing a predominantly rural population, and the commission documented a lack of adequate agricultural credit. Its findings led to the establishment of a cooperative credit structure—the Farm Credit System—owned by its customers.

More Diversity, Less Risk

Similar Entity Lending:

Lawmakers recognized that portfolio concentration means risk. During the 1990s, legislators extended Farm Credit’s lending authority to “similar entities” that would diversify portfolios and more effectively manage risk. These loans are made by multiple lenders to a single borrower; several lenders might chip in to fund one large loan, sharing in the risks and profits. By doing so, Farm Credit has evolved to meet changing needs, building a strong foundation to fund America’s rural and agricultural economy, today and tomorrow.

• STRENGTHENS RURAL COMMUNITIES. By having this limited ability to diversify their portfolios, Farm Credit institutions can grow stronger and be better able to fulfill their basic mission of supporting rural communities and agriculture.

• CREATES PARTNERSHIP OPPORTUNITIES. This authority fosters mutually beneficial partnerships between Farm Credit and commercial banks. It also helps protect and enhance the investment that rural communities have made in their local Farm Credit cooperatives.

• MONITORED BY REGULATOR. These lending activities are subject to review by the Farm Credit Administration, the independent federal regulatory agency that has regulatory and oversight authority just like other federal financial regulators.

• COMPRISES SMALL PART OF PORTFOLIO. Farm Credit’s similar-entity activity is limited by law. In any similar-entity loan participation, the participation amount held by the System must be less than 50 percent of the loan. The cumulative amount of similar-entity participations may not exceed 15 percent of the assets of the participating institutions. ■ AgriBank is a wholesale bank that is owned by and supports 17 Farm Credit associations, including GreenStone, that provide loans and financial services to farmers, rural businesses, and homeowners.

Partners — Fall 2015

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Director’s Perspective:

Terri Hawbaker

Director Intro EARLIER THIS YEAR, GREENSTONE MEMBERS PARTICIPATED IN THE ANNUAL ELECTION PROCESS, SELECTING DIRECTORS TO FILL SIX OF THE 14 ELECTED SEATS. FIVE INCUMBENTS RETURNED ALONGSIDE TERRI HAWBAKER, WHO WAS WELCOMED TO HER NEW SEAT ON GREENSTONE’S BOARD.

As GreenStone works to continue to provide superior service and quality products to our diverse and evolving customers, Terri shares a bit about her background and ambitions as a new director.

Provide an overview of your background and farm operation.

Why did you decided to serve your cooperative as a board member?

My husband Rick and I own and operate Grazeway Dairy near Pewamo, Michigan. We are a seasonal, grass based dairy utilizing 120 acres of owned and 160 acres of rented land. Next spring we will calve approximately 160 head of New Zealand Frisian Holstein/ Jersey crossed cows in April and May. We are forage focused with an emphasis on planting both cool and warm seasons grasses, legumes, and brassicas. Rick and I have deep roots within agriculture and are proud to be fifth generation farmers.

I feel that it is important for every cooperative member to serve within the capacity of their skill set to help agriculture in general evolve and progress to meet the needs of both our stockholders and consumers. I am honored and humbled to have this opportunity to serve on the board of directors.

Along with our five children, we attend and serve at the First Church of God, as well as various other community and agricultural related organizations.

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Fall 2015 — Partners

Mark Your Calendar...

OCTOBER

15

Michigan Great Lakes International Draft Horse Show (15-18) Michigan State University Pavilion, East Lansing, MI

NOVEMBER

Now that you have had some time to engage in a few board activities, what has been your biggest surprise and observation?

After completing the provided board training, participating in the BGM Ag Summit along with a board meeting, I was impressed with the level of professionalism and standards of the board. They are very up to date with the latest technology and trends, which is important when serving a young tech-savvy generation. The board has great diversity among its members and each of them bring different, yet complimenting viewpoints that help shape and lead the organization. It is obvious why GreenStone continues to be a top competitor in agricultural lending.

Other thoughts you’d like to share with our GreenStone members?

I would like to thank the members and stockholders of GreenStone for their support of me in this role. I am excited and grateful to have the opportunity to serve. Thank you! ■

14

40th Annual Michigan State University AutumnFest

26

GreenStone Offices Closed (26-27)

MSU Pavilion, East Lansing, MI

In honor of Thanksgiving

DECEMBER

1

Michigan Farm Bureau Annual Meeting (26-27)

4

Wisconsin Farm Bureau Annual Meeting and Young Farmer and Agriculturist Conference (4-7)

Amway Grand Plaza Hotel and DeVos Place Convention Center, Grand Rapids, MI

Kalahari Resorts and Conference Center, Wisconsin Dells, WI

8

Great Lakes Fruit, Vegetable and Farm Market Expo/ Michigan Greenhouse Growers Expo (8-10) Amway Grand Plaza Hotel and DeVos Place Convention Center, Grand Rapids, MI

24

GreenStone Offices Closed (24-25) In honor of the holiday

JANUARY

1

GreenStone Offices Closed

8

Michigan Sheep Breeders Association 2016 Shepherd’s Weekend (8-10)

In Honor of the New Year

Lansing, MI

12

Dairy Strong Conference (12-14)

12

Wisconsin Crop Management Conference and Agri-Industry Showcase (12-14)

Monona Terrace, Madison, WI

Alliant Energy Center, Madison, WI

27

Great Lakes Crop Summit (27-28) Soaring Eagle Casino and Resort, Mt. Pleasant, MI

Partners — Fall 2015

27

LIVE

Country Oasis Near the end of 2012, Steve Lamier’s friend approached him with a proposal. “He asked if I wanted to purchase the 120 acres of land he owned,” said Steve. He had hunted on the property in the past with his friend and knew the parcel was spectacular. There was only one catch: the deal had to be done before the end of the year. When it came time to secure financing, Steve’s friend recommended GreenStone Farm Credit Services. To his pleasant surprise, the entire process was complete within only three weeks, and by January 2013, Steve and his wife Rebecca were the proud owners of 120 acres in Montgomery, Michigan. At the time, Steve and Rebecca were living in Ohio, but their plan was to eventually sell their home in Ohio and build their dream house out in the country.

