Partners Summer 24

Promoting the business success of our customers and the rural community

GreenStone FCS

Summer 2024

2024 SCHOLARSHIP RECIPIENTS TAX FEATURE: CORPORATE TRANSPARENCY ACT CultivateGrowth Spotlight:

Indigo Lavender Farms

CROP INSURANCE NEWS SUMMER MARKET OUTLOOK

SUMMER 24 5 CultivateGrowth Feature. Less than 10 years ago, Tricia Dennis was commuting to her job as a corporate attorney in downtown Detroit. The former U.S. Air Force Captain spent more than 17 years commuting to her job. She was tired of the grind, so when her husband, Gregory, decided to start a lavender farm, she was completely on board.

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27 Country Living Feature.

Sometimes, all you need is a quick get away from the hustle and bustle of the city to enjoy the peace and quiet of nature. For Melissa Potvin and Michael Schaub, that was just a short drive from Traverse City to 80 sprawling acres in the woods where they can escape to and unwind.

35 Tax Feature.

The Corporate Transparency Act (CTA) has been recently updated, yet many impacted business owners still do not understand it.

3 CEO Comments.

President and CEO Travis Jones shares thoughts collected while on a summer morning run.

11 Guest Feature.

Not long ago the only way to protect against the risk of long-term care expense was through the purchase of a traditional long-term care insurance policy. Now new options have emerged.

13 Market Outlook.

For the remainder of 2024 into 2025, the outlook for the U.S. economy is positive, but not without challenges.

23 Directors’ Perspective.

Here's what two directors had to say - things they have realized while serving on the board, and now appreciate even more about the cooperative.

25 Legislative Matters.

After much anticipation, the House Agriculture Committee passed their version of the Farm Bill: The Farm, Food and Security Act of 2024 on May 24, 2024.

26 PAC Progress.

The election year is in full swing and our proactive engagement is working to raise awareness of agriculture and rural communities.

29 Guest Column.

Here’s a challenge to consider: a first-time visitor to Michigan has only one week to see as much of the state as possible and you are their tour guide. Where do you take them?

30 Keeping Yourself And Your Skin Protected.

There are many precautions available to protect you and your skin this summer while enjoying the outdoors.

31 Off Roading Safety Tips While the adventure of two tracks is fun it can also be dangerous, but here are a few tips to help make sure the fun is also safe.

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Tech Tip. In today’s environment, scams are increasingly sophisticated and pervasive.

8 Agriculture Blog Brief 9 CultivateGrowth Resources 16 Member News 17 GreenStone Scholarships 18 Wisconsin FFA 19 Behind the Scenes 20 Pause for Applause 21 Summer Interns 22 Calendar of Events 24 Candid Comments

30 Country Living Blog Brief 32 Commodity Cuisine...

Honey Lavender Lemonade 33 Crop Insurance News 34 Crop Insurance Calendar

Publisher’s Note: Summers are stereotypically viewed as a time to relax, socialize on the deck or around the bonfire, enjoy the abundance of water around us, and explore the outdoors.

But when summer connects with reality, that perspective might need some adjustment to truly embrace the experience.

I recently found myself wallowing in the idea that summer would soon be over and we won’t have made time to enjoy it. Then I paused…watching my daughter play for a national soccer title may have replaced our traditional family camping trip, but how many people get this opportunity? Spending hours every night at the barn working our show animals or playing summer league sports eliminates the option for a neighborhood bonfire, but my kids are so excited for their upcoming shows and seasons. Whether your days are spent in a field of dust on the tractor, running kids between summer camps, greeting eager customers at your agritourism farm, or baking in the sun sitting sidelines at the sporting event, it’s all part of YOUR experience and appreciating what you have is all that matters. Appreciation is a powerful thing - there’s no right or wrong way to enjoy life.

That realization is exactly what allowed Tricia Dennis, with her husband’s encouragement, to transition from the Air Force to an attorney to a content and successful lavender farmer (page 5). For the Potvins, it was their ability to see the potential when it came to owning their own 80 acres of recreational bliss that has allowed them to embrace their find (page 27). Policymaking (page 25), markets (page 13), and business requirements (page 35) all provide the opportunity to accept and appreciate even that what you can’t always control and find the potential in what’s to come. Similarly, youth educational support (page 17) and internships (page 21) allow us to appreciate our bright future.

There’s certainly not time for everything, so let’s focus on appreciating the choices we make and the opportunities we’re given…and hopefully you’ll also appreciate the articles you’re about to read in this issue of Partners.

Happy reading, Melissa

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

Editorial Amber Echlin Emma Moore Melissa Rogers Dakota Spink

Art & Design William Eva Olivia Gallt

Partners GreenStone Farm Credit Services 3515 West Road East Lansing, MI 48823 800-444-3276 marketing@greenstonefcs.com

CEO Comments:

Summer Update Recently I received a reminder email from Melissa Rogers, GreenStone’s VP of marketing & public relations, that this quarter’s Partners article was coming due. So, during a short run (very short) this morning I was thinking about what to write about. There are certainly some challenges in the agriculture industry. A handful of those come immediately to mind: - Highly Pathogenic Avian Influenza (HPAI) – This has been a significant event for our dairy customers, especially in Michigan, that requires added management time and biosecurity measures. It has been much more than that to some of our poultry producers who have faced required depopulation of flocks and major disruptions to their businesses.

- Labor costs – Agriculture leaders are working together to raise the awareness of Congress to the ever-increasing H-2A labor rates as a result of the annual adjustments to the Adverse Effect Wage Rate (AEWR) and the impact the cost is having on many of our growers. Momentum appears to be building in Congress to at least freeze the AEWR rates at January 2023 levels. More permanent solutions are needed but this would be a start.

- California’s Prop 12 – Pork producers and agriculture leaders from throughout the country are generating support for relief in the Farm Bill from California’s Prop 12 law that dictates how pigs must be raised in order to market pork products in California.

- Net Farm Income – As we have discussed, the industry is expecting 2024’s Net Farm Income to be significantly lower than 2023.

Current commodity prices are not changing that projection materially.

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- Interest Rates – After lots of talk at the end of 2023 and early 2024 of shortterm interest rates declining in 2024, any significant movement in rates yet this year would be a surprise.

GreenStone’s management team, like most, spend a lot more time discussing challenges and possible resolutions to those challenges than we do all the good things happening to our organization or “the wins”. I have to continually remind myself of a saying that Jack Koester, GreenStone’s VP of regional operations, uses at the end of meetings discussing a number of our challenges.

It goes something like, “We certainly have opportunities for improvement, but don’t forget we have a thousand things going right.” And he is absolutely right.

GreenStone has a thousand good things happening. Many of those positives are because of our outstanding employees.

They are committed to our Core Four values starting with putting our Customers First.

We have the greatest customers/members/ owners in the world. The dedication our members have to providing food, fuel and fiber to the world is unmatched. Examples of this dedication are endless but this time of year I’m reminded of more than a few: - Staying up all hours of the night to be in the fields and beat tomorrow’s rain.

- Forgoing sleep to monitor the cold temperatures to determine if the wind machines should get turned on to protect the budding fruit trees.

- The cows get milked multiple times a day, every day. Every day.

- The huge investments our members put into their farms and businesses, and the risk associated with those investments.

Another positive for all of us is the Farm Credit System (the System). I recently attended a meeting with approximately 25 other CEOs from within the System. Two of the presenters reminded me of how special it is to be part of Farm Credit, whether as an employee or a member/owner.

Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation described a number of things going well for the System today.

- T he System’s financial position is very strong.

- T he System’s cost of funds continues to closely follow the cost of U.S. Treasury debt.

- I f the United States has another financial crisis or a significant geo-political crisis arises, the System will have deep access to the capital market to provide funding to our members. The funding needs of customers would be met, and the System’s market share would probably rise.

financial institution in the country (just behind Goldman Sachs and just ahead of Capital One).

- What really makes Farm Credit special is we are owned by our members. None of the other large financial institutions are part of a cooperative system.

In summary, your Farm Credit cooperative is very strong and is here to support you today and long into the future.

By the way, Melissa leads the team that produces our Partners publication. I just think they do a tremendous job each and every quarter. I hope you enjoy this one.

Thank you again for being customers and members of GreenStone!

Please feel free to reach out to me any time if I can ever be of assistance.

Todd Van Hoose, President and CEO of the Farm Credit Council described the System’s growing strength.

- T he passing of the Farm Bill should be a positive for Farm Credit and our members.

- T he System’s market share of agriculture lending is up to 46%, an all-time high.

Commercial banks’ market share is next highest at 35% of total agriculture lending.

- F arm Credit’s support of rural communities and agriculture continues to grow as the System had a loan balance totaling $398 billion to 604,000 customers at December 31, 2023. Total assets of the System would make Farm Credit the eighth largest

Travis D. Jones

517-318-4144 travis.jones@greenstonefcs.com

Partners — Summer 2024

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Indigo Lavender Farms CultivateGrowth Feature:

Less than 10 years ago, Tricia Dennis was commuting to her job as a corporate attorney in downtown Detroit.

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Summer 2024 — Partners

GROW

The former U.S. Air Force Captain spent more than 17 years commuting to her job. She was tired of the grind, so when her husband, Gregory, decided to start a lavender farm, she was completely on board.

There is also a large honeybee population on the farm, who stay hard at work making delicious lavender honey. There are nearly 500,000 pollinators on the farm, and they are an important part of the farm ecosystem.

“I joke that on April 30, 2017, I was in my business suit and heels behind a desk, and on May 1, I was sitting behind a tractor getting covered in dust and putting in flower beds,” she said. “I’ve enjoyed it immensely. I don’t miss the commute or the corporate life at all.”

A period of growth

In 2017, Tricia was able to quit her job and take over as owner/ operator of the lavender business. Located in Imlay City, Michigan, it opened to the public in 2018. The business is both veteranowned and woman-owned, a rare combination in agriculture.

In the first year, Indigo Lavender Farms had just under 4,000 plants, and by 2018, it had more than 10,000 plants. Today, the farm boasts more than 14,000 plants and is considered the largest lavender farm in Michigan with six fields and nine varieties. The

“I’ve come across several operations owned by women, but I don’t know that I’ve met another farm that is both women- and veteranowned,” Tricia said.

Trish loves to be on the farm working the garden and pruning the lavender during the summer months. She believes in naturally sustainable farming and works to use best practices for the lavender and honeybees. Everything on the farm is all natural, and there are no chemicals used on the plants.

Tricia and her husband have two active children, Wren and Trace, an upcoming senior and sophomore, respectively, who are also active on the farm.

About the farm

The farm features nine varieties of lavender made up of six lavandula angustifolias and three lavandula x. intermedia.

“Lavandula is a genus of 47 known species of flowering plants in the mint family,” Tricia said.

In 2018, several breeds of feathered friends joined the Indigo family. Silkies, chickens, ducks and even peacocks enjoy the southwest corner of the farm. Silkies are a breed of chicken named for their fluffy plumage which is said to feel like silk and satin. ➡ Left: With over 50 acres of rolling hills and lavender, Indigo Lavender Farms is home to nine varieties of the purple plant. ➡ Above: The Farm Store features a variety of lavender products made right on the farm, as well as locally made goods. ➡ Right: On the farm, you will find the lavender in full bloom in late June through early July.

Partners — Summer 2024

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average lavender farm in Michigan is less than 1,000 plants.

