leader
farm credit
SUMMER 2015
Farm Credit members Henry (left)
and George Kempfer (right) of
George Henry Partnership
A look inside...
›
$3.2 Million Cash Patronage Distribution for 2015
Introducing Money Concepts at Farm Credit
› You Picked Us—Now We Picked You!
›
MANAGE YOUR
Time & Money
leader
is published quarterly for stockholders,
directors and friends of Farm Credit of
Central Florida.
AccountAccess
24-hour, online access to your Farm Credit accounts.
With AccountAccess you can:
• Check your principal balance, interest paid year-to-date, interest rate, the
amount and due date of your next payment, and much more.
• Make loan payments.
• Transfer funds between your Line of Credit loan and your bank account.
• Review the past 16 months of activity on your account.
• Download and print your annual loan activity statement.
• View and print your 1098 and 1099 tax documents.
Best of all, it’s free! Simply go to www.FarmCreditCFL.com and select the
“SIGN UP” link on the AccountAccess block.
mobileRoots
™
Free and secure mobile app for AccountAccess that
allows you to manage your accounts on the go.
mobileRoots for iPhone and Android allows you to view your Farm Credit details,
balances and recent transactions. Plus, you can make payments and transfer
funds to an external checking or savings account.
In order to use the mobileRoots app, you must first sign up for AccountAccess
online at www.FarmCreditCFL.com. mobileRoots is a trademark of AgFirst
Farm Credit Bank. Apple and iPhone are trademarks of Apple Inc. Android is a
trademark of Google Inc. For iPhone, the app is available on the App Store. For
Android, the app is available on Google play.
AutoDraft
Automatically deducts your loan payments from your
checking or savings account.
It’s safe, easy and free. With it, you:
• Get peace of mind knowing your payment has been made on time, every time.
• Maintain your good credit rating and avoid late charges.
• Save money. You’ll have one less stamp to buy.
• Save time. You’ll have one less check to write each month.
• Choose your own draft date.
• Make additional principal payments with each draft.
PRESIDENT
Reginald T. Holt
BOARD OF DIRECTORS
Robert R. Roberson, Chairman
W. Rex Clonts, Jr., Vice Chairman
Jenny R. Black
C. Dennis Carlton
Homer E. Hunnicutt, Jr.
Michelle G. Hurst
John S. Langford
Keith D. Mixon
David J. Stanford
Ronald R. Wetherington
EDITORS
Ron O’Connor, Director of Marketing
& Governmental Affairs
Tory Boyd, Marketing Coordinator
PUBLISHER
AgFirst Farm Credit Bank
PUBLISHING DIRECTOR
Padgett Mozingo
DESIGNERS
Athina Eargle
Darren Hill
Amanda Simpson
Travis Taylor
PRINTER
Professional Printers
CIRCULATION
Kathi DeFlorio
Address changes, questions, comments
or requests for copies of our financial
reports should be directed to Farm Credit
of Central Florida by writing P.O. Box 8009,
Lakeland, FL 33802-8009 or calling 863682-4117. Our quarterly financial report
can also be obtained on our website:
www.FarmCreditCFL.com
COVER
Farm Credit members Henry, Immediate
Past President of the Florida Cattlemen’s
Association and George Kempfer, Vice
President of the American Brahman
Breeders Association
Table of Contents
ASSOCIATION NEWS
18
Farm Credit of Central Florida Declares $3.2 Million Cash
Patronage Distribution for 2015
4
2015 Annual Meeting
6
Robbie Roberson Elected Chairman of FCCF Board
8
FCCF Directors Elected
8
FCCF Board Members Interact with Legislators
9
Langford Appointed to AgFirst Board
9
Wetherington Awarded Hillsborough County Citizen Award 10
Farm Credit Salutes Veterans
10
Promotions / Anniversaries / New Hires
11
Erin Vermillion Joins Apopka Branch
11
Employee News
12
FARM & LAND
20
Introducing Money Concepts at Farm Credit of
Central Florida
14
Financial Planning: Helping You See the Big Picture
15
Growing Your Chances for Agritourism Success with
a Strong Business Plan
16
The Water Policy that Wasn’t
18
COMMUNITY
22
Farm Credit Strawberry Salute Breakfast
20
Tabitha Rowell Named Inaugural Farm Credit Scholarship
Winner at Warner University
22
2015 Agriculture Literacy Day
24
U-Picked Us—Now We Pick You!
25
Agriculturalists Visit Tallahassee
26
MEMBER PROFILES
M&B Products Adds Fresh from Florida Yogurt
to their Tasty Menu
28
Photo Contest
29
Going to Town on Behalf of Florida Agriculture
30
The McCormick’s Don’t Find Rural Living Taxing
31
Planting the Seeds of Freedom
32
Two Rivers Ranch Recognized for Environmental
Stewardship33
30
FINANCIALS
First Quarter 2015 Consolidated Financial Reports
Farm Credit of Central Florida | Summer 2015 ›
34
3
ASSOCIATION NEWS
Farm Credit of Central Florida
Declares $3.2 million Cash
Patronage Distribution for 2015
Farm Credit of Central Florida’s Board of
Directors recently declared $3.2 million in
patronage dividends to qualified borrowers
of t he La kela nd-based agricu ltura l
cooperative.
Farm Credit of Central Florida
Chairman of the Board, David J. Stanford,
said, “The exemplary performance of our
Member/Borrowers and our strict adherence
to cooperative principals allows us to deliver
credit at the lowest possible rate and let our
Members share in the profits.”
“Returning profits to our borrowers
reduces their effective cost of borrowing,”
Farm Credit of Central Florida President
and CEO Reginald Holt, said. “There are
significant benefits to doing business with
Farm Credit and profit-sharing through
patronage refunds provides tangible proof.”
Since 1988, Farm Credit of Central
Florida’s board of directors has declared
patronage refunds exceeding $148 million.
Stretched end to end, $148 million would
reach from Lakeland, Fla., to Honolulu,
Hawaii, three times!
Farm Credit of Central Florida is a
member-owned cooperative serving 13
Central Florida counties, including Polk,
Hillsborough, Pinellas, Citrus, Hernando,
Pasco, Sumter, Lake, Seminole, Orange,
Osceola, Volusia and Brevard. Part of the
nationwide Farm Credit System established
in 1916, Farm Credit of Central Florida
provides loans, leases and crop insurance
to over 1,000 farmers, ranchers, growers and
rural homeowners. u
Top: Farm Credit of Central Florida director Keith Mixon (left), his brother Jerry (second from right) and Farm Credit members Les Dunson (second from left) and Dave Aplin
celebrate the Association’s patronage refund.
4
‹ Summer 2015 | Farm Credit of Central Florida
Farm Credit of Central Florida loan officer David McDonald celebrates the
Association’s patronage refund with FCCF member Gary Charlton, owner of
Transplant Growers.
FCCF members PJ (far left), Bill (second from left), Dan Klinger (third from left) and
Randy Strode (far right) are happy with their share of the Association’s patronage
refund announced by FCCF loan officers David McDonald and Erin Vermillion.
FCCF members David and Fran Hardy at the 2015 Annual Meeting.
FCCF member Robert Thomas (left) and FCCF Senior Vice President Jeff Phillips.
The Varn family (from left to right), Perry Sr., Joanne
and PJ, members since 1949, celebrate patronage.
Roger Blanco (left) and Larry Swindle (right)
celebrate patronage at the annual meeting
Joe, Danny and Ron Aprile (from left to right) at the FCCF Annual Meeting.
Fred and Sylvia Bohde were happy to learn the
Association would once again pay patronage.
Henry (far left) and George Kempfer (far right) learned of patronage from FCCF loan
officer David McDonald (center).
Farm Credit of Central Florida | Summer 2015 ›
5
ASSOCIATION NEWS
2015 Annual Meeting
More than 250 Farm Credit of Central Florida members, employees and guests
enjoyed delicious steaks at the 2015 Stockholders Meeting.
The Florida Southern College Color Guard presented the flag at Farm Credit of
Central Florida’s Annual Stockholder’s Meeting.
Sally and Dudley Putnam won a picnic table at the
annual meeting.
6
Madi and Anna Conrad smile with Polk County Sherriff Grady Judd and their
grandparents Larry and Debbie Swindle.
Bettye Sykes won the Big Green Egg at the 2015
Farm Credit of Central Florida Annual Stockholder’s
Meeting!
‹ Summer 2015 | Farm Credit of Central Florida
Madi and Anna Conrad pose with some of the great
door prizes at this year’s Stockholders Meeting!
Dan and PJ Klinger won some of the Yeti door prizes at the 2015 Farm Credit of
Central Florida Annual Stockholder’s Meeting!
