FSA-2037ins

Farm Loan Programs - General Program Administration

FSA-2037ins

OMB: 0560-0238

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Instructions For FSA 2037

FARM BUSINESS PLAN WORKSHEET - Balance Sheet

This form is used to gather information on an applicant or borrower’s assets and liabilities, to be used to make loan making and servicing decisions. The agency inputs the information provided in the Farm Business Plan.


Submit the original of the completed form in hard copy or facsimile to the appropriate USDA office.


Producers who have established electronic access credentials with USDA may electronically transmit this form to the USDA office, provided that the producer submitting the form is the only person required to sign the transaction.


Features for transmitting the form electronically are available to those producers with access credentials only. If you would like to establish online access credentials with USDA, follow the instructions provided at the USDA eForms web site.

Producers must complete all Items.


Fld Name /
Item No.

Instruction

1

Name

Enter the applicant’s name.

2

Date of Balance Sheet

Enter the date of the balance sheet.

A

Current Assets


1A

Cash and Equivalents

Enter cash on hand, checking, savings, and the dollar value of each. For an entity, enter the amount of cash in the farm business account.

1B

Marketable Bonds and Securities

Enter other investments and the dollar value of each.


Note: Enter certificates of deposit, treasury bills, or any other cash accounts maturing in less than 12 months. Enter any other cash such as hedging account equity or marketable bonds and securities. Do not include IRA or other retirement accounts.

1C

Accounts Receivable

Enter all accounts and notes with dollar value that are owed to the producer from business sales or services with a due date of 12 months or less.

1D

Crop Inventory

Enter the types of crops and commercial feed held in inventory on the farm or in a commercial storage facility. Enter any crops in the Commodity Credit Corporation (CCC) program with a due date of less than one year. An entry will be made later under current liabilities.

1E

Measure

Enter the unit produced ( i.e., weight, bushels, numbers, etc.)

1F

# Units

Enter the number of units held in inventory for each crop.

1G

$/Unit

Enter the price per unit for each crop as of the balance sheet date. Use local market prices or forward contract prices after adjusting for marketing expenses. The loan rate provides a price floor for grain in the CCC loan program. Therefore, use the higher of either the loan rate or current market price.

$ Value Column

Enter the total value of each crop. (Item 1F x Item 1G)

1H

Growing Crops

Enter the types of growing crops.

1I.

# Acres

Enter the number of acres growing for each crop.

1J

Cost/Acre

Enter the estimated input cost per acre for each crop growing. Include costs for seed, fertilizer, fuel, etc. If actual production expenses are not known, standard budget expenses can be used.

$ Value

Column

Enter the total investment for each crop. (Item 1I x Item 1J)

1K

Market Livestock- Poultry

Enter the type(s) of livestock held that will be sold within 12 months.

1L

# Head

Enter the number of each type of livestock.

1M

Weight

Enter the average weights for each type of livestock.

1N

$/Unit

Enter the market price per unit as of the balance sheet date. Use local market prices or forward contract prices after adjusting for marketing expenses.

$ Value Column

Enter the total value of each type of livestock. (Items 1L x 1M x 1N)

1O

Livestock

Products

Enter the type of livestock product held that will be sold within 12 months.

1P

Measure

Enter the unit the product is sold as, such as weight or numbers (number of culls, pounds of wool).

1Q

# Units

Enter the number of units held in inventory for each type of livestock product.

1R

$/Unit

Enter the price per unit for each product as of the balance sheet date.

$ Value

Column

Enter the total value for each type of livestock product.

(Item 1Q x Item 1R)

1S

Prepaid Expenses and Supplies

Enter the total value of supplies on hand, prepaid expenses and other inventoried assets. The value used for fertilizers, seeds, chemicals, fuel and oil should be the cost value.

1T

Other Current Assets

Enter the description and value of any other current assets which have not been accounted.

1U

Total Current Assets

Enter the total of all current farm assets. (Item 1A through Item 1T)

B Current Liabilities


2A

Accounts Payable

Enter the name of the lender, dealer, bank, or individual to whom the accounts are owed.

$ Amount

Column

Enter the payment amount due for each account as of the balance sheet date.

2B

Income Taxes Payable

Enter a description of taxes owed, such as State, Federal income and Social Security taxes.

$ Amount Column

Enter the payment amount due for all taxes due, including amounts owed for employees, as of the balance sheet date.

2C

Real Estate Taxes Payable

Enter a description of taxes that have accrued on real estate and personal property as of the date of the balance sheet. Include any other levied assessments or taxes that have accrued.

$ Amount Column

Enter the payment amount due for all accounts as of the balance sheet date.

2D(1-4)

Creditor

Enter the name of each creditor for notes payable due within 12 months.

2E(1-4)

Purpose

Enter the purpose for each note in Item 2D (Item 1 through Item 4).

