CULTIVATE A MAGAZINE FOR CLIENTS AND FRIENDS OF COMPEER FINANCIAL®
WINTER 2023
GRATEFUL FOR
WISHING YOU A WONDERFUL HOLIDAY SEASON. One of the real joys of the holiday season is to say, simply but sincerely, thank you to our clients and partners. We’re grateful for the opportunity to work together to meet your needs and serve agriculture and rural America. We value our relationship and look forward to continuing our partnership in the New Year. May good health and happiness be yours this holiday season.
Compeer Financial can provide assistance with finances based on historical data and industry expertise. Compeer does not provide legal, tax or investment advice. Compeer Financial, ACA is an Equal Credit Opportunity Lender and Equal Opportunity Provider and Employer. © 2023 All rights reserved. NMLS #619731
CULTIVATE Volume 7, Issue 4 Winter 2023
EDITORIAL STAFF Nora Nolden, Editor Chastity Valvick, Editor Amy Barnett, Assistant Editor Anna Vangsness, Writer Terri Poburka, Designer
DIRECTORS Ashley Ahl Merrillan, Wis. Rodney Bosma Rushmore, Minn. Ann Broome Austin, Texas Allyn Buhrow Ashton, Ill. Mark Cade Westby, Wis. Dan Erickson Alden, Minn. Larry Fischer Sleepy Eye, Minn. Dale Holmgren N. Mankato, Minn. Dave Peters Manteno, Ill. Greg Pollesch Oshkosh, Wis. Dan Scheider Freeport, Ill. Tracy Travis Cambridge, Wis. Kimberly Wedig Darlington, Wis. Stephanie Wise Joliet, Ill. Cultivate is a publication of Compeer Financial®, ACA. Compeer Financial exists to champion the hopes and dreams of rural America. This publication is copyrighted in its entirety. Cultivate is published by Compeer Financial, 2600 Jenny Wren Trail, PO Box 810, Sun Prairie, WI 53590. Please send address changes to Compeer Financial, Attn: Cultivate Magazine, 2600 Jenny Wren Trail, PO Box 810, Sun Prairie, WI 53590 or call (844) 426-6733. Compeer Financial, ACA is an Equal Opportunity Employer, Lender and Provider. Equal Credit Opportunity Lender. Compeer Financial is a registered trademark of Compeer Financial, ACA. ©2023 All rights reserved.
6 12
8 20 CONTENTS
6 Compart Family Farms Evolves Through Innovation Generations Join Together for Growth
8 Leading the Way
Cooperative Strengthens Goat Farmers in Wisconsin
12 Perseverance Through Produce The Goebbert Family Cultivates Their Own Path
16 10 Strategies for Navigating Crop Insurance in 2024
18 Mastering Agricultural Land Appraisals 20 Evolving for the Future Director Ashley Ahl Brings a Unique Perspective
4 CEO Message 14 Board of Director Election Results 22 What’s New at Compeer?
Cultivate is brought to you by Compeer Financial. This publication’s name represents our cooperative’s commitment to growing long-term relationships with our member-owners and championing the hopes and dreams of rural America. Comments or suggestions for future issues can be sent to Compeer-CommunicationsTeam@compeer.com. Winter 2023 • CULTIVATE 3
CEO MESSAGE
A Clear Vision
FOR RURAL AMERICA
As we find ourselves at the culmination of another harvest, my hope is that it was a safe and fruitful season for you and your family. I am inspired daily by your resilience and your commitment to agriculture. With our sights now on the approaching Thanksgiving holiday, I want to express my deepest gratitude and appreciation for the important role you play in sustaining rural communities and producing the food, fuel and fiber that sustain everyday life. We are truly grateful to stand by your side during this important season and throughout the year. When getting together with family and friends during the holidays, I often find myself reflecting on accomplishments over the past year. It’s a time when we cherish the moments spent with the people in our lives and in our communities but also a time to look toward the future and the possibilities it holds. At Compeer Financial, we’re approaching the future with a new vision statement:
“A world where agriculture and rural communities are dynamic, collaborative and thriving.” Vision statements are aspirational in nature, defining what an organization desires to be for their stakeholders. Our refreshed vision revolves around the important relationship between agriculture and rural communities. Rural communities play a pivotal role in shaping the agricultural landscape, and, in turn, agriculture creates an environment where rural communities can truly flourish. In today’s fast-paced world, it’s critical to embrace change and innovation — and to have a clear vision while doing so. This is something
4 CULTIVATE • Winter 2023
many of our clients excel at, as demonstrated through the stories in this issue of Cultivate. Turn to page 8 to read about Larry and Clara Hedrich, whose innovative idea to build a cooperative of farmers in Wisconsin is helping to overcome challenges in transporting goat milk. Innovation is at the center of the Compart family’s swine operation in southern Minnesota — on page 6 discover how this operation has harnessed technology to provide consumers with higher quality pork. Compeer is dedicated to providing the financial tools, resources and expertise necessary to help you adapt and thrive in an ever-evolving industry. In this issue, you will find valuable tips on navigating crop insurance for 2024 (page 16), strategies to help master recordkeeping for your operation (page 11) and insights to address the unique complexities farmers encounter in the appraisal process when buying and selling land (page 18). Despite some macroeconomic conditions that’ve brought volatility in 2023, Compeer is ending the year in a strong financial position, thanks in part to sensible risk management paired with the strength and diversity of the various sectors we serve in agriculture. Ultimately, this means the cooperative remains a reliable source of capital for the farmers, operators, agribusinesses and others who rely on the competitive credit and expertise our cooperative provides. As we celebrate the upcoming holidays and the completion of another harvest season, we should also celebrate the bright future ahead. Together, we can create a world where agriculture and rural communities thrive. May this holiday season bring you joy, and may the coming year be filled with prosperity and growth.