Chairman Dave Stanford, on behalf of the Association, honored retired director Lewis
Stidham at the 2015 Farm Credit of Central Florida Annual Stockholder’s Meeting.
Renata and Bobby Walker smile at the 2015 Stockholders Meeting.
Farm Credit of Central Florida board
member Jenny Black.
Araceli Gutierrez Trevino and her son smile with our YETI cooler door prize
they won at the annual meeting!
Polk County Sheriff Deputies at the Stockholder’s Meeting.
Farm Credit of Central Florida
President and CEO Reggie Holt
addressed the crowd.
Farm Credit of Central Florida | Summer 2015 ›
7
ASSOCIATION NEWS
Robbie Roberson Elected
Chairman of Farm Credit
of Central Florida Board
Farm Credit of Central Florida (FCCF) President and CEO Reggie
Holt announced the cooperative’s Board of Directors has appointed
Zellwood Nursery grower, Robert R. “Robbie” Roberson, as chairman,
succeeding David J. Stanford. Roberson was elected chairman at the
April 22, 2015 FCCF board of directors meeting.
“Robbie brings great wisdom and statesmanship to the board.
FCCF has been blessed with astute and visionary leadership in the
chairman’s position for over 40 years with Al Bellotto, Sr., David J.
Stanford and now Robbie,” Holt said.
Roberson is a nurseryman who has lived and grown plants in
the Apopka area for over 40 years. He was appointed to the FCCF
board to fill a vacant seat in 1997 and has successfully been re-elected
to three-year terms ever since.
Ben Bolusky, CEO of the Florida Nursery, Growers and
Landscape Association, said, “A natural business leader, Robbie
Roberson is a highly respected pillar of Florida’s tropical foliage
and houseplant industry. He is a gifted bridge-builder as the
business community often turns to Robbie whenever an issue needs
engagement with state legislators and elected local officials.” u
Farm Credit of
Central Florida
Directors
Re-Elected
Robert R. ”Robbie” Roberson, Chairman of the Board of Lakelandbased agricultural lending cooperative Farm Credit of Central
Florida, announced directors Jenny Black, Rex Clonts and John
Langford have been re-elected by the coop’s membership to serve
three-year terms expiring in 2018.
“Farm Credit of Central Florida’s board of directors have guided
this Association through some very difficult times,” Reggie Holt,
Farm Credit of Central Florida President and CEO said. “Their
commitment to the Association has allowed us to once again produce
strong patronage refunds, which significantly lower our members’
effective rate of borrowing.”
Jenny Black is a Florida native and citrus grower residing in
Lakeland. Black started her own IT consulting practice in 2008
8
‹ Summer 2015 | Farm Credit of Central Florida
and serves multiple clients in the transportation and agricultural
industries. Black was appointed to the board in September 2014.
Rex Clonts was elected to the cooperative’s board in 1997. Clonts
is a citrus grower and third-generation Farm Credit board member
with 500 acres of citrus production in Lake County.
John Langford has served on Farm Credit of Central Florida’s
board since 2005. Langford is a citrus grower, citrus fruit dealer and
real estate agent from Bartow and serves as the designated financial
expert for Farm Credit of Central Florida. He was also recently
elected Vice Chairman of the AgFirst Farm Credit Bank board in
Columbia, S.C. u
Langford
Elected
to AgFirst
Board
US Senator Bill Nelson met with Farm Credit representatives.
Farm Credit of Central
Florida Board Members
Interact with Legislators
Farm Credit of Central Florida directors inform legislators of current agricultural issues
affecting their operations and the industry as a whole. Familiarizing decision makers with
these issues is critical to the health and well-being of Florida agriculture. u
Farm Credit directors met with Congressman Dennis Ross to discuss agriculture issues in Florida.
Congressman Tom Rooney met with citrus industry representatives.
Farm Credit of Central Florida board
member John Langford was elected Vice
Chairman of the AgFirst Farm Credit
Bank board, the source of funds for the
southeastern Farm Credit district.
“Farm Credit borrowers from the 15
states from Pennsylvania to Mississippi
and Florida to Ohio, benefit from their
association with AgFirst Farm Credit
Bank,” Langford said. “AgFirst’s primary
function is to provide funds to all the local
Associations, sourcing those funds directly
off Wall Street Global investors reward the
collective creditworthiness of our farmer
borrower/owners with very low interest
rates. This source of funds is one of the
many benefits of belonging to the Farm
Credit family.”
“We are fortunate to have John
Langford serving a dual role, as a Director
for Farm Credit of Central Florida and
on the AgFirst board. John has earned
the respect of his peers in local and
district agricultural circles and has been a
valuable resource for Farm Credit Members
throughout the AgFirst district,” said
Reggie Holt, President and CEO of Farm
Credit of Central Florida.
Thank you, Mr. Langford, for your
time and commitment to the Farm
Credit System. u
Farm Credit of Central Florida | Summer 2015 ›
9
ASSOCIATION NEWS
Wetherington
Awarded
Hillsborough
County Citizen
Award
Sheriff David Gee recognized Ron and Lane
Wetherington at the Hillsborough County
Sheriff’s Office Quarterly Awards Ceremony
held on March 18, 2015 in the Falkenburg
Road Jail Assembly Room.
Sheriff David Gee presented Citizen
Awards to Ron and Lane Wetherington.
“Our next two award recipients, a
father and son, epitomize the definition of
community service. Owners of a successful
agriculture business in eastern Hillsborough
County and driving force behind the Annual
Strawberry Festival, these individuals
started a small family tradition nearly 30
years ago known as ‘Christmas Tree Lane.’
Now covering three acres, these award
recipients take pride in spreading joy and
happiness for the nearly 40,000 people
who visit ‘Christmas Tree Lane’ each year.
If you’ve never visited this mesmerizing
spectacle of lights, it’s certainly a must do.
“Thank you for being such outstanding
members of the community and a true friend
of the Hillsborough County Sheriff’s Office.”
Farm Credit of Central Florida is
proud to have board members that serve
their communities. Thank you, Ron
Wetherington, for all that you do. u
Farm
Credit
Salutes
Veterans
Farm Credit of Central Florida board
members John Langford, Ron Wetherington
and Homer Hunnicutt all served in the
United States Coast Guard and today they
salute you, veterans! Thank you for your
service and duty to our country. u
10
‹ Summer 2015 | Farm Credit of Central Florida
Promotions
Congratulations to our
hardworking employees on
their recent promotions!
›James Lewis was promoted to Senior
Vice President managing Lifestyle/Small
Business and Residential Lending.
Anniversaries
.......................................................
One Year
Tory Boyd, Marketing Coordinator
Kevin Taylor, Credit Analyst
Alyssa Weaver, Credit Analyst
.......................................................
›Loan specialist Melissa Rumore has been
promoted within the department and will
now assist with residential loans.
Five Years
›Brittany Lopez was promoted
to Assistant Director of Credit
Administration.
Brad Rhoden, Loan Officer
›In addition to her responsibilities as a
loan officer, Jennifer Parrish is now
responsible for crop insurance for the
Association.
›Vonda Fulwood now manages the
Association’s entire residential loan
portfolio.
New Hires
Denise Khidirian, Paralegal
.......................................................
Ten Years
Suzanne Fry of Bartow, Florida
joined the accounting department
in April with more than 25 years
of banking experience. Suzanne
enjoys visiting the beach, reading
and shopping.
Char Fisher, Accountant
Mary Cay Sasser, Loan Specialist
Chablee Rivera, Commercial Loan
Servicing Coordinator
Dawn Tuten, Manager of Human
Resources and Administrative Services
›Special Assets Manager Jessica Slaughter
began working with the residential
lending group in addition to her work
with the Association’s critical assets.
.......................................................
›Char Fisher has been designated the new
Accounting Team Leader.
.......................................................
Thirty-Five Years
Margie Gonzales, Retail Loan Specialist
A li Sizemore, a Food a nd
Resource Economics student at
the University of Florida, will
be interning this summer as a
Credit Analyst. Ali enjoys going
to Florida Gator football games,
fishing and spending time with
her family. u
Erin Vermillion Joins Apopka Branch
Erin Vermillion joined Farm Credit of Central Florida in February as a loan officer for the Lifestyle and
Small Business Department working in the Apopka office. Erin has more than 13 years of experience in
agricultural lending after working for the USDA FSA Loan program.
Erin graduated from the University of Florida with her bachelor’s and received her master’s degree
from North Carolina State University. She was not raised around agriculture but her coursework in college
inspired her to get involved. Now, she has experience in a wide variety of commodities. From ferns to cattle,
she understands your operation.