The story that led to their dream home actually began in 2002.

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A friend and colleague in the manufacturing industry gave the couple a smoker as a wedding gift.

About six years later, Steve had the opportunity to purchase the patent to manufacture the “Model One,” the first generation smoker that would eventually turn into a new career and lifestyle for Steve and Rebecca. “We started manufacturing the smokers and selling them on online auction sites,” Steve said. Eventually, we produced additional smoker models, built the e-commerce website, and it went from there.”

Steve and Rebecca sell their products on Amazon.com and on their website, www.smokinit.com. The business is entirely e-commerce, a model that works well for the couple. “We like that we can control the customer service and distribution,” Steve said. The smokers were recently NSF certified,

a label that is industry standard in restaurants worldwide, making the smokers more marketable to commercial operations. As their business thrived and their home in Ohio eventually sold, the couple was ready to embark on the process of building their dream home on the 120 acres they purchased in 2012.

When it was time to finance the construction of the home, Steve and Rebecca once again turned to GreenStone. “We had such good results with GreenStone in the past, we thought we would just continue the financing with the house. It was a seamless operation. The builder worked in concert with GreenStone, and everything went perfectly,” said Steve.

Brandy Titus, a GreenStone customer service representative in Hillsdale, worked closely with them during the construction process.

She felt the couple was a pleasure to

work with; they even graciously welcomed the Hillsdale staff to tour their home when it was completed. “They really love the outdoor lifestyle, and their land is the epitome of dream recreational ground,” said Brandy.

The couple moved in to their new home in November of 2014. “Once a week, my wife will say, have I told you I love our house?” Steve laughed. “It’s just phenomenal. We are blessed to be able to have own business and this property.

Every day I just pinch myself and say, this is pretty cool.” The custom-built home, which they designed, features an open floor plan and a walk-out basement. The home uses geothermal for heating and cooling and has six inch exterior walls for insulation and energy efficiency.

The basement area is finished living space and the perfect showcase for Steve’s trophies. An avid hunter, he has several mounts on display, including a 1,100 pound Grizzly bear he brought home from a successful hunt in Alaska.

The home is situated at the front of the 120 acre parcel and offers impressive views of the eight acre lake located behind the home. “We didn’t want to disturb the wooded acres, so the home is at the front of the property on a higher elevation so we can overlook the lake.” Ninety of the 120 acres are part of the Conservation Reserve Program, a United States Department of Agriculture (USDA) program to protect habitat and wildlife.

Interestingly, USDA officials are hoping that Steve and Rebecca’s land will be a suitable home to attract the copper-bellied water snake, an endanger species in Michigan. For this reason, the couple is currently putting in an additional pond on the property.

Both Steve and his wife hunt deer and turkey on the land, and they love hosting family and friends. Steve said his son loves to bring friends to the house and ride ATVs. Their five-year-old granddaughter also loves to visit and ride her “four wheels” around the property. The quiet, tranquil setting is one of the couple’s favorite aspects of their new home. “We’re city people, we came from suburbia,” said Steve.

“Here, the view is just amazing, and we love that our only neighbors are the deer. GreenStone was able to fulfill our dreams of building our house and owning a piece of heaven. It is a great location and the land is phenomenal.” ■

Partners — Fall 2015

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NEVER DREAMT DREAMS DO COME TRUE

By Jimmy Gretzinger

I REALLY DON’T FEEL THAT OLD, BUT WHEN I TELL MY KIDS THAT, WHEN I WAS A KID, THERE WERE ONLY THREE TV STATIONS AND YOU HAD TO GET UP AND WALK TO THE TV TO CHANGE THE CHANNEL, THEY TELL ME I AM VERY OLD! WHEN I WAS THEIR AGE, MY DAD LOVED TO HUNT AND FISH; AND EVERY WEEK WE WOULD WATCH MICHIGAN OUTDOORS ON ONE OF THE FEW CHANNELS WE COULD TUNE IN. BACK THEN, THERE WEREN’T THREE OR FOUR CHANNELS DEVOTED TO THE OUTDOORS LIKE THERE IS TODAY. THERE WAS ONE OUTDOOR TV SHOW, AND THAT WAS MICHIGAN OUTDOORS. Growing up with a love for the outdoors was pretty common in the 70s and 80s. That is not so much the case now. Most people I knew hunted or fished, and that is what we did for fun. I never even thought to dream at that point that a career in the outdoors was even a thing people could do.

My high school years were filled with more “sports” than the “outdoor sports,” but I would still travel north each year as often as I could to our little hunting shack in northern Michigan.

As I transitioned into college, my interest in audio and video broadcasting started to grow. I like to listen to the radio, and I like watching TV – so let’s try to do that for a living! It seemed like sound reasoning to me.

I got a degree in broadcasting from Michigan State University.

Even then I wasn’t sure the love of the outdoors and broadcasting could really fit together. I found a job at Spring Hill Camps (a large Christian camp in Evart, Michigan). That was my training ground.

Each week I would videotape kids having the time of their lives for a few days, and then edit it into a highlight video. Then, I would turn around and do the same thing the next week. It was perfect training for a weekly TV show.

At this point, fate, the good Lord, or dumb luck stepped in. My elementary school gym teacher was the head honcho for Ducks Unlimited for a time and was doing a story with Michigan Out of Doors TV. The show was actually looking to hire a new person to be the low man on the totem pole, and my old teacher called my dad and mentioned the opening to him. Of course he contacted me and said, “Do you know Michigan Out of Doors is looking to hire someone?”

That started the ball rolling. A few weeks later I was offered the job. Two years later I was moved into the position of Executive Producer, and ten years later I purchased the show from my employer. As I sit here today, I have owned the show for almost seven years and have been involved with it for close to 17 years!

I never dreamt outdoor TV was a possibility. I never dreamt I would get to travel the state each and every week telling stories from every corner of the mitten. I am one blessed person. I get to do a job I love, in what has to be one of the greatest states there is when it comes to the outdoors.