Jase Wagner President and CEO
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To qualify for Compeer Financial’s First-Time Homebuyer Loan Program, the property and applicant(s) must meet eligibility and underwriting requirements as determined by Compeer Financial. Borrower(s) will be responsible for certain loan and closing costs at signing. This is not a commitment to lend or extend credit. Program terms, requirements and conditions are subject to change without notice. Compeer Financial is an Equal Credit Opportunity Lender and Equal Opportunity Provider and Employer. Mortgage Account Errors, Requests for Information, and Credit Reporting Disputes: If you would like to request information concerning your mortgage account, or if you believe there is an error on your mortgage account or that Compeer Financial has furnished information to a credit reporting agency on any of your account(s) that is not accurate, you will need to send a written statement to us describing in detail the information you are requesting or the information you believe is in error or inaccurate along with your name, address, and account number to Compeer Financial, Attn: RLS Servicing, PO Box 4459, Mankato, MN 56002-4459. NMLS #619731
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or connect with your local financial officer!
Loan products may vary by state. There is no guarantee that all borrowers will qualify. Not all applicants will receive an instant onscreen decision; qualified applicants only. Restrictions may apply. This is not a commitment to lend or extend credit. Terms, conditions and programs are subject to change without notice. Compeer Financial, ACA is an Equal Credit Opportunity Lender and Equal Opportunity Provider and Employer. © 2023 All rights reserved.
Winter 2023 • CULTIVATE 5
COMPART FAMILY FARMS EVOLVES THROUGH INNOVATION
Generations Join Together for Growth NICOLLET, Minn. – For over 74 years, the Compart family has dedicated themselves to the appreciation of pork through their work at Compart Family Farms in Nicollet, Minn. As ambassadors for this essential industry, they gladly share what makes pork one of the most nutritious and delicious protein choices and take pride in the work they do to raise their livestock. The Compart family’s legacy in the pork industry began in 1949 when Richard Compart first showed Duroc pigs as a 4-H project. Fate intervened at the Minnesota State Fair, where he met his future wife, Bonnie. Together, they ventured into raising Duroc pigs while also raising five children. Today, their operation thrives with sons Dean, Jim and Chris at the helm, followed closely by the next generation of Comparts — Robert, Dan and Kyle.
6 CULTIVATE • Winter 2023
“From the time we could walk, we were in the barns,” said Jim. “We didn’t know any different. It provided a good lifestyle and good living for our family. It’s not very often that you have the whole family involved in the business.”
BUILDING THE BUSINESS Compart Family Farms takes immense pride in being a fully integrated business, overseeing every aspect from birth to the final product in grocery stores. “The crops we grow are fed to the animals, and the manure the animals produce fertilizes those crops,” explained Chris. “There’s nothing more sustainable.” Daryl Timmerman, senior swine lending specialist at Compeer Financial, lauds the operation as a prime example of how pig farmers nationwide play a pivotal role in their communities.
“By purchasing grain from their local neighbors and employing a number of people on farms, their impact on local economies is really impressive,” he said. Compart Family Farms has evolved into one of the largest family-owned swine genetic businesses in the Midwest, boasting multiple locations in Minnesota and a presence in central Iowa. “As our operation grew, our financial needs expanded,” said Jim. “Working with Compeer is phenomenal. They understand the daily challenges farmers face because many of them are farmers themselves.”
INTEGRATING TECH Using artificial insemination and ultrasound technology, the Comparts deliver premium, high-quality pork products to customers.
“With artificial insemination, you can harness the genetic potential of superior boars to a much greater extent,” said Dean. “That’s the beauty of it. You can use the most elite boars more extensively.” Through careful breeding for marbling, the Comparts provide a juicer product with an enhanced flavor profile. Chris also holds certification as an ultrasound technician, enabling him to assess Duroc pigs and measure intramuscular fat accurately.
QUALITY PROTEIN “Our family is dedicated to raising a quality product that enhances profitability for other producers and enriches the dining experience for consumers,” said Dan. “We strive to advance the entire industry and demonstrate that there’s an opportunity to create a superior and more profitable product, benefiting people, communities and the environment.” From Duke’s Waikiki in Hawaii to Tavern on the Green in Manhattan, Compart’s premium Duroc pork graces restaurant menus across the U.S. Additionally, Compart’s Boar Store ships their products year-round to customers.
“People love our branded program,” noted Jim. “When they buy our product, they know exactly what to expect. It’s Compart’s, and it consistently delivers the same exceptional eating experience.” The Comparts are committed to representing and promoting their industry, showcasing pork as a highquality protein that should be a staple in everyone’s diet. “Pork is one of the most popular meats consumed,” said Chris. “Being a pork producer is a source of pride. We wear many hats and are proud of the impact we have been able to make from farm to table.”
Above: Compart Family Farms began more than seven decades ago. Today, multiple generations are involved in producing high-quality pork for consumers.
Below left: The Compart family raises Duroc pigs, which they specially breed to create an enhanced flavor profile. Below middle: As the operation has grown, financial needs have evolved, and the family has partnered with Compeer Financial because of the cooperative’s expertise in agriculture and swine. Below right: In addition to being served at white table cloth restaurants across the United States, Compart pork is also shipped direct to consumers.
Winter 2023 • CULTIVATE 7
8 CULTIVATE • Winter 2023
Leading THE WAY Cooperative Strengthens Goat Farmers in Wisconsin CHILTON, Wis. — Sitting at the kitchen table, Larry Hedrich fondly recalled the origins of his goat farm in 1978. “It all began with a touch of insanity,” he jokes, referring to their modest 22-acre property, which seemed insufficient for many agricultural endeavors. Larry and his wife Clara experimented with beef, hogs and sheep before fully embracing the idea of raising goats. “Back then, people thought we were a bit crazy because goat farming wasn’t common,” added Clara. Today, the Hedrichs are deeply involved in various goat-related ventures on the same 22 acres. Their primary homestead serves as Kidfarm LLC’s operation for meat goats. They’re also the founders of LaClare Creamery, a facility dedicated to dairy goats and the production of diverse goat cheeses for retail purposes. And they played a pivotal role in establishing the Quality Dairy Goat Producers Cooperative of Wisconsin.
CHALLENGES IN MILK HAULING Dealing with the logistics of milk is a challenge in dairy goats. “When we started milking goats, individual farmers had separate arrangements with cheesemakers to sell their milk,” explained Larry. “Quality wasn’t a significant concern back then; farmers received a fixed payment per hundredweight, regardless of milk quality.” The economics of transporting goat milk added to the complexity. “Unlike cow milk, where a tanker truck can be filled by the production of just a few farms, with goats, it might take 14 farms to fill a truck,” said Larry. “This entails numerous stops and incurs higher labor and fuel costs. While it costs about 75 cents per hundredweight to haul cow milk, goat milk transport can cost around $2.50 per hundredweight, making it considerably more expensive.” Larry and Clara eventually had the innovative idea of forming a cooperative that united dairy goat producers from across Wisconsin for more efficient milk hauling. This initiative aimed to enhance reliability for farmers and ensure higher milk quality for cheesemakers.
