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{"sheet":"Farm Finance Scorecard","index":0,"n_rows":49,"n_cols":13,"rows_kept":49,"cut":false,"hidden":false,"merged":[[29,8,29,9],[25,10,25,11],[25,8,25,9],[23,10,23,11],[23,8,23,9],[0,2,0,8],[2,7,2,8],[4,7,4,8],[4,9,4,10],[4,11,4,12],[6,7,6,8],[6,9,6,10],[6,11,6,12],[43,10,43,11],[41,10,41,11],[39,10,39,11],[43,8,43,9],[41,8,41,9],[39,8,39,9],[5,10,5,11],[5,8,5,9],[3,10,3,11],[3,8,3,9],[15,10,15,11],[15,8,15,9],[13,10,13,11],[13,8,13,9],[11,10,11,11],[11,8,11,9],[36,7,36,8],[33,8,33,9],[31,8,31,9],[31,10,31,11],[32,11,32,12],[34,11,34,12],[38,11,38,12],[40,11,40,12],[28,11,28,12],[2,9,2,10],[18,9,18,10],[28,9,28,10],[18,7,18,8],[2,11,2,12],[28,7,28,8],[10,7,10,8],[10,9,10,10],[10,11,10,12],[22,9,22,10],[24,9,24,10],[26,9,26,10],[7,10,7,11],[7,8,7,9],[18,11,18,12],[42,9,42,10],[44,9,44,10],[8,7,8,8],[12,7,12,8],[14,7,14,8],[16,7,16,8],[20,7,20,8],[22,7,22,8],[24,7,24,8],[26,7,26,8],[30,7,30,8],[32,7,32,8],[34,7,34,8],[38,7,38,8],[40,7,40,8],[42,7,42,8],[44,7,44,8],[30,9,30,10],[32,9,32,10],[34,9,34,10],[38,9,38,10],[40,9,40,10],[37,10,37,11],[37,8,37,9],[42,11,42,12],[44,11,44,12],[8,11,8,12],[12,11,12,12],[14,11,14,12],[16,11,16,12],[20,11,20,12],[22,11,22,12],[24,11,24,12],[26,11,26,12],[30,11,30,12],[33,10,33,11],[36,9,36,10],[36,11,36,12],[8,9,8,10],[12,9,12,10],[14,9,14,10],[16,9,16,10],[20,9,20,10],[21,10,21,11],[21,8,21,9],[19,10,19,11],[19,8,19,9],[29,10,29,11]]}
[null,"Farm Name","None",null,null,null,null,null,null,null,null,"Year","None"]
[]
[null,"Liquidity",null,null,null,null,"Farm Rating","Vulnerable",null,"Stable",null,"Strong"]
[null,null,null,null,null,null,null,null,1.3,null,2]
[null,"Current Ratio",null,0,null,null,{"$f":"D5","v":0},{"$f":"IF(D5<1.3,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H5=\"\",L5=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D5>2,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,0.1,null,0.3]
[null,"Working Capital to Gross Revenue",null,0,"%",null,{"$f":"D7","v":0},{"$f":"IF(D7<10,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H7=\"\",L7=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D7>30,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,0.2,null,0.4]
[null,"Working Capital to Operating Expense",null,0,"%",null,{"$f":"D9","v":0},{"$f":"IF(D9<20,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H9=\"\",L9=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D9>40,\"X\",\"\")","v":""}]
[]
[null,"Solvency ",null,null,null,null,"Farm Rating","Vulnerable",null,"Stable",null,"Strong"]
[null,null,null,null,null,null,null,null,0.6,null,0.3]
[null,"Debt-to-Asset Ratio",null,0,"%",null,{"$f":"D13","v":0},{"$f":"IF(D13>60,\"X\",\"\")","v":""},null,{"$f":"IF(AND(H13=\"\",L13=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D13<30,\"X\",\"\")","v":"X"}]
[null,null,null,null,null,null,null,null,0.4,null,0.7]
[null,"Equity-to-Asset Ratio",null,0,"%",null,{"$f":"D15","v":0},{"$f":"IF(D15<40,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H15=\"\",L15=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D15>70,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,1.5,null,0.43]
[null,"Debt-to-Equity Ratio",null,0,null,null,{"$f":"D17","v":0},{"$f":"IF(D17>1.5,\"X\",\"\")","v":""},null,{"$f":"IF(AND(H17=\"\",L17=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D17<0.43,\"X\",\"\")","v":"X"}]
[]
[null,"Profitability",null,null,null,null,"Farm Rating","Vulnerable",null,"Stable",null,"Strong"]
[null,null,null,null,null,null,null,null,0.04,null,0.08]
[null,"Rate of Return on Farm Assets",null,0,"%",null,{"$f":"D21","v":0},{"$f":"IF(D21<4,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H21=\"\",L21=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D21>8,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,0.03,null,0.1]
[null,"Rate of Return on Farm Equity",null,0,"%",null,{"$f":"D23","v":0},{"$f":"IF(D23<3,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H23=\"\",L23=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D23>10,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,0.15,null,0.25]
[null,"Operating Profit Margin",null,0,"%",null,{"$f":"D25","v":0},{"$f":"IF(D25<15,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H25=\"\",L25=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D25>25,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,0.3,null,0.45]
[null,"Asset-Turnover Rate",null,0,"%",null,{"$f":"D27","v":0},{"$f":"IF(D27<30,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H27=\"\",L27=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D27>45,\"X\",\"\")","v":""}]
[]
[null,"Repayment Capacity",null,null,null,null,"Farm Rating","Vulnerable",null,"Stable",null,"Strong"]
[null,null,null,null,null,null,null,null,1.1000000000000001,null,1.5]
[null,"(Total) Debt Coverage Ratio",null,0,null,null,{"$f":"D31","v":0},{"$f":"IF(D31<1.1,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H31=\"\",L31=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D31>1.5,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,1.1000000000000001,null,1.5]
