Instructions For FSA 2037

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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.