“I have appreciated all of the experiences I have had and I’m excited to be here,” Erin said. Erin prides
herself on her fair and compassionate way of doing business, making her a perfect fit for Farm Credit. u
Farm Credit of Central Florida | Summer 2015 ›
11
ASSOCIATION NEWS
Paging Dr. Green, Paging Dr. Green!
Jillian Ann Green, daughter of Andrea O’Connor and Stepdaughter of Farm Credit of Central
Florida Director of Marketing & Government Affairs, Ron O’Connor, is a young lady in
a hurry! Between May 9 & 17 she married her fiancé, Aaron Nelson, graduated from the
University Of Central Florida College of Medicine, and flew off to honeymoon in Hawaii!
Jillian was co-valedictorian at Lake Region High School in Eagle Lake, graduated cum
laude from the University of Florida with her undergraduate degree in biology, and has now
earned the title of medical doctor! Jillian will serve her 3-year residency at Florida Hospital
in Orlando and plans to be an emergency room physician upon completion of her residency.
Fulwood’s Daughter
Married
Doctor Jillian Green (Right) and her
mother, Andrea O’Connor.
Jillian Green & Husband, Aaron Nelson.
FCCF Residential Lender, Vonda Fulwood,
celebrated the marriage of her youngest
daughter Kayla to Blane Wilkerson on May
3, 2014. Congratulations Kayla and Blane,
we wish you a lifetime of happiness!
New Arrival
FFA District Winner
Credit analyst Kevin Taylor, wife Kandi and son Kaleb welcomed
baby Kamden Matthew Taylor into the world on December 6, 2014.
Kamden weighed 7 lbs. 6 oz. and was 19 in long and is growing fast!
Credit analyst Mike Sicignano’s sister (pictured right), Brilynn
Hallman, won first place in the FFA Landscaping District
Competition. Brilynn attends Marshal Middle School in Plant City.
Way to go, Brilynn!
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‹ Summer 2015 | Farm Credit of Central Florida
Music in their Genes
Credit analyst Bill Glass passed on his talent and passion for music to his 13-year-old
daughter Abigail. Abi began playing the violin in the fifth grade and immediately Bill and
Abi’s instructor knew she had a special talent.
Polk County has several youth orchestras in the area, two of which Abi has auditioned
for and participated in as one of the youngest members in the orchestra. The first, All County
Orchestra, Abi joined in fifth grade as the only elementary student in the entire orchestra
and was invited to audition a second time to the orchestra. For a second time, competing
against 500 violinists, she made the All-County Orchestra. Abi is also a member of the
East Polk Youth Orchestra, a more strenuous program of which 25 out of 100 auditioning
violinists made the cut.
Abi will continue honing her skills this summer at the Florida Southern College
Orchestral Camp where she will receive instruction from clinicians from all over the country.
Jenna Platt
Member of National
Champion Soils Team
Jenna Platt daughter of Shane Platt,
Chief Appraiser at FCCF, won first place
in the American Society of Agronomy’s
2015 National Collegiate Soils Contest as
part of a six member team from Auburn
University.
Jenna graduated from Auburn in
May with a degree in agronomy and soils.
Congratulations Jenna!
AJ Medina – Baseball’s Next Superstar?
Alberto Medina Jr., known as AJ, won the Star of the Game Trophy for the Lakeland
Stampede Travel Ball team playing out of Loyce Harper Park in south Lakeland. AJ
is the son of Farm Credit of Central Florida receptionist, Marisela, and her husband,
Alberto Medina, Sr. With the game tied at 3, AJ strode to the plate and lined a double to
right field, driving in the go-ahead run at the Mike Sansone Baseball Complex in Plant
City. He also added a crucial catch of a fly ball from his position in left field to clinch
the trophy awarded to the player who contributed most to the win.
The Stampede won 5-3 and AJ was so thrilled with his trophy, he actually slept
with it Sunday night! This is AJ’s last game at this level as he moves inexorably toward
the major leagues! Remember this name because you may want his autograph on a
baseball card someday!
Farm Credit of Central Florida | Summer 2015 ›
13
FARM & LAND
Introducing...
Jason Williams
F
arm Credit of Central Florida is proud to announce its partnership with Money
Concepts International, Inc. Farm Credit is known as a personal, relationshipbased, cooperative lender. Money Concepts subscribes to the same values in its
approach to providing financial planning and wealth management plans.
Offering Money Concepts’ complete financial
planning and wealth management services brings added
value to your Farm Credit of Central Florida Membership.
The combined knowledge of the two organizations will
provide the knowledge of the unique challenges facing
agricultural families in preserving their family legacies.
We are proud to introduce Jason Williams, who as a
dual employee of Farm Credit of Central Florida and Money
Concepts brings a unique blend of experience to the table.
Jason’s experience as a credit analyst with the Association
and as a financial consultant will enable him to assist our
Members in tailoring a financial plan to suit their needs.
Jason is a native Floridian, married to, Jennifer and
they have an 18 month-old, son, Brooks. “I understand the
challenges faced by our agricultural families and am ready
to share my knowledge with you on succession planning,
investments, tax planning, life insurance, or a complete
financial plan,” Jason said.
Money Concepts International has been working
with Farm Credit Associations to provide quality
financial planning and wealth management services to
their Members since 1998. Money Concepts is a national
business partner of FCC Services, Inc. and serves a growing
number of Farm Credit associations nationwide.
Farm Credit of Central Florida is part of the
nationwide Farm Credit System created in 1916 and serves
over 900 Member/Borrowers in 13 central Florida counties
including, Polk, Hillsborough, Pinellas, Citrus, Pasco,
Hernando, Sumter, Lake, Orange, Osceola, Seminole,
Volusia, and Brevard. The Association has outstanding
loan volume exceeding $590 million. u
All Securities offered through Money Concepts Capital Corp. | Member FINRA / SIPC | Money Concepts Advisory Service is a Registered Investment Advisor with the SEC
All Non Securities and Non Advisory Products through Money Concepts International, Inc. | Not FCA or FDIC-insured - No Farm Credit or Bank Guarantee - May Lose Value
14
‹ Summer 2015 | Farm Credit of Central Florida
FINANCIAL PLANNING:
Helping You See the Big Picture
Do you picture yourself owning a new home, starting a business,
or retiring comfortably? These are a few of the financial goals that
may be important to you, and each comes with a price tag attached.
That’s where financial planning comes in. Financial planning
is a process that can help you target your goals by evaluating your
whole financial picture, then outlining strategies that are tailored
to your individual needs and available resources.
Why is financial planning important?
A comprehensive financial plan serves as a framework for organizing
the pieces of your financial picture. With a financial plan in place,
you’ll be better able to focus on your goals and understand what it
will take to reach them.
One of the main benefits of having a financial plan is that it can
help you balance competing financial priorities. A financial plan will
clearly show you how your financial goals are related--for example,
how saving for your children’s college education might impact your
ability to save for retirement. Then you can use the information
you’ve gleaned to decide how to prioritize your goals, implement
specific strategies, and choose suitable products or services. Best of
all, you’ll know that your financial life is headed in the right direction.
The financial planning process
Creating and implementing a comprehensive financial plan generally
involves working with financial professionals to:
• Develop a clear picture of your current financial situation by
reviewing your income, assets, and liabilities, and evaluating
your insurance coverage, your investment portfolio, your tax
exposure, and your estate plan
• Establish and prioritize financial goals and time frames for
achieving these goals
• Implement strategies that address your current financial
weaknesses and build on your financial strengths
• Choose specific products and services that are tailored to meet
your financial objectives
• Monitor your plan, making adjustments as your goals, time
frames, or circumstances change
Some members of the team
Accountants or tax attorneys provide advice on federal and state
tax issues.
Estate planning attorneys help you plan your estate and give advice
on transferring and managing your assets before and after your death.
Insurance professionals evaluate insurance needs and recommend
appropriate products and strategies.
Investment advisors provide advice about investment options and
asset allocation, and can help you plan a strategy to manage your
investment portfolio.
The most important member of the team, however, is you.
Your needs and objectives drive the team, and once you’ve carefully
considered any recommendations, all decisions lie in your hands.
Why can’t I do it myself?
You can, if you have enough time and knowledge, but developing a
comprehensive financial plan may require expertise in several areas.
A financial professional can give you objective information and help
you weigh your alternatives, saving you time and ensuring that all
angles of your financial picture are covered.
Staying on track
The financial planning process doesn’t end once your initial plan
has been created. Your plan should generally be reviewed at least
once a year to make sure that it’s up-to-date. It’s also possible that
you’ll need to modify your plan due to changes in your personal
circumstances or the economy.