STRENGTH THROUGH PARTNERSHIPS The concept originated during a partnership with an innovative cheesemaker who ran a small operation at the time. The cheesemaker struggled to obtain quality goat milk for crafting superior goat cheese and often had to rely on leftover milk loads that other manufacturers didn’t need. “So, in 2005, around six farmers joined the cooperative,” said Larry. “The cooperative handled all communication with farmers for milk pickups and acted as an intermediary, ensuring payments from cheesemakers to farmers.” The cooperative also established rigorous quality standards for its farmers to guarantee the delivery of high-quality milk to cheesemakers. “Our quality standards include butterfat, protein, somatic cell and plate counts, with plate count being a crucial factor in delivering quality milk,” explained Larry. “We worked with cheesemakers to develop these standards, ensuring that we consistently deliver the right quality for top-notch cheese.” What started with one cheesemaker and a half-dozen dairy goat producers has evolved into a partnership involving a dozen cheesemakers, along with other industry ventures utilizing goat milk, and about 100 farmers in the cooperative. This accounts for about one-third of Wisconsin’s dairy goat producers. As membership in the cooperative grew, so did the demand for goat milk. During the early days of the COVID-19 pandemic, many cheese manufacturers swiftly transitioned from bulk packaging for food service to smaller retail packages of goat cheese. The Hedrichs noted that even as food service returns to normal, the demand for retail goat cheese remains robust. “The quality of goat cheese today is much better than it used to be,” said Clara. “People have become more adventurous with their palates and have positive experiences with goat cheese in other places. Plus, many cooking shows incorporate goat cheese in recipes, which inspires people to buy it for use at home.” Continued on page 10
Opposite page: Larry and Clara Hedrich started the Quality Dairy Goat Producers Cooperative of Wisconsin, connecting producers with goat cheese makers in the region. Winter 2023 • CULTIVATE 9
Continued from page 9
A UNIQUE PARTNERSHIP WITH COMPEER In starting the cooperative, unique funding challenges emerged. Because the cooperative primarily serves as an intermediary, coordinating milk hauling and payments between cheesemakers to farmers, it lacks tangible assets for collateral. So, the Hedrichs called Carmen Michels, their financial officer at Compeer Financial, to find potential solutions. “Larry and Clara always bring unique ideas to the table,” observed Michels. “When they asked about a nonrecourse loan for the coop, our team dug into the details to find a way to provide a line of credit that bridged the gap between the cheese processors’ payment for milk and payments to farmers. At Compeer, we’re dedicated to strengthening rural America, and this is a prime example of how we collaborate with clients to make it happen.” Larry and Clara may joke about their endeavors as “insanity” at times, but their mindset is truly a testament to their innovative spirit and ability to see ample opportunities on the horizon. Larry envisions growth for the cooperative through a controlled approach. “It’s a partnership between the farms and the cheese plants, and I truly believe we’ll continue to add more cheesemakers to our roster as our co-op farmers continue to provide quality milk,” he said. “When you consider the industry as a whole, there’s immense potential out there,” chimed in Clara. “We’re venturing into specialty meats, but I’m also exploring the idea of bottling goat milk. There’s likely future opportunity in developing baby formula based on goat milk, and the pet food industry holds potential as well. Our goal is to ensure that it’s all financially viable and sustainable.”
CENTERED ON COMMUNITY, FAMILY Involvement in the agriculture industry and community is important to the Hedrichs. Larry serves as president of the American Cheese Society, while Clara’s passion for agritourism and education leaves a strong mark on the industry, notably through her involvement with the Wisconsin Farm Bureau Federation’s Promotion and Education Committee. Larry and Clara’s family plays a central role in their life and work. Four of their five adult children actively participate in the family’s agriculture ventures. Clara jokes that their nonfarming daughter is always on call, ready to provide an outside perspective. With 13 grandchildren learning the ropes of the family business, the Hedrichs wouldn’t have it any other way. “We knew our kids wouldn’t inherit a big trust fund,” said Larry. “But what we could impart to them are the valuable lessons in hard work; agriculture serves as an exceptional teacher in that regard. It instills a sense of purpose and accomplishment, and I can’t think of a better way for them to learn these life lessons than growing up in agriculture.” 10 CULTIVATE • Winter 2023
Above top: The Quality Dairy Goat Producers Cooperative of Wisconsin is committed to providing high-quality goat milk to cheesemakers, key to creating superior goat cheese. Above middle: Wisconsin leads the nation in the growing milk goat industry, with 74,000 dairy goats in the state. The Quality Dairy Goat Producers Cooperative of Wisconsin partners with about 100 dairy producers. Above bottom: The Hedrichs worked with Carmen Michels at Compeer for the unique funding needs of the dairy goat cooperative.
Mastering
FARM RECORDKEEPING
When it comes to recordkeeping for your farming operation, keeping as detailed reports as possible is in your best interest, not only for tracking your year-to-date progress but also as a requirement for the Internal Revenue Service (IRS) to recognize your farm as a legal operation. As a farm manager, using your records can assist in planning for change, budgeting, tracking your operation’s progress and evaluating its strengths and weaknesses. Recordkeeping is also advantageous when comparing your performance to other entities, seeking lending opportunities and transitioning your farm to other business partners or family members. Farm tax preparation and planning can be confusing, even for the most business-savvy producer. Tax planning offers you the chance to manage your liability or credits through various methods, but options become limited once January rolls around. Navigating tax and accounting services within the agriculture industry can be daunting due to the abundance of available information. Managing decisions regarding payments, prepaid expenses, assets and deductions can be complex. Having a dedicated team focused on tax and accounting within this niche area can alleviate the challenges of understanding the rules and regulations governing farming operations. Understanding the primary reasons why tax recordkeeping is essential is a good starting point.