Our mission with the show is to promote and preserve the outdoor lifestyle, and that is important in today’s society. With a growing disconnect to the outdoors, it is crucial the voice of the sportsmen and women of our state is heard and seen on a weekly basis. With sponsors like GreenStone, who also value the outdoors and the people who enjoy it, we hope to keep this outdoor TV legacy alive and well here in…Michigan’s Out of Doors. ■ ABOUT THE AUTHOR

Jimmy Gretzinger is the owner and producer of Michigan Out of Doors TV, a weekly show highlighting the outdoors in the great state of Michigan.

The opinions stated herein are not necessarily those of GreenStone Farm Credit Services.

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Fall 2015 — Partners

QUALIFIED FOREST PROGRAM

Enhancement Fund, supporting opportunities for conservation, maintenance, and enhancement of sustainable private timber resources in the state of Michigan.

By Dan Kowalski The Qualified Forest Program (QFP), administered by the Michigan Department of Agriculture and Rural Development (MDARD), encourages private landowners to manage their forestlands in a sustainable fashion based upon a forest management plan professionally prepared by a qualified forester. In exchange for managing their forestland, the landowner is eligible to receive a tax exemption on their local property tax bill. Since June of 2013, more than 225,000 acres of privately-owned forestland in Michigan have been enrolled in the QFP.

The QFP provides two separate tax benefits for landowners. With a Qualified Forest School Tax Affidavit, enrolled landowners receive a maximum 18 mill reduction of school operating taxes on non-homestead property. The second benefit, through the Qualified Forest Taxable Value Affidavit, prevents the uncapping of a parcel’s taxable value in the event that a QFP-enrolled parcel changes ownership. This has the potential to provide significant tax savings to the new landowner, provided they continue to remain enrolled in the QFP.

To be eligible for the QFP, forestland parcels must be at least 20 acres, but not larger than 640 acres, per tax unit (typically a township). Parcels from 20-39.9 acres must be at least 80 percent stocked with forestland capable of producing forestry products.

Parcels from 40-640 acres must be at least 50 percent stocked with the same capabilities as listed above.

As a requirement of enrollment in the QFP, landowners must pay an annual 2 mill equivalent fee. This fee is deposited into the Private Forestland

To determine if your property may qualify, please contact the QFP office by email at mdard-qfp@michigan.gov, by phone at 517-284-5630, or visit the QFP website at www.michigan. gov/qfp. The deadline for submitting an application to participate in the Qualified Forest Program for the following tax year is Sept. 1; therefore landowners can use these next several months to research their participation and be prepared for the September 2016 deadline. ■

ABOUT THE AUTHOR

Dan Kowalski is a Resource Analyst for the Qualified Forest Program with the Environmental Stewardship Division of the Michigan Department of Agriculture and Rural Development.

The opinions stated herein are not necessarily those of GreenStone Farm Credit Services.

Landowners must also have a forest management plan in place prior to their enrollment in the QFP. In addition, recent legislation signed into law (Public Act 107 of 2015) provides for the combination of agricultural use property with forest use property on a parcel, providing an additional opportunity to landowners for enrollment in the QFP. The change allows mixeduse (agricultural and forest) landowners the ability to enroll their property in the QFP, and obtain the 18 mill exemption that otherwise was not available for their land.

Partners — Fall 2015

31

CONTROL PORTION SIZE WITHOUT REALIZING IT CONTROLLING PORTION SIZE AT THANKSGIVING IS ONE SIMPLE WAY TO HELP PREVENT THE INEVITABLE “OVER FULL” FEELING THAT OFTEN FOLLOWS THAT MEAL, BUT IT CAN BE USED YEAR-ROUND TO KEEP YOU FEELING GOOD AND CAN ALSO HELP TO MANAGE WEIGHT GAIN. HERE ARE A FEW TRICKS AND TIPS TO PORTION CONTROL BEYOND SIMPLY MEASURING THE AMOUNT OF FOOD YOU PUT ON YOUR PLATE. Eat a light breakfast and lunch before Thanksgiving dinner. This prevents you from starving when you sit down to dinner and over eating. If you sit down over-hungry, you are likely to take bigger portions.

Downsize your plates. Switch out your big dinner plate for one that is smaller. People tend to take smaller servings when you have a smaller plate because it makes you think your plate is fuller.

Size your serving bowls according to the portion amount desired. People tend to take less food from a smaller serving bowl. Therefore, use a larger dish for the salad and vegetables, and smaller bowls for potatoes and stuffing. This will help support your guests’ quest to eat healthy.

Divide your plate. According to the United States Department of Agriculture, fruits and vegetables should take up half of your plate. On Thanksgiving, start by dishing up a salad, green beans or other veggies. Next, fill one-quarter of your plate with protein, such as turkey breast. The last quarter should be a grain or starch, like stuffing or mashed potatoes.

Pace yourself through the meal. Eating slowly not only allows your body to provide cues to being full, it also provides more opportunity to enjoy the conversations around you. Eat slowly, breath, and when you start to feel full, it is time to stop. ■ Source: www.mybrainfitlife.com

WINTER VEGETABLE OPTIONS

• Celery Root Vitamins C and vitamin K, phosphorous and fiber • Winter Squash Fiber, potassium and magnesium • Parsnips

Not every winter meal needs to revolve around potatoes and onions. Here are some surprisingly healthy winter vegetable alternatives!

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Spring 2015 — Partners

Folate, fiber and vitamin C

• Carrots Vitamins A and vitamin C • Fennel Vitamin C, potassium and fiber • Kale Calcium, potassium, vitamin C and vitamin A Source: www.fruitsandveggiesmorematters.org

PUT THE “THANKS” BACK IN THANKSGIVING

Grilled Venison Loin

There are many opportunities throughout the holidays to donate or take part in a special event. But the holidays are also about family, so here are a few ways to do both – give back and do it as a family.

Ingredients:

Create a care package

• 1-2 lb whole venison loin (backstrap)

Put together a package of your family’s favorite holiday treats and send it to a member of the military. Spend some time together deciding what to include, such as a handmade card or written letter from the kids. Homemade food and cards mean to the most to someone away from their family for the holiday season, and mail from kids is greatly welcomed and often displayed by troops overseas. There are numerous organizations willing to accept and send these packages for you!