The farm has added more flowers over the last few years, giving a variety of blooms in the spring and fall as well.

The farm itself is 50 acres and not only home to the purple flowering plants but also a farm store with local-artisan-made goods, a greenhouse, garden, chicken coop, wetlands and more.

“Lavender is naturally drought- and pest-resistant; however, we must weed and nurture our plants by hand to ensure their health and productivity,” she said.

After a few years, the couple had more lavender than they knew what to do with, so they started selling products at local markets.

Today, Indigo Lavender Farms is much more than a farm. Visitors are able to pick their own lavender. There are also a number of photoshoots that happen on the property for weddings, engagements and senior photos. They are also a great venue for wedding ceremonies and receptions.

Indigo is also host to several festivals throughout the year, including Lavender Daze July 19-21, which includes several workshops, wreathmaking classes, lavender planting, vendors, live music and more.

The farm employs three people year-round, and has as many as 12 employees during peak season, which is mid- to late-June through the middle of August.

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Support from the community

Tricia said that the couple has received a lot of support and encouragement from the community, other lavender growers, the USDA and GreenStone Farm Credit Services.

“I feel fortunate with my background as a lawyer because I had some knowledge about running a small business; however, it is very challenging. I’ve learned a lot about the farming and the business side as well,” she said.

Tricia said she and her husband approached the USDA for a farm ownership loan, and as part of the requirements, they needed to bring in a banking partner.

“We were referred to GreenStone, and the experience has been outstanding,” she said. “They have terrific customer service and lots of options and alternatives to assist in terms of repayments or refinancing.”

GreenStone was Indigo’s finance partner together with the USDA for the original farm loan. They later approached GreenStone when they wanted to acquire more property for the farm. Before they knew it, Indigo quickly grew from 27 acres to 50 acres, which resulted in a second loan with GreenStone.

Tracy Jelinek, senior financial services officer for GreenStone, said she has been involved with helping to expand Indigo Lavender’s footprint with additional financing for an office building, additional acreage and the Dennis’ primary residence, which is located on the farm.

“Having previously been a Captain in the Air Force and a corporate attorney, Tricia is very organized and detail-oriented,” Tracy said. “She’s good with numbers, and when I became involved, their business was already established, so that helped making the analysis process a lot easier.”

Indigo Lavender was the first lavender farm that Tracy worked with, and she has since worked with several other similar farms.

“I can reach out to Tricia and bend her ear,” Tracy said. “She’s very visible in the public and is able to share her experience, the pros and cons and rewards and successes as she grows her business.”

“GreenStone has been fabulous,” Tricia added.

Making the move

Tricia had never been involved with an active farm, but she has found she enjoys it much more than her former day-to-day corporate life.

i AGRICULTURE – OPEN FIELDS BLOG BRIEF GreenStone publishes regular updates on our Open Fields blog. Check out some of the posts you may have missed at www.greenstonefcs.com/openfieldsblog.

How to effectively work with your lender during the cycles During seasons of uncertainty, farmers should work closely with their financial lenders to navigate financial challenges and find appropriate solutions.

Thinking outside the fields Check out how Sara Matchett uses GreenStone's CultivateGrowth grant to think beyond the fields!

Moving from part-time to fulltime farming? Consider these recommendations There are several things to consider when looking to transition from a part-time to full-time farm.

Our Dairy Trio: Supporting your success GreenStone is pleased to provide dairy producers with a trio of specialized services that work together to protect and assist their businesses. ■

As for advice to those wanting to get started in agriculture, Tricia said to do your research first.

“We did quite a bit of research into what type of crop to plant, which ones were hearty and what climate they require,” she said. “Farming can be challenging but also very rewarding.

There are many things out of your control, like the weather, so don’t be too hard on yourself.” ■ ➡ Left: Tricia stands in the fields with Senior Financial Services Officer Tracy Jelinek, who has helped the beginning farmer grow her operation with GreenStone’s CultivateGrowth program. ➡ Left Top: Customers have the opportunity to pick their own lavender varieties by purchasing a “Upick Bundle”, or they can purchase dried lavender in the Farm Store.

Partners — Summer 2024

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CultivateGrowth Resources:

Empowering Young Farmers through Education:

GRANTS AVAILABLE!

Sara Matchett, a young farmer, knows the importance of being open-minded and learning from other farmers' experiences.

Sara, who grew up on a farm in Holland, now runs a 900-acre farm with 1,600 ewes in Charlevoix, Michigan, with her husband, Noah. Despite the very different farm operations, Sara was able to jump right in and bring a diverse perspective to her current farm.

Attending the Underground Innovations conference in Frankenmuth, Michigan, Sara was inspired by the various farming practices shared by guest speakers. She learned about innovative techniques like conservation tillage and rotational grazing, which could be adapted to her farm’s shorter growing season.

Sara's attendance at the conference was made possible by GreenStone’s CultivateGrowth grant, which covered the costs. She highlights how essential this financial support was, as it removed the barrier of attending a distant event.

“The fact that GreenStone was able to cover that was very helpful,” Sara said.

GreenStone's CultivateGrowth grant is a valuable resource for young, beginning, and small farmers who seek education but may not have the financial means to invest in their education in their current season of life. By offering educational and financial resources, GreenStone helps farmers build a strong foundation.

Don't miss out on the opportunity to cultivate growth and expand your knowledge. These grants are available for young, beginning and small farmers. Visit our website to start your journey toward agricultural excellence: www.GreenStoneFCS.com/Grants. ■

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Join the CultivateGrowth Mentorship Program

RESOURCES BEYOND GREENSTONE FOR YOUNG, BEGINNING AND SMALL PRODUCERS BEGINNING AND SMALL PRODUCERS MSU Extension Field Crops Podcast: The "In the Weeds" podcast by the Michigan State University Extension (MSUE) Field Crops team provides timely updates on weather, crops, and pests, offering bi-weekly discussions on critical agricultural issues. Additionally, their "Virtual Breakfasts" deliver weekly in-season updates, accessible via phone, mobile device, or online, making it an essential resource for beginning farmers to stay informed and ahead.

Listen now on Apple Podcasts by

Joining a mentorship program is more than just learning—it's about connecting with industry veterans who have experienced it all.

Whether you're a novice farmer seeking insights beyond your family's farm, a seasoned professional transitioning into agriculture, or even a timber expert eager to learn from experienced loggers, joining a mentorship program offers invaluable lessons beyond the confines of a classroom.

It's a chance to glean firsthand wisdom from individuals who have navigated the trials and triumphs of their respective fields.

About the Program • Tailored for various producers: Designed for young and beginning farmers, urban and diverse producers, and timber professionals.

• Unique experience: Offers a distinctive mentorship journey starting in late 2024.

• Comprehensive support: GreenStone provides essential financial services, grant opportunities, and educational value through this program.

Why Join as a Mentee?

• Gain practical wisdom: Learn from experienced farmers, agricultural

professionals, and timber experts who have faced and overcome real-world challenges.

• Expand your network: Build meaningful connections with industry leaders and peers.

• Beyond the classroom: Acquire knowledge and insights that you won't find in textbooks.

Why Join as a Mentor?

• Share your expertise: Pass on your knowledge and experience to the next generation of farmers and agricultural professionals.

• Foster growth: Help shape the future of the agriculture industry by nurturing new talent.

• Build lasting connections: Form rewarding relationships with enthusiastic and dedicated mentees.

Interested? Submit your Application Today!

Visit www.GreenStoneFCS.com/Mentorship to submit your interest today and become a part of this transformative journey. ■

searching MSUE Field Crops.

Rural Resilience Farm Stress Training: Learn to identify signs of stress and suicide, communicate effectively with those under stress, and reduce the stigma around mental health concerns. It's important to take farm stress seriously and remember that it's okay to ask for or seek help.

The Rural Resilience Farm Stress Training is a free online course designed to help you recognize and address the increasingly common issue of farm stress. This valuable resource, created by USDA's Cooperative Extension System, Farm Credit, American Farm Bureau Federation, and National Farmers Union, is essential for supporting farmers and ranchers during challenging times.

Now hosted online with MSU: www.canr.msu.edu/courses/ruralresilience-open-online-course. ■

Partners — Summer 2024

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The value of Life-Link Long Term Care coverage Coverage for your death benefit needs now, while also covering long term care expenses later on your own terms.

Guest Column: FCS LifeExpress

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Summer 2024 — Partners

Not long ago the only way to protect against the risk of long-term care expense was through the purchase of a traditional long-term care insurance policy. Many people did not like the "use it or lose it" nature of the product and the instability of the premium increases.

Alternatively, Life-Link Long Term Care coverage provides invaluable protection for individuals and families, offering financial assistance by covering death benefit needs, but also living benefits to cover the costs associated with long-term care services.

• Life insurance today to cover debt and replace income.

• Coverage later to pay long-term care expenses.

• Tax free death benefit for beneficiaries.

Coverage if you need it, all your money back ... either in long-term care expenses or in death benefit!

However, the value of such coverage extends far beyond monetary benefits; it provides peace of mind, security, and the ability to maintain dignity and independence in later stages of life.

Here are some key values associated with Life-Link Long Term Care coverage: 1. Legacy Protection: Many farmers have a strong

desire to preserve their farming legacy and pass it on to future generations. However, unexpected long-term care costs can quickly erode the assets they've worked hard to build over the years. LifeLink Long Term Care insurance helps protect their legacy by ensuring their assets remain intact for the next generation, even if they require expensive long-term care services.

2. Financial Security: Farming often involves

physical labor and exposure to various risks such as accidents, injuries, or health issues due to long hours and strenuous work. Life-Link Long Term Care policies provide death benefits to cover debt, farm transitions, and related expenses, but also provides financial protection by covering long-term care costs, including nursing home care, home health care, or assisted living facilities. This helps farmers ensure that they have access to quality care without depleting their savings or assets.

3. Maintaining Independence: With adequate

coverage, individuals can afford to receive care in the setting of their choice, whether it's in their own home, an assisted living facility, or a nursing home. This autonomy is crucial for maintaining a sense of independence and quality of life as one ages.

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Not long ago the only way to protect against the risk of longterm care expense was through the purchase of a traditional long-term care insurance policy.”

4. Access to Quality Care: Having long-term care

coverage can increase access to high quality care services, as individuals can afford to choose reputable providers and facilities that best meet their needs.

5. F lexible Coverage Options: Many Life-Link

Long Term Care policies offer flexible coverage options, allowing individuals to tailor their coverage to their specific needs and budget.

6. Peace of Mind: Farming is not just a job; it's a way

of life for many families. Knowing they have longterm care and life insurance in place can offer peace of mind to farmers and their families, especially as they age. They can focus on running their farm operations without worrying about the financial implications of potential long-term care needs.

7. Tax Benefits: Long-term care insurance premiums

may offer tax advantages. Farmers can potentially benefit from tax deductions or credits associated with their long-term care insurance premiums, providing additional financial relief.

Overall, Life-Link Long Term Care insurance provides farmers with the financial security and flexibility they need to protect themselves, their families, and their farming legacies against the uncertainties of long-term care expenses.

GreenStone and FCS LifeExpress are your trusted resource to provide information and experience to answer all your questions, and provide life, disability and long-term care solutions. ■ The opinions stated herein are not necessarily those of GreenStone Farm Credit Services.