Here are some of the events that might trigger a review of your
financial plan:
• Your goals or time horizons change
• You experience a life-changing event such as marriage, the birth
of a child, health problems, or a job loss
• You have a specific or immediate financial planning need
(e.g., drafting a will, managing a distribution from a retirement
account, paying long-term care expenses)
• Your income or expenses substantially increase or decrease
• Your portfolio hasn’t performed as expected
• You’re affected by changes to the economy or tax laws u
The financial planning process can involve a number of professionals.
Financial planners typically play a central role in the process,
focusing on your overall financial plan, and often coordinating the
activities of other professionals who have expertise in specific areas.
Farm Credit of Central Florida | Summer 2015 ›
15
FARM & LAND
Grow Your Chances for
Agritourism Success
with a Strong Business Plan
Agritourism is booming, and you may be considering giving it a try on your own
farm. Before you do, prepare yourself to be profitable by taking the time to write
a detailed business plan that considers how you will lay the groundwork for and
then achieve success.
Selling the Farm Experience
Part education, part entertainment, agritourism farms account for
nearly three quarters of a billion dollars in annual ag sales in the
United States (USDA Ag Census, 2012). The general public, maybe
now more than ever, is curious about what happens on a farm, and
agritourism operations give them a taste with farm tours, farm
stays, animal petting zoos, harvest festivals, corn mazes, and other
fun experiences.
Don’t feel like you need to start from scratch with an agritourism
operation—in fact, it’s better not to. Using the farm resources you
already have will increase your chances of profitability and diversify
your risk. These resources aren’t just crops and space. Also consider
labor, equipment, and the sale of your own farm products to visitors
as potential resources available to your agritourism activities.
Planning for Success
Agritourism is a very, very different way to earn money on your
farm if you’re used to traditional methods. Selling an entertainment
experience requires you to have a customer-focused attitude and a
talent for marketing. Just how different operating an agritourism
enterprise can be should give you pause as a producer—at least a
pause that lasts long enough to create a detailed business plan.
Before you stick your toe in the water to try out agritourism, take
some time to think about not only short-term operational planning
for your operation, but also long-term strategic planning that lays
16
‹ Summer 2015 | Farm Credit of Central Florida
out where your agritourism business will go, how it will get there,
and what resources will be required. An ideal business plan will be
detailed enough that other people can read it and understand what
you intend to do, how financial results will be achieved (and what
those results are), and the steps you will take to help your enterprise
grow and prosper.
Writing a business plan requires you to envision and establish
clear goals. Goals are not the same as potential opportunities or grand
ideas. Concentrate on SMART goals: Specific, Measurable, Attainable,
Rewarding, and Timed. Also address what can go wrong and how to
avoid, correct, or mitigate problems that can be anticipated.
It’s also important that a business plan for diversification into
agritourism is still a farm business plan, meaning that the agritourism
components of your plan have to harmonize and not interfere with
your existing operation. For example, if spring planting is the
busiest time of the year, then it would be best to make sure the
labor, equipment, and cash flow resources needed for that are not
also scheduled for an agritourism event.
Using Words and Numbers
A business plan must use descriptive language to tell the story
of what the agritourism enterprise will do, and it must also tell
the same story in numbers. The story in numbers means budgets,
forecasts, key financial performance indicators that will be tracked,
and spreadsheets showing “what if ” analyses (such as what if the
weather is bad on festival day, what if labor costs rise due to bigger
crowds, what if advertising expense is doubled). Using both words
and numbers to describe the business means that your plan can be
understood by more people. When your partners, spouse, advisors,
investors, or lenders can clearly read your plan, they can better
understand how deeply your plan addresses business performance
in a variety of situations.
Although you can hire a professional consultant to write a
business plan, you as business owner have to take the ultimate
responsibility to develop and implement the plan. The Small Business
Administration or regional business development centers may be
helpful in assuring that you’ve covered plenty of realistic scenarios.
Advisors such as cooperative extension staff and agricultural lenders
such as Farm Credit loan officers are familiar with the unique
characteristics of farm businesses and can also provide valuable
input. (Also see the list of resources at the end of this section.)
Considering a Loan
A part of making a business plan may be securing a loan for your
agritourism venture. Once you have a good idea of the scope and scale
of the agritourism business you are considering, you can decide if you
need to find a financial partner for a loan. That decision should be
evident from the budgets and cash flow projections in your business
plan. For example, if you are going to operate a corn maze in the fall,
you will need to know how much it costs to plant the corn, map the
maze, install fencing, set up parking, designate admissions areas,
and if you’re going to have farm fresh foods on hand to sell to the
crowds. If the cost of all those preparations takes more money than
you have, you should consider seeking a loan. You can learn more
about financing your operation at farmcreditflorida.com.
Borrowing money should be considered only if you have a plan
in advance that shows how you will be able to pay the money back.
Getting a lender to invest in your agritourism idea will require you to
show how much you will achieve in sales, minus your costs, equaling
a net profit from which you can repay the loan.
Forecasting Costs and Profits
It’s important to know your start-up cost and break-even point when
starting any agritourism business, but these numbers become even
more crucial when you’re asking for a loan.
A start-up cost is the amount of money invested in the project
before it begins to show any income from sales. A monthly cash
flow spreadsheet will show the total start-up costs, when those costs
will incur, when income from sales will begin, and when a loan can
be paid back. You can also use a monthly cash flow projection to
schedule project milestones, such as a task list for when corn should
be planted or advertising should be purchased.
Knowing your break-even point means you’ve projected what
you’ll have to achieve to ensure you don’t lose money. To find your
break-even point for the corn maze, for example, you’ll need to be
able to forecast what it will cost to provide the corn maze experience,
how many paying customers you can attract to your maze, and how
much they will each pay you. If it costs you $10,000 to create the
corn maze, grow it, obtain liability insurance for it, advertise it, and
have staff to sell tickets for $10, then to meet your break-even point
you would need 1,000 customers ($10 per ticket X 1,000 tickets =
$10,000). Potential lenders will want to know these figures to grant
you financing, and you’ll want to know them to determine at what
point you can begin to make a profit.
Agritourism can be a fun and interesting way for almost any
size of farm to earn more profits, but that success starts with careful
planning. Gather and analyze the specifics of your business, and
create a strong business plan that explains those in detail. Laying
this kind of groundwork right away will help you as you start into
agritoursim, and also as you grow your operation in the future. u
Farm Credit of Central Florida | Summer 2015 ›
17
FARM & LAND
The Water
Policy
That
Wasn’t
18
‹ Summer 2015 | Farm Credit of Central Florida
A
t the outset of the 2015 Legislative Session, water
seemed to be the issue at the forefront in the minds
of policymakers. However, that was before bitter
disagreement over the budget prompted the House to
unexpectedly adjourn three days early, putting into
motion a “stranger than fiction” domino effect of dueling public
statements between the chambers, an emergency Constitutional
challenge filed by a group of Senators, and even a press conference
about an offensive tweet.
The budget debate brought the Session to an abrupt halt, ending
with it the chances of statewide substantive water policy reform until
next year. Leading up to this year’s Regular Session, the Speaker of the
House and the President of the Senate issued a joint statement that
they would work together to pursue the common goal of sustainable
statewide funding and policy strategy for water conservation. The
emphasis of the resulting proposals was two-fold: (1) implementation
of Amendment 1 funding options and (2) comprehensive policy
revisions to the state’s laws relating to water availability for both
agriculture and public supply balanced with the conservation of
natural systems. Only the water-related proposals related directly to
the budget resurfaced when the Legislature reconvened in June for a
Special Session. Senate Bill 2516-A passed during the Special Session
to restructure trust funds as repositories for Amendment 1 funding
and direct 33% of documentary stamp tax collections to the Land
Acquisition Trust Fund for the implementation of the amendment.
The House water policy initiative, CS/HB 7003 by the State
Affairs Committee provided increased emphasis on public-private
partnerships with landowners to incentivize conservation efforts,
springs protection, and streamlining of the state’s patchwork of
sometimes duplicative or conflicting regulatory schemes. It was the
very first bill the House considered and passed this year, signaling
the importance of the issue to the Speaker of the House. The Senate
workshopped the House bill, drafted its own measure, and through
several committee meetings, the two packages came closer. However,
the Senate did not take the bill up for full Senate consideration until
the last week of Session, after an unprecedented move on the part
of the House to adjourn more than three days early. In a symbolic
gesture, the Senate amended and passed the bill back over to an
empty House chamber.
Both House and Senate bills addressed major topics such as
springs restoration and protection, Lake Okeechobee clean-up and
the Central Florida Water Initiative (CFWI), but they approached
these issues differently and added different additional initiatives.