• 2 cups worcestershire • 1 cup red wine • 2 tablespoons garlic • 8 oz. sliced mushrooms (as wild as you can procure) • ½ cup diced onion

Visit a local retirement home

• ½ cup diced celery • ½ cup diced carrots • ¼ cup whole grain or spicy mustard • 3 tablespoons tomato paste • 1/5 cup minced herbs • 6 tablespoons olive oil • kosher salt and pepper

Marinade:

Not every elderly person has a family to visit them around the holidays. Your family can give your time by visiting with them or playing a game with them, or simply deliver hand drawn cards and pictures to elderly in a retirement home; any small gesture will surly make their day! Contact your local retirement or assisted living center and let them know what your family would like to do.

Heat three tablespoons olive oil in a medium sauce pan; add all cut vegetables and simmer until onions are translucent. Deglaze pan with red wine. Add the tomato paste, minced herbs, garlic and mustard; stir until blended. Add the worcestershire; boil and reduce by ¼.

Set in refrigerator to cool.

Once cooled, add the loin to marinade and return to the refrigerator for 24 hours.

Support outreach centers Pick a favorite family meal and go grocery shopping for the ingredients. These items can then be donated to your local outreach center for a less fortunate family. Kids could even write a letter or cooking instructions for the receiving family.

If you have a local food pantry, you could instead ask for a list of needed items; go shopping as a family for them, and then volunteer as a family to help distribute supplies to those in need.

Grilling: Remove loin from refridgerator 2-3 hours before grilling and place in strainer to remove all marinade. Pat venison dry with paper towel and season with salt & pepper.

Preheat grill to 400 degrees. Brush grates with olive oil and lay venison directly over flame. Turn after three minutes and grill the other side for another 3 minutes.

Move it to indirect heat and bring to an internal temperature between 120 and 145 degrees. Once desired doneness has been achieved, remove from heat and let rest for 15 minutes. Slice and serve!

Coat drive As the weather gets cold and you search for your kids fall and winter wear, take a moment for your kids to each pick out a coat they do not wear anymore. Look locally to see if your church or school is doing a coat drive. Have your kids donate their old coats so another child can have a warm winter. You could also do this with their toys and stuffed animals! ■

Source: www.gourmetgonewild.org

Commodity Cuisine...

Source: www.life360.com

Partners Partners — — Fall Fall 2015

33

WORDS TO LIVE BY In a complete daze laying on my back my vision slowly appears, and I am looking at the bottom of an elevated blind platform and a broken step on a ladder.

At that moment, I realized I had fallen and landed directly on my head. I couldn’t breathe or move from the impact, and was lying on my back groaning in pain.

By Kim Knoerr, Financial Services Officer DECEMBER 13, 2014 WAS AN OVERCAST EVENING HUNT WITH MILD TEMPERATURES DURING THE 2014 MICHIGAN WHITETAIL MUZZLELOADER SEASON. FOR ME, THE WEEKEND STARTED OUT ON FRIDAY, DEC. 12 WITH EXCITEMENT AND CELEBRATION AS MY WIFE, ERICA, GRADUATED WITH A MASTER’S DEGREE. THE WEEKEND COULD NOT HAVE STARTED ANY BETTER CELEBRATING HER GRADUATION WITH FAMILY AND FRIENDS. On the evening of Saturday, Dec. 13, I hunted a 40 acre farm from an elevated box blind overlooking an alfalfa field. A light mist appeared shortly after sitting in the blind and you could feel the dampness in the air. As darkness approached, my sit came to a conclusion with no deer sightings. I turned off the propane heater, closed the windows, and latched the door on the blind. I stepped onto a 2x6 wooden ladder to exit the blind. When my foot hit the second step, I heard a snap and in a split second it felt like I was hit in the head with a baseball bat.

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Fall 2015 — Partners

After a minute, I started to gain back my breathing but my mind was racing, wondering if I could move any of my extremities. I was able to work up the courage to tell my brain, “pick up your hand and wiggle your fingers!”

Fearing the worst, I see my hand and I could move my fingers, what a sigh of relief. Again I tell myself, “lift your leg and wiggle your foot,” a few seconds later I see my foot move. As a smile crossed my face, a tear ran down my cheek; it could have been from the intense amount of pain I was in or from the fact knowing I can still move.

Knowing I was going to feel extreme pain, I rolled onto my stomach, put my arms underneath my body and pushed myself up onto my feet. Staggering severely to gain my footing, I feel back to the ground. After another attempt, I was able to maintain my footing. Hunched over in pain in my back, neck, and the worst burning sensation in my arm imaginable, I staggered around for a minute and questioned if I could walk to my truck.

Only able to move my left arm, I reached down, grabbed my muzzleloader and binoculars, and worked my way 300 yards to my truck. I got in my truck and, against my jumbled judgment, I decided to drive four miles home. I called my wife on my cell phone, I mumbled I had fallen, landed

on my head, and to be in the garage when I arrived home to help me out of my truck.

My wife immediately determined I need medical attention.

After spending several hours in the emergency room, eight CT scans and multiple x-rays later, the doctors came into the room and asked if I wanted to good news or the bad news. I opted for the bad news first and the doc said, “You broke your neck in two different places. The good news is you will be able to walk again and you get to stay the night in the hospital.” The diagnosis was a fractured C7 vertebra in two different areas. The fracture was 90 percent through the vertebrate. The doctor stated if the ground would have been frozen, I may not be here today or would be in a wheel chair paralyzed from the neck down.

The recovery process has been very long (at least from my position); however, overall, my accident could have been much worse, so I am thankful to still be here.

Previous to the accident, I never worried much about hunting safety, never wore a safety harness until 2014, and thought I would never get hurt. I am sure this sounds familiar to many of you, so let me give you a piece of advice. Take a minute, think about your family, your hunting safety measures, and ask yourself, are you hunting safely? I know I wasn’t. In the future, I will wear a safety harness, have a lifeline attached to my tree stands, and will always have three points on contact on a ladder and the stand.

Remember, hunting is a blessing we can all enjoy; one quick accident can take everything away, and leave your family without you. If a few hundred dollars of safety gear will bring you home safely, isn’t it worth it? Living through an accident, the answer is yes!

