State-wide Reports for 2004
Financial Summary
Minnesota State Colleges and Universities Statewide Farm Business
Management Database
(Farms Sorted By Total Crop Acres)
| Avg. Of | Less than | 101 - | 251 - | 501 - | 1,001 - | 1,501 - | 2,001 - | 5,001 - | |
| All Farms | 100 | 250 | 500 | 1,000 | 1,500 | 2,000 | 5,000 | 10,000 | |
| Number of farms | 2234 | 206 | 353 | 527 | 592 | 280 | 126 | 145 | 5 |
| Income Statement | |||||||||
| Gross cash farm income | 438,358 | 357,006 | 178,532 | 276,305 | 433,646 | 597,789 | 771,548 | 1,142,517 | 2,026,894 |
| Total cash farm expense | 359,325 | 303,072 | 138,364 | 219,538 | 356,055 | 490,922 | 649,527 | 950,589 | 1,568,241 |
| Net cash farm income | 79,033 | 53,933 | 40,168 | 56,767 | 77,591 | 106,867 | 122,020 | 191,927 | 458,653 |
| Inventory change | 18,682 | 21,098 | 7,666 | 12,081 | 22,496 | 23,647 | 34,277 | 29,321 | -38,541 |
| Depreciation and capital adjust | -24,954 | -23,907 | -12,766 | -17,366 | -25,985 | -32,018 | -38,071 | -49,751 | -161,247 |
| Net farm income | 72,761 | 51,124 | 35,068 | 51,482 | 74,103 | 98,496 | 118,226 | 171,498 | 258,865 |
| Profitability (cost) | |||||||||
| Labor and management earnings | 49,125 | 40,246 | 23,437 | 33,779 | 50,959 | 65,589 | 79,133 | 112,938 | 99,810 |
| Rate of return on assets | 8.0 % | 9.4 % | 6.9 % | 7.3 % | 8.3 % | 8.1 % | 8.4 % | 8.2 % | 3.9 % |
| Rate of return on equity | 10.9 % | 17.4 % | 8.4 % | 9.2 % | 11.4 % | 11.0 % | 11.8 % | 11.3 % | 3.6 % |
| Operating profit margin | 17.6 % | 22.5 % | 19.6 % | 19.1 % | 18.1 % | 17.1 % | 16.3 % | 15.1 % | 8.4 % |
| Asset turnover rate | 45.6 % | 41.8 % | 35.1 % | 38.2 % | 45.9 % | 47.6 % | 51.6 % | 54.3 % | 46.2 % |
| Profitability (market) | |||||||||
| Labor and management earnings | 58,091 | 44,398 | 27,268 | 38,509 | 62,796 | 79,786 | 90,159 | 135,617 | 33,788 |
| Rate of return on assets | 7.8 % | 8.8 % | 6.8 % | 7.0 % | 8.2 % | 8.1 % | 8.0 % | 8.1 % | 2.9 % |
| Rate of return on equity | 11.1 % | 14.1 % | 8.7 % | 9.1 % | 11.7 % | 11.8 % | 11.8 % | 12.4 % | 2.8 % |
| Operating profit margin | 22.3 % | 27.4 % | 26.8 % | 24.7 % | 24.2 % | 21.5 % | 19.4 % | 18.2 % | 9.3 % |
| Asset turnover rate | 34.8 % | 32.1 % | 25.4 % | 28.2 % | 33.9 % | 37.4 % | 41.3 % | 44.5 % | 31.6 % |
| Liquidity | |||||||||
| Ending current ratio | 1.48 | 1.30 | 1.63 | 1.54 | 1.51 | 1.46 | 1.37 | 1.49 | 1.67 |
| Ending working capital | 76,346 | 27,635 | 26,099 | 45,732 | 80,275 | 112,191 | 125,566 | 234,700 | 552,384 |
| End working capital to gross inc | 17.4 % | 7.7 % | 14.6 % | 16.6 % | 18.5 % | 18.8 % | 16.3 % | 20.5 % | 27.3 % |
| Term debt coverage ratio | 162.8 % | 169.7 % | 161.0 % | 148.8 % | 176.3 % | 161.5 % | 157.1 % | 158.9 % | 175.4 % |
| Expense as a percent of income | 78.4 % | 79.8 % | 74.1 % | 75.9 % | 77.8 % | 78.8 % | 80.7 % | 81.0 % | 78.4 % |
| Interest as a percent of income | 5.2 % | 4.9 % | 6.5 % | 6.3 % | 5.2 % | 5.2 % | 4.6 % | 4.2 % | 3.1 % |
| Solvency (cost) | |||||||||
| Number of farms | 2,234 | 206 | 353 | 527 | 592 | 280 | 126 | 145 | 5 |