Partners — Summer 2024

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Summer Market Outlook:

A New Economic Crop By: Therese Hill, GreenStone Regional Credit Manager

For the remainder of 2024 into 2025, the outlook for the U.S. economy is positive, but not without challenges.

The end of 2023 saw inflation spike back up suggesting that the normalization of inflation will take longer than originally projected.

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Summer 2024 — Partners

Year-over-year core inflation is projected to be 3.5% for the balance of 2024, slowing to 2.5% by fourth quarter 2025.

A softening job market is helping lower inflation. The April jobs report showed unemployment rising to 3.9%, after holding around 3.75% in the second half of 2023. The unemployment rate is anticipated to rise to 4% by fourth quarter 2024 remaining there throughout 2025 due to stabilization of the job market at 120,000 - 130,000 job gains each month.

The housing market is sending mixed signals. Interest rates rose to over 7%, after dipping to 6.6% earlier in 2024.

Despite new listings improving the available inventory, potential buyers are often choosing to stay with their lower rate mortgages. Sales of new single-family homes improved from the end of 2023 into first quarter 2024.

Congress passed a full-year fiscal funding package in March, five months after the 2024 fiscal year started. Looking ahead to the 2025 fiscal budget, a timely resolution again appears unlikely. The 2024 election projections forecast continuing divided government. A resulting compromise may include reduction of discretionary nondefense spending, with growth in defense spending.

Global Economic Outlook

Global economic activity has been surprisingly resilient through the global disinflation of 2022 and 2023. Growth in unemployment and income stability, along with greater than expected government spending, as well as household consumption, have defied warnings of stagnation and global recession. This is despite central banks rate hikes to restore price stability and curb inflation. Global headline inflation is expected to fall from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025 with advanced economies returning to their inflation targets sooner.

As global recession fears cool, the central banks may pivot their focus to reduction in interest rates and tightening fiscal policy aimed at curbing high government debt, potential increase in taxes and reduction in government spending which would likely put pressure on economic growth.

Although the global economy is approaching a soft-landing, risks to that landing remain, including the risk of new geopolitical tensions. Ongoing conflicts

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A softening job market is helping lower inflation.

The April jobs report showed unemployment rising to 3.9%, after holding around 3.75% in the second half of 2023.

continue to put pressure on supply chains preventing the flow of goods and services including food and oil. Slower growth in China, and its troubled property sector, could put further pressure on its trading partners exacerbating China’s economic woes. High interest rates are having a larger than anticipated cooling effect, as households have depleted savings accumulated during the pandemic and are now contending with climbing debt levels causing financial stress.

Agricultural Economic Outlook – May World Agricultural Supply and Demand Estimates (WASDE)

Corn: May’s report for 2024/2025 U.S. corn shows larger supply, greater domestic use and exports, but overall higher ending stocks. The crop outlook projected at 14.9 billion bushels is down slightly from last year. The 2024 crop yield is projected at 181 bushels per acre based on weather adjusted yields assuming normal planting projections and summer weather. Higher domestic use is driven up by feed usage as supply is large and prices are lower. The U.S. is projected to export an additional 50 million bushels of corn in 2024/2025 up to 2.2 billion because of lower exports

by Argentina, Brazil, Russia and Ukraine.

If realized, this will make the U.S. the largest exporter of corn for the second year running. With projected supply increases outpacing increases in domestic usage and exports, ending stocks are projected to increase 80 million bushels and raise stocks to the highest levels since 2018/2019.

Globally, ending stocks of corn and coarse grains are projected to be slightly lower with higher ending stocks in the U.S. offset by declines in Brazil and Ukraine. These estimates adjust the season average farm price to $4.40 per bushel, 25 cents per bushel lower than the 2023/2024 crop.

Soybeans: The U.S. soybeans outlook

shows higher crush and exports, but also a greater supply which outpaces those increases. Increased supply is based on a projected crop of 4.45 billion bushels, a 285 million increase, coming from additional acres and trend yield outlook.

Crush is projected at 2.43 billion bushels as the demand is higher for soybean oil as a biofuel seedstock. U.S. soybean meal is projected at 17.3 million short tons, which is 21% share of the global market, up from the 5-year average of 19%. Exports of U.S. soybeans are projected 125 million bushels higher, up to 1.83 billion bushels due to reduced Brazilian harvest. U.S. ending stocks are projected at 445 million bushels up 105 million bushels from last year.

These estimates adjust the season average farm price to $11.20 per bushel compared to $12.55 per bushel for the 2023/2024 crop.

Dairy: The US dairy herd continues

to shrink. USDA reported a dairy cow inventory of 9.34 million head in April (down 74,000 from a year ago). A scarce heifer supply has also driven up the cost of replacements to record high levels as high as $3,750/head. This makes it difficult to expand cow numbers in the near future and requires more capital for dairies not raising their own replacements. Producers who do not want to pay high prices for replacements can keep low producing cows in the herd, effectively lowering cull rates, or milk fewer cows. From September to March, producers did both as the dairy herd shrank by 30,000 head and dairy cow slaughter was 216,000 head lower during this timeframe in the prior year. High heifer prices may encourage producers to breed a higher percentage of their herd using sexed dairy semen, resulting in more dairy heifers ready to enter the milking herd in Partners — Summer 2024

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The U.S. dairy herd continues to shrink. USDA reported a dairy cow inventory of 9.34 million head in April (down 74,000 from a year ago).

three years. The downside would be losing sale of crossbred beef calves that are selling up to $750-$850 per head at birth, while committing to two years of additional costs of raising heifers to maturity.

Producers saw a significant jump in Class III prices in May compared to the first four months of the year, which averaged $15.77/ CWT. The current Class III quote for May is $18.56 and remains $19.00 - $19.75 through 2024, bringing the overall 2024 Class III futures average to $18.28. The higher-Class III price and narrower spread between Class III and Class IV should help boost revenue for producers. Class IV prices have averaged $19.86/CWT for the first four months of the year and the Class IV futures average for the year is $21.14.

The jump in both Class III and Class IV prices compared to 2023, along with the drop in feed costs should bode well for producers in 2024.

Despite precautions, avian flu is continuing to spread across dairy herds. The first positive case occurred in Texas and according to official counts, cows from 42 dairy herds across nine states have tested positive for the disease. To date, Michigan has had 15 positive cases all tracing back to the original case in Texas.

With such limited data, it is impossible to know how significant the impact will be on milk production. Because products are pasteurized inactivating bacteria and viruses before entering the market, there are currently no concerns about the safety of the commercial milk supply.

Chicken: Live costs continue to moderate

from last fall and are expected to remain subdued over the near term which, in turn, is helping to increase industry profitability. Regarding production, most of 2023 saw YOY increases in production of ready to cook (RTC) chicken which exceeded demand resulting in increasing 15

Summer 2024 — Partners

stocks in cold storage peaking in December 2023 at 880.5MM pounds. This put downward pressure on 2023 markets.

However, in 4Q23, USDA began reporting weekly YOY reductions in egg sets and chicks placed into grow out. These weekly hatchery reductions continued well into 1Q24. This resulted in a YOY reduction in RTC production beginning in November 2023 and continuing into 1Q24 as well as significant monthly reductions in cold storage holdings (743.9MM pounds in April 2024). In April of 2024, RTC production reversed trend and rose seasonally to 102% of one year ago. The monthly average national composite wholesale broiler price began to show YOY improvement in December 2023 with improvement continuing into April of 2024. Exports during 1Q24 were 1,714MM pounds, down 158.5MM pounds from 1Q23 and are projected at 5% lower for full year 2024. USDA is also projecting quarterly increases in RTC production during 2Q24 but moderating in 2H24 with a 0.9% increase for the full year. USDA projects the monthly average national composite wholesale broiler price to drop 7 cents during the current quarter but forecasts a 6-8 cent per pound YOY increase during 2H24.

Pork: The improved lean hog prices and

stronger wholesale pork prices experienced in Q1 continued into the first half of the second quarter, provide much better cash and futures margin opportunities for producers. Falling feed costs, driven by lower corn prices, also helped those margins. Early in Q2, summer hog futures rallied sharply, with July futures closing above $110/cwt. However during the last half of May, futures markets have dropped sharply to the lowest prices in the last 3 months. Profit margin outlooks for Q2 and Q3 remain good but have narrowed significantly.

The March USDA Hogs and Pigs Report showed a sow herd of 6.016 million sows (down 2%) - a larger breeding herd inventory compared with the December report. Lower sow inventories were offset by increased productivity per sow, with pigs saved per litter up over 4% YOY at 11.5 pigs/litter. More hogs are expected to be sold in Q2 and Q3 placing additional pressure on summer hog prices. Export strength continued into the first quarter with export volumes up 6% and export value up 7%, including continued strength in exports to Mexico. Strong March exports increased export value/head to over $70.

USDA is projecting 2024 exports to be up 6.5% over 2023. There is increasing competition in the export market, particularly from growing inventories in Brazil and the EU. Along with production efficiency, managing commodity market volatility with the timing and degree of hedging activities, will be a significant differentiator of financial performance between farms in 2024.

Fruit: Record high temperatures in

February and warmer than normal temperatures through spring have caused concerns in the Michigan fruit industry.

Damage has been noted in wine grapes, peaches, blueberries, and cherries in southwestern Michigan. While still too early to determine the severity, crop damage seems to lessen moving north through the fruit growing regions of the state.

Growers remain cautiously optimistic as they look toward fruit crop harvests.

For both the Michigan apple and cherry industries an average to smaller crop set spurred by the early spring may work in the growers favor by allowing supply and demand curves to reset following a few years of larger crops. Concerns continue regarding supply impacts from outside the state and country. Michigan growers are carefully considering the impacts of heavy planting of premium apple varieties in Washington State. Michigan tart cherry growers continue to be frustrated by heavy imports of processed cherries from countries like Turkey. Both industries have benefited from the floor that crop insurance has provided over the last ten plus years and seek the continuation of this program under a new Farm Bill. ■

CONNECT

NEWS: GREENSTONE MEMBERS RE-ELECT FOUR DIRECTORS TO COOPERATIVE BOARD Four current board members have been re-elected to the GreenStone Farm Credit Services Board of Directors: Ron Lucas, Peter Maxwell, Dave McConnachie, and Scott Roggenbuck.

Ron Lucas of Alpena County, Michigan and Peter Maxwell of Gladwin County, Michigan were re-elected to four-year terms representing voting region 1, covering northern Michigan. Lucas, a dairy farmer, has been a member of the GreenStone board for 11 years, currently serving on the audit committee. Maxwell, a cash crop farmer, has been a member of the GreenStone board for eight years and serves as the board's Vice Chair and serves on the executive and compensation committees.

Dave McConnachie of Sanilac County, Michigan and Scott Roggenbuck of Huron County, Michigan were also re-elected for four-year terms representing voting region 2, covering Michigan’s thumb area.

McConnachie a cash crop farmer, has been a member of the GreenStone board for 20 years, and most recently serving on the finance committee. Roggenbuck, also a cash crop farmer, has served on the board for 17 years and serves on the audit committee.

“GreenStone is a member-owned cooperative governed by our members who understand that our success is their success,” said Travis Jones, President and CEO. “All four of our re-elected board members continue to make GreenStone their first choice. They have been outstanding representatives and leaders. I look forward to continue working with them and our entire 16-person board in meeting our mission of promoting the business success of our customers and the rural communities in Michigan and northeast Wisconsin.”