I wish all of you a successful, and safe, hunting season! ■

LEARN

CROP INSURANCE: WHOLE FARM REVENUE POLICY MADE MORE ACCESSIBLE

By Brandon Walters, Crop Insurance Specialist

One of the biggest positive outcomes from last year’s Farm Bill was the creation of the Whole Farm Revenue Policy, or WFR. The WFR policy is an insurance product that provides revenue protection for all produced commodities under one insurance policy. It is designed to protect commodities that are produced, as well as commodities that are purchased for resale during the insurance year.

For those that are familiar, it is similar to the AGR and AGR-lite policies that have been around for a while, but instead of only being available in limited areas, this new policy is available in every county within GreenStone’s servicing territory.

The amount you can cover is based on reported revenue on your schedule F. Coverage levels range from 50 percent to 85 percent, in 5 percent increments, and coverage is based on the farm’s five-year historic average revenue, or the farm’s current year projection, whichever is less.

Liability on the policy is limited to $8.5 million dollars, and the only commodities that are not able to receive coverage are timber, forest and forest products.

Livestock kept for sport, show, or pets are also excluded. The sales close date for the WFR policy will be March 15, annually.

WFR protection can be purchased as a standalone policy, or it can be bought in conjunction with other Federal crop

insurance policies. As an example, a farm that produces corn, soybeans and pumpkins could have a Federal MPCI policy that covers their corn and soybeans, and obtain a WFR policy to cover their pumpkins. In this type of example, the underlying liability on the corn and soybean policies would be removed from the WFR policy, leaving the protection on the pumpkins.

To be eligible for a WFR policy, the producer must: • Be a U.S. citizen • Be eligible to receive Federal benefits • File either a Schedule F tax form, or other farm tax form that can be converted to a substitute Schedule F • Have five consecutive years of farm tax history (For 2016 coverage, records from 2010-2014 must be available) • Have no more than 50 percent of total revenue from commodities purchased for resale After the initial 2015 crop year, the federal government took another look at the policy and decided to make a few modifications to make the policy more

accessible for producers. In our eyes, all the modifications made were positive adjustments to the program that should make it more accessible for producers to use. One of the more notable changes makes it easier for beginning farmers to obtain coverage; beginning producers are allowed to utilize three years of historic tax data for the policy instead of the standard five.

Another big change is the removal of the 35 percent exclusion. For 2015, if a producer received more than 35 percent of their total farm income from either a.) animals or animal products, or b.) greenhouse or nursery commodities, they were excluded from being able to participate in the program. This exclusion pretty much eliminated any greenhouse/ nursery or livestock operation from participating in the program in 2015.

Now that this restriction has been lifted, a WFR policy is an option for them again.

GreenStone is excited about the WFR policy and what it can do for you, our customers, because it makes revenue coverage available to basically anyone who produces or sells an agricultural commodity. Michigan is one of the most agriculturally unique states in the country, and this type of policy will make a safety net available in areas where there historically has been no other option.

If you think a WFR policy may be right for your agricultural operation, please do not hesitate to reach out to your crop insurance specialist today! ■

Partners — Fall 2015

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CROP INSURANCE NEWS: APH REVIEWS

The following are a few guidelines needed to complete a review.

• Production records must be separated by crop, practice, type, unit, and the actual crop year.

• Records must be sorted by the 578 producer prints, settlement sheets, and soft records.

• The insured must keep three years of production records.

• Daily livestock feeding should be recorded daily.

• Printed combine monitor records should be stored with settlement sheets.

• The insured cannot split truckloads, tickets, and bins between units without proper soft records for co-mingled production.

• Co-mingled production needs to be measured by a disinterested third party.

• The insured should keep original records and provide the AIP with copies.

Hard records are production records that prove the final disposition of the total crop and are verifiable by a third party.

Soft records are the documents an insured must provide if production is separated by unit, practice, type, or variety. Soft records must include all units; any missing or incomplete soft records may result in co-mingled production and the loss of optional units. This may result in a lower guarantee.

If you think you will be submitting a claim that will be above the $200,000 threshold, please contact your agent to begin the APH Review process. In most cases, the review process can begin right away, allowing for a head start on the process before you get even busier with harvest. Most claims will not be paid until the review is completed. The earlier the process begins, the earlier a claim can be paid. For more details, please contact your local GreenStone crop insurance specialist. ■ Apple Reminders The sales closing deadline to change your current coverage or take out a new policy for the 2016 crop year is Nov. 20, 2015.

Premiums are not billed to you until Aug. 15, 2016 and are due Sept. 30, 2016. Your current coverage will carry over for 2016 if you do not change anything in writing by Nov. 20, 2015.

Recently, Risk Management Agency (RMA) increased the threshold for an Actual Production History (APH) Review from $100,000 to $200,000 on a per crop, per county basis. With the weather conditions areas of the country experienced this year, it is likely that many producers could meet or exceed this amount. An APH Review is simply the process of verifying the accuracy of the insured reported production, share and acres. Accurate and complete records will simplify the process along with these guidelines.

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January 15 is the acreage and yield reporting deadline for fruit.

Please report acres and production as early as possible! The County Transitional Yield (T-Yield) and 2015 prices have not been announced at this time. That information will be included in your renewal information later this year. ■ Organic Crops As a reminder, RMA now requires all insured organic certified producers to provide a copy of their organic crop plan and organic certificate to their agent before the acreage reporting date.f you cannot prove fresh sales, RMA requires that your apples be changed to processing for the current crop year. ■

Fresh Apple Reviews

Crop Insurance Calendar...

OCTOBER

15

Forage Underwriting Report Signature Due Date

25* 30 31

Wheat Final Plant Date October LGM Sales Close Date End of Insurance Period (loss reporting deadline) for Fall Crops Final Claim Reporting Date for Dry Beans

NOVEMBER

5

End of Insurance Period (loss reporting deadline) for Apples

14 15

Wheat Production Reports Due Wheat and Forage Acreage Reports Due Final Claim Reporting Date for Sugar Beets

20

Fruit Sales Close Date and End of Insurance Period for Grapes November LGM Sales Close Date

DECEMBER

10 18

End of Insurance Period (loss reporting deadline) for Spring Crops December LGM Sales Close Date

JANUARY

15

Fruit Acreage/Production Reports and Pre-Acceptance Worksheets Due

* Please note that some dates can vary by county. Please check with your crop insurance specialist for specific dates if you are unsure.