The Senate’s primary water policy bill, CS/SB 918 by Senator Dean
mandated a new database of conservation lands and a consolidated
annual report on water quality and quantity. It included some of
the Senate President’s major priorities such as creation of a Florida
Shared Use Non-Motorized Trail Network as part of the Florida
Department of Transportation’s work program, a 5-year planning
process for water resource projects to be funded with state funds,
and established the Florida Water Resources Advisory Council to
rank and recommend water projects for funding. It also contained
a pilot project for water resource development that became very
controversial in part because it would allow a water management
district to develop a water resource project in an adjoining water
management district. Before its early adjournment, the House took
up another bill, HB 653, and amended portions of CS/SB 918 onto
that bill as a strong signal of what in the Senate’s bill the House was
likely to accept. Notably excluded in the amended House version
was the creation of an Advisory Council to rank and recommend
water projects and the pilot project language.
As Florida’s population grows, competition for the resource
among agriculture, public supply, and natural systems creates the
necessity for continued planning. The current landscape in the
Legislature harkens back to the Central Florida water wars, which
emerged in the Tampa Bay area in the 1970s and raged for nearly
30 years. Counties, cities, and the water management districts spent
millions of dollars in legal fees for rights to the precious resource
over decades before innovative, coordinated regional solutions and
development of alternative supply sources successfully increased the
size of the water pie. The need for consistency and more regional
approaches to water supply is apparent in exploring alternative water
resources, as an area limited in its own resources may need to locate
a project in a neighboring water management district. As part of the
burgeoning statewide water policy unfolding today, many of the
concepts that were pioneered during the struggles of Central Florida
have proved instructive, and state policy appears to be moving in the
direction of developing and encouraging cooperative regional water
supply planning. To that end, the Central Florida Water Initiative,
which has been working on cooperative water supply planning
for years, would have been codified and built upon in this year’s
proposed legislation.
One of the major weaknesses with present water policy that
the Legislature sought to address is the inconsistency of criteria
each water management district uses for evaluating consumptive
use permits (CUPs). This creates an additional level of confusion
for permit holders whose property is within the jurisdiction of
multiple districts. This is certainly problematic in areas where the
consumption of groundwater originating in one district will affect
the supply in neighboring jurisdictions.
Most significantly for farmers and landowners, the policy
revision bills would have created more predictability with respect
to consumptive use permits. The bills, for example, directed the
CFWI to develop a single process for permit reviews as well as a
single, consistent process to set minimum flows and levels and water
reservations, and an annual conservation plan for each
CUP. Both House and Senate proposals
imposed new monitoring
requirements on new, renewed, or modified CUPs authorizing the
withdrawal of 100,000 gallons or more per day in order to gain a
more comprehensive picture of actual use by a broader array of
users. One of the issues that was debated this year was whether those
conserving water and using less than their permitted allotment,
particularly agricultural users, would be allowed to keep those
amounts and under what conditions. Under the Senate proposal,
water management districts would have been required to adopt rules
to provide conservation incentives, including permit extensions. The
House’s proposal prohibited the reduction of an agricultural water
user’s irrigation permit during the term of the permit if water use were
less due to weather events, crop diseases, nursery stock availability,
market conditions or changes in crop type.
The 2015 Legislative Session began with the potential to mark a
historic moment for the future of Florida’s water resources. Although
the importance of water conservation and overall stewardship is
nothing new to farmers, this is the first time comprehensive water
policy has been addressed at the statewide level. After the decisive
passage of Amendment 1 dedicating tax revenue to conservation
efforts last November, there was unprecedented focus in the halls of
the Capitol on how to best conserve and allocate it before becoming a
casualty of the budget impasse. Agriculture has become increasingly
more adept at pioneering water conservation practices, having
been surpassed by domestic users as the largest consumer of water
resources in recent years, and will certainly continue to be lead the
way in improving the future of Florida’s water when the issue comes
into focus again in preparation for next year. u
About the Author:
Brittany Finkbeiner is an attorney in Dean
Mead & Dunbar’s Tallahassee office. Her
practice focuses on government relations,
lobbying and administrative law, real property,
and agribusiness. Prior to going into private
practice, Ms. Finkbeiner served as the chief
attorney for the Department of Business and
Professional Regulation, Division of Florida
Condominiums, Timeshares, and Mobile
Homes. In addition, she’s worked at the
Florida Department of Economic Opportunity, The Florida Senate Judiciary
Committee and as a legislative aide for the Florida Senate. She may be
reached at [email protected].
Farm Credit of Central Florida | Summer 2015 ›
19
COMMUNITY
Farm Credit Strawberry
Salute Breakfast
The Farm Credit Strawberry Salute Breakfast drew over 200 people to celebrate
Parade Day for the Strawberry Festival.
Keynote speaker Commissioner of Agriculture Adam Putnam, attending for the 19th
year in a row, discussed up and coming legislative issues facing the agricultural
industry specifically water policy.
Farm Credit of Central Florida member Dale
McClellen serving tasty parfaits.
FCCF Director Ron Wetherington (center) with Andrea
McClellan (left) and Tory Boyd (right).
Farm Credit of Central Florida President and CEO Reggie Holt spoke to the resilience
of the Plant City strawberry industry, “If you look back at the recession we went
through, and the slow recovery that we’ve experienced, the strawberry industry is
the main reason this community has survived and thrived as well as it has.”
Thank you to everyone who attended and helped make this event a success!
FCCF Directors Dennis Carlton (left), Jenny Black (second from right) and Chairman Robbie Roberson (right) with
Florida Commissioner of Agriculture Adam Putnam.
FCCF members Ron Gainey (left) and Ray Clark (right) with a member of the
Strawberry Queen’s Court.
Commissioner Putnam with Scott Brooks (far left), FFA member Adrian Dyer, and
Tim Cribbs (far right).
Commissioner Putnam with Mac Smith (far left) and Charlie, Debbie and Chuck Grimes (far right).
20
‹ Summer 2015 | Farm Credit of Central Florida
Lauren (far left) and Linda Walden with Commissioner
Putnam.
Hillsborough County Property Appraiser Bob Henriquez
(left) with FCCF President & CEO Reggie Holt.
Commissioner Putnam with the Strawberry Queen and her Court.
Commissioner Putnam addresses the audience.
FCCF Director Homer Hunnicutt Jr. with Commissioner
Putnam.
FCCF Director Ron Wetherington served as the MC .
After the Strawberry Breakfast, Farm Credit of Central Florida directors and Stephen Gately from Congressman Ross’ office
took a tour of the Grimes family’s strawberry operation. Thanks again to the Grimes family for their hospitality! The tour was led
by Joel Connell, Charlie, Chuck and Buddy Grimes of Grimes Produce.
Farm Credit of Central Florida | Summer 2015 ›
21
MEMBER PROFILE
COMMUNITY
Tabitha Rowell Named Inaugural
Farm Credit Scholarship
Winner at Warner University
22
‹ Summer 2015 | Farm Credit of Central Florida
Webster’s Dictionary defines
overachiever as, “One who achieves
success over and above the standard
or expected level, especially at
an early age.” Tabitha Rowell, the
inaugural recipient of the $1,000
Farm Credit scholarship at Warner
University, personifies that definition.
Graduating third in her class at Ft. Meade High School, Tabitha
is on schedule to graduate from Warner University in 3 years.
Upon graduation from Warner University, Tabitha will graduate
with a Bachelors in Agricultural studies, and a Minor in Business
Administration. As a Ft. Meade Miner, she was senior class president,
Student Council Vice President, a band member, softball player, an
FFA officer, and captain of the varsity cheerleading squad. Tabitha
was so busy at football games she would cheer on the football team
until halftime, play drums in the band for the halftime show, and
then return to the sidelines to cheer on her team! Tabitha also earned
the coveted American FFA Degree last October, while traveling with
the Warner University FFA team to the National FFA convention in
Louisville, Kentucky.
Her Mom, Debbie, is an X-Ray Technologist working for Dr.
Jesse Morgan, an Orthopedic surgeon, in Bartow FL, and Dad,
Dennis, a former Fort Meade police officer, is the Production
Manager at Sunshine Growers’ Ft. Meade nursery. Tabitha, VicePresident of the Warner Collegiate FFA chapter, expects to graduate
in December of 2016 and is interested in working at a wholesale
nursery with ornamental plants or possibly becoming an Ag teacher.
“The Farm Credit scholarship funds will allow my younger
sister to use the Florida Pre-Paid college fund originally saved for
me. It will help me pay tuition I still owe,” Tabitha said.
“The Warner professors, staff, and other Ag students are so
proud of Tabitha for her hard work on and off campus. When she’s
not working with her father at Sunshine Growers in Fort Meade,
she’s participating on the Board for Warner’s Collegiate FFA chapter.