Along with the board positions, GreenStone’s 28,000 members elected individuals to serve on the cooperative’s 2025 nominating

Get Involved – You Own It! As a member of GreenStone, you not only benefit from the association's services but also play a crucial role in its governance. GreenStone is owned and governed by its members, who have a vested interest in the prosperity of rural communities and agriculture. Your voice and participation are essential in steering the cooperative toward continued success.

Call for Nominations Members from GreenStone's voting region 3 will gather in August to find candidates for open director and nominating committee positions for 2025’s elections. The remaining regions will meet in December to choose candidates for their nominating committee positions. This is your opportunity to take an active role in your cooperative's future. We encourage you to consider participating in the governance process and submit your interest today!

The Nominating Committee: A Gateway to Leadership Serving on the Nominating Committee is an excellent introduction to the governance process.

This one-year commitment offers an in-depth look at the cooperative's inner workings. It typically requires one day of your time, except in regions with open director positions for the following year, which may require up to three days.

Ready to Get Involved?

To learn more about the nominating and director roles, visit www. greenstonefcs.com/ governance. Complete a profile to express your interest or contact our corporate governance coordinator, Cheryl Motz at Cheryl.motz@greenstonefcs. com or 517-318-9557, for more information.

Your involvement ensures GreenStone continues to thrive and serve the agricultural community effectively. Don't miss this chance to make a difference! ■

Region 7

Region 1

Region 5

Region 2

Region 6 Region 3 Region 4

committee. The nominating committee is comprised of GreenStone members from throughout the organization’s territory who are tasked with recruiting candidates for next year’s board elections and nominating committee. The 2025 nominating committee includes: Region 1 – Nathan Clarke (Midland County, MI), and Deidre Iciek (Gladwin County, MI) Region 2 – John Ferkowicz (Lapeer County, MI), and Darrin Wolschleger (Huron County, MI) Region 3 – Calby Garrison (Lenawee County, MI), Nathan Girbach (Washtenaw County, MI), and Jason Winter (Monroe County, MI)

Region 4 – Matthew Ashbrook (Van Buren County, MI), and Matthew Hamlin (Allegan County, MI) Region 5 – Michelle Nitengale (Montcalm County, MI), and Matthew Oesch (Kent County, MI) Region 6 – Damien Miller (Shiawassee County, MI), and Eric Voisinet (Clinton County, MI) Region 7 – Johna Brock (Oconto County, WI), and Jason Walechka, Kenwaunee County, WI) ■

Partners — Summer 2024

16

GREENSTONE PROVIDES SCHOLARSHIPS FOR THE YOUTH OF AGRICULTURE GreenStone sees the importance of supporting the youth of agriculture and recently awarded more than 25 scholarships to students pursuing an agriculturally-based career path this year.

The first being the undergraduate scholarship that awards college scholarships to graduating high school seniors who are dedicated to influencing and impacting agricultural industries.

GreenStone has committed to awarding $40,000 in scholarships to these incoming college freshmen, with $2,000 going to students pursuing a four-year degree and $1,000 to students pursuing a twoyear degree. Since 2010, GreenStone has presented over $400,000 in college scholarships to students who are just as committed to making a positive impact on the agriculture industry as GreenStone is.

The 2024 scholarship awardees are: Aaron Wavrunek - (Denmark, WI),

attending Fox Valley Technical College.

Abby Thelen - (St. Johns, MI), attending

Michigan State University.

Alexis Ewing - (Jonesville, MI), attending

Oklahoma State University.

Anna Woller - (Montague, MI), attending

Muskegon Community College.

Blake Barr - (Yale, MI), attending Michigan

State University.

Briar Albaugh - (Manitowoc, WI), attending

Northeast Wisconsin Technical College.

Bryant Janetzke - (Saranac, MI), attending

Michigan State University.

Chloe Steiner - (Mecosta, MI), attending

Michigan State University.

Dori Stuever - (Capac, MI), attending

Michigan State University.

Helen McBroom - (Dickinson County, MI),

attending St. Norbert College.

Jaqueline Maye - (Wausaukee, WI),

attending the University of Kentucky.

Jocelyn Cerveny - (Gresham, WI), attending

the University of Wisconsin-River Falls.

Joshua Tomlinson - (Baroda, MI), attending

Michigan State University.

Julie Geiger - (Harbor Beach, MI),

attending the University of Wisconsin-River Falls.

Julie Koeppel - (Two Rivers, WI), attending

Michigan State University.

Karlee Whitmore - (Ithaca, MI), attending

Michigan State University.

Makaila Cantrell - (Ruth, MI), attending

Michigan State University.

Ross Kelsey - (Blanchard, MI), attending

Michigan State University.

Sophia Barnum - (Leslie, MI), attending

Michigan State University.

Talan Hiemstra - (Marcellus, MI), attending

Southwestern Michigan College.

Tyler Buckland - (Armada, MI), attending

Northern Michigan University.

Wyatt Epple - (Watervliet, MI), attending

Davenport University.

Zoe Vanrijn - (Deford, MI), attending

Oklahoma State University.

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Summer 2024 — Partners

GreenStone also supports current college students in honor of its former president and CEO, Dave Armstrong. GreenStone has award up to $20,000 in scholarships to college students in the amount of $5,000 each this year. Dave Armstrong served GreenStone and the agricultural community for 41 years before retiring in 2022. Like GreenStone, Dave values youth development and continued education, supporting the future success of agriculture. To be eligible, applicants must reside within GreenStone’s territory in Michigan and northeast Wisconsin, be a full-time college student with at least the fall semester remaining, have at least a 3.0 grade point average, and be studying an agriculture-related field. In addition, the selected students demonstrate participation and leadership in school, community, and agricultural activities.

The 2024 awardees for the Dave Armstrong Scholarship Program are: Amy Kern - (Saginaw, MI), attending Michigan State University.

Clarissa Ulness - (Manitowoc, WI), attending University of Wisconsin - Madison.

Laken DuRussel - (Bay, MI), attending Michigan State University.

Tyler Zelinko - (Saginaw, MI) attending Michigan State University. ■

GreenStone's Commitment to Wisconsin FFA: Empowering Future Leaders in Agriculture GreenStone actively invests in initiatives that promote agricultural excellence and youth education.

Dedicated to nurturing leadership, personal growth, and career success among young individuals in agriculture, the Wisconsin FFA makes a lifelong difference in the lives of thousands of youth each year.

By providing educational opportunities, Wisconsin FFA equips its members with essential life skills and a passion for rural communities and agricultural sustainability, positioning them as future leaders and innovators.

GreenStone, recognizing the importance of organizations like Wisconsin FFA, proudly supports their mission of advancing agricultural education and community development.

Beyond offering financial services,

In June, GreenStone reaffirmed its commitment to Wisconsin FFA through the cooperative’s ongoing support at the recent 95th State Convention. GreenStone's enduring partnership with Wisconsin FFA underscores the organization's belief in the significant impact of nurturing future agricultural leaders. During the three-day convention, over 2,500 FFA members, advisors, and supporters came together for leadership workshops, general sessions, the expo, and more to celebrate the achievements of FFA students.

Abigail Quinlan, Wisconsin FFA Executive Director, expressed gratitude for GreenStone's consistent support, highlighting how their contributions fuel Wisconsin FFA's programs and inspire hope and potential among students across Wisconsin. Quinlan emphasized that GreenStone's involvement is crucial in empowering the next generation

and fostering a promising future for the agriculture industry.

“We deeply appreciate GreenStone's constant support and dedication to nurturing young agricultural leaders,” Quinlan said.

“Their generous support fuels our programs and inspires hope and possibility in students across Wisconsin.”

Rooted in rural communities, GreenStone values the importance of investing in youth and promoting leadership and innovation in agriculture. Their commitment extends beyond financial aid to active participation in local communities, ensuring the growth and prosperity of rural areas.

Looking ahead, GreenStone remains dedicated to collaborating with Wisconsin FFA and supporting the bright minds shaping the future of agriculture. Through their partnership, GreenStone and Wisconsin FFA are building a stronger, more vibrant future for agriculture and rural communities, one leader at a time. ■ Partners — Summer 2024

18

BEHIND THE SCENES As you read the customer success stories on pages 27 and 5, there is a team behind the success. Here’s a glimpse into a few of the team members who partner with our members.

Brent Voss, VP of Lending, 15 years

How does your role help carry out GreenStone’s mission of supporting rural communities and agriculture?

I lend to people buying land and building homes in rural areas along with part time farmers for equipment.

What do you enjoy about your role?

Helping people purchase land, for home builds, recreational land and farming purposes, and also helping people to build their dream homes.

How does your portion of the loan process ensure great customer service?

I am the first point of contact to process their applications and collect all information needed to get a loan approved. I am very precise in what I get from customers to make sure they only have to send me all items at once and not send several things several times.

What do you enjoy in your free time?

I enjoy working out, fishing, and spending time with my family as my primary hobbies.

How has your work changed over the years?

I pretty much do the same thing as when I started, however being a seasoned employee of 15 years with GreenStone Farm Credit Services I also help train and guide new employees.

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Summer 2024 — Partners

Tracy Jelinek, Senior Financial Services Officer, 17 years

greenhouses, orchards, beef cattle farms, vegetable growers, dairies, nursery production and lavender producers. The livelihood of all these operations is 100% entrenched in agriculture.

What do you enjoy about your role?

How does your role help carry out GreenStone’s mission of supporting rural communities and agriculture?

As a traditional loan officer, the bulk of my customer base has a direct tie to agriculture.

I work with row crop farmers,

I enjoy the diversity of the portfolio of customers I work with. I enjoy working with families expanding their operation, planning, preparing and transitioning to the next generation. I like seeing there are still young people who want to get into farming. I am grateful to GreenStone for seeing the importance of working with young,

beginning, and small farm operations.

How has your work changed over the years?

How does your work ensure great customer service?

I have been with GreenStone Farm Credit Services for over 17 years, most of those years as a loan officer. The fundamentals of the job haven’t changed much, but the internal process has changed significantly. The technology of not only getting a loan from application to closing along with the digital tool options we use internally and provide to our customers, requires a lot of training and testing. Being asked to participate and advise has become a frequent ask of my job the past couple of years. ■

As a farm loan officer, we develop relationships and bonds with many of our customers. We are a partner and consultant for their operation and have frequent visits to their farm. They share information and look to us to guide and provide direction.

What do you enjoy in your free time?

Most of my “free time” is spent with my husband and our two adult sons on our grain and beef cattle farm. I also enjoy flower gardening.

Pause for Applause...

Congratulations to Michigan State University Extension for being selected as the national winner of Search for Excellence in the category of Young, Beginning, or Small Farmers/Ranchers. The DEMaND Series is an amazing educational resource, congratulations on a noteworthy accomplishment!

SERVICE ANNIVERSARIES Please join us in celebrating and thanking these staff who are marking an employment milestone. From five to 35, this time represents the dedication and attention all employees provide our members.

JULY Terrilynn Hastreiter Lindsey Bliss Matthew Cosgrove Shaun Gainforth James Nowak Kimberly Cool Barbara Combs

5 10 15 20 20 30 35

AUGUST Megan Johnson Kris Chartier Kyle Wright Sara Brey Matthew Alt Jonathan Rene Beth Wernette Michael O'Neal Megan Hessbrook Kim Knoerr Autumn Rector Kari Morgan Melissa Stolicker

5 5 5 10 10 10 10 10 10 15 15 15 20

SEPTEMBER Sarah Godde Chris Gilroy Rebecca Thayer Kandace Haegele Ross Koffarnus Mark Koester

5 5 10 10 15 20

Partners — Summer 2024

20

Summer Interns!