Please remember, 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 that you have sold your apples as fresh and at what price they were sold. The requirement is 50 percent or more were sold as fresh, at a fresh price in at least one out of the last four 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. ■ Livestock Gross Margin Dairy Livestock Gross Margin (LGM) Dairy is a pilot program administered by the RMA to help dairy producers protect against the combination of lower milk prices and higher feed prices. Basically, it allows you to set a floor on the Class III milk price and a ceiling on your feed costs, protecting the gap (margin) in between.

Because it is a pilot program, the RMA limits the amount of premium dollars that can be written by crop year, so availability will be handled on a first-come-firstserved basis. LGM is available for sign up on the last business Friday of each month until funding is no longer available. If you are interested in looking into a LGM-Dairy policy, do not hesitate to contact your crop insurance specialist today! ■ Co-Mingled Production Please be aware, any production from 2014 that is being carried over into the 2015 harvest needs to be measured or marked by an adjuster prior to adding the current year’s production. Added production needs to be kept separate by unit through bin markings. If Optional or Basic Units are being combined, the insured may mark the bin themselves. ■ Acreage & Production Reports Please keep in mind it is the customer’s responsibility to report the crop that was planted in each section, the planting date, and your percent share of that crop. Reporting your crop accurately and double checking everything is very important. Corrections or changes cannot be made after the reporting deadline.

If you have any questions or would

like assistance, just contact your local GreenStone crop insurance team. ■ Prevented Plant or Replants If weather conditions prevent you from planting or you need to replant, you may qualify for a claim. File a claim with your agent before replanting and remember, if you have a prevent plant situation, a claim must be filed within 72 hours after the end of the late planting period, which varies by crop. Do not replant before calling your crop insurance team.

(There is a minimum requirement of 20 percent of the unit or 20 acres for both replant and prevent plant, whichever is less.) It is also important to note that failure of a spring crop to reach maturity is not a covered cause of loss for prevent plant claims. (Example: You cannot claim prevent plant for 2016 wheat just because the 2015 soybean crop has not reached maturity.) ■ Accounting & Billing: If you recently received a billing statement, premiums were due before October 1. Starting with the earliest Premium Bill date, payments are applied as follows: a.) Any unpaid finance or interest charge, b.) Unpaid Administrative Fees, and c.) Unpaid Premiums. Please keep in mind that accrued interest on uncollected premium is attached according with the terms of the Standard Reinsurance Agreement and cannot be waived by the agent or AIP. ■ End of Insurance Period Insurance ends on each unit or part of unit at the earliest of: • Total destruction of the crop • Harvest • Final adjustment of loss • Applicable calendar date in the Crop or Special Provisions • Abandonment • Or, as otherwise specified in the Crop Provisions Provisions require a Notice of Loss (NOL) within 72 hours of damage discovery but not later than 15 days after the end of insurance period. Revenue losses must be submitted no later than 45 days after release of Harvest Price. ■ Partners — Fall 2015

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EL NIÑO:

COULD THIS CYCLICAL EXTREME BE GOOD FOR CORN AND SOYBEAN PRODUCTION?

By AgriBank WEATHER FORECASTERS HAVE DECLARED THE ARRIVAL OF EL NIÑO, COMPLEX WEATHER PATTERNS RESULTING FROM VARIATIONS IN OCEAN TEMPERATURES IN THE PACIFIC OCEAN. THE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION (NOAA) SAYS THE “FORECASTER CONSENSUS” IS FOR A STRONG EL NIÑO EVENT THAT HAS A 90 PERCENT CHANCE OF PERSISTING THROUGH FALL AND AN 85 PERCENT CHANCE OF LASTING THROUGH WINTER. WHAT DOES THIS MEAN FOR MAJOR CROPS ACROSS AMERICA’S HEARTLAND, NAMELY CORN AND SOYBEANS? HISTORY OFFERS SOME CLUES. From the Pacific to the Plains: Ocean Temps Affect Weather Patterns The term El Niño refers to the largescale, periodic warming in sea surface temperatures across the east-central equatorial Pacific Ocean, and the resulting impact on weather. Typical El Niño effects are likely to be strongest over North America during the winter months, because the El Niño Southern Oscillation (ENSO) temperature fluctuations usually reach their seasonal peaks November through February; however, weather impacts can occur at any time of the year. These include warmer-than-average temperatures over western and central Canada, and over the western and northern United States.

Wetter-than-average conditions are likely over portions of the U.S. Gulf Coast and Florida, while drier-than-average conditions can be expected in the Ohio Valley and the Pacific Northwest. The presence of El

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Fall 2015 — Partners

Niño can significantly influence weather patterns, ocean conditions, and marine fisheries across large portions of the globe for an extended period of time. El Niño means “The Little Boy,” or “Christ Child,” in Spanish. El Niño was originally recognized by fishermen off the coast of South America in the 1600s, with the appearance of unusually warm water in the Pacific Ocean. The name refers to the time of year (around December) during which these warm water events tended to occur.

The Current Forecasts The current “forecaster consensus” is for a strong El Niño event, but it does not specify how strong, according to NOAA. The Oceanic Nino Index (ONI) is a principal measure used by the U.S. National Weather Service for monitoring, assessing and predicting the ENSO cycle. The ONI is based on sea surface temperature departures from average in a specified area of the Pacific Ocean called the Nino 3.4 Zone. The ONI is a threemonth “centered” moving average of the current month’s temperature deviation along with the preceding

and following months’ readings. El Niño is characterized by an ONI equal to or greater than 0.5 C. La Niña is characterized by an ONI equal to or less than -0.5 C. By historical standards, to be classified as a full-fledged El Niño or La Niña episode, the ONI must be equal to or exceed these thresholds for at least five consecutive months. Almost all forecasting models indicate that the ONI will be equal to or greater than 0.5 C through the end of 2015. Several models suggest that the ONI will exceed 1.5 C later in the year— considered a “strong” El Niño reading.