Tabitha is a real delight to be around. Warner University appreciates
Farm Credit’s support and faith in the future of our Agriculture
leaders. Without these upcoming, intelligent innovators in Ag, who
will feed the world,” said Leigh Ann Wynn, Warner’s Assistant VP
for Advancement.
The scholarship is sponsored jointly by Farm Credit of Central
Florida and Farm Credit of Florida, both part of the nationwide Farm
Credit System. Winners will alternate between worthy students
from the service area of the two cooperatives, selected by Warner
University. For more information on how to apply for the Farm Credit
Scholarship in 2016, contact Leigh Ann Wynn, Warner’s Assistant
Vice President for Advancement at (863) 638-1446 or leighann.
[email protected]. u
Farm Credit scholarship recipient Tabitha
Rowell and her parents Dennis and Debbie
with FCCF Marketing Coordinator Tory Boyd.
Farm Credit of Central Florida | Summer 2015 ›
23
COMMUNITY
2015
Agriculture
Literacy Day
F
arm Credit of Central Florida employees Tory Boyd, Ron
O’Connor, Jessica Slaughter and Alyssa Weaver read to over
200 elementary students across central Florida to celebrate
Agriculture Literacy Day on April 21.
Ag Literacy Day gives farmers, ranchers, FFA teachers
and students and anyone involved in the agricultural industry an
opportunity to visit elementary classrooms and educate students on
agriculture. This year’s book, Drive Through Florida: Livestock and
Poultry, highlights Florida’s diverse animal agriculture industry. u
24
‹ Summer 2015 | Farm Credit of Central Florida
Tory Boyd, Farm Credit of Central Florida marketing coordinator,
visits kindergarten students on Ag Literacy Day.
Top: Farm Credit of Central Florida Credit Analyst Alyssa Weaver
reads to kindergarten students for Ag Literacy Day.
U-Picked Us
!
u
o
Y
k
c
i
P
e
Now W
If you have a u-pick operation, let us know! We’ll feature you in our Leader. Email [email protected]
with details of your operation including season and products available for picking!
COMMUNITY
Agriculturalists Visit Tallahassee
Farm Credit members, directors and agriculturalists from across the state of
Florida visited Tallahassee to discuss current and future legislative threats to
Florida agriculture. Reaching out to state and federal legislators to discuss
the issues farmers encounter on a daily basis is crucial to the health of
Florida agriculture.
Farm Bureau Days
FCCF members Andrea and Dale McClellan with
Representative Jake Rayburn’s family.
Herb Harbin (left) and Senator Wilton Simpson (right)
are FCCF members.
Farm Credit members Bill Braswell (left) and Kyle Story
(right) with Representative Colleen Burton (center).
Senator Wilton Simpson (second from left) and fellow Farm Credit members Bill Braswell (far left) and Kyle Story
(far right) discuss legislation with Senator Kelli Stargel.
Kathrein Markle and Florida Speaker of the House
Steve Crissafulli.
26
Belinda Chason with Commissioner Adam Putnam.
‹ Summer 2015 | Farm Credit of Central Florida
FCCF members John Thomas (left) and Curt Williams
with Senator Thad Altman (center).
Florida Cattlemen’s Legislative Quarterly
Farm Credit members Marty and Angela Higgenbotham.
Farm Credit members Lee Adams and Leeann Adams-Simmons with State Representative Larry Lee Jr (far right).
Farm Credit members Kyle Story (left) and Bill Braswell
(right) with State Representative Mike La Rosa.
FCCF members Kyle Story (left) and Bill Braswell
(right) with Commissioner Adam Putnam.
Farm Credit member David Register (center) with State Representatives (from left to
right) Matt Caldwell, Dana Young, Katie Edwards and Ben Albritton.
State Representative Rene Plasencia with Farm Credit
member Henry Kempfer (right).
FCCF members John Thomas (left) and Jimmy Brooks
(right) with State Representative Blaise Ingoglia (center).
Farm Credit member Henry Kempfer, 2014-2015 Florida Cattlemen’s Sweetheart
Katie McClenny and Florida CFO Jeff Atwater (center).
2014-2015 Florida Cattlemen’s Sweetheart Katie
McClenny.
Farm Credit members Henry Kempfer and Brian Shoop
with State Representative Katie Edwards (center).
Farm Credit of Central Florida | Summer 2015 ›
27
MEMBER PROFILE
M&B Products
Adds Fresh from
Florida Yogurt to
Their Tasty Menu
H
enry Ford is reputed to have said, “Luck is where opportunity
meets preparation!” Dale McClellan considers himself to be a
fortunate man, but he and his staff are constantly innovating
and looking for opportunities to fill a need for their customers.
In short, they have worked very hard to become successful.
His company, M&B Products, has a dairy in Lecanto and a processing
facility in Temple Terrace. They produce milk, orange juice and water
for mostly institutional customers like schools, hospitals and prisons. If
you have a child in school anywhere from Tallahassee to Miami, chances
are they drink Buffy’s Cool Cow milk from Dale’s cows, or drink his
wwother beverages.
Listening to customers and producing solutions to their challenges
is a trademark of Dale and his staff at M&B, so when they heard school
breakfast and lunch programs were having trouble getting fresh yogurt
they went to work solving the problem. The yogurt schools were buying
came from a northern facility and often with a short shelf life. At times
the product was out of date before it was ready to serve. General Manager,
Andrea McClellan, Dale, and General Sales Manager, Matt Taylor formed
the M&B Dream Team that produced a solution.
Freezing yogurt can cause it to separate and lose its texture after
thawing. M&B worked hand in hand with International Foods and found
a stabilizer that allows them to gain additional shelf life by freezing the
yogurt, but maintain its desired consistency when thawed without the
use of preservatives.
M&B purchased and installed the necessary stainless steel machinery
to enable them to produce yogurt, obtained the necessary governmental
approvals and sought input from their customers on what flavors they
wanted. Grade A products must have an expiration date, so they also
purchased a machine to apply the foil lids on the plastic containers and
print an expiration date. The result was Buffy’s Cool Cow American
Yogurt, in Vanilla, Strawberry and Peach, all sporting the Fresh From
Florida label!
Buffy’s Cool Cow American Yogurt mixed with fresh Florida
strawberries, peaches, or blueberries and granola from Rockin’ Ola –
produced and sold by Marianne Sargent’s company in Sarasota–with a
serving of milk makes for a nutritious breakfast to get kids jump started
and have them ready to learn. Yogurt parfaits not only are healthy, kids
love the taste. u
28
‹ Summer 2015 | Farm Credit of Central Florida
Dale McClellan, M&B Products owner, enjoys a delicious Fresh From
Florida fruit parfait.
M&B Products is proud to announce its latest Fresh From Florida
product: yogurt.
Do you have a keen eye for photography?
Then put your skills to the test and enter our first-ever photo contest! Please read and follow the
rules below before submitting your entry. Photographs can only be submitted using our online
form— just enter your email after reading the rules to get started.
Contest Rules:
• PhotomustbetakeninFlorida.
Prizes:
• High-resolution(atleast1.5MB)imagesdigitallysubmittedvia
FarmCreditCFL.com.
WinnerswillbeannouncedinOctober.
• Nonegatives,printedphotosorlinkstoweblibraries.
SecondPlace:$100 Gift card
• ImagesbecomethepropertyofFarmCreditofCentralFlorida.
Noimageswillbereturned.
ThirdPlace:$50 Gift card
GrandPrize:$200 Gift card
• Partiessubmittingphotoscertifythattheyhavepermissionofall
individualsshownineachphotoandallindividualsowningproperty
shownineachphoto.
• Pleaselimitsubmissionstothreeperentrant.
• ThedeadlinetosubmitisSeptember30,2015
Photo Themes:
Photosshouldhaveanagriculturalorrurallivingrepresentation.
Possiblephotothemesinclude,butarenotlimitedto,thefollowing:
• Familymembersonthefarm/businessoperationorruralliving
• Applicableindustrieswithintheterritory,suchasdairy,citrus,farmers’
markets,etc.
• Farming/agricultureactionssuchasplantingorharvesting
• Farmanimals,countrykids,farmequipment,wildlife,flowersandother
naturescenes
• Ruralrelatedfunctionssuchasfairsandcountyfestivals
• Seasonalfarmorruralsetting
Submit your photos to
farmcreditcfl.com
Farm Credit of Central Florida | Summer 2015 ›
29
MEMBER PROFILE
GOING TO TOWN
Herb and Barbara Harbin will
be celebrating 50 years of
marriage this year.
on Behalf of Florida Agriculture
A
nyone working in and around Florida’s cattle industry
has seen the trademark Herb Harbin smile. Herb is very
active in promoting Florida agriculture and always seems
to have a smile for his friends and future friends. Not
only does he raise cattle, he is a strong advocate for
Florida’s second largest industry, agriculture.