This summer 20 students took the opportunity to grow with GreenStone’s team through an internship program that takes place across multiple locations.

They are already well underway in their various departments and roles!

21

As a GreenStone intern, these students are gaining exposure to professional projects and experiences that align with their career goals. During the program, interns spend their summer working closely with the professionals in their departments while also participating in job shadows, branch visits, industry events, and volunteer opportunities.

Get to know this summer’s class of interns below!

Robert Southwood Credit Intern College: Grand Valley State University with a major in Finance.

What drew you to intern with GreenStone?

It seemed like a great company, with plenty of benefits, and there's a lot of good people working here.

Josie Sonnenberg: Crop Insurance Intern College: Michigan State University with a major in Agribusiness Management.

What drew you to intern with GreenStone?

The opportunity to learn more about crop insurance and have a better understanding of the insurance side of the process.

Valerio Bello-Munoz: Appraisal Intern College: Cornerstone University with a double major in Finance and Economics.

What drew you to intern with GreenStone?

I really enjoyed the values of the company and how the people make sure they are carried out with every interaction.

Eric Gumz: Credit Intern College: University of Alabama pursuing a Master’s of Business Administration.

What drew you to intern with GreenStone? I wanted to work for a company that is deeply invested in agriculture and shares my values.

Allie Blanchard: Crop Insurance Intern College: Michigan State University with a major in Agribusiness Management.

What drew you to intern with GreenStone?

I chose to intern with GreenStone to deepen my understanding in crop insurance. I like GreenStone's reputation for serving farmers and their commitment to doing work in rural communities.

Bailee Crandall: Human Resources Intern College: Michigan State University pursuing a master’s of Human Resources and Labor Relations.

What drew you to intern with GreenStone?

The people I met during my interview and how passionate they were about working here.

Summer 2024 — Partners

Matthew DeLuca: Accounting and Finance Intern College: Michigan State University with a major in Accounting.

What drew you to intern with GreenStone?

Learn more about farm credit and how it works.

John Welp: Legal Intern College: Indiana University with a major in Information Systems and a minor in Law, Ethics, and Decision-Making.

What drew you to intern with GreenStone?

The sense of family in the office and the feeling of interconnectedness between employees.

Mike Metzger: Information Security Intern College: Central Michigan University with a double major in Computer Science and Information Technology.

What drew you to intern with GreenStone?

Great learning opportunity within the agricultural industry and information science field.

Eric Faber: Client Support Intern College: Central Michigan University with a major in Computer Science and minors in Information Technology and Business Administration.

What drew you to intern with GreenStone?

Everyone during the interview process spoke very well of the company and talked about how much they liked working there.

Ben Blanchard: Quality Engineering Intern College: Michigan State University with a major in Computer Science and a minor in Business.

What drew you to intern with GreenStone?

The opportunity to gain experience from professionals while working on projects that support my community drew me to GreenStone.

Jarret Johnson: Business System Analyst Intern College: Michigan State University with a major in Finance and minors in Financial Planning and Wealth Management.

What drew you to intern with GreenStone?

I was drawn to GreenStone due to the positive influence they have on agriculture in Michigan.

Ally Tishler: Service Desk Intern College: Michigan State University with a major in Information Science and a minor in Information Technology.

What drew you to intern with GreenStone?

Since my degree is geared toward humancentered technologies and design, I saw this internship as an opportunity to improve my technical skills.

Brian Toscano: Client Support Intern College: Michigan State University with a major in Information Science.

What drew you to intern with GreenStone?

I heard good things, I was told this was a company that cares about their employees.

Charlie Chambers: Business System Analyst Intern College: Michigan State University with a major in Finance.

What drew you to intern with GreenStone?

I had heard great things about the company, and I'd love to be able to serve the farming industry.

Zoran Brickey: Business System Analyst Intern College: Western Michigan State University with a major in Finance.

What drew you to intern with GreenStone?

The collaborative environment created for the interns.

Camden Cook: Project Manager Intern College: Northwood University with a major in Business Management.

What drew you to intern with GreenStone?

I have heard that GreenStone is a great company to work for and that they also have a great internship program.

Olivia Shown:Business Systems Analyst Intern College: Grand Valley State University with a major in Information Technology.

What drew you to intern with GreenStone?

The staff are really kind and inviting.

Dakota Spink: Marketing and Writing Intern College: Michigan State University with a major in Agriculture, Food, and Natural Resources Education and a minor in Environmental Sustainability Studies.

What drew you to intern with GreenStone?

I love working for a company with the same values as mine; advocating for agriculture is my biggest passion.

Mark Your Calendar...

JULY Michigan 4-H Youth Dairy

15 Days and Michigan Dairy Expo (15-19) MSU Livestock Pavilion, East Lansing, MI

Livestock Expo 16 Michigan Sale-abration MSU Livestock Pavilion, East Lansing, MI Farmers Market at the Capitol

23 (July 23, Aug 27, Sept. 24) State Capitol Building, Lansing, MI

AUGUST State Fair (1-11) 1 Wisconsin Wisconsin State Fair Park, West Allis, WI

National Blueberry

8 Festival (8-11)

South Haven, MI AgroExpo

13 MSU, East Lansing, MI SEPTEMBER Offices Closed 2 GreenStone In honor of Labor Day Lakes Logging 5 Great and Heavy Equipment Expo (5-7) Resch Expo Complex, Green Bay, WI

Sam Lyons: Graphic Design Intern College: Grand Valley State University with a major in Graphic Design.

What drew you to intern with GreenStone?

The internship program seemed very organized, and I really enjoy structure. I was also drawn to all the opportunities to learn that the internship provides. ■ Partners — Summer 2024

22

Michael Feight, Lenawee County, MI

Since I was elected to the board of GreenStone Farm Credit Services, I can honestly say I have not attended a function or meeting without learning something about the connection of the people who work under the GreenStone umbrella, the members, the services we offer to members and/ or what it takes behind the scenes. I have come to realize the diverse portfolio GreenStone deals with gives each member an assurance that the employees have an understanding of whatever situation might arise specific to their needs.

Since being on the board of directors, I no longer think of what GreenStone does in relation to just my needs as a crop farmer, but what we do to facilitate those growing fruits and vegetables along the lakes, timber and housing up north, and all forms of livestock across all of the GreenStone territory.

The employees representing you have an understanding that it is our dreams they are helping us accomplish.

Directors' Perspective :

Diving Deeper Most of us have had the experience of thinking we understood only to realize after the fact that our knowledge wasn’t much deeper than corn roots grow into the ground. We asked a couple of your directors if they had that same experience when they became board members – expecting to have a pretty good understanding of GreenStone and what makes the cooperative function successfully, only to realize the roots go much deeper.

Here's what two directors had to say - things they have realized while serving on the board, and now appreciate even more about the cooperative.

“

The employees representing you have an understanding that it is our dreams they are helping us accomplish.

I have been pleasantly surprised and much impressed when I have attended national meetings with other Farm Credit institutions; GreenStone is always very respected by others attending. As a member of GreenStone myself, it is easy to get caught up with what is going on in my corner of the world, but GreenStone employees are recognized throughout the Farm Credit industry for their excellence. Whether it is information technology, human resources, credit and lending, or legal, we are respected.

My final comment, although I could go on and on, would be that I now recognize the collaboration and respect the leadership team has toward the board and the same can be said for the board members toward leadership and on down through everyone that makes GreenStone what it is.

As a board member and as a customer, I have witnessed the knowledge, dedication and professionalism required and demonstrated by GreenStone to help make our dreams come to fruition.

Dream Big!

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Summer 2024 — Partners

Ed Reed, Cass County, MI

I’ll go with the WOW factor – things that wow me about the cooperative that our members might not otherwise know, realize, or appreciate for what it really means to them as members.

Some things I think are WOW are that GreenStone is still paying Patronage during this high interest rate environment.

WOW, GreenStone offers subsidized livestock risk protection (LRP) policies for hog and cattle producers.

WOW, GreenStone will lock in the interest rate on your construction loan for your dream home and will help you through the construction lien process.

WOW, GreenStone’s portfolio has reached a strong $14 billion. GreenStone benefits more than 28,000 members with this financial strength and support.

“

Thank you for allowing me to be a recipient of the 2024 Dave Armstrong Scholarship. I realize every day how fortunate I am to be a student at MSU. Because of your scholarship, my family and I are able to further my education. Your generosity is truly appreciated.

”

— Laken DuRussel, MSU Student, 2024 Dave Armstrong Scholarship Recipient

“

GreenStone is a leader in the Farm Credit System, one of the largest associations throughout the nation – seventh largest, most fiscally responsible, and a leader in innovative advancements to best serve our customers.

WOW, GreenStone crop insurance professionals are protecting 1.2 million acres of crops in MI and WI. WOW, GreenStone’s portfolio is 25% dairy, balanced by many other industries.

WOW, GreenStone finances the second most diverse portfolio in the Farm Credit System, behind California. Diversity helps create stability.

“

I am truly honored and thankful for your generosity. This scholarship will significantly ease the financial burden of my education and allow me to focus more on my studies and extracurricular activities.

As an agribusiness major at the University of Wisconsin in River Falls, I am committed to excelling academically and making a positive impact on agriculture.

Your support brings me one step closer to achieving my goals and aspirations.

”

— Julie Koeppel, UW Student, 2024 Scholarship Recipient

“

WOW, GreenStone is a leader in the Farm Credit System, one of the largest associations throughout the nation – seventh largest, most fiscally responsible, and a leader in innovative advancements to best serve our customers.

WOW, GreenStone employees have volunteered collectively more than 800 days to support our communities and neighbors in Michigan and Wisconsin where they live and work. ■

The additional time and dedication that is spent by reading through all the applications and all of the ‘behind the scenes’ work does not go unnoticed. With this generous scholarship, I will be able to continue doing what I love by continuing my education and my hobby farm. It is a true honor to receive this scholarship and to have such a strong passion for agriculture. Thank you again for all of you hard work and dedication of ensuring the future of young agriculturalists.

”

— Abby Thelen, 2024 Scholarship Recipient

...Candid Comments Partners — Summer 2024

24

so food plan revisions might not be expected to have major cost impacts, but the revisions enacted by the current administration after the 2018 Farm Bill added more spending to the SNAP program than the rest of the Farm Bill combined.

Other changes to be aware of relate to climate-smart agriculture, conservation programs, and use of Commodity Credit Corporation funding resources. With respect to Farm Credit System key interests, all of which have been positively addressed, the following are items we are laser focused on:

Legislative Matters:

WHAT’S BEHIND THE FARM BILL CURTAIN After much anticipation, the House Agriculture Committee passed their version of the Farm Bill: The Farm, Food and Security Act of 2024 on May 24, 2024. Though next steps are unclear, lawmakers will continue negotiations with the hope of bringing the legislation before the full House of Representatives before it expires on September 30, 2024.

It remains critically important that the agriculture community stay engaged, committed and communicative with their respective legislator and policy leaders that this Farm Bill needs to be completed.

The big next step for the Farm Credit System will be to activate its grassroots advocates through the Farm Credit System-Phone 2 Action. (You may register as an advocate by scanning the QR code at the end of this article).