ACCURATE FINANCIAL STATEMENTS You can’t generate accurate financial statements without proper records. In addition to profit-and-loss statements, maintaining cash flow statements and balance sheets is crucial. These financial statements are necessary when dealing with financial lenders or creditors and for tax return preparation. Offers a preview of your upcoming taxes Engaging a tax and accounting service can provide insights into your potential tax obligations. They can advise you on various options to address your tax liability using estimates. Be prepared to answer questions such as whether you want to prepay expenses, make purchases or seek additional income. Ensure that your records are up to date before your meeting to provide the most accurate information possible. Keep those receipts Whether stored online or in a shoebox, it’s imperative for farm managers to save records when they receive property, money and services. These records help identify the source of your receipts and, come tax time, assist in separating farm from nonfarm and taxable from nontaxable income. Environmental regulations Depending on their operation, environmental regulations may affect certain farms. In such cases, farmers are required to track livestock waste treatment, water use and livestock as they relate to the environment.
Monitor your progress To maximize your success, be sure to monitor your farming operation’s progress throughout the year. Records will indicate whether your business is improving, which crops or livestock are selling well and provide insight into any necessary changes. Critical records include plant populations, input quantities and crop yields, which are vital for managing your farm business. Utilizing these records will help you make informed decisions that can positively impact your bottom line.
BETTER FARM MANAGEMENT Keeping records on seed germination rates, among other factors, will put you in a stronger position to select seeds for the next season. Records on seeds, pests, diseases, feed types, consumption and bloodlines will help set up your farm for success. Compeer Financial offers specialized farm tax consultants who understand the intricacies of agriculture and are dedicated to assisting hard-working farmers avoid overpayments and penalties. Visit compeer.com to see if our services are right for you.
Please note that tax and accounting services are subject to regional availability. For information about service availability in your area, please contact your local Compeer Financial representative.
Winter 2023 • CULTIVATE 11
Perseverance
THROUGH PRODUCE The Goebbert Family Cultivates Their Own Path
UNION, Ill. — Located just 60 miles outside the bustling metropolis of Chicago, the landscape shifts dramatically from concrete and cars to expansive fields and fertile lands. There, you’ll find James Goebbert, the fifth-generation farmer behind Go-Ro Fresh, a produce farm synonymous with quality and sustainability. The operation provides fresh produce to Chicago-area grocers and restaurants and direct to consumers. Since starting his farming journey as a teenager, Goebbert has not only cultivated the land, but he’s also cultivated his dreams for the land.
A LEGACY OF FARMING The Goebbert family has deep roots in agritourism, and James grew up working for the family’s pumpkin business, Goebbert’s Pumpkin Farm. This cherished destination for families seeking pumpkins and a taste of rural life has been a community staple since the 1940s. But James chose to forge his own farming legacy at the age of 16, working alongside his grandfather Jim. Recognizing his potential and dedication, Compeer Financial granted James his first loan, 12 CULTIVATE • Winter 2023
cosigned by Grandpa Jim, to kickstart his dill growing venture. “I was close to my dad, and from a young age, my dad encouraged me to do my own thing,” recalled James. “It’s more rewarding to start from nothing and grow it into something.”
A FAMILY LEGACY James is no ordinary farmer. From a humble start growing a single herb variety, he’s become a visionary who’s transformed a 10-acre plot into a sprawling 1,350acre operation. The diversity of his crops is remarkable — 210 acres of beets, 430 acres of grains and a staggering 390 acres of greens, including kale, collards, mustard greens and more. And, yes, they’re still growing pumpkins on 320 acres. For James, farming isn’t just a profession, it’s a way of life. James’ wife Brittany and their two young children, Henry and George, are integral parts of the farm. Although Brittany didn’t grow up on a farm, she’s embraced the values of hard work and family that are central to farm life. Their children are already experiencing
the joy of agriculture, running around the fields and soaking in everything farming has to offer. “I’ve learned farming is synonymous family because farmers put their families first,” shared Brittany. “It’s also incredible to have healthy food grown right here on our land. Cooking that food for your family — and knowing it’ll nourish other families too — is something special.”
CHALLENGES AND REWARDS James readily admits farming comes with its fair share of challenges, from unpredictable weather to the grueling work. However, he says it’s precisely these trials that make farming all the more rewarding. He relishes the entire process — from planting seeds to delivering the final harvest — knowing the fruits of his labor nourish communities far and wide. “Early on, there were a lot of challenges,” said James. “We’d put in the hard work all year and then look at our profit-andloss statement, and it often seemed like we weren’t making much money. But we persevered, and it’s starting to pay off.”
“The thrill of building something from the ground up, of having complete control over your destiny, is an experience like no other.” — James Goebbert
James encourages young farmers to consider pursuing their own dreams and ventures, even if they come from established farming backgrounds. He emphasizes the importance of diversification and investing in the right equipment to tackle the work effectively and efficiently. “The thrill of building something from the ground up, of having complete control over your destiny, is an experience like no other,” he explained.
COMMITMENT TO COMMUNITY In an era when sustainability and environmental stewardship are paramount, James and Go-Ro Fresh are doing their part. They’ve embraced practices like cover cropping and are in the process of
converting some of their farms to organic. The commitment to sustainable farming benefits the environment and aligns with their long-term vision. Community support is vital for any local farm’s success, and James knows this well. He envisions a future for Go-Ro Fresh that mirrors the legacy of the pumpkin farm he grew up on. He’s hopeful that a new retail market emphasizing history and education will foster a deeper connection between the community and his farm. “Buying local means you know exactly where your food comes from and helps keep the money in the local economy,” noted James. “It’s a way to support your neighbors and build a stronger, more resilient community.”
Above left: Go-Ro Fresh produces a variety of fresh produce, including several types of greens. Top center: A multi-generational operation, the Goebbert’s young children will be the sixth generation to be part of this family legacy. Below center: The farm ships fresh produce to grocery stores and restaurants in the Chicago area. They also ship direct to consumers. Top right: The family’s roots are in pumpkins. While the operation has expanded, Go-Ro Fresh still grows pumpkins on 320 acres. Below right: In addition to providing fresh, healthy vegetables, Go-Ro Fresh is committed to sustainability and environmental stewardship.
As James and Brittany look ahead, they see continued growth for Go-Ro Fresh while maintaining sustainability and profitability. They’re determined to pass the farming legacy on to their children and continue providing the local community with fresh, healthy produce.