Historical Impact of El Niño on Corn and Soybeans With El Niño conditions expected to be present through the remainder of 2015 and into next year, what is the likely impact on U.S. corn and soybean production? Historical records indicate that, with a few exceptions, El Niño is strongly correlated with positive results for both crops. The consensus opinion is that we are entering into at least a weak El Niño phase in the ENSO cycle, and some forecasters are even calling for this upcoming event to be a strong or very strong El Niño rivaling the events of 1982/83 and 1997/98.

Historical examination of El Niño events and U.S. corn and soybean production indicates that the main negative threat to production is a wet spring followed by a hot summer that damages a susceptible late-developing crop. This is usually the El

Niño to La Niña transition scenario like what occurred in 1983 and 1988. Occasionally, a hot, dry spell in June or July during critical crop development stages can also cause subpar production results such as in 1991, 2002, and 1997 (for corn). The Great Flood year of 1993 was an anomaly due to a shift in the “Bermuda High” weather pattern, which cannot be directly correlated to a particular ENSO pattern, as no confirmed El Niño occurred that year. However, history indicates that, in years where there is a late season onset of El Niño (average ONI values equal to or greater than 0.5 °C for the third and fourth quarters of year), odds are very good for having better than average corn and soybean crops. If there is an analog to the current year so far, it would likely be 1997, which was a record El Niño year. In that year, corn yields came in slightly below trend, while soybean yields were slightly above trend. Acreage abandonment was near average for both crops. Corn saw less planted acreage than intended while soybeans saw more. Crop producers can prepare for the likely El Niño event by monitoring short and long-range weather forecasts, adjusting marketing and operations plans as necessary based on the forecasts, and ensuring appropriate risk management tools are in place

to protect against extreme weather conditions.

El Niño: the three-quarter effect Further analysis shows that, in years when El Niño conditions are present for the second, third and fourth quarters, the positive impact on corn and soybean crop production can be even greater than when the conditions are present for only the last half of the year. When final data is available, these conditions will most likely be the case for 2015.

Methodology for analyzing El Niño trends The accompanying analysis of the El Niño impact on corn and soybean production took the following approach: • Looked at three production performance variables (green shading indicates positive result, red shading indicates negative result): − Deviation (+/-) in national average yield per acre from the long-term trend line yield (1948 to 2014 for corn, 1960 to 2014 for soybeans) − The percent of final planted acres not harvested (proxy for “abandoned” acres) minus the Olympic average (drop high and low, then average remaining) of the previous five years

− The difference between the final reported planted acres and the acres initially reported in the March USDA Prospective Plantings report (proxy for prevented plant acres and acres switched to other late planted crops) • Looked at annual data from 1960 through 2014 crops for yield deviation and percent not harvested (due to limitations in data history, the difference in acreage planted analysis only goes back to 1975) • Classified years according to quarterly average ONI values (green highlights imply meets El Niño criteria, red highlights imply meets La Nina criteria) for the last two quarters of the preceding year and the four quarters of the current year—corn and soybeans are usually planted in the spring (March to May) and harvested in the fall (September to November) • Expect that, based upon 2015 year-todate ONI values and the National Weather Service ENSO outlook, the quarterly ONI average values for 2015 will be at or above the El Niño threshold for at least the third and fourth quarters and most likely also for the second quarter of 2015. ■

Corn: Years With El Niño Conditions in Q2-Q4 (Average Quarterly ONI > 0.5 C)

Soybeans: Years With El Niño Conditions in Q2-Q4 (Average Quarterly ONI > 0.5 C)

Partners — Fall 2015

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LEARN

HOW THE AFFORDABLE CARE ACT AFFECTS SMALL BUSINESS

By Kelly L. Tobin, Senior Tax Accountant/Product Manager THE AFFORDABLE CARE ACT (ACA) MANDATES LARGE EMPLOYERS TO PROVIDE MEDICAL INSURANCE BENEFITS TO EMPLOYEES OR PAY A PENALTY. LARGE EMPLOYERS ARE DEFINED AS EMPLOYING 100 OR MORE FULL-TIME EMPLOYEES IN 2015 AND 50 OR MORE FULL TIME EMPLOYEES IN 2016 AND FUTURE YEARS. WHAT ABOUT BUSINESSES THAT EMPLOY LESS THAN 100 EMPLOYEES IN 2015 AND LESS THAN 50 EMPLOYEES IN 2016? CAN THE ACA AFFECT THE SMALL EMPLOYER? In order to maintain a competitive workforce, many small businesses provide health insurance to their employees. Some of these small employers provide a group health plan through a qualified cafeteria plan, which meets the strict requirements of the ACA. However, according to the National Federation of Independent Business (NFIB), about 18 percent of small businesses in 2014 reimbursed employees who bought individual medical insurance plans.

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Fall 2015 — Partners

Tax Calendar...

OCTOBER

15

Individuals file a 2014 income tax return (Form 1040) if you requested an automatic six month extension.

NOVEMBER

2

Non-farm employers file Form 941 for the third quarter to report social security, Medicare, and withholding.

DECEMBER

15

Corporations deposit the fourth installment of estimated income tax for 2015.

exposing themselves to a penalty. Effective July 1, 2015, this relief no longer exists. Despite several Congress members expressing a desire to extend the relief or change the law, no bill has passed.

Even though the ACA does not mandate small businesses to provide health insurance to their employees, it does affect how small businesses can provide this benefit. Employers with only one employee can continue the reimbursement arrangement. These employers should adopt a medical reimbursement plan also known as a Sec. 105 plan. The plan must be in writing and certain procedures must be followed.

This worked fine and was within IRS guidelines to allow tax-free fringe benefit treatment until the ACA was enacted. Unfortunately, for businesses with more than one employee, these reimbursement plans do not meet the requirements of the ACA. Employers with more than one employee that continue to reimburse employees for medical insurance premiums may expose themselves to a $100 per-day peremployee penalty.

GreenStone recommends using “AgiPlanNOW” for farmers or “BizPlanNOW” for all other businesses. These plans are provided by Total Administrative Services Corporation (TASC) and contain an IRS audit guarantee, if proper procedures are followed. GreenStone has worked with TASC since the early 1990’s, and many of our tax clients currently use these plans. The plans work best when the business owner’s spouse is the only employee of the business. When adopted, these plans make all of the medical insurance premiums and all or a significant amount of out-of-pocket medical expenses a business deduction, which can save a significant amount of income tax.