This includes directors, employees and customers. We ask advocates to send a letter to Congress, acknowledging 25

Summer 2024 — Partners

the good progress made and urging Congress to continue negotiations to pass a strong, bipartisan Farm Bill as soon as possible.

So, what are some of the highlights behind the curtain being drummed up by our friends, the wizards of the Farm Bill. The Farm Bill passed through the House Agriculture Committee includes several revisions to strengthen the farm income safety net for producers, including higher reference prices for the Price Loss Coverage Program, higher protection levels for the Agriculture Risk Coverage Program, and higher subsidy protection levels for the

Supplemental Coverage Option insurance policy. The bill would also increase long-term funding for the broad portfolio of conservation programs and make other changes to federal farm policy, including some expansion of food assistance programs.

The revisions come with costs, and in the current budget framework of pay as you go, the funding comes from cuts or budget offsets in other parts of the bill. The proposed cuts are where most of the debate and partisan divide occurred among members of the Committee.

The bill proposes a substantial cut in projected spending for the Supplemental Nutrition Assistance Program (SNAP), the primary food assistance program included in the farm bill. The proposed cut is not so much a cut in current benefits as it is a reduction in potential future increases in benefits because of future adjustments in something called the Thrifty Food Plan.

The Thrifty Food Plan is revised periodically to reflect what households are purchasing and eating as a basis for calculating SNAP benefits. Benefits are already adjusted for inflation,

• Strengthening the federal crop insurance program, • Boosting development of critical rural community facilities, • Modernizing the Farm Service Agency (FSA) loan programs to increase loan limits, and • Providing more credit opportunities for the commercial fishing industry.

Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., released her Farm Bill principles around the same time the House released its proposed language and argued against the funding changes the House was proposing, but has not released specific details or a clear picture of how she would pay for the changes she promises.

Years of hard work have gone into this process, and we are very pleased with the number of Farm Credit priorities included in this bill. We are very watchful of what will come out from behind the curtain. ■ Scan to register as an advocate.

PAC Progress:

THE ELECTION YEAR IS IN FULL SWING AND OUR PROACTIVE ENGAGEMENT IS WORKING TO RAISE AWARENESS OF AGRICULTURE AND RURAL COMMUNITIES The agricultural legislative environment has been very active this spring and moving into the summer months. In D.C., Congress is actively moving through the Farm Bill process and the several Farm Credit priorities were included! Back in GreenStone’s territory, an urban agriculture tour in Detroit, MI was sponsored by GreenStone and attended by almost 30 people from the Michigan legislature and agricultural industry. Then in Wisconsin, there is a summer-long farm tour schedule to educate elected officials and keep them engaged. All these accomplishments have been aided by the foresight to build relationships and provide financial support through our political action committees (PAC).

The successful MI GreenStone PAC campaign was followed by deliberation on the recommendations for MI GreenStone PAC disbursements by the Board of Directors with perspective from our lobbyist partner Kelley Cawthorne and the legislative outreach team at GreenStone. Over 30 individuals were identified to be recipients of funds based on their agriculture background, commitment to growing Michigan’s agriculture economy and rural communities, and leadership in the Michigan legislature. Delivery of the funds has begun and some of the MI GreenStone PAC checks will be delivered in-district and in GreenStone offices to facilitate local connections.

In Wisconsin, the WI Farm Credit PAC contribution drive showed continued support from members. This is directly allowing the WI Farm Credit associations to collaborate and decide what legislators to support with PAC funds. Focus has been placed on legislators who have led policy efforts that are priorities for the WI Farm Credit legislative committee and understand the needs of our Wisconsin rural communities. We look forward to inviting members to participate in meetings.

The Farm Credit PAC has also been delivering contributions to federally elected legislators both state-side and in Washington, D.C. The Federal delegation in both Michigan and Wisconsin continues to be thankful for the outreach and support. The information and connections provided has resulted in strong and positive recognitions of Michigan and Wisconsin agriculture and Farm Credit.

Your GreenStone legislative outreach team remains committed to building relationships and communicating the policy needs of your rural communities and agriculture industry, and we are hopeful of workable solutions. But, without your support, we are not able to have as positive of an impact. You are commended for your initiative and commitment to the future of agriculture and rural communities in Michigan and Wisconsin! ■

Partners — Summer 2024

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RURAL GETAWAY Country Living Customer Feature

Sometimes, all you need is a quick get away from the hustle and bustle of the city to enjoy the peace and quiet of nature. For Melissa Potvin and Michael Schaub, that was just a short drive from Traverse City to 80 sprawling acres in the woods where they can escape to and unwind. ➡A bove: With the support from GreenStone's VP of Lending Brent Voss, Melissa and Michael have big plans for the rustic cabin and land they now own.

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Initially, Melissa thought she may find land on which to build a house, but she and Michael Schaub discovered an 80-acre property with a rustic cabin, perfect for weekend adventures of four-wheeling, hiking, camping and hunting.

The property doesn’t have electricity or water, and Melissa and Michael hope to fix up the cabin to make it usable.

“Right now, I wouldn’t sleep out there, and we want to fix it up in order to be able to do that,” she said. “Building on the property would be costly, so I don’t know if that’s in the plans for the future or not.”

Melissa said the pair visited the property several times over the winter to decide if they wanted to purchase it.

Ultimately, they decided it would be the ideal spot for their recreational wishes.

“We wanted the property for recreational purposes,” Melissa said. “It’s a very wooded area and swampy. We know we would be able to make the 25-mile drive about every weekend to spend time there.”

However, just before closing on the property with GreenStone Farm Credit Services, Melissa and Michael found another 40-area parcel adjacent to the 80 acres.

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In a last-minute conundrum, Melissa wondered if she and Michael could buy both at the same time.

Partnering with GreenStone Farm Credit Services

When Melissa and Michael found the second property, they wanted to be able to purchase both at the same time, which is somewhat unusual from a financing perspective.

“I had only heard about GreenStone, because I had a friend who worked there many years,” Melissa said. “We were referred to GreenStone by our realtor.”

Melissa, who said she didn’t have any experience with land loans, contacted a few lenders, but in the end, GreenStone was the most responsive and answered all of her questions.

“That’s why I picked GreenStone, it was how helpful they were in answering my questions, and how quick and responsive they were when I needed them,” she said. “Plus, the closing was quick. We closed in less than a month,” she said.

With the initial sale of 80 acres, plus their desire to purchase the additional 40 acres, Melissa and Michael asked GreenStone if they could close on both at the same time to save on closing fees.

Brent Voss, VP of lending at GreenStone, and his team went to work, got everything revised, and the pair was able to purchase both properties together and close at the same time under one loan.

“One of the unique things GreenStone does is that we can combine multiple properties into one loan, and we are able to because of the way we do lending,” Brent said. “Melissa was great to work with, and she was very responsive when I needed items from her like her financials. She was also very responsive when I had questions about what they were looking to do and the property itself, which made the process a lot easier.”

“

That’s why I picked GreenStone, it was how helpful they were in answering my questions, and how quick and responsive they were when I needed them.

“I didn’t know at the time when I picked them that GreenStone is a co-op that is ag-focused and offers rural lending services,” she said. “I didn’t know that until after closing, but I like that part of it.”

Melissa said if she needs another loan or financial services, she will likely use GreenStone again.

“GreenStone gave me all the information I needed to know,” she said. “If in the future something were to happen, I would probably use GreenStone.”

Enjoying their new oasis

Melissa said the pair enjoys getting away from the city every weekend, and with it only being 25 miles from her primary home, the drive is convenient.

“We don’t have to travel too far,” she said. “We can go after work, hang out and come home. It’s nice to get away and enjoy nature and lots of animals.”

Looking toward the future, Melissa is excited to get the cabin ready for overnight stays.

“Fixing up the cabin would be nice,” she said. “We want to be able to camp out there during the summer and snowshoe in the winter. There’s also a lot of fallen trees, so we’re focused on a lot of clean up right now.” ■

Brent said that Melissa’s and Michael's property is unique in that there’s an older cabin on one parcel and swampy land on another. However, lending for unique properties is one of GreenStone’s expertise.

“Country living lending is a broad coverage term that GreenStone uses for people living in the country away from an actual city. Our land financing options can be used for vacant land, residential land in the country, small acreage parcels, large parcels, part-time farms and even horse facilities,” Brent said.

Aside from GreenStone’s communication and ability to quickly join the two properties together on one loan, Melissa said she appreciates that it’s a co-op. As a cooperative, GreenStone is owned by the customers it serves, so it inherently works in their collective best interest.

➡A bove: Melissa and Michael enjoy riding their four-wheelers around their 80 acres of land.

Partners — Summer 2024

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SHOWING OFF MICHIGAN’S LOWER PENINSULA By: Jenny Ciolek Producer, Michigan Out of Doors TV Here’s a challenge to consider: a first-time visitor to Michigan has only one week to see as much of the state as possible and you are their tour guide. Where do you take them and what do you show them?

Just last summer, I accepted that particular challenge when my cousins from Oklahoma took me up on my annual invite to come visit Michigan. They would bring their three kids, drive to our place in southeast Michigan and stay for six days. Excited to show them our Great Lakes State for the first time, I needed to design a road trip that was efficient in seeing as much as possible without being exhausting. After all, a vacation should be stress-free and relaxing!

As much as I would have loved

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for them to experience the Upper Peninsula, I knew it was virtually impossible to get there and back with time to see it all. So, my husband and I made a game plan to stick to the Lower Peninsula with the promise that our cousins would need to come back another time for a U.P. tour.

Their first evening in town was the perfect opportunity for a relaxing boat ride on Lake St. Clair, complete with a stop at our favorite swimming hole, and then some casting for bass. The next day, we loaded up and hit the road, where our first stop was the town of Clare. We visited the Michigan Welcome Center and

then shopped at Jay’s Sporting Goods. Continuing north and west, we stopped for a quick tour of the Platte River State Fish Hatchery in Beulah, and then headed to the Sleeping Bear Dunes National Lakeshore. The kids were able to stretch their legs and expend some energy climbing in the sand while the adults took in the majestic views only the dunes on Lake Michigan can offer.

We cooled off at a beautiful little beach in the town of Empire, and then made our way to Petoskey to spend the night.

The next morning was spent exploring downtown Petoskey for shopping, dining, and watching a few residents fish from shore near the local marina. Next, we made our way to the top of the mitten and hit Wilderness State Park for swimming, a picnic lunch, sunbathing and beach combing.

Then it was onward and upward to Mackinaw City for some of their famous fudge, window shopping and ice cream, and of course, a stop at the water’s edge for some photos of the mighty Mackinac Bridge. We continued on to the town of Cheboygan for a great dinner and some time on the river before calling it a

night. In the morning, we packed up and made our way down the sunrise side of the mitten. We stopped at Frank’s Great Outdoors in Linwood, then Pinconning for some world-famous cheese, and arrived back at our house with time to grill some venison burgers and toast up some marshmallows for s’mores.

Whew! Are you tired yet? We were, so we recuperated at home for a couple of days, and took some shorter day trips in the area.

We explored Port Huron, St. Clair and Marysville, and caught a few walleye in the St. Clair River. Our cousins headed back to Oklahoma with a whole new idea of what we have here in Michigan, and just how incredible this water wonderland really is! There is SO much more to do and see here, and they did promise to return for another adventurous visit.