Winter 2023 • CULTIVATE 13
BOARD OF DIRECTORS ELECTION RESULTS:
Board of Directors and Nominating Committee
We are pleased to bring you the results of the Compeer Financial Board of Directors and Nominating Committee election. These outcomes were tallied by an independent third party on October 9, 2023.
BOARD OF DIRECTORS Three individuals have secured their seats on the Compeer Financial Board of Directors, each serving a four-year term. Here are the newly elected directors:
RODNEY BOSMA
TRACY TRAVIS
ALLYN BUHROW
Rushmore, Minn. | Region 1
Cambridge, Wis. | Region 2
Ashton, Ill. | Region 3
Rod Bosma operates Bosma Farms in Rushmore, Minn., a diversified family farm producing corn, soybeans, hay, cattle and hogs. He’s also done purebred Angus breeding stock sales and operated an over-the-road trucking company. Rod serves on Compeer Financial’s Audit and Finance, and Young, Beginning and Small Farmer Committees. He is also a member of the Rushmore Fire and Rescue Department. Bosma graduated from the Ag Production Management Program at Worthington Community College and the Minnesota West Farm Business Management Program.
Tracy Travis operates S&T Farms, LLC near Cambridge, Wis., producing corn, soybeans and wheat alongside her husband and parents. The family also operates S&T Ag, LLC, an agronomy service business. Tracy is the founder and CEO of ImpacTT Collective, a business and marketing strategy consulting group for purpose-driven organizations. She currently serves on the Board of Directors for the Cambridge School District and is a board member for Rural Investment to Protect our Environment. She previously served as a board member of Dane County Farm Bureau, Wisconsin Farm Bureau Young Agriculturalist and Association of Women in Agriculture Alumni.
Allyn Buhrow is a self-employed corn and soybean farmer in Ashton, Ill., farming in partnership with his family and parents. He also operates a seed sales agency, serving growers and landowners in Lee and Ogle counties. Allyn serves on Compeer Financial’s Enterprise Risk, Legislative Affairs, and Young, Beginning, Small Farmer Committees. He also serves on the AgriBank District Farm Credit Council. He has been involved in numerous organizations including the Lee County Farm Bureau, the Lee County Board, Illinois Leadership Committee for Ag Education (ILCAE) and Illinois Agricultural Leadership Program (IALP). Buhrow is a graduate of the University of Illinois.
Tracy and her husband Adam have three daughters. She’s been a Farm Credit member since 2012.
Allyn and his wife Amy have two young adult children. He has been a Farm Credit member since 2006.
Tracy was elected to the Board in 2023 and her current term expires in 2027.
Allyn was elected to the Board in 2019 and his current term expires in 2027.
Rod and his wife Bonnie have three daughters and one son, two sons-in-law and three grandchildren. Rod has been a Farm Credit member since 1986. Rod was elected to the Board in 2019 and his current term expires in 2027.
14 CULTIVATE • Winter 2023
NOMINATING COMMITTEE The Nominating Committee includes 24 elected candidates, each serving a one-year term. These members represent three regions across Compeer’s territory.
REGION 1
REGION 2
REGION 3
Rick Alberts (I) Rosanne Caughey (I) David Marquardt (I) Ron Mohr (I) Tami Nelson (I) Julie Sievert (I) Diane Stenzel (I) Brent Ziegler (I)
Dorothy Anderson (I) Marc Boettcher (I) Mark Breunig (I) Mackenzie Clark Steven Endres (I) Carla Kastenschmidt (I) Christina Meylor Brian Schaal (I)
Chad Bremmer (I) Ken Fornoff (I) Zach Henkel (I) Jenny Mennenga (I) Kathy Reinhardt (I) Lynn Stoller (I) Jacob Streitmatter (I) Jacob Zumwalt
Andy Huneke (Alternate) Rhonda Toquam (Alternate)
John Bertram (I – Alternate) Bruce VanderVeen (Alternate)
Justin Bolander (Alternate) David Westerlund (I – Alternate) (I) – Incumbent
LEARN MORE ABOUT SERVING ON THE BOARD The Board of Directors, elected by member-owners, plays a crucial role in shaping our business direction, overseeing operations and evaluating our performance. Election Timeline:
Eligibility:
Spring 2024: Names collected of member-owners interested in serving on the Board.
Any Compeer Financial voting stockholder with an outstanding loan balance, who is not a team member or agent of the association, may be eligible for election to the Board. Candidates are nominated based on geographic regions.
May & June 2024: Nominating Committee conducts interviews. June 2024: Final list of candidates announced. August 2024: Annual Meeting takes place. September & October 2024: Ballots mailed and collected, results announced.
Learn more about the election process at compeer.com/boardcandidates.
November 2024: New term starts for Directors.
Winter 2023 • CULTIVATE 15
10 Strategies for
NAVIGATING CROP INSURANCE IN 2024
As we approach 2024, farmers face a multitude of challenges and uncertainties in the agricultural landscape. From unpredictable weather patterns to evolving market conditions, making informed decisions about crop insurance has never been more critical. To shed light on these issues, we asked Cole Patrick, director of insurance strategies at Compeer Financial, to share valuable insights and advice to help farmers make wise choices concerning crop insurance for next year.
1.
Grasping Market Uncertainty A key consideration when you’re making crop insurance decisions for 2024 is the prevailing uncertainty in the markets. According to Patrick, “Uncertainty is synonymous with risk. When things are uncertain, there’s risk involved.” Given the constantly changing economic climate, export markets, weather patterns and legislative landscape, farmers must assess what they’re willing to risk and what’s at stake for their operations. Also keep a close eye on legislative updates, especially those related to the Farm Bill, which can significantly impact crop insurance. Patrick emphasized that insurance providers and organizations are on your side, as increased participation in crop insurance can reduce the need for government relief payments.
2. Tailoring Coverage to Specific Risks To assess risk factors and create a tailored crop insurance plan for 2024, Patrick stressed the importance of seeking expert advice. Insurance officers and agronomists can offer valuable insights into machinery costs, input costs and other expenses. 16 CULTIVATE • Winter 2023
“Don’t embark on this journey alone,” he said. “Find a trusted partner who can guide you through all of the nuances.” Start by evaluating your needs, and then work with experts to calculate your costs. With that information, you’ll be able to select insurance products that align with your risk tolerance and your farm’s objectives.