He was born in Orlando, near what is now Colonial Plaza,
back when there were dairy cows grazing in the area. Herb learned
to love the land and agriculture from his parents. “Both sets of my
grandparents farmed in rural Dooley County Georgia, near Cordele,
before moving to Florida in 1924. They had the first Model T in their
county, but cotton prices kept declining and eventually they moved
to Florida,” Herb said.
“I grew up on the end of a shovel, but my dream was to own
property and raise cattle. Mrs. Carolyn Kempfer and the Kempfer
family supported me by recommending me to the right people to
help me get started in the cow business,” Herb said. He is retired,
or as he termed it, “self-unemployed!”
Today Herb and his bride of almost 50 years, Barbara, live on
five acres south of St. Cloud. Herb manages his herd on property he
leases nearby. Barbara is retired from the Osceola County Clerk of the
Court’s office and they have three children and four grandchildren.
Herb first learned about Farm Credit from his boss’ relationship
with the cooperative. “I worked on one of the largest farms in South
Bay and took the Farm Credit loan officer around to inspect my
employer’s herd and other operations. I had known Shane Platt
and his family for almost 50 years and he was my first loan officer,”
he said.
Herb is a willing and passionate volunteer for groups that
support Florida agriculture. Herb is the President of the Osceola
30
‹ Summer 2015 | Farm Credit of Central Florida
County Farm Bureau and serves on the Florida Farm Bureau
Beef Advisory Committee, Osceola Extension Overall Advisory
Committee, the Osceola Beef Advisory Committee and works with
the Greater Osceola Partnership for Economic Prosperity.
“Herb, volunteers numerous hours to work with many different
groups in Osceola County to represent AG and educate elected
officials on issues, he is very involved with CFWI and the upcoming
Solutions Plan Workshops that are focused on the Agriculture
Industry. He has quite the cooking skills he makes one delicious Beef
rib steak, with salt and pepper on an oak wood fire and country style
green beans. He provides our members this appetizing meal once
a year at our annual meeting. He not only cooks for our members
but many local groups ask him to cook for their events, said Patti
Wilson Administrative Assistant for Osceola
County Farm Bureau.”
Herb and Barbara have been Farm Credit
Members for almost 20 years. He frequently
works side by side with Farm Credit employees
on agricultural fundraisers and expertly
BBQing beef for various meetings. u
The McCormick’s Don’t
Find Rural Living Taxing
“Financing for this
property did not fit
into the normal home
loan mold. Farm Credit
understood that and
made it easy,”
David and Meryl McCormick check out one of their persimmon trees on the property.
F
arm Credit of Central Florida members David and Meryl
McCormick are overachievers. David, Chief Deputy Tax Collector
for Brevard County and wife Meryl, retired state attorney and
former division chief of the sex crimes and child abuse unit for
Brevard County have dedicated their lives to public service, but
they did not stop there! David and Meryl also live on a ten acre hobby farm
growing persimmon, grapes, mangos and pineapples.
A pool was the latest addition to the McCormick’s home.
David grew up in rural Brevard County surrounded by family and
friends that worked in the agricultural industry. He enjoyed being involved
in agriculture, but took his career on a different route.
“It was a pleasure dealing with Farm
Before he worked as tax collector, David was supervisor of the homicide division of the
Credit and I am not sure many other people
Brevard County Sherriff’s office and retired from that division as a Commander in 2012.
can say that about working with a lender,”
He finds similarities between the jobs by describing them both as opportunities to serve
Meryl said. “It would be very difficult to
the people of his community. “Without the tax collector’s office, nothing else works.” David
find a lender able to finance this property,
said. “The office is integral to society.”
especially as well as Farm Credit did.”
Meryl calls herself more of a city girl and has had to make some adjustments to living
This year, the McCormick ’s will
in a rural area. She told stories about unwelcome visitors to their property, like wild hogs
celebrate 20 years of marriage. u
eating their pineapples and the neighbor’s bull making regular visits to their pepper trees.
“I told David when we chose this property, ‘as long as we are within 10 miles of a grocery
store, I will be just fine,’” Meryl said.
In 2001, David and Meryl purchased ten acres in Merritt Island as their future home
site. “Financing for this property did not fit into the normal home loan mold. Farm Credit
understood that and made it easy,” David said.
Farm Credit of Central Florida | Summer 2015 ›
31
MEMBER PROFILE
Planting the Seeds of Freedom
An anonymous veteran once said, “Freedom is decidedly sweeter to
those who have defended it than it is to those who were defended.”
F
arm Credit of Central Florida Member, Jamie McComas,
owner of Florico Foliage in Apopka joined the United
States Marine Corps and served 10 years as a Marine
Corps helicopter pilot before embarking upon his career
as a nursery owner. His military career landed him in harm’s
way during Operation Desert Storm, but fortunately, he survived
without a scratch. Good fortune continued to follow him when he
was assigned to Hawaii!
After serving his country, Jamie returned to Florida to pursue a
career in the nursery industry. “My dad, Hugh McComas, established
the nursery in 1986 and I began working here in 1995,” Jamie said.
Located in Apopka, “The Foliage Capital of the World,” Florico
Foliage grows cacti, ivy, ferns, foliage and topiaries in their 300,000
square foot green house. Today, Florico is a broker/shipper with 75+
vendors. Their close proximity to other high quality growers helps
Florico source the best indoor foliage on the East coast.
A native of Puerto Rico, Jamie not only excels at growing foliage,
he is a gifted photographer and even finds time to sail his 32-foot
sailboat. He has honed his photography skills to the point some of
his work has even sold commercially. His keen eye and ability to
capture interesting subjects and scenic vistas with his camera are on
display at his website www.courganate.zenfolio.com. He has traveled
extensively, creatively capturing images of nature, birds, and people
in his present passion of street photography.
Jamie is married to Janine and they have three children
Courtney, Morgan and Nathan. u
Farm Credit of Central Florida loan
officer David McDonald smiles with
Jamie McComas, owner of Florico
Foliage in Apopka.
32
‹ Summer 2015 | Farm Credit of Central Florida
Two Rivers Ranch
Recognized for
Environmental
Stewardship
O
n February 5, 2015, the National Cattlemen’s Foundation
awarded a trophy to the Thomas family, owners of
Two Rivers Ranch, recognizing their responsible
management and environmental practices on their
17,000 acre ranch.
“In 1932, my grandfather, Wayne Thomas, Sr. purchased 7,500
acres and over the years we continued to acquire property to reach
the size the ranch is today,” Robert Thomas said. Appropriately
enough the inscription on the trophy reads, “An old rancher points
out to his grandchildren that conserving the land insures future
generations the ability to produce.”
The Thomas family believes their dedication to educating school
children in sound environmental practices while operating a viable,
functional, cattle, timber and citrus operation played a role in Two
Rivers receiving the award. “We educate over 50,000 school children
free of charge at Crystal Springs Foundation. We actually
employ more people in our non-profit operation than
we do in our for-profit business,” Thomas said.
As a testament to the Best Management
Practices (BMPs) employed by the family and
their staff, Zephyrhills Natural Spring
Water chose Crystal Springs Preserve in
1989 to source their water from. Some
650,000 gallons a day, significantly less
than is permitted, are presently bottled from the
springs on the property. That is just a fraction of
the 30 million gallons of pure, naturally filtered
water that flows from crevices in the earth and feeds
the Hillsborough River, ultimately ending up in the Gulf
of Mexico.
Robert Thomas first met Farm Credit of Central Florida
President and CEO, Reggie Holt, at the Strawberry Breakfast the
cooperative annually sponsors in Plant City when he was a Senior
Vice President. “Ranchers are often land rich and cash poor. Reggie
Holt and Farm Credit tailored a creative lending plan that suited
our needs. Other lenders had an ‘Ivory Tower Mentality’ with rigid
standards unsuited to agriculture,” Thomas said. u
Sandhill cranes are just some of the native Florida wildlife
that live on the Thomas’ 17,000 acre ranch.
Robert Thomas of Two Rivers Ranch
was awarded the Environmental Service
Award earlier this year.
