Location: Rein Farm Looking East — South of Bazine, Kansas
Picture the Plains
Keep the Calendar Photos Coming!
There’s nothing better than enjoying the beauty of this
except sharing it in your great photos!
We’ve already had a fantastic response of photo submissions to be featured in our 2025 calendar and the time to vote for your favorite Q2 finalist is coming soon (check in with us on Facebook)!
There’s still time to submit your pictures of the plains for the chance to win $100 as next quarter’s contest winner. All you have to do is snap some great photos of the agricultural lifestyle. Submit your photo(s) to Photos@HighPlainsFarmCredit.com. Please include a caption and brief description (photo title, location, and photographer).
25, No. 2, July 2024
President’s Insights
Gain understanding of economic conditions and government spending.
Claims Reporting Tips
Harvest season is a busy time of year. Our crop insurance team is here to relieve some of the pressure with quick reminders for claims reporting. 4
6
Steak’s On
2024 Stockholder Appreciation events were a success! Don’t miss the recap.
HPFC Election Results
The votes have been counted and the winners are... 8
Association News
Our team has recent updates to share. Catch up on the HPFC Happenings. 9
Student Opportunities
From the HPFC Student Board to our scholarships, learn more about students shaping the future of ag. 10
Photo Contest Finalist
Insights
GOVERNMENT SPENDING: President’s
A PERMANENT SHIFT OR A TEMPORARY TREND?
IN THE PAST TWO YEARS, THE U.S. ECONOMY HAS CONTINUED TO GROW IN THE FACE OF NUMEROUS ECONOMIC RISKS. It has outpaced other countries, recording the lowest inflation rate and the strongest economic recovery in the Group of Seven. By many comparative metrics, you can confidently say the United States continues to have one of the strongest economies in the world. If you ask the average consumer, it feels like we are receiving an achievement award for mediocrity. Four of the top five largest Federal Deficits (spending greater than revenue) have occurred in the past four years to prop up the U.S. economy. In this newsletter, I thought I would share my thoughts on how this impacts our future.
The national debt (what the federal government owes to its creditors) and government spending for various programs (defense, health care, education, social security) keeps growing. Recently, the national debt surpassed $32 trillion, which is more than the combined value of China, Japan, Germany, and the United Kingdom. There is no debt reduction in sight, as the Federal Deficit has been well above $1 trillion each of the past four years. Without a decrease in spending, the U.S. government must finance the deficit by issuing more debt.
Reducing spending is going to be painful and would impact our economy. Government spending is one of the main components of the gross domestic product (GDP), which measures the total value of goods and services produced in a country in a given period. The Committee for a Responsible Federal Budget
and Congressional Budget Office reports that the current government spending as a percentage of GDP is greater than 100% and is projected to grow to 115% by 2030. To give you some perspective, the 50-year Historic Average is 47%.
Overall spending has totaled $3.9 trillion thus far in 2024. The rising national debt level in this higher interest rate environment is taking a toll on the national budget. In the first seven months of Fiscal Year 2024, spending on net interest has reached $514 billion, surpassing spending on both national defense ($498 billion) and Medicare ($465 billion). When interest on debt is your biggest bill, it should not have surprised anyone when Fitch downgraded the USA long-term credit rating to AA+ from AAA.
National debt and government spending can influence interest rates in several ways. Unfortunately, we have experienced all of them recently: Higher Interest Rates.
If the national debt is high relative to the GDP, it can increase the demand for money in the market, as the government needs to borrow more to finance its debt. This can reduce the supply of money available for other borrowers, such as businesses and consumers, and driveup interest rates, leading to reduced investment spending and lower economic growth.
Higher Inflation.
If the government spending is high relative to the GDP, it can stimulate the economy and increase the demand for goods and services. This can raise the inflation rate, which is the general increase in the prices of goods and services over time. Higher
inflation can erode the purchasing power of money and make lenders demand higher interest rates to compensate for the loss of value. Higher inflation will also lead to monetary policies aimed at restricting or cooling down the economy.
Eroding Creditor Confidence. If markets perceive that national debt is unsustainable or risky, creditors may demand higher risk premiums leading to higher interest rates on government debt. Higher interest rates can increase the cost of servicing the debt and make it harder for the government to repay its obligations. This can reduce the confidence and credibility of the government and affect its credit rating.
Boasting that the U.S. economy is the best in the world is like saying “Ehhh…good enough.” In an election year, we can attend town hall meetings and hear candidates speak on critical issues. Your political affiliation should be indifferent to the issues caused by government spending and national debt. This is a United States issue that needs to be addressed. We have crossed a threshold and there may be no turning back. The sooner we figure this out, the better.
Kevin Swayne President
5 TIPS FOR CLAIMS REPORTING
SUMMER IS IN FULL SWING — and that means one of the busiest times of the year is here! Whether the 2024 wheat harvest is underway or wrapped up for your operation, we know you have a lot on your mind as you look toward the upcoming weeks.
To help keep things simpler, the High Plains Farm Credit crop insurance team has put together a list of tips for production and potential claims reporting.
Obtain Certified Scale Weights.
Organize Your Records.