Congress and the IRS recognized many small business operators were not aware of the stricter ACA rules. Temporary relief from those rules was granted through June 30, 2015 for small businesses, allowing small businesses with more than one employee to continue with the reimbursement arrangement without

Small businesses with more than one employee must look at other options to keep within the ACA law. The most obvious option for employers with more than one employee is to provide their employees group health insurance coverage. However, with the costs of group health insurance increasing, many small

employers cannot afford the cost of group health insurance. Some small businesses will probably have to discontinue their medical insurance benefits.

An option for small businesses with multiple employees that are all family members may be a No-Limit Medical Reimbursement program, which is also offered by TASC. This plan satisfies the ACA requirements and the IRS requirement for a reimbursement plan to be in writing. The kicker is there is no limit to medical reimbursements. However, if all of the employees are immediate family members, this may be reality anyway. At least the plan gets all of the expenses deducted as a business expense rather than a personal itemized deduction, which may provide very little or no tax savings.

TASC has also developed a plan for small businesses with 2 to 20 employees called a Non-Employer Sponsored Premium (NESP). This plan allows the employer to specify plan limits and provide employees that are not subsidized by the ACA with tax-free dollars to pay for individual health insurance. The plan can only be used by employers with 20 or fewer employees.

The ACA does not mandate small employers provide health insurance to their employees.

However, small businesses that desire to provide this benefit to their employees must navigate a complex web of rules and regulations under the ACA. To keep from running afoul of the law, see a Greenstone tax accountant to help you design a plan to best fit your needs and circumstances. ■ Partners — Fall 2015

41

CAREERS

AGRICULTURAL CAREERS EXTEND BEYOND THE FIELD You won’t find a better time to cultivate a career in the agricultural industry than today! According to an employment report released by the United States Department of Agriculture’s (USDA) National Institute of Food and Agriculture and Purdue University, there will be nearly 60,000 high-skilled agriculture job openings expected annually over the next five years in the United States, yet only approximately 35,000 graduates available to fill them. This leaves a tremendous demand for recent college graduates with a degree in agricultural programs to fill jobs in the food, agriculture, renewable natural resources, and environment fields.

DID YOU KNOW? There are several resources available to assist with finding a position within the agricultural industry, and also with GreenStone?

• Members of GreenStone’s human resources team regularly

attend college career fairs and recruitment events! Earlier this fall we participated at Michigan State University and Central Michigan University, University of Wisconsin-River Falls, and will be at Grand Valley State University on Oct. 22.

• In addition to broad job boards, there are also industry specific sites like www.agcareers.com, which attract a wide range of large and small companies and candidates. Job postings include agriculture specialties, agronomy, crop production, biotechnology, and agricultural finance—just to name a few!

• Opportunities at GreenStone can be found on the

association’s website: www.greenstonefcs.com, and also, visit the national Farm Credit System’s website, www.farmcredit.com, to find other employment openings throughout the country!

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Fall 2015 — Partners

i There is a tendency to look at agriculture through a narrow frame of mind, but it is not just production agriculture that is creating demand. About half—roughly 46 percent—of the estimated annual new job opportunities will be in the business or management field; positions will range from agricultural loan officers, farm labor and marketing specialists to land use managers and sales and service representatives. These openings go beyond what is naturally considered ‘agriculture,’ and offer the satisfaction of working in a field that addresses some of the world’s most pressing challenges, and opportunities to maintain a stable career over time.

As the population is expected to grow to more than nine billion people by 2050, the importance of agricultural-related jobs will continue to increase. According to the USDA, college graduates with expertise in food, agriculture, renewable natural resources, and the environment are essential to the ability to address the U.S. priorities of food security, sustainable energy, and environmental quality. Graduates in these professional specialties not only are expected to provide the answers and leadership to meet these growing challenges, but they also must exert global leadership in providing sustainable food systems, adequate water resources, and renewable energy in a world of population growth and climate change.

GreenStone employs nearly 500 individuals across Michigan and northeastern Wisconsin. If you add up all of the employees within the national Farm Credit System, close to 12,000 people are collectively employed throughout the United States within a variety careers in lending, underwriting, loan processing, tax and accounting, human resources, and many more. GreenStone is no exception when it comes to the recent announced demand for college graduates. Through the association’s internship program and college recruitment efforts, GreenStone searches for highly-skilled individuals who have a passion for agriculture as the demand for graduates in agriculture related fields continues to rise. Like other employers throughout the industry, the association will continue to seek to hire a diverse workforce reflective of society as a whole.

What an exciting time to begin a career in the industry! With the agricultural economy strong throughout the U.S., employers are searching for highly-skilled, college graduates to fill the ample variety of career opportunities that will be available over the next five years. ■ Source: http://nifa.usda.gov

HUNTING MADE EASIER Smartphones make for smart hunting! There are many smartphone applications (i.e. apps) that are great aids for hunters, such as those that help with tracking results to improve your future hunts. There are also many free map-based apps that offer hunters precise weather forecasts with wind direction and GPS location management to find tree stands, blinds, and trail cameras. As another example, Ducks Unlimited offers a variety of mobile apps for waterfowl hunters and conservation supporters to identify waterfowl, track migrations, journal hunts, as well as a sunrise/ sunset calculator.

For predator hunting, consider using your smartphone in conjunction with a Bluetooth speaker and a predator calling app for a relatively inexpensive solution. Speakers often work wirelessly up to 100 yards from your location, do not require cellular service, run on batteries, and produce as much as 115 decibels of sound. Many hunting Bluetooth speakers sell for less than $100.

Smartphones apps are also available for hunter safety, compasses, flashlights, moonphases, and ballistic calculations. Take a minute and let your hunt benefit from these endless “smart” options!

...Tech Tip

Partners — Fall 2015

43

3515 West Road East Lansing, MI 48823

The season is upon us...

TAKE AIM RECREATIONAL LAND FINANCING– You have your sights set on owning that perfect piece of hunting land, and GreenStone can help you bag it! We offer financing that includes affordable fixed rates on acreage of any size.

Don’t let the season—or that land—slip by; contact the lending experts at one of our 36 offices today!

800-444-FARM

www.greenstonefcs.com