Many customers have spoken with Leah over the years. Leah was at Red Wing Software for five years. She left for a short time and is now back and working on the support team. Though her last name has changed, she is still the same Leah you may remember speaking with. Please join us in welcoming Leah back to Red Wing Software!

By Stephanie Elsen

The Farm Financial Standards Council (FFSC) has been working on developing recommendations for hedge transactions for agricultural operations. In January 2014, nearly 70 pages of additional content will be added to the Financial Guidelines for Agriculture. The content will provide content and examples of how to account for hedge (futures and options) transactions on financial statements for agricultural producers.

The additional content to be released contains information about two types of hedging: fair value hedges and cash flow hedges. Fair value hedges are when a producer stores grain that is valued on the balance sheet at fair market value and is readily available for sale. In this case the resulting hedging gains and losses are included in the revenue section of the income statement. Cash flow hedges occur when a producer hedges items not available for sale, including planned or growing crops or livestock. These items are valued at cost on the balance sheet, and the resulting hedging gains and losses may be excluded from the income statement and instead shown in other comprehensive income.

To learn more about the FFSC recommendations on accounting for hedging transactions, look for the new content in January of 2014 at www.ffsc.org

The FFSC was created to promote uniformity and integrity in financial reporting and analysis for farmers. Learn more about their mission and the tools they offer by visiting their Web site: www.ffsc.org

CenterPoint Accounting customer, Velmer Green, from Green Meadow Farms, is one of four recipients who was honored by World Dairy Expo for his innovative leadership and commitment to the global dairy industry. Velmer received the Dairyman of the Year award as reported in the September 10, 2013 issue of Hoard’s Dairyman. Congratulations Velmer!

Janet has been with Red Wing Software for almost ten years, helping customers with their Customer Care Membership renewals. If you are a Red Wing Software customer, you’ve probably spoken with Janet! She has worked in the customer service field for years, including working at The Toro Company and Polaris Industries, both Minnesota grown companies. I asked Janet to put together something, so the many customers she speaks with every day can get to know her better. Here’s what she had to say!

“You may have noticed by my Minnesota accent, I was born and raised in Minnesota. Living in Minnesota is truly interesting and the climate is always changing, from 13 inches of snow on May 2nd to almost 99 degrees on September 9th, all in 2013. In my spare time, I like to garden, and that sometimes includes removing buckthorn off my property in Red Wing….which isn’t easy. I have two daughters, with the oldest one getting married next year. As you all know, wedding planning isn’t easy and getting everyone on the same idea is next to impossible. Hopefully, the weather will cooperate for a May 2014 wedding with no snow.”

“I am an avid outdoor enthusiast and animal lover. Arabian horses are my first passion with Bon Jovie being born on my farm 27 years ago. He is still as full of life as the day he was born. Bon Jovie was a top ribbon winner in Arabian halter for years, and he’s now a loving pasture pet. Last year my husband Tom and I purchased a Border Collie named ‘Boots’. What a smarty he has turned out to be. It is true they are a very smart breed of dog, never a dull moment at our house with Boots! I also love to kayak and fish on the Flambeau River in Wisconsin and eat fresh walleye. At our cabin on the Flambeau River, there are always family and friends stopping in. The biggest problem is catching enough walleye to feed everyone. ”