| Ending farm assets | 866,111 | 532,109 | 419,502 | 632,427 | 853,300 | 1,197,581 | 1,450,295 | 2,067,769 | 4,172,844 |
| Ending farm liabilities | 457,421 | 346,490 | 221,367 | 330,571 | 449,193 | 627,563 | 775,459 | 1,046,669 | 1,406,894 |
| Ending total assets | 987,555 | 610,179 | 536,492 | 747,849 | 974,572 | 1,336,529 | 1,578,627 | 2,247,093 | 4,218,654 |
| Ending total liabilities | 482,967 | 370,314 | 243,779 | 356,048 | 468,618 | 661,026 | 809,843 | 1,085,441 | 1,406,894 |
| Ending net worth | 504,588 | 239,864 | 292,713 | 391,801 | 505,954 | 675,503 | 768,784 | 1,161,652 | 2,811,760 |
| Net worth change | 54,574 | 36,939 | 33,658 | 38,669 | 58,121 | 66,828 | 79,369 | 122,617 | 230,060 |
| Ending farm debt to asset ratio | 53 % | 65 % | 53 % | 52 % | 53 % | 52 % | 53 % | 51 % | 34 % |
| Beg total debt to asset ratio | 50 % | 63 % | 47 % | 49 % | 50 % | 51 % | 51 % | 50 % | 35 % |
| End total debt to asset ratio | 49 % | 61 % | 45 % | 48 % | 48 % | 49 % | 51 % | 48 % | 33 % |
| Solvency (market) | |||||||||
| Number of farms | 2,234 | 206 | 353 | 527 | 592 | 280 | 126 | 145 | 5 |
| Ending farm assets | 1,132,961 | 692,493 | 579,836 | 857,026 | 1,153,638 | 1,523,385 | 1,803,555 | 2,517,838 | 6,042,413 |
| Ending farm liabilities | 560,354 | 391,292 | 266,646 | 406,214 | 557,089 | 774,424 | 941,496 | 1,299,241 | 1,873,982 |
| Ending total assets | 1,273,818 | 788,085 | 711,297 | 989,822 | 1,295,414 | 1,686,314 | 1,957,261 | 2,721,003 | 6,085,246 |
| Ending total liabilities | 590,327 | 418,436 | 292,279 | 435,626 | 581,690 | 813,427 | 981,324 | 1,342,812 | 1,873,536 |
| Ending net worth | 683,491 | 369,649 | 419,019 | 554,196 | 713,723 | 872,887 | 975,937 | 1,378,191 | 4,211,710 |
| Net worth change | 74,211 | 48,318 | 44,256 | 53,508 | 82,555 | 94,019 | 103,485 | 155,433 | 247,659 |
| Ending farm debt to asset ratio | 49 % | 57 % | 46 % | 47 % | 48 % | 51 % | 52 % | 52 % | 31 % |
| Beg total debt to asset ratio | 48 % | 55 % | 43 % | 45 % | 46 % | 49 % | 50 % | 51 % | 32 % |
| End total debt to asset ratio | 46 % | 53 % | 41 % | 44 % | 45 % | 48 % | 50 % | 49 % | 31 % |
| Nonfarm Information | |||||||||
| Net nonfarm income | 21,589 | 19,917 | 25,167 | 23,929 | 23,890 | 18,493 | 13,581 | 11,030 | 2 |
| Farms reporting living expenses | 924 | 72 | 154 | 235 | 272 | 120 | 44 | 27 | - |
| Total family living expense | 38,616 | 32,388 | 32,227 | 35,846 | 40,245 | 44,778 | 48,346 | 56,123 | - |
| Total living, invest, & capital | 57,656 | 49,290 | 45,379 | 52,463 | 58,696 | 65,898 | 87,174 | 99,979 | - |
| Crop Acres | |||||||||
| Total acres owned | 275 | 124 | 159 | 221 | 274 | 359 | 476 | 609 | 1,055 |
| Total crop acres | 754 | 24 | 181 | 368 | 722 | 1,218 | 1,731 | 2,791 | 6,081 |
| Total crop acres owned | 222 | 15 | 105 | 170 | 222 | 322 | 429 | 591 | 1,005 |
| Total crop acres cash rented | 505 | 9 | 75 | 186 | 465 | 843 | 1,225 | 2,138 | 5,047 |
| Total crop acres share rented | 27 | 0 | 1 | 13 | 34 | 52 | 76 | 62 | 29 |
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