2F(1-4)

Interest Rate

Enter the interest rate for each note listed in Item 2D (Item 1 through Item 4).

2G(1-4)

Accrued Interest

Enter the accrued interest for each note listed in Item 2D (Item 1 through Item 4) as of the balance sheet date.

2H(1-4)

Payment Amount

Enter the monthly or quarterly payment amount due, for each note listed in Item 2D (Item 1 through Item 4).

2I(1-4)

Next Payment Date

Enter the next payment due date.

2J(1-4)

Principal Balance

Enter the unpaid principal balance for each note listed in Item 2D (Item 1 through Item 4) as of the balance sheet date.

2K(1-3)

Accrued Interest and $ Amount

Column

Enter the amount of accrued interest for (Item 1) Current Liabilities, (Item 2) Intermediate Liabilities, and (Item 3) Long Term Liabilities as of the balance sheet date.

2L(1-2)

Current Portion of Principal and $ Amount Column

Enter the current portion of principal due on (Item 1) Intermediate Liabilities, and (Item 2) Long Term Liabilities.

2M

Other Current Liabilities

Enter the creditor’s name for any other liability due within the next 12 months.

$ Amount

Column

Enter the dollar amount due as of the balance sheet date.

2N

Total Current Liabilities

Enter the total of all $ Amounts and Principal Balances.

C Intermediate Assets


3A

Dollar Value

Column

Enter the dollar value of Machinery and Equipment (Item 11H) and Farm Vehicles (Item 12H) totaled.

3B

Breeding Stock

Enter all types of breeding livestock owned.

3C

Raised/Purch

Enter (R) for raised or (P) for purchased for each animal.

3D

# Head

Enter the number of each type of breeding livestock.

3E

$/Head

Enter the current market price per animal for each type of livestock as of the balance sheet date.

$ Value

Column

Enter the dollar value for each type of breeding livestock. (Item 3D x Item 3E)

3F

Notes Receivable

Enter notes that will not be received in the current year, but will be received within 10 years.

3G

Not Readily Marketable Bonds & Securities

Enter other investments and the dollar value of each.


Note: Enter certificates of deposit, treasury bills, or any other cash accounts maturing in more than 12 months. Include any other cash, such as hedging account equity or marketable bonds and securities. Do not include IRA or other retirement accounts.

3H

Other Intermediate Assets

Enter co-op stock, life insurance cash value, etc.

3I

Total Intermediate Assets

Enter the total of all intermediate farm assets from Item 3A through Item 3H in the $ Value column.

D

Long Term Assets


4A

Building & Improvements

List all buildings and improvements owned and $ Value for each.

4B

Real Estate-Land

Enter all of real estate-land owned. Provide brief description.

4C

Total Acres

Enter total acres for land listed in Item 4B.

4D

Crop Acres

Enter total crop acres for land listed in Item 4B.

4E

% Owned

Enter percent of ownership you hold for land listed in Item 4B.

4F

$/Acre

Enter dollar value per acre for land in Item 4C.

$ Value

Column

Enter value of land. (Items 4C x 4E x 4F)

4G

Other Long Term Assets

Enter the current market value of any other type of long term farm asset not listed. Include accounts and notes with a maturity of over 10 years.

$ Value

Column

Enter the dollar value for other long term assets as of the balance sheet date.

4H

Total Long Term Assets

Enter the total of all long term assets.

4I

Total Farm Assets

Enter the total value of all farm assets entered. (Total of Current Assets (Item 1U), Intermediate Assets (Item 3I) and Long Term Assets

(Item 4H)).

E

Intermediate Liabilities


5A(1-7)

Creditor

Enter each creditor’s name for intermediate liabilities.

5B(1-7)

Purpose

Enter the purpose for each debt listed in Item 5A.

5C(1-7)

Interest Rate

Enter the interest rate for each debt listed in Item 5A.

5D(1-7)

Accrued Interest

Enter the accrued interest for each debt listed in Item 5A as of the balance sheet date.

5E(1-7)

Payment Amount

Enter the payment amount due for each debt listed in Item 5A.

5F(1-7)

Next Payment Date

Enter the next payment due date.

5G(1-7)

Principal Balance

Enter the unpaid principal balance for each debt listed in Item 5A as of the balance sheet date.

5H

Total Intermediate Liabilities

Enter the total of all $Amounts from Item 5G (Item 1 through Item 7).

F

Long Term Liabilities


6A(1-7)

Creditor

Enter each creditor’s name for long term liabilities.

6B(1-7)

Purpose

Enter the purpose for each long term debt listed in Item 6A.

6C(1-7)

Interest Rate

Enter the interest rate for each long term debt listed in Item 6A.

6D(1-7)

Accrued Interest

Enter the accrued interest for each long term debt listed in Item

6A as of the balance sheet date.

6E(1-7)

Payment Amount

Enter the payment amount due for each long term debt listed in

Item 6A.