3. Exploring Options “Following periods of high volatility, we often see price drops,” noted Patrick. “Consider increasing your coverage at lower prices to maximize your protection.” Options like ECO and SCO may vary by region but are worth exploring. Additionally, keep an eye on innovations in seed technology that could impact insurance rates. Cover crops are another option to consider, as they may come with incentives to improve soil health and mitigate risk. Sustainability programs that offer financial incentives could be a valuable part of your overall risk management plan.
4. Understanding Historical Yield Data Historical yield data plays a crucial role in helping you make informed crop insurance decisions. Analyze past yield data to understand how weather patterns and genetics affect production efficiency and costs. Patrick suggested a systematic approach and said to ask yourself: How efficient will my crop be? What will it cost me to grow it? How will input costs fluctuate? By assessing production costs and profit margins, you can customize your insurance accordingly.
5. Viewing Global Impacts In this global marketplace, it’s crucial to know what’s happening beyond your backyard. Consider worldwide factors like overseas market yields and international trade alliance. This broader outlook will help you determine demand and potential market fluctuations, aiding in risk assessment.
6. Heeding Government Policies and Regulations Pay attention to government policies and regulations, particularly the upcoming Farm Bill, which can have farreaching effects on crop insurance. Additionally, note that increased budget spending for conservation programs may benefit beginning farmers and other underserved groups — so keep an eye out for potential incentives.
7. Leveraging Technology and Data Analytics Technology and data analytics are powerful tools for making crop insurance decisions. Patrick noted that technology can optimize various aspects of farming, from planting to irrigation, resulting in increased productivity. What’s more, tools like Compeer’s Optimum can run scenarios and analyze data to assist farmers in choosing the best insurance options for their needs.
9. Ensuring a Smooth Application Process For a smooth and efficient crop insurance application process, timely and open communication with your insurance officer is essential. They are eager to help and understand the evolving nature of agricultural markets — so be sure to utilize their expertise not only when deciding on crop insurance but also when navigating the application process.
10. Engaging with Local Experts Local agricultural extension offices, insurance officers or industry experts can offer you personalized guidance. Reach out to Compeer insurance officers, attend educational webinars and set up Compeer’s crop insurance text alerts to stay up-to-date. As you prepare for the challenges and opportunities of the coming year, remember that staying informed, seeking expert advice and utilizing technology are essential so you can make the best crop insurance decisions for your farm in 2024.
Thank you to Cole Patrick, director of insurance strategies, for contributing to this article.
8. Recognizing Climate-Related Risks Understanding climate-related risks is a top priority. Drought scenarios, in particular, are shifting eastward, and knowing how these could impact your operation is crucial. Utilize resources like USDA maps and analytics to stay informed about potential weather risks. Winter 2023 • CULTIVATE 17
Cracking the Code
MASTERING AGRICULTURAL LAND APPRAISALS
In the world of agriculture, buying and selling land are familiar routines for many. But here’s the twist: Farm real estate appraisals don’t quite fit the mold of your standard property assessments. Let’s break it down.
WHAT IS A FARM REAL ESTATE APPRAISAL? A farm real estate appraisal is a process involving the analysis of a parcel or tract of land to determine its fair market value. Lenders, like Compeer Financial, require appraisals to ensure that the loan’s collateral meets their requirements and fulfills regulatory requirements. An appraiser’s goal is to match the intricacy and risk associated with the loan to the appropriate type of appraisal. In many instances, vacant land properties aren’t significantly complex and the appraisal process can be expedited, and ultimately costs reduced, by producing a more condensed restricted appraisal report. Conversely, properties featuring extensive improvements or specialized facilities typically require a comprehensive appraisal report, which entails a more in-depth analysis. In such cases, these appraisals generally require an on-site inspection by the appraiser and take longer to complete. Regardless of the report format, the essence of a farm real estate appraisal is to pinpoint the most optimal use for
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the land and compare it with similar properties sold under arm’s-length transactions. The appraiser takes into account factors like the land’s size and location. Moreover, when assessing agricultural land, aspects like soil quality, drainage and operational utility play pivotal roles in influencing the property’s value and income potential.
APPRAISAL TECHNIQUES Be it a conventional real estate appraisal for a residence or a farm real estate appraisal, a state-licensed appraiser will develop a report. Three techniques are used to value agricultural property: 1. Sales Comparison: In this method, the appraiser studies comparable properties in the local market that have recently changed hands and compares them with the subject property being appraised. 2. Income Approach: This technique revolves around estimating the income potential, particularly the net income, of the property. It’s primarily used for incomeproducing properties like farmland. 3. Cost Approach: The cost approach gauges the value by considering the individual components of the property, a path often taken when the property features building improvements.
WHAT REQUIRES APPRAISAL?
WHAT YOU RECEIVE
New loans are a common trigger for requiring an appraisal. Nonetheless, real estate appraisals are essential in various other scenarios, including:
Whether you’re seeking a new loan or an appraisal for any other purpose, a valuation team offers you:
• • • • • • • • • • •
Lending or loan documentation Estate planning, settlement or inheritance tax valuation Divorce settlements Sale and purchases Legal disputes Charitable contributions Condemnation cases Property division Investment analysis Special use valuation Upgrades and improvements, like livestock facilities or field tiles
WHAT YOU’LL NEED
• Consistent research, verification and analysis of comparable sales • In-depth knowledge of agriculture and rural America • Extensive geographic coverage Upon completion of the appraisal, you, as the client, will receive a report containing evidence that supports the appraiser’s market value opinion and outlines the methodology used. The appraisal report is tailored to meet the specific needs of the client, guided by the scope of work. Land values and economic indicators are in a constant state of flux, which can add stress when dealing with farm real estate. Collaborating with an appraiser well-versed in agricultural appraisal and possessing extensive experience in the field can ease the burden for property owners like you.
If you’re in need of an appraisal, you’ll need to provide your appraisal service team with the following information: • • • •
Assessor’s Parcel Number(s) (APN) Address (if applicable) Legal description Map
Thank you to Adam Schmidt, regional manager appraisal, for contributing to this article.