Always keep your production records separate for each legal and practice type (irrigation, summer fallow, cont. crop, etc.).
Weigh all production at a grain elevator or certified scales. If production is bin stored, keep each unit in a separate bin. When this is not possible, mark the scale ticket representing bin stored production with the legal and the bushel amount to provide our team with the correct production for the unit.
If you do not have certified scale weights, a bin measurement is required.
Submit Claims Quickly.
Claims must be submitted in a timely manner. When damage or loss of production occurs, you must give our team notice (by unit) within 72 hours of initial discovery, but no later than 15 days after the end of the insurance period. This applies even if you have not harvested the crop.
For crops for which Revenue Protection (RP) is elected and there is no damage or loss of production, you must give us notice no later than 45 days after the latest date the harvest price is released for any crop in the unit where there is a revenue loss.
Revenue losses will be capped at $14.16 for the set price discovery period. The price cannot exceed one time over the set price for RP coverage.
Regardless of the scenario, quick submission of your claims allows the HPFC team to turn them in to the adjusters as soon as possible.
Provide
Required Documentation.
When submitting a claim to your HPFC agent, please include the following documentation that allows the loss adjuster to begin work:
Copy of all ledgers pertaining to the loss unit
Copy of your production report
Copy of your FSA 578 (if available)
Phone number at which the adjuster can reach you
Timeliness in supplying this information is important so that the loss adjuster can work on your claim and provide you with a check.
Protect Your Spring Planted Crops, Too!
The HPFC crop insurance team is grateful for the opportunity to protect this important part of your livelihood. As you consider coverage for your spring-planted crops, contact our agents to receive a quote for the best coverage options for your operation.
O: 620-285-6978
C: 785-656-0124
O: 785-625-2110
C: 785-259-2898
Secure Your Livestock With LRP!
Contact certified agent, Paige Hrabe, to shield your livestock operation against the challenges of herd expansion, input volatility, and cyclically lower prices with Livestock Risk Protection (LRP)!
Cory Johnson VP Crop Insurance
Paige Hrabe Crop Insurance / LRP Agent
A Recap of 2024 Stockholder Appreciation Events
IF YOU KNOW THE HIGH PLAINS FARM CREDIT TEAM, YOU WON’T BE SURPRISED TO LEARN THAT “STEAK” IS ONE OF OUR FAVORITE WORDS. That’s never more apparent than during our annual Stockholder Appreciation Events.
Two weeks, six events, and 948 steaks. The numbers speak for themselves. At HPFC, we like to eat beef. But even more than that, we enjoy time spent with you, our customer-stockholders. Since 2018, two weeks of Stockholder
Appreciation Events have served as our favorite time of year for this very reason.
Each year when March rolls around, HPFC employees know it’s time to fire up the grill, pack up the prizes, and hit the road for our six offices.
It makes for a busy stretch but it’s all worth it when we’re able to connect with our customers and express our sincere appreciation for all you do to support our rural communities.
We understand the challenges
Cooler Giveaway Winners
Mike Wilson Dodge City Event
Sam Sterling Pratt Event
Alan Hoffman Larned Event
Stephanie Nichepor Ness City Event
Shannon Schmidt Phillipsburg Event
Jacob Hanna Hays Event
Grand Prize Winner
of the Henry 30-30 Lever Action Rifle
Scott Divis Dodge City Event
of living and working in the ag industry and are grateful for the chance to recognize your hard work and successes each year.
Thank you for setting aside your evenings to shake hands, share a meal, and celebrate with us.
The HPFC team is already looking forward to another round of steak dinners next year.
Until Stockholder Appreciation Events 2025....
Top Right: HPFC staff met with the grand prize winner in Dodge City following the events. Bottom Left: Customer-stockholders in Hays enjoyed a steak dinner during the final appreciation evening. Bottom Right: One cooler winner and other prize winners were selected during each event. Pictured are members of our team with the Larned cooler winner.
HPFC Election Results
THE NUMBERS ARE IN!
HIGH PLAINS FARM CREDIT ANNOUNCES THE FOLLOWING RESULTS OF THE 2024 DIRECTOR ELECTIONS. The stockholders returned just shy of 340 ballots (19%) electronically or by mail from 1,739 eligible voting stockholders.
As of the close of elections on July 2, 2024, a quorum was reached in accordance with association bylaws. These seats have been certified by Survey and Ballot Systems, acting as
independent tabulator.
Those who participated in the election process play an important role in HPFC’s success. We would like to convey our most sincere appreciation to those who agreed to serve as director candidates, nominating committee members/ candidates, and to all those stockholders who cast their ballots.
Thanks to your active participation in the election, High Plains Farm Credit will donate $10,000 ($25 per ballot) to the
Nominating Committee
Final Results
The following members and alternates were elected to the nominating committee for a one-year term.
Kansas FFA Foundation.
Board and nominating committee elections are an essential part of our cooperative structure. Please consider running for the board of directors or the nominating committee as there are positions open in all territories. If you are interested, scan the QR code below to complete an online form or contact any member of the 2025 nominating committee listed.