Farm Credit of Central Florida | Summer 2015 ›
33
Farm Credit Of Central Florida, ACA
Farm Credit Of Central Florida, ACA
FINANCIAL REPORT
Consolidated Balance Sheets
Consolidated Balance March
Sheets
31,
December 31,
2015
March 31,
(dollars in thousands)
Consolidated
Balance
Sheets
(dollars in thousands)
Assets
Cash
Assets
Investment securities:
Cash
Held to maturity (fair value of $30,572 and $32,439, respectively)
Investment securities:
Loans
Held to maturity (fair value of $30,572 and $32,439, respectively)
Allowance for loan losses
Loans
Net loansfor loan losses
Allowance
Loans
held for sale
Net loans
Accrued interest receivable
Loans
held for
Investments
in sale
other Farm Credit institutions
Accrued
receivablenet
Premisesinterest
and equipment,
Investments
in
other Farm Credit institutions
Accounts receivable
Premises
and
equipment,
net
Other assets
Accounts receivable
Other Total
assetsassets
Liabilities
Total assets
Notes payable to AgFirst Farm Credit Bank
Liabilities
Accrued interest payable
Notes payable
to AgFirst
Farm Credit Bank
Patronage
refunds
payable
Accrued interest
Accounts
payablepayable
Patronage
refunds payable
Other
liabilities
Accounts payable
liabilities
Other Total
liabilities
(unaudited)
2014
December 31,
2015
(audited)
(unaudited)
(audited)
2014
204
$
$
204
29,944
$
271
31,756
$
385,058
29,944
(8,997)
385,058
376,061
(8,997)
—
376,061
1,900
—
6,564
1,900
756
6,564
1,949
756
3,388
1,949
420,766
3,388
$
399,417
31,756
(9,237)
399,417
390,180
(9,237)
38
390,180
1,869
38
6,608
1,869
790
6,608
10,632
790
3,613
10,632
445,757
3,613
$
$
$
$
Members'
TotalEquity
liabilities
Capital stock and participation certificates
Members'
Equity
Retained earnings
Capital
stock and participation certificates
Allocated
Retained
earnings
Unallocated
Allocated other comprehensive income (loss)
Accumulated
Unallocated
Total members'
equity
Accumulated
other comprehensive
income (loss)
420,766
321,900
562
321,900
516
562
221
516
7,115
221
330,314
7,115
$
$
$
330,314
850
271
445,757
344,844
581
344,844
3,297
581
1,409
3,297
7,122
1,409
357,253
7,122
357,253
860
850
30,740
59,316
30,740
(454)
59,316
90,452
(454)
860
30,740
57,369
30,740
(465)
57,369
88,504
(465)
Total liabilities
members' equity
Total
members'and
equity
$
420,766
90,452
$
445,757
88,504
Total liabilities and members' equity
$
420,766
$
445,757
Consolidated Statements of Income
Consolidated Statements of
For Income
the three months
Consolidated
Statements
of Income
ended March 31,
For the three months
2015
2014
ended March 31,
2015 (unaudited) 2014
(dollars in thousands)
(dollars in thousands)
Interest Income
Loans
Interest
Income
Investments
Loans
Total
Investmentsinterest income
Interest
Expense
Total
interest income
Notes payable to AgFirst Farm Credit Bank
Interest Expense
Net interest
income
Notes
payable
to AgFirst Farm Credit Bank
Provision for (reversal of allowance for) loan losses
Net interest income
Net
interest
after
(reversal
of allowance for)
Provision
forincome
(reversal
of provision
allowancefor
for)
loan losses
loan losses
Net interest income after provision for (reversal of allowance for)
Noninterest
loan lossesIncome
Loan fees
Noninterest
Income
Fees for financially
related services
Loan fees refunds from other Farm Credit institutions
Patronage
Fees for
financially
related
services
Gains
(losses)
on sales
of rural
home loans, net
Patronage
refunds
from transactions
other Farm Credit institutions
Gains
(losses)
on other
Gains noninterest
(losses) on income
sales of rural home loans, net
Other
Gains (losses) on other transactions
Total
noninterest
income
Other noninterest income
Noninterest
Expense
Total noninterest income
Salaries and employee benefits
Noninterestand
Expense
Occupancy
equipment
Salaries and
employee
benefits
Insurance
Fund
premiums
Occupancy
andon
equipment
(Gains) losses
other property owned, net
Insurance
Fund expenses
premiums
Other operating
(Gains) losses on other property owned, net
noninterest
expense
Other Total
operating
expenses
$
$
(unaudited)
4,268
$
141
4,268
$
4,409
141
4,169
202
4,169
4,371
202
4,409
1,672
4,371
1,577
2,737
1,672
(345)
2,737
(345)
3,082
2,794
1,577
—
2,794
—
2,794
3,082
69
4
69
1,247
4
10
1,247
4
10
41
4
1,375
41
2,794
65
—
65
1,366
—
1,366
4
—
42
4
1,477
42
1,375
1,692
162
1,692
97
162
—
97
559
—
2,510
559
1,477
1,608
162
1,608
86
162
51
86
508
51
2,415
508
Net income
Total noninterest expense
$
1,947
2,510
$
1,856
2,415
Net income
$
1,947
$
1,856
Copies of the Association’s Annual and Quarterly reports are available upon request free of charge by calling 1-800-533-2773 or writing D. Scott Fontenot, Chief Financial Officer,
Farm Credit of Central Florida, ACA, P.O. Box 8009, Lakeland, FL 33802 or accessing the web site, www.FarmCreditCFL.com. The Association prepares an electronic version of the
Annual Report which is available on the Association’s web site within 75 days after the end of the fiscal year and distributes the Annual Reports to Shareholders within 90 days after
the end of the fiscal year. The Association prepares an electronic version of the Quarterly report within 40 days after the end of each fiscal quarter, except that no report need be
prepared for the fiscal quarter that coincides with the end of the fiscal year of the institution.
34
‹ Summer 2015 | Farm Credit of Central Florida
FARM CREDIT
Membership Pays!
Farm Credit Membersh
To receive the discounts,
identify yourself as a Farm
provide the discount code
1-800-FLOWERS
®
Flowers, plants, gift baskets, etc. Go to 1800flowers.com or call
888.755.7474. Use discount code FCCS to receive a 15% discount.
FLORAL AMBIANCE
Go to floralambiance.com or call 800.672.4137. Use discount code
fccsflowers to save $10 off orders valued at $30 or more.
Note: The owner of this business is a Farm Credit loan customer!
DELL COMPUTERS
Save up to 30% depending on configuration. Go to dell.com/
farmcredit or call 800.695.8133
and use Member ID CS25031329.
1-800-FLOWERS®
Flowers, plants, gift baskets, etc. Go to 1800flowers.com or call 888.755.7474.
receive
15% discount.
NATIONAL
& aALAMO
CAR RENTALS
National and Alamo require us to “protect” our discount codes.
To obtain this information,
please email Pat McFarland at
FLORAL AMBIANCE
[email protected].
Go to floralambiance.com or call 800.672.4137. Use discount code fccsflowers
valued at $30 or more. Note: The owner of this business is a Farm Credit loan c
UNITED VAN LINES
Moves within Arizona,
California,
Delaware, Florida, Idaho, Maine,
DELL
COMPUTERS
Maryland, Tennessee,
Utah,
Wisconsin,
and Wyoming,
SaveTexas,
up to 30%
depending
on configuration.
Go toor
dell.com/farmcredit or call
between any of theMember
48 contiguous
states. Discounts as much as
ID CS25031329.
63% are only available via United agent, Barrett Moving & Storage.
Call 800.879.1283
or email&[email protected].
NATIONAL
ALAMO CAR RENTALS
National and Alamo require us to “protect” our discount codes. To obtain this
Pat McFarland at [email protected].
Have questions?
Contact Pat McFarland at [email protected]
UNITED
VAN LINESx3236.
or
call 888.275.3227
Moves within Arizona, California, Delaware, Florida, Idaho, Maine, Maryland, T
Wisconsin, and Wyoming, or between any of the 48 contiguous states. Discoun
only available via United agent, Barrett Moving & Storage. Call 800.879.1283 o
[email protected].
Farm Credit of Central Florida | Summer 2015 ›
35
Farm Credit of Central Florida
P.O. Box 8009
Lakeland, FL 33802-8009
PRSRT STD
U.S. POSTAGE
PAID
COLUMBIA SC
PERMIT 1160
Don’t bet the farm!
Agriculture has inherent risks, but with crop insurance from Farm Credit of Central Florida you can mitigate
a lot of these risks. Closing dates for Blueberries and Pasture/Rangeland/Forage are quickly approaching.
› Blueberries – November 20
Now offered in Citrus, Hillsborough, Hernando, Lake, Pasco,
Polk and Sumter counties!
› Pasture/Rangeland/Forage (PRF) –
November 15
866-245-3637
[email protected] or
[email protected]
For more information, contact your loan officer or one of our crop insurance experts.