Winter 2023 • CULTIVATE 19
Evolving FOR THE FUTURE Director Ashley Ahl Brings a Unique Perspective
MERILLAN, Wis. — With the approaching holiday season, Northern Family Farms in western Wisconsin has been bustling with activity. What started as a simple Christmas tree hobby farm in 1955 has evolved into a thriving operation that harvests 150,000 Christmas trees annually, supplying major retailers across the Midwest. Today, Ashley Ahl and her brother Derek run the operation, which has undergone significant growth since their grandparents started it more than 65 years ago. Offerings have expanded to include nursery plants like shade, ornamental and fruit trees; woody shrubs; roses; evergreens; and perennials. All are sold wholesale to nurseries, landscapers and big-box retailers. Today, the nursery segment accounts for 80% of the operation’s revenue, with overall plant production exceeding 1 million units annually. Leadership of the farm transitioned to the third generation in 2014, marking a pivotal moment for the business. “Our parents were ready to take a step back,” Ashley said, reflecting on the transition. “They’d worked diligently to set us up for success and continue their legacy. We maintain a strong relationship with them and continue to seek their guidance as advisers.”
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UNIQUE CHALLENGES While a nursery is a unique niche in the world of agriculture, it shares a common challenge with other sectors of agriculture: unpredictable weather. Beyond that, Ashley — who serves on Compeer Financial’s Board of Directors — said forecasting is the next biggest challenge the operation faces. “Our forecasting involves a two-to-four-year lead time for nursery plants and an eight-to-10-year outlook for Christmas trees,” elaborated Ashley. “We have to anticipate consumer demand and preferences several years in advance while ensuring we’re growing the right quantities to meet demand. For instance, in the Christmas tree segment, I’m hoping the trees I plant this year will be the trees people want to decorate in their living rooms a decade from now. Much of the process relies on gut instinct.” A critical factor in overcoming challenges and ensuring the operation’s success is the strength of its team. Northern Family Farms has 30 full-time employees and 100 seasonal workers through the H-2A program, which is an agricultural visa initiative that screens foreign workers for seasonal employment in the United States.
Above: Compeer Board Member Ashley Ahl operates Northern Family Farms in western Wisconsin. The operation grows a variety of wholesale nursery plants, shrubs and trees, along with harvesting 150,000 Christmas trees every holiday season, supplying retailers across the Midwest.
“Thanks in part to the H-2A program and the temporary workers it provides, labor challenges have been somewhat mitigated for us,” explained Ashley. “But hands down, our team is key to our success. The team in the office working on the business operations and the growers in the field tending to the plants all treat this business like it’s their own; they care deeply about the work here and are passionate about continuing to improve our operation.”
For Ashley, a core principle is keeping Compeer clients at the center of every decision.
PARTNERSHIP WITH COMPEER
A BRIGHT FUTURE
Ashley is no stranger to advocating for agriculture. She serves on the USDA’s Christmas Tree Promotion Board’s Promotion Committee and is an active member of the Wisconsin Christmas Tree Producers Association. She’s also served on the Compeer Financial Board of Directors since 2021.
Ashley holds an optimistic view for the future for both Compeer and Northern Family Farms. “We aspire for our operation to be a place where our employees find fulfillment and enjoy the work they do,” she said, adding that they’re also focused on honoring the legacy of the family members who came before them by strengthening the foundation for future generations.
“I’ve approached my role on the Board with the perspective that not all farmers look the same and recognition that all of us in agriculture have different needs,” said Ashley. “I’m naturally outspoken, and I see this as an opportunity to represent perspectives within specialized ag to ensure the cooperative takes into consideration the diverse requirements of the farmers and agribusinesses we work with.”
“Our discussions are robust and well-rounded,” noted Ashley. “It’s been insightful and rewarding to know our deliberations and choices prioritize our clients in agriculture and rural America, keeping the best interests of our member-owners at the forefront.”
“I also look forward to seeing how Compeer continues evolving to serve clients,” she pointed out. “The cooperative has a strong vision for the future, just as we do for our farm.”
Winter 2023 • CULTIVATE 21
WHAT’S NEW AT COMPEER? HOLIDAY HOURS
YEAR-END REMINDERS
Compeer Financial will be CLOSED for business in observance of these upcoming holidays:
Here are some essential year-end reminders to keep in mind as you approach the close of 2023:
Thanksgiving Christmas New Year’s Holiday Martin Luther King Jr. Day
Nov. 23 & 24* Dec. 25 Jan. 1, 2024 Jan. 15, 2024
*For your convenience, our CONTACT CENTER will be open for calls Friday, November 24, from 8 a.m. to 3 p.m. To reach the Contact Center, please call (844) 426-6733.
2024 PHOTO CALENDAR RELEASED Thank you to those who submitted incredible photos for our 2024 photo calendar — the calendar features beautiful scenes and moments in agriculture and rural America captured across our territory. A big thank you to everyone who participated and a heartfelt congratulations to those whose photos are featured in the calendar. You can pick up extra copies of the calendar at your nearest Compeer office.
SCHOLARSHIP OPPORTUNITY — APPLY NOW FOR $1,500 Do you know a high school senior looking for a scholarship opportunity? The Compeer Financial Fund for Rural America is offering 123 scholarships worth $1,500 each! What We’re Looking For: Selection criteria includes academic achievement, involvement in agricultural and community youth organizations, and a well-crafted essay. When to Apply: The application period opens Jan. 1 and runs through March 15, 2024. How to Apply: Ready to take the next step? Visit compeer.com/giving-back to find out more about eligibility requirements and to download the application form. Don’t miss out on this fantastic opportunity — encourage high school seniors to apply today! 22 CULTIVATE • Winter 2023
Payment Instructions: When making payments, ensure that you include all payment stubs along with your check for accuracy. Payments will be applied on the date and to the year in which they are received. Payments can be made at your local Compeer Financial office or through a Compeer Financial lockbox location. Year-End Deadline: Payments received at a Compeer Financial office or lockbox location after noon on Friday, Dec. 29, 2023, will be considered as payments for the year 2024. Mail Delivery Time: Due to increased volume during this season, please allow at least two weeks for your payment to arrive by mail. Consider utilizing our digital tools to avoid potential mail delivery delays. You can also opt for electronic funds transfer by reaching out to us at (844) 426-6733 or through Online Banking (800) 705-6603. Interest Payments: If you have funds in your account as of Dec. 31, 2023, and you have a payment due on Jan. 1, 2024, the interest portion of the installment will be paid in 2023, up to the available balance in your account. This ensures that you receive credit for paying interest in 2023. If you prefer not to use your Funds Held to cover the Jan. 1, 2024, interest billing, please notify your Compeer Financial office or call us at (844) 426-6733 by Wednesday, Dec. 27, 2023. Year-End Electronic Funds Transfers: If you use electronic funds transfer for payment and need to cancel it, let us know by 3 p.m. on Thursday, Dec. 28, 2023. Online Banking Transactions: For Online Banking users, please note the following deadlines: • Loan payments and transfers submitted through Compeer Financial Online Banking before 4 p.m. on Thursday, Dec. 28, 2023, will be applied as directed in the online transaction. • ACH transactions submitted after 4:00 p.m. on Thursday, Dec. 28, 2023, will be posted to the loan on Tuesday, Jan. 2, 2024. Please call (800) 705-6603 with any questions.