Maybe this is the summer to make your own list of the perfect Michigan road trip, and then with or without newcomers, get out and experience this precious and awe-inspiring state we are lucky enough to call home! ■

ON THE BEACH OR IN THE BACKYARD – KEEPING YOURSELF AND YOUR SKIN PROTECTED The summertime is the best time to enjoy the outdoors, the sun is out, grasses and flowers are tall, and lakes are great to cool off in! There’s no better time to enjoy the beaches or national parks; but there are some risks with spending time outdoors in the summer.

There are many precautions available to protect you and your skin this summer while enjoying the outdoors.

Keeping an eye out for the ultraviolet radiation (UV) level when you check the weather is important, the UV comes from the sun and penetrates clouds and reflects off surfaces like water or sand. A UV level of 0-5 is considered low and medium recommending sunscreen. Experts tell us a UV level of 6-10 is high, recommending also wearing hats and finding shade. Any UV over 11 is considered extremely high,

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with many precautions advised for going outside during the peek hours from 10 a.m. to 4 p.m. While applying sunscreen often is a great idea, there are a few other things that can give you additional protection from the sun, like wearing hats, long sleeved shirts, and using an umbrella.

Long grass, shrubs, and standing water are places bugs like mosquitos and ticks thrive. Experts suggest it’s best to cut back long grass, brush, and shrubs to limit tick populations and reduce standing water surrounding your property to avoid it being used as a home for mosquitos.

Bug spray, certain aromas, or long sleeved shirt and pants are the best protection when visiting these types of areas.

When camping or having a outdoor gathering, consider keeping food and liquids in airtight

containers as to not attract more bugs.

When returning inside, it’s important to check yourself for ticks as tick-borne illnesses are common in the summer.

Taking steps to protect your skin is most important, but if you do end up sunburnt or bitten by a bug, there are quite a few things you can do to ease the burn or itch. Aloe vera is a great solution for both issues, its inflammatory properties help ease the itch of a mosquito and the burn from the UV. You’re able to get it in premade gel or an entire plant to grow and harvest when you need it! If bitten by a tick you should wash the site with antibacterial soap or hydrogen peroxide and monitor it as it heals. Calamine lotion or hydrocortisone are also great alternatives to sooth a bug related itch.

Whether it’s on the fields, beach, or deep in the woods, it’s vital to stay protected no matter the conditions. The more precaution taken prevents many of the risks associated with long periods of time outside. Using some of the methods above we hope you enjoy a fun filled summer outdoors while staying safe! ■

COUNTRY LIVING BLOG BRIEF GreenStone publishes regular updates on our Open Fields blog. Check out some of the posts you may have missed at www.greenstonefcs.com/openfieldsblog.

5 Things to Know Before Buying Vacant Land

Making Your House Hunting Checklist

Considering a DIY build?

Think about these things.

Depending on whether you are looking to purchase a piece of land to build on, hunt, or use as recreational property with the family, there are some things you should consider before buying.

Before you begin your next adventure of house hunting, add these few things to your checklist to make sure you purchase the best home for you!

Before considering DIY construction, here are a few things to think about. ■

Partners — Summer 2024

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OFF ROADING SAFETY TIPS Are you one that likes to take the road less traveled, or at least less traveled by vehicles? Off roading has become a popular recreational activity throughout the summer months.

In Michigan and northeast Wisconsin there are thousands of off roading trails you and your outdoor enthusiast crew can explore!

While the adventure of two tracks is fun it can also be dangerous, but here are a few tips to help make sure the fun is also safe.

Know your Trail and Limits: Some trails can be full of multiple surprises, make sure you do your research before hitting the trail. It is suggested to only ride the trails that you can handle. Doing your research beforehand will help you know what kind of terrain to prepare for and the capabilities you and your vehicle can handle. It is also important to check the weather before you plan to ride, if the trails are muddy make sure you have a winch and someone to help pull you out!

Don’t go Alone: It’s often more fun to make memories when you have friends with you, but going alone on the trails can also be dangerous.

Many of these destinations do not have the proper cellphone service to call for help. In case your off-road vehicle gets stuck it is best to have someone else there to pull you out, or if you both get stuck it is better to not walk alone!

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Stay on the Trail:

Safety Kit:

Although creating your own path may seem fun, it can damage the land around you and leave ruts that will remain there for a long time. Without knowing the terrain, you could also hit rocks or terrain that could damage your vehicle, or cause injury to yourself. Choosing a path that has been previously used will help save you unnecessary worry, costs, and time.

It is better to be prepared than unprepared. Not only should you bring a proper first aid kit with bandages and pain reliever, but having things like a tow strap, portable air compressor, tire repair kit, flashlight, jumper cables, and few tools will help you be prepared for anything!

While the goal is to never have to use any of these, chances are you may run into someone else who could use the help.

Equipment Check: Before you and your crew head out onto the trails for the day make sure you look over your equipment to see the current condition. Checking things like oil, gas, and tire pressure can be essential beforehand to make sure you are prepared for the day.

Be prepared so you can have a fun and safe summer in the outdoors!. ■

Commodity Cuisine...

Honey Lavender Lemonade These sunny summer days call for a cold, refreshing drink. Made with local ingredients, you’ll want to pour yourself a glass of this savory honey lavender lemonade from Indigo Lavender Farms! Read about their lavender story on page 5.

Prep time: 20 minutes • 1 cup raw honey • 5 cups purified water • 1 tablespoon dried, organic culinary lavender (or ¼ cup fresh lavender blossoms, crushed) • 1 cup lemon juice (fresh squeezed) • 2-3 sprigs lavender (for garnish) Instructions: 1. Bring 2 ½ cups purified water to boil in a medium pan.

2. Remove from heat and add honey, stirring to dissolve.

3. Add the lavender to the honey water, cover, and let steep at least 20 minutes or up to several hours, to taste. You can put the lavender into a tea infuser or reusable tea bag for easier clean up.

4. Strain mixture and compost/discard lavender.

5. Pour infusion into a glass pitcher.

6. Add lemon juice and approximately another 2 ½ cups of cold water, to taste. Stir well.

7. Refrigerate until ready to use, or sit on the porch and pour into tall glasses half-filled with ice to enjoy!

Makes 4 servings.

Partners — Summer 2024

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LEARN

CROP INSURANCE NEWS: • Insured’s responsibilities- For planted crops, the insured must notify the insurance company within 72 hours of the initial discovery of the damage or production loss, but no later than 15 days after the end of the insurance period, even if the crop has not yet been harvested. If you have a revenue protection policy and have a claim based on strictly price, the insurance company must be notified within 45 days of the harvest price announcement for the crop.

Claims & Appraisals Most producers have been there before.

No matter what you do during the growing season, sometimes Mother Nature just will not cooperate, and you’re anticipating that your yields may fall below your guarantee.

Obviously this is not the situation you’d like to be in, but that’s why you purchased crop insurance to begin with. If you do find yourself in a claims situation, there are some important things to remember that can help the process go a lot more smoothly. Many times, money is left on the table because these guidelines are not followed. Don’t lose out on a potential indemnity because notification was not done on a timely basis.

• Perils- The vast majority of naturally-caused perils are included under multiple-peril crop 33

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insurance (MPCI) coverage. This includes but is not limited to: adverse weather, failure of irrigation water supply, insect damage or plant disease (unless you improperly or insufficiently applied pest or disease control measures) and wildlife damage. Those covered under Revenue Protection are also protected from a decline in market price as well.

• Timeframe- Insurance coverage generally begins at time of application or time of planting, whichever is later. The end of the insurance period is generally recognized as the earlier of: total destruction of the crop, final harvest of the crop, abandonment of the crop, or the end of the insurance period (which is December 10 for corn insured as grain and soybeans).

• Appraisals- If you are going to harvest your planted crop in any non-traditional manner, a crop appraisal needs to be completed, otherwise you may lose out on a potential indemnity payment. The most common time an appraisal is needed is when you’re going to chop corn that is insured as grain for silage. If you have a corn policy, any acreage that is not harvested traditionally as dry grain should be appraised. You should contact your crop insurance specialist at least a week or so in advance of when you are planning on harvesting, so it can be arranged for an adjuster to come out and perform the appraisals while the crop is still in the field.

In the event you harvest before an adjuster is able to perform appraisals, representative sample strips must be left in the fields so the adjusters can use them for appraisals. The strips must be at least 10 feet wide and run the entire length of the field. If you do not agree with the appraisals you’ve gotten from the adjuster, do not sign them. Call your crop insurance specialist right away to have another adjuster come out and perform a second appraisal.

Throughout the whole claims adjustment process, if you ever feel uneasy or that something doesn’t seem right, contact your specialist as soon as possible. Along those same lines, if you ever have a problem with the adjuster that’s working your claim and you’d like someone different, it is generally something that can be coordinated if you notify your crop insurance specialist. Obviously no one wants to have a claim - producing a bumper crop is much more enjoyable than receiving a large claims check - but when it is needed, remembering these key points will help make the process go that much better.

As always, if you have questions above and beyond what you’ve read, please contact your crop insurance specialist to help. ■

Crop Insurance Calendar...

JULY Acreage Reports Due & 15 Spring Processing Beans Final Plant Date

FRESH APPLE REVIEWS Please remember a fresh apple policy can be signaled out for a fresh review at any time during the year or at claims time. You will be asked to prove you have sold your apples as fresh and at what price they were sold at. The requirement is that 50% 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. ■

AUGUST

15 Spring Premium Billing Date SEPTEMBER and Forage Production Sales 30 Wheat Close Date. All changes need to be completed by the September 30 deadline! If a signed application is not returned, your policy will automatically renew at the same level you insured at during the previous crop year.

HAIL INSURANCE:

2023 FALL WHEAT & FORAGE CLAIMS

It is not too late to purchase hail insurance for 2024. Hail is a separate policy from multiperil crop insurance coverage.

As an added bonus, a hail policy can provide coverage for fire, lightning, vandalism/malicious mischief and transit to the first place of storage. Rates and coverage can vary by crop and county.

Keep in mind, hail insurance must be purchased before damage occurs. Contact your crop insurance specialist today to set up an appointment to review your options. ■

Appraisals are required when a customer plans to do something with the crop other than harvest in the normal manner. If you do not plan to take your wheat/forage to harvest, we must appraise the acres prior to destruction. ■

IMPORTANT DATE REMINDER! Late fees will be charged on any unpaid premium on October 1. Please make note of this important change as late fees cannot be waived. If you cannot pay your premium before the due date, please contact your AIP to make payment arrangements. Payment is due regardless of whether or not you have an outstanding claim. ■

10/1

BEFORE YOU CHOP! Even though the corn crop just got planted, it won’t be long until it’s time to fill the bunker silo. Before chopping corn for silage, please call and arrange for an appraisal ahead of time. Every effort will be made to have your crop appraised before you chop. Otherwise, you will be instructed on how to leave samples in your field for later evaluation. ■

of Insurance Period 30 End (loss reporting deadline) – Peach & Blueberry

OCTOBER Underwriting Report 15 Forage Signature Due Date

25 Wheat Final Plant Date* of Insurance Period (loss reporting 31 End deadline) for Fall Crops Claim Reporting Date 31 Final for Dry Beans

FORAGE PRODUCTION If you think you may be facing a forage production loss, make sure to contact your specialist to file a claim. If you didn’t have forage insurance for the 2024 crop year and are interested in coverage for 2025, the sales close date is the same as wheat, September 30. ■

* P lease note that some dates can vary by county.

