Red River Valley Reports For 1998

                                               TABLE 7                                    
                                    STATEMENT OF CASH FLOWS, 1998                         
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                  (Farms sorted by Net Farm Income)                       


                                                       Average Of   Average Of   Average Of
                                                        All Farms     Low 20%    High 20% 
                                                       ----------   ----------   ----------
          Number of Farms                                     197           39           39


          (a) Beginning cash balance (farm & nonfarm)       13840        16260        16528

              CASH FROM OPERATING ACTIVITIES
                Gross cash farm income                     399008       481971       653398
                Net nonfarm income                (+)       15088        19922         7612
                Total cash farm expense           (-)      337948       443974       530240
                Apparent family living expense    (-)       37303        36207        55746
                Income and social security tax    (-)       10573         9483        17601
          (b) Cash from operations                (=)       28273        12230        57424

              CASH FROM INVESTING ACTIVITIES
                Sale of breeding livestock                    597           58         2366
                Sale of machinery & equipment     (+)        3593         2959         5920
                Sale of farm land                 (+)        3274           59         8231
                Sale of farm buildings            (+)         318           -            - 
                Sale of other farm assets         (+)        2428         3259         6362
                Sale of nonfarm assets            (+)        3762         5946         4371
                Purchase of breeding livestock    (-)         151            0          425
                Purchase of machinery & equip.    (-)       25580        25131        46946
                Purchase of farm land             (-)       16818         6759        48246
                Purchase of farm buildings        (-)        3625          888         3783
                Purchase of other farm assets     (-)       14347         3120        35201
                Purchase of nonfarm assets        (-)       10829        10873        11224
          (c) Cash from investing activities      (=)      -57378       -34490      -118575

              CASH FROM FINANCING ACTIVITIES
                Money borrowed                             267877       289351       456411
                Cash gifts and inheritances       (+)        4420          973        10626
                Principal payments                (-)      236790       261884       394555
                Dividends paid                    (-)         664         3231           - 
                Gifts given                       (-)         143          182          141
          (d) Cash from financing activities      (=)       34700        25027        72341

          (e) Net change in cash balance      (b+c+d)        5596         2767        11190
              Ending cash balance (farm & nonfarm)          19435        19027        27718

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