6F(1-7)

Next Payment Due

Enter the next payment due date.

6G(1-7)

Principal

Balance

Enter the unpaid principal balance for each long term debt listed in Items 6A.

6H

Total Long Term Liabilities

Enter the total long term liabilities listed in Item 6G as of the balance sheet date.

6I

Total Farm Liabilities

Enter the total farm liabilities. (Item 2M + Item 5H + Item 6H)

6J

Total Farm Equity

Enter the total farm equity. (Item 4I minus Item 6I)

G Personal Assets


7A

Cash and Equivalents

Enter the value of personal cash and equivalents.

7B

Stocks and Bonds

Enter the value of personal stocks and bonds.

7C

Cash Value Life Insurance

Enter the cash value of life insurance policies. Do not duplicate amounts included in Item 3H.

7D

Other Current Assets

Enter the value of any other personal current assets.

7E

Household Goods

Enter the value of all household goods.

7F

Car, Recreational Vehicle, etc.

Enter the value of all personal, recreational, or non-farm vehicles.

7G

Other Intermediate Assets

Enter the value of any other personal intermediate assets.

7H

Retirement Accounts

Enter the value of retirement accounts.

7I

Non-Farm Business

Enter the value of all non-farm businesses.

7J

Non-Farm Real Estate

Enter value of non-farm real estate.

7K

Other Long Term Assets

Enter the value of any other long term assets.

7L

Total Personal Assets

Enter the total dollar value of all personal assets. (Item 7A through Item 7K)

7M

Total Assets

Enter the total dollar value of all assets. Total Farm Assets (Item 4I) and Total Personal Assets (Item 7L).

H

Personal Liabilities


8A(1-4)

Creditor

Enter each creditor’s name for personal debts.

8B(1-4)

Purpose

Enter the purpose for each personal debt.

8C(1-4)

Interest Rate

Enter the interest rate of each personal debt.

8D(1-4)

Accrued Interest

Enter the accrued interest for each personal debt as of the date of the balance sheet.

8E(1-4)

Payment Amount

Enter the payment amount due for each personal debt.

8F(1-4)

Next Payment Date

Enter the next payment due date.

8G(1-4)

Principal Balance

Enter the unpaid principal balance for each personal debt as of the date of the balance sheet.

8H

Other Liabilities

Enter any other personal liabilities.

8I

Total Personal Liabilities

Enter the total dollar amount of all personal liabilities.

8J

Total Liabilities

Enter the total amount of Total Farm Liabilities (Item 6I) and Total Personal Liabilities (Item 8I).

8K

Total Equity

Enter the total equity. (Item 7M minus Item 8J)

I

Warning


9A

Signature

After reading the warning, enter signature.


If faxing or mailing the form, print the form and manually enter your signature. This form is approved for electronic transmission. If you have established credentials with USDA to submit forms electronically, use the buttons provided on the form for transmitting the form to the USDA servicing office. Electronic transmission may only be completed if you are the only person required to sign this form.

9B

Date

Enter the date the form is signed by the applicant.

10 Comments

Enter any comments clarifying information on this form.

J Machinery and Equipment


11A

Quantity

Enter the number of pieces of equipment to be described in Item 11B.

11B

Description

Enter the description of the type of machinery or equipment.

11C

Manufacturer

Enter the manufacturer’s name of the equipment listed in Item 11B.

11D

Size/Type

Enter the size and or type of equipment listed in Item 11B.

11E

Condition

Enter the current condition of the equipment listed in Item 11B.


Note: (E) Excellent, (G) Good, (A) Average, (F) Fair, (P) Poor


Note: Do not list junk items.

11F

Year

Enter the year of manufacture.

11G

Serial Number

Enter the serial number for each item of machinery or equipment.


Note: Notate if serial number is not available.

11H

$ Value

Enter the current market value as of the date of the balance sheet.

K

Farm Vehicles


12A

Quantity

Enter the number of farm vehicles to be described in Item 12B.

12B

Description

Enter the description of farm vehicles.

12C

Manufacturer

Enter the manufacturer’s name of the farm vehicle listed in Item 12B.

12D

Size/Type

Enter the size, type or model of the farm vehicles listed in Item 12B.

12E

Condition

Enter the current condition of the farm vehicle listed in Item 12B.


Note: (E) Excellent, (G) Good, (A) Average, (F) Fair, (P) Poor


Note: Do not list junk items.

12F

Year

Enter the year of manufacture.

12G

Serial Number/VIN

Enter the Serial Number or Vehicle Identification Number (VIN) for farm vehicles listed in Item 12B.

12H

$ Value

Enter the current market value as of the date of the balance sheet.


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File Typeapplication/msword
File TitleInstructions For FSA 2037
AuthorUSDA-MDIOL00000DG8C
Last Modified Byniki.chavez
File Modified2007-04-12
File Created2007-04-12

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