Please check with your crop insurance specialist for specific dates if you are unsure.

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Corporate Transparency Act Updates For those of you that are loyal readers of this Partners magazine, you may be wondering - why another article on the Corporate Transparency Act (CTA)?

The answer is: it is new, there have been some updates to it, and many impacted business owners still do not understand it.

Near the end of 2023, the National Federation of Independent Business completed a survey in which 90% of small businesses responded that they were completely unaware of the new CTA Beneficial Ownership Information (BOI) requirements. 90%!

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What is the purpose of the CTA?

The CTA was enacted as part of the AntiMoney Laundering Act in the 2021 National Defense Authorization Act. The CTA is intended to combat money laundering, terrorism financing, organized crime, and other financial crimes by requiring many corporations, limited liability companies (LLCs), and other entities formed or registered in the U.S. to timely report information about their beneficial owners and company applicants to the Financial Crimes Enforcement Network (FinCEN).

The CTA authorizes FinCEN to maintain a centralized, nonpublic database of BOI,

accessible to law enforcement agencies, national security agencies, and financial institutions.

Who is required to comply?

The CTA focuses on business entities that have: • Fewer than 20 full-time employees • An operating presence in the U.S. • $5 million or less in gross receipts Business entities that must report are defined as those “… created by the filing of a document with a Secretary of State or any similar office in the United States.” Businesses that need to comply with BOI include, but

are not limited to: • Limited Liability Companies, including single member LLCs • S corporations • C corporations • Cooperatives • Associations • Limited Partnerships • Certain trusts What has changed since January’s Partners article?

On March 1, 2024, a federal district court in the Northern District of Alabama concluded that the CTA BOI reporting requirements were unconstitutional and urged FinCEN not to enforce the CTA against members of the National Small Business Association, the plaintiffs in the case. FinCEN indicated it would comply with the court order regarding members of the National Small Business Association.

FinCEN did also file a notice of appeal in the case. More legal challenges are likely!

On April 3, 2024, the Association of International Certified Professional Accountants (AICPA) wrote a letter to the director of the FinCEN in which the Alabama court case was cited – requesting that the FinCEN suspend the enforcement actions of the CTA BOI until one year after the conclusion of the above mentioned court case and any other related court cases.

At the end of April 2024, U.S. Representative Warren Davidson (OH08) and U.S. Senator Tommy Tuberville (AL) introduced a bill to repeal the CTA. On May 30, 2024, the House Small Business Committee was scheduled to hold a hearing on the CTA BOI. Be wary!

FinCEN issued a warning that it was aware of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the CTA. FinCEN noted that the fraudulent scams include: • Correspondence requesting payment.

There is NO fee to file BOI directly with FinCEN. FinCEN does NOT send correspondence requesting payment to file BOI. Do not send

money in response to any mailing that claims to be from the FinCEN or another government agency.

• Correspondence that asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are likely fraudulent. Do not click any suspicious links or attachments or scan any QR codes in emails, on websites, or in any unsolicited mailings.

• Correspondence that references a “Form 4022,” or an “Important Compliance Notice.” This correspondence is fraudulent. FinCEN does not have a “Form 4022.” Do not send BOI to anyone by completing these forms.

• Correspondence or other documents referencing a “US Business Regulations Dept.” This correspondence is fraudulent; there is no government entity by this name.

Go directly to the FinCEN’s website to complete your BOI information. Only work with reputable service providers if you are receiving assistance in the BOI process. Be diligent with your personally identifiable information!

What Is Next?

Entities subject to the Jan. 1, 2025 filing date might wish to delay compliance with reporting until later in 2024 based on many of the pieces of information detailed in this article. However, all entities should work with their advisers to be prepared to comply by the due date.

You should target to completely understand what is necessary to complete the CTA BOI requirements and be ready to file as soon as possible, even if you do choose to wait until later in the year to complete the filing. Willful noncompliance with the CTA BOI reporting requirement still can result in criminal and civil penalties of $500 per day up to a maximum of $10,000, and up to two years of jail time.

Tax Calendar JULY Non-farm employers file Form 31 - 941 for the 2nd quarter to report Social Security, Medicare, and withholding.

- Form 5500 is due for all employers that maintain an employee benefit plan such as a pension plan.

- If not able to file, file form 5588 to request an automatic 2.5 month extension.

SEPTEMBER Third quarter estimate is due for 16 - 2024 for individuals that pay estimated taxes.

- S Corporations file a 2023 calendar year income tax return (Form 1120S) if you requested an automatic extension.

- Partnerships file a 2023 calendar year income tax return (Form 1065) if you requested an automatic extension.

- Corporations deposit third installment of estimated tax for 2024.

OCTOBER Individuals file a 2023 income tax 15 - return (Form 1040) if an automatic extension was requested.

- Corporations file a 2023 calendar year tax return (Form 1120) if you requested an automatic extension.

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

Updated information about the CTA can always be found on the FinCen website at https://www.fincen.gov/. ■ Partners — Summer 2024

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i Tech Tip:

Scammers and Public Information – Be Informed By: Matthew Cosgrove GreenStone VP of Information Security

In today’s environment, scams are increasingly sophisticated and pervasive. According to a recent FBI report, Americans lost a staggering $10.3 billion to internet scams in 2022, the highest amount in the past five years (FBI Springfield, 2023). This highlights the critical need for vigilance, particularly with scams arriving through the mail, which exploit public information meant to promote transparency but can also be used maliciously.

Public records, such as court documents, marriage certificates, and public mortgage records, provide details like loan amounts, interest rates, loan terms, and the institutions holding mortgage notes. This information is not only accessible to cybercriminals but also to businesses seeking to market their goods and services. For instance, many receive mail soon after closing a loan that references their mortgage details, appearing to come from their actual mortgage company but designed to alarm or suggest a better alternative.

How Scammers Obtain Your Information

Scammers can access your information in several ways: • Purchase from Financial Service Providers – GreenStone does not sell customer information; some financial service providers do. These providers might sell your data to marketing companies that, in turn, use it to create targeted mailers. This information can include loan details, account balances, and transaction histories.

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• Creditors and Prescreened Offers – Creditors often provide information to marketing firms once you meet certain credit criteria. These prescreened offers are sent based on your credit report, and scammers can exploit this practice by creating convincing but fraudulent offers that appear legitimate.

• Online Public Records – Scammers can use online tools to search public records. With just your name and property address, they can find mortgage details, property tax records, and other personal information. This data is then used to craft mailers that seem credible and relevant to your specific situation.

• Data Breaches – Data breaches at financial institutions, credit bureaus, or other organizations can expose vast amounts of personal information. Scammers use this stolen data to send highly personalized and convincing mail scams. For example, the Equifax breach in 2017 exposed the personal information of over 147 million people, which has since been used in various fraudulent schemes.

• Social Engineering – Social engineering techniques involve manipulating individuals into divulging personal information. Scammers might call you pretending to be from a legitimate financial institution, using the details they already have to gain your trust and extract more sensitive information.

• Phishing – Phishing involves sending fraudulent emails that appear to be from reputable sources. These emails often contain links to fake websites designed to capture your personal information. While primarily an email-based tactic, phishing can also be linked to mail scams when the mail directs recipients to visit a phishing website.

Examples of Recent Mail Scams -Mortgage and Financial Mail Scam Scenario

One recent scam involved fraudulent mail that appeared to be from a well-known mortgage company. The mailer claimed that the recipient's mortgage had been flagged for urgent review due to potential issues with their payment records. It provided detailed information about the loan, including the amount, interest rate, and lender name, making it look legitimate.

The scam's objective was to lure recipients into calling a provided phone number or visiting a spoofed website to "verify" their information. Once there, victims were prompted to enter personal details, which the scammers could then use for identity theft or unauthorized financial transactions. The Federal Trade Commission (FTC) has issued warnings about similar scams and provided guidelines on how to recognize and report them.

For more details on this scam, you can visit the FTC's consumer information page https://consumer.ftc.gov/articles/mortgage-reliefscams.

- Farm Equipment and Agricultural Mail Scam Scenario

Farmers and agricultural businesses are also vulnerable to scams targeting their industry.

Recently, scams have involved fraudulent offers for farm equipment and supplies.

These scams typically involve sending mailers that look like legitimate offers from well-known agricultural companies, promising significant discounts on essential equipment. When farmers respond, they are often asked to provide personal and financial information, which is then used for fraudulent purposes (Wells, 2021).

For example, scammers have been known to create fake websites or bogus classifieds on legitimate platforms. They may provide a contract of sale, answer questions about the potential sale of machinery by phone or email or offer a free trial period once money is deposited into an escrow account, which is part of the scam (Dorenkamp, 2024).

Protecting Yourself from Mail Scams

To safeguard against these scams, consider the following strategies: Recognize Junk Mail

Understanding how scammers get your information helps you recognize junk mail.

Look for these signs: • “Presorted” Postage Labels: This could be an indicator of junk mail, although reputable companies like GreenStone also use this streamlined postage option.

• All-Capitalized Words: Names, mortgage amounts, or lenders in all caps could suggest your information was sourced from purchased lists.

Trust But Verify

• Check the Source: Verify the sender before responding to any mail requesting personal

information. You may want to call the sender, using your own contact information for them and not what is provided on the mail, to confirm validity.

• Be Wary of Alarmist Language: Scammers often use language designed to scare you into action.

GreenStone's Commitment

GreenStone will never ask you via mail to update your confidential information or provide sensitive details such as PINs, account numbers, social security numbers, usernames, or passwords. We advise against responding to any mail requesting such information, even if it appears legitimate.

If in doubt, contact us directly.

If you suspect fraud related to your GreenStone accounts, notify us immediately at myaccesshelp@greenstonefcs.com or call 855895-2761 for prompt assistance.

Steps to Reduce Unsolicited Mailers

The Federal Trade Commission (FTC) suggests two primary actions to reduce unsolicited mailers: 1. Opt-Out of Prescreen Offers

• Call 1-888-5-OPTOUT (1-888-567-8688) or visit https://www.optoutprescreen.com 2. National Do Not Call Registry

• Register your phone number to reduce telemarketing calls by visiting https://www. donotcall. gov or calling 1-888-382-1222 from the number you want to register.

Additional Tips for Mail Security 1. Shred Personal Documents: Shred any mail

that contains personal information before discarding it to prevent identity theft.

2. Monitor Your Mailbox: Check your mailbox regularly and be cautious of any unfamiliar mailers.

3. Be Skeptical of Urgent Requests: Scammers often create a sense of urgency. Take time to verify the legitimacy of any requests before taking action.

4. Use a Locked Mailbox: Consider using a locked mailbox to prevent mail theft.

5. Report Suspicious Mail: If you receive suspicious mail, report it to the authorities and your financial institution.

It is important to keep yourself updated and alert to avoid mail scams. Always check the origin of any mail that asks for personal information and use the tools and resources you have to lower your risk of getting unwanted offers and possible scams. ■ Partners — Summer 2024

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3515 West Road East Lansing, MI 48823

Summer feature highlight...

Sometimes, all you need is a quick get away from the hustle and bustle of the city to enjoy the peace and quiet of nature. For Melissa Potvin and Michael Schaub, that was just a short drive from Traverse City to 80 sprawling acres in the woods where they can escape to and unwind.

Read more on page 27.