John Blackwell, Joss Briggs, Rhonda Goddard, Matt Grabbe, and Jared Petersilie (Alternate - Nathan Kramer)
Territory 1 Territory 2
Jerod Horchem, Kirk Larson, Lindy McMillen, Diana Paris, and Brad Werner (Alternate - Al Tiemeyer)
Scan to learn about running!
HPFC Territory Map and 2024 Election Results
Brooks Hanson 4-Year Term
Jon Herrmann 4-Year Term
Matt Miller 4-Year Term
Christa Milton 3-Year Term
ASSOCIATION NEWS
Sincere Thanks
to Our Board Members!
Kenny Gasper 12 years of service
Vance Shay 18 years of service
The HPFC team would like to extend our sincere appreciation to several High Plains Farm Credit board members as they conclude their time serving our association. Thank you to Kenny Gasper, Vance Shay, Jeannine Mondero, and Danny Koehn for your leadership
Wedding Announcements
Abby Vogl & Conor Alsup April 27, 2024
Abby Vogl and Conor Alsup were married on April 27, 2024, at Sky Ranch Golf Course in Sterling, Colorado. Abby is a Credit Analyst in Participations at the Hays office. Conor is a Crop Consultant for Nutrien Ag Solutions in Ransom. The couple is originally from Colorado and lives happily together in Hays.
Jeannine Mondero 19 years of service
Danny Koehn 30 years of service
and expertise in guiding High Plains Farm Credit. We are grateful for your years of dedicated service and for your many contributions to the success of our association, customer-stockholders, and employees.
2024 Graduates
KelsiJo Crouch (HPFC Employee Graduation)
Fort Hays State University, Masters of Business Administration - Finance
Fort Hays State University, Masters in Instructional Technology
Plans to continue teaching career at Ingalls in junior high math.
Cade Swayne (Kevin & Jo Swayne)
Wichita State University, Masters in Accountancy
Plans to work in public accounting.
Madison Habiger (Scott & Jill Habiger)
Kinsley High School
Plans to attend K-State and obtain a degree in political science before law school.
Mason Mead (Jason & Jenni Mead)
Larned High School
Plans to attend Barton Community College for nursing.
Lane Miller (Gerald & Carla Miller)
Dodge City High School
Plans to attend Fort Hays State University.
SUPPORTING STUDENT SUCCESS
HPFC Student Board of Directors
The High Plains Farm Credit Student Board of Directors is a group of Fort Hays State University juniors and seniors who gain exposure to the function of a board of directors while developing decision-making skills related to a financial cooperative. Each year, the program concludes with the presentation of a research project to the HPFC Board of Directors.
Artificial Intelligence: It’s a term becoming familiar to many in today’s technological environment. That’s why the 2023-2024 HPFC Student Board set out to define, explain, and explore artificial intelligence (AI) as the topic of their group research project.
The students defined AI as the “theory or development of computer systems capable of performing tasks that historically required human intelligence.” They explored the history of the technology (dating back to 1956) and reviewed the current uses of AI in various industries and positions.
While AI continues to transform the retail, healthcare, and manufacturing industries, its impact doesn’t stop there. In fact, the student board specifically described the use of artificial intelligence in the
agriculture and finance sectors and provided insight into their projections of its future effects in these areas.
Ready to learn more about these insights? Scan the code to view the full presentation!
Congratulations to the 2024-2025 Student Board Members!
Below: Members of the 2023-2024 student board include: (back row) Pierce Applegate, Bintu Adama Fall, Garrett Parr, Dylan Bruntz, (front row) Takira Ann Blick, Jessalyn Kirchhoff, and Karlee Feyh.
Education is essential to the successful future of agriculture. The High Plains Farm Credit team is proud to support the role of education in creating the future of our industry and our rural communities by offering college scholarships to children and grandchildren of customer-stockholders. Visit our website to learn more about how HPFC invests in the future leaders of rural America and to learn about upcoming scholarship opportunities.
Scholarship Recipients: We are excited to announce the following recipients of our 2024-2025 academic year scholarships.
Each of these students has exhibited leadership potential and initiative
while maintaining a minimum 2.5 grade point average.
Congratulations to all this year’s recipients! Get to know the students below!
HPFC SCHOLARSHIPS RENEWED ($1,000 EACH)
Emily Eck – Ellis, Kansas
Jessie Ruff – Hanston, Kansas
LEAH LINDENMAN Morland, Kansas
Leah is attending Kansas State University and is pursuing a dual degree in human development and family sciences and kinesiology. Leah is the daughter of Shawn and Melissa Lindenman of Morland, Kansas.
LUKE FISCHER Larned, Kansas
Luke is attending Kansas State University and is pursuing a degree in agriculture. Luke is the son of Bryan and Shannon Fischer from Larned, Kansas.
ERIN SCHWERTFEGER Turon, Kansas
Erin is attending Hutchinson Community College and is pursuing a degree in elementary education. Erin is the daughter of Jeff and Brenda Schwertfeger from Turon, Kansas.
ETHAN SALMANS Montezuma, Kansas
Ethan is attending Fort Hays State University and is pursuing a degree in philosophy (pre-theology). Ethan is the son of Craig and Jonnalee Salmans from Montezuma, Kansas.