LAFAYETTE COUNTY HOSPITAL GROUNDBREAKING The Memorial Hospital of Lafayette County (MHLC) celebrated a groundbreaking ceremony on July 15, signaling the start of construction on a cutting-edge healthcare facility in Darlington, Wis. This county-owned critical access hospital and clinic recognized the need for a modernized 75,000 square-foot facility to replace its 1952 hospital. Compeer’s Mission Financing team played a vital role, securing $5 million in USDA Community Facilities Guaranteed Loan Program financing and $45.87 million in construction-only financing, complemented by substantial grants. To learn more about Compeer’s Mission Financing work, visit compeer.com.
SERVICES RELOCATE TO NEW OFFICES Compeer Financial is excited to open new offices in three Wisconsin cities — bringing more team members together in each location to enhance our ability to serve you, our clients.
Eau Claire Office: We opened our Eau Claire office in early October. You can find us at Suite 200, 4825 Owen Ayres Ct. The Eau Claire office is staffed with teams from our former offices in Arcadia and Mondovi, including experts specializing in agricultural loans, leases and home loans. Office hours are 8 a.m. to 4:30 p.m., Monday through Friday. Fond du Lac Office (Coming Soon!): On December 18, we anticipate the opening of our new Fond du Lac location at 381 Police Memorial Drive. This office will house team members working in our current Fond du Lac, Plymouth and Beaver Dam locations. Onalaska Office (Coming Soon!): In spring 2024, we’ll have a brand-new presence in Onalaska, as we relocate our Sparta and Viroqua teams to the new location at 207 Marcou Road. The Onalaska office will also offer tax and accounting services (previously provided in our Arcadia office) in addition to our full range of agricultural and rural lending products. While our physical locations are changing, our team remains committed to providing you with multiple options for working with us. You can choose to visit the office most convenient for you or request a team member to meet with you at your home or farm. We also offer a variety of online tools to help you manage your account at compeer.com — or you can reach us by phone at (844) 426-6733.
SAVE THE DATE
for These Upcoming Events Mark your calendars for future opportunities to expand your knowledge, network with industry peers and connect with experts. Visit compeer.com/events to learn more and register for the following events offered by Compeer Financial.
Strengthening Your Roots
Women’s Seminar
January 23 (Virtual)
March 6 (Virtual)
This virtual webinar will provide attendees with insights into farm finances and the specific criteria that lenders consider while evaluating loan applications. Participants will have an opportunity to learn about foundational bookkeeping practices, updates on tax changes and the latest on crop insurance. They will also gain access to a variety of valuable resources and tools that will help inform operational success. This comprehensive program will address the most common questions our clients have as they prepare for the upcoming year. Access to recordings will be granted only to those who register.
Compeer Financial invites women in agriculture to join this fun and engaging virtual event. The half-day session is designed specifically for women who work or live on a farm, are farm owners or support the agriculture industry in another way. This virtual event is an opportunity to connect, learn, share stories and hear from other women in agriculture.
GroundBreakers Conference February 16-17 or February 23-24 (In Person) GroundBreakers is an exclusive invitationonly opportunity to expand farm business knowledge and gain valuable insights on a variety of topics that can impact operational success. The GroundBreakers Conference will feature engaging, informative keynote speakers and educational breakout sessions that will send attendees home with actionable insights. Plus, the connections made with peers and industry experts often become valuable resources to guide their operation into the future. Minnesota: February 16-17 Mystic Lake Center Prior Lake, Minn. Wisconsin: February 23-24 Grand Geneva Resort Lake Geneva, Wis.
Women’s Retreat March 8-9 or March 15-16 (In-Person) Women in agriculture are more prominent now than ever before, and taking time away from the farm to invest in yourself is important. The Compeer Financial Women’s Retreat will provide attendees an opportunity to take a deep dive into current topics and trends in agriculture; deepen their network of women in agriculture, strengthen relationships and develop skills for both on and off the farm. Participants leave this overnight retreat with an enhanced ability to create positive impacts for their farm, family and community. Wisconsin: March 8-9 The Abbey Resort Fontana, Wis. Minnesota: March 15-16 St. James Hotel Red Wing, Minn.
Winter 2023 • CULTIVATE 23
2600 Jenny Wren Trail PO Box 810 Sun Prairie, WI 53590
DEFINED BY SAFEGUARD YOUR CROPS WITH DATA-DRIVEN INSURANCE. Farming brings a lot of uncertainties, but we’re here to take the guesswork out of crop insurance. Our exclusive tools — combined with data from your farm — allow us to run different scenarios and create personalized coverage options that match your goals perfectly. When choosing crop insurance, having accurate data and expertise are key to making the best decision for your farm. Partner with us today and see how our crop insurance solutions are defined by you.
TO LEARN MORE: COMPEER.COM/DATADRIVENINSURANCE OR CALL (844) 426-6733 Crop Insurance | Livestock & Dairy Insurance | And More Compeer Financial can provide assistance with finances based on historical data and industry expertise. Compeer does not provide legal, tax or investment advice. Compeer Financial, ACA is an Equal Credit Opportunity Lender and Equal Opportunity Provider and Employer. © 2023 All rights reserved.