[null,"Replacement Margin Coverage Ratio",null,0,null,null,{"$f":"D33","v":0},{"$f":"IF(D33<1.1,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H33=\"\",L33=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D33>1.5,\"X\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,1.25,null,1.75]
[null,"Term Debt & Finance Lease Coverage Ratio",null,0,null,null,{"$f":"D35","v":0},{"$f":"IF(D35<1.25,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H35=\"\",L35=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D35>1.75,\"X\",\"\")","v":""}]
[]
[null,"Financial Efficiency",null,null,null,null,"Farm Rating","Vulnerable",null,"Stable",null,"Strong"]
[null,null,null,null,null,null,null,null,0.8,null,0.6]
[null,"Operating Expense Ratio",null,0,"%",null,{"$f":"D39","v":0},{"$f":"IF(D39>80,\"X\",\"\")","v":""},null,{"$f":"IF(AND(H39=\"\",L39=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D39<60,\"X\",\"\")","v":"X"}]
[null,null,null,null,null,null,null,null,0.1,null,0.05]
[null,"Depreciation Expense Ratio",null,0,"%",null,{"$f":"D41","v":0},{"$f":"IF(D41>10,\"X\",\"\")","v":""},null,{"$f":"IF(AND(H41=\"\",L41=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D41<5,\"X\",\"\")","v":"X"}]
[null,null,null,null,null,null,null,null,0.1,null,0.05]
[null,"Interest Expense Ratio",null,0,"%",null,{"$f":"D43","v":0},{"$f":"IF(D43>10,\"X\",\"\")","v":""},null,{"$f":"IF(AND(H43=\"\",L43=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D43<5,\"X\",\"\")","v":"X"}]
[null,null,null,null,null,null,null,null,0.1,null,0.2]
[null,"Net Farm Income Ratio",null,0,"%",null,{"$f":"D45","v":0},{"$f":"IF(D45<10,\"X\",\"\")","v":"X"},null,{"$f":"IF(AND(H45=\"\",L45=\"\"),\"X\",\"\")","v":""},null,{"$f":"IF(D45>20,\"X\",\"\")","v":""}]
[]
[]
[null,"*Updated on 12/21/2022 to follow guidelines from the Farm Financial Standards Council: ",null,null,null,null,null,null,"Farm Financial Standards Council – FFSC Home"]
[null,"** Based on Farm Financial Scorecard as produced by Center for Farm Financial Management (CFFM):",null,null,null,null,null,null,null,"FFSC Scorecard 9.7.22 (umn.edu)"]

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[]
[]
[null,null,"Liquidity"]
[]
[null,null,"Current Ratio",null,null,null,"= Total current farm assets/ Total current farm liabilities"]
[]
[null,null,"Working Capital to Gross Revenues",null,null,null,"= Working capital / Gross farm income"]
[]
[null,null,"Working Capital to Operating Expense",null,null,null,"= Working capital / (Farm operating expense - depreciation/amortization)"]
[]
[null,null,"Solvency "]
[]
[null,null,"Farm Debt-to-Asset Ratio",null,null,null,"= Total farm liabilities / Total farm assets"]
[]
[null,null,"Profitability"]
[]
[null,null,"Rate of Return on Farm Assets",null,null,null,"= Return on farm assets / Average farm assets"]
[null,null,null,null,null,null,"Note: Return on farm assets = Net farm income + Farm interest – Value of operator labor & management"]
[]
[null,null,"Rate of Return on Farm Equity",null,null,null,"= Return on farm equity / Average farm net worth"]
[null,null,null,null,null,null,"Note: Return on farm equity = Net farm income  – Value of operator labor & management"]
[]
[null,null,"Operating Profit Margin",null,null,null,"= Return on farm assets  / Value of farm production "]
[null,null,null,null,null,null,"Note: Value of farm production = Gross cash farm income +/– Inv change of crops, mkt lvst, brdg lvst & other income items – Feeder livestock purchased – Purchased feed"]
[]
[]
[null,null,"Asset-Turnover Rate",null,null,null,"= Value of farm production / Average farm assets"]
[]
[null,null,"Repayment Capacity"]
[]
[null,null,"(Total) Debt Coverage Ratio",null,null,null,"= Capital debt repayment capacity/ Scheduled principal on term loans & interest on all loans (term and operating)"]
[]
[null,null,"Replacement Margin Coverage Ratio",null,null,null,"= Capital debt repayment capacity/ (Scheduled principal & interest on term loans+ Unfunded capital replacement allowance)"]
[null,null,null,null,null,null,"Note: Unfunded capital replacement allowance = beginning market value of livestock x depreciation percentage (%) + beginning market value of machinery & titled vehicles x depreciation percentage (%) ‒ intermediate principal payments from beginning balance sheet"]
[]
[]
[null,null,"Financial Efficiency"]
[]
[null,null,"Operating Expense Ratio",null,null,null,"= (Total farm operating expense excluding Interest – Depreciation)/ Gross farm income"]
[]
[null,null,"Depreciation Expense Ratio",null,null,null,"= Depreciation / Gross farm income"]
[]
[null,null,"Interest Expense Ratio",null,null,null,"= Farm interest  / Gross farm income"]
[]
[null,null,"Net Farm Income Ratio",null,null,null,"= Net farm income / Gross farm income"]

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