Here are several Farm Management Resources.
The "Farm Office" website is a great resource for Farm Management Tools, Ag Laws, Income Tax Schools, and Farm Profitability.
Ohio Ag Manager Newsletter is a monthly newsletter from Ohio State University Extension that discusses current issues in Agricultural costs, labor, grain marketing, energy, estate planning, transitioning the farm to the next generation and other topics.
Farmland Rental Information below is a compilation of resources on cash rents, share rents and legal issues related to farmland rental. Includes current surveys, sample agreements and other resources for both landowners and tenants.
Farmland Rental Resources
One of the most frequently asked question is, "What cash rental rate is fair?" The question is asked by both landlords and tenants. The issue has two sides and should be viewed as a question that has two answers, with each party figuring out cost and returns for their investment. While everyone would like it to be one rate that fits all, the reality is that every situation is different. It truly is a negotiation that needs to happen with each transaction.
For the landlord, the DIRTI five cost of ownership provides a baseline. The ownership costs are Depreciation, Interest, Return on investment, Taxes and Insurance, which provides a starting point for negotiations. Considerations should also be given for things a tenant might do, such as a weed control on non-tillable acres, snow removal and other tasks that have value to the landlord.
From a tenant's view, input cost of producing the crop, transportation, marketing, plus returns to the capital investment in machinery, management and labor need to be covered. The tenant will want to know the value of extra things they may do that adds or maintains the value of the land for the owner.
Below is a listing of resources from The Ohio State University and other land grant universities you will find useful as you evaluate a fair rent for your farm.
Some general legal requirements for lease enforceability that both a tenant and landlord should be aware of based on Ohio law are based on the length of the agreement:
|Up to 1 year||Verbal can be enforceable.|
|1 to 2 years||Must be in writing and signed by the parties.|
|2 to 3 years||Must be in writing, signed by the parties, notarized, and recorded in the county where the land is located.|
|3 years or more||Must be in writing, signed by the parties before two witnesses, notarized, and recorded in the county where the land is located.|
Ohio Farm Custom Rates
Western Ohio Cropland Values and Cash Rents
Western Ohio Cropland Values and Cash Rents 2017-18
Western Ohio Cropland Values and Cash Rents 2016-17
Western Ohio Cropland Values and Cash Rents 2015-16
Western Ohio Cropland Values and Cash Rents 2014-15
Western Ohio Cropland Values and Cash Rents 2013-14
Western Ohio Cropland Values and Cash Rents 2011-12
Western Ohio Cropland Values and Cash Rents 2010-11
Western Ohio Cropland Values and Cash Rents 2009-10
Ohio Cropland Values and Cash Rents 2008-09
Ohio Cropland Values and Cash Rents 2007-08
National Ag Statistics Service
Sample Agreements and Other Information
Budgeting for Agricultural Enterprises
The Ohio State University Extension Agricultural Enterprise Budget Series is a good place to start looking at individual enterprises on the farm and evaluate their contribution to farm income. A comprehensive look at fixed and variable costs along with income, operators can look closely at net profit by enterprise. Recent additions are in Microsoft Excel format and can be easily changed to reflect your cost and receipts.
Retirement calculator for farm families is a tool from Purdue University that you will find useful in calculating income needs.