Winter 2014 Issue - Yankee Farm Credit

Winter 2014
Yankee Farm Credit
Association Insider
Building relationships that last generations.
In this Issue:
Page 2: Yankee Offers
QuickBooks Courses
Page 3: FRS: We Work
Hard to Stay Current
Page 4: Tax Reporting
Due Dates
Page 5: Spring Crop
Insurance; Pam Simek
Promoted to CFO
Page 6: FarmStart: Josh
and Sarah Vaillancourt
Office Locations:
Chazy, NY
1-800-545-1097
Middlebury, VT
1-800-545-1169
Newport, VT
1-800-370-2738
St. Albans, VT
1-800-545-1097
White River Jct., VT
1-800-370-3276
Williston, VT
1-800-639-3053
www.yankeeaca.com
Check out our blog:
yankeeaca.blogspot.com/
facebook.com/YankeeFarmCredit
President’s Message:
New Yankee Offices, Same Great Service
− George Putnam , President and CEO
I am pleased to announce the
opening of our new Middlebury
office. This is one of two new
offices that we began building
in 2014. We will feature our new
Derby office in the next issue of
Association Insider.
Our old offices served us well
for many years, but we were
becoming cramped for space.
We are excited to move into
roomier and more modern
offices. These new offices will
allow us to continue our growth
and build on our success as an
Association.
Pictured above from left to right at the start of construction
on the Middlebury office: Ken Labas and Chris Huston of
Bread Loaf Corporation; Ken Button and George Putnam of
Yankee Farm Credit; Paul Saenger, Yankee Farm Credit Director;
Maynard McLaughlin of Bread Loaf Corporation and Cherie
Heath of Yankee Farm Credit.
The trend in Farm Credit in other parts of
the country has been consolidation into
fewer and larger offices. That can mean
increased travel for members, and less
visibility in the communities where we
live, work and do business.
We chose to continue to have offices in
Addison and Orleans counties because
we believe a local presence allows for
better and more personalized customer
service.
And we are seeing growth in all our
offices. Loan volume, financial services
(recordkeeping, tax preparation, crop
insurance, appraisal and consulting),
and membership numbers are all
increasing. We are adding staff in several
areas to keep up with demand. The new
New office building in Middlebury.
offices will provide space for these new
employees.
We hope you are proud of your new
offices. Please stop by sometime to visit.
In the meantime, please visit us online
on Facebook, our blog, or our website.
Middlebury Office a Nice Fit
− Ken Button, Senior Vice President/Middlebury Branch Manager
Our new office was completed on time and on budget, just five
months after groundbreaking on June 13. The move-in date
was scheduled for November 21 and we opened the office
on November 24. The architectural, planning, and building
services were provided by the Bread Loaf Corporation, a local
business in Middlebury. The staff is excited about the new
building and is looking forward to welcoming customers.
One of the many notable improvements - our driveway has
been built so that you can pull in with your cattle hauler, milk
truck, etc. and be able to park and get back out into traffic
without issue!
The new office is just down the street from our old office, Pictured above from left to right are Middlebury Office staff: Kyle Lussier, Mary
Pratt, Abby Roleau, Kristi Wood, Ken Button, Pam Simek, Gisele Bronson, Donna
the address is 320 Exchange Street, it is located beside Barnum, Cherie Heath and Alyth Hescock.
Middlebury Agway. Our former office, utilized for 28 years, is
scheduled to be sold December 15. Keep an eye out for our
office open house, once we determine a date we will post it on our facebook page and website. If you are in the area we invite you stop in
and visit to check out the new structure.
Yankee Offers QuickBooks Courses
St. Albans Branch Office -130 Upper Welden St., St. Albans, VT.
Led by two of our Records & Payroll Tax Specialists, Lisa Gravel
and Alicia Marcy.
Granite State College - 27 Pleasant St., Claremont, NH.
Led by one of our Records & Payroll Tax Specialists, Nicholas
Bullock, in cooperation with UNH Cooperative Extension.
Session #1: Tuesday, January 6 and Thursday, January 8
from 9 a.m. to 1 p.m. each day.
Session #1: Tuesday, January 6 and Thursday, January 8 from
11 a.m. to 3 p.m. each day.
Session #2: Tuesday, March 10 and Thursday, March 12 from
9 a.m. to 1 p.m. each day.
Session #2: Tuesday, January 13 and Thursday, January 15
from 11 a.m. to 3 p.m. each day.
The first session will cover proper set up of your company,
vendors & customers, writing checks, making deposits, payroll
and managing payroll liabilities. The second will cover purchases
and dispositions, accounts payable, bank reconciliation, 1099
reporting and utilizing financial reports for management
purposes.
The four session course will teach producers how to use
Quickbooks to manage their farm financial records. Learn how
to set up the software, create invoices, enter payments, write
checks to pay bills, and produce reports to monitor business
performance. This course is focused on building skills and
capacity so that participants can implement the knowledge they
gain on their farms or related business in the coming year.
Cost: $200/two day session. If you sign up for both sessions, you
will receive a complimentary one-hour on-farm visit.
Contact: Alicia Marcy at alicia.marcy@yankeeaca.com or call 802528-2957.
Cost: $400 for all four days.
Contact: Seth Wilner at seth.wilner@unh.edu or Sherrie Fontaine
at sherrie.fontaine@unh.edu or call 603-863-9200.
Quickbooks is an accounting software program designed to help manage the needs of small businesses. Participants are
encouraged to interact and ask questions. Professionals will be available to work closely with participants to answer questions or
address individual issues. Certain discounts may apply to those that qualify. At both locations, participants are strongly encouraged
to bring a laptop with QuickBooks software installed; however it is not mandatory at the St. Albans location.
Participants must pre-register to attend at either location.
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Financially Related Services: We Work
Hard to Stay Current
Jesse Taft and Michael Moloney, EA
Yankee’s Financially Related Services
department (FRS) employs over 15
professionals versed in income and
payroll tax preparation and reporting.
Yankee’s tax and records specialists
provide individualized assistance
to hundreds of clients throughout
Vermont, New Hampshire, and New
York — in a wide range of services and
specialties. From corporate income
tax returns and personal 1040s to
quarterly
unemployment
wage
reports and filing 1099s, Yankee’s
Financially Related Services has
educated and capable professionals
available to help. Education is always
a top priority, and the FRS team works
diligently to stay abreast of the newest
laws and regulations, meticulously
combing IRS publications and seeking
out new training opportunities. Why
do these tax professionals (with up to
30+ years of experience in the field)
continue to seek out new education
and training year after year? It is
necessary in order to do the best job
possible for our clients.
So far in 2014, Yankee FRS employees
have spent over 800 hours
participating in continuing education
and training. Working internally
with the Association’s own training
program, as well as externally with
organizations like the National
Association of Tax Professionals
(NATP), Vermont Tax Practioners
Association (VTPA) and the University
of Vermont Extension Program (the
UVM Tax School), the Yankee Tax
Team attends classes and seminars,
participates in conference calls and
online workshops, and reads and
reviews tax-related publications.
Several FRS employees have or are
currently serving in administrative
positions within these professional
organizations; employees past and
present have served as instructors,
facilitators, and members of the
organizational committee of the UVM
Tax School, president of the VTPA,
and on the board of directors for the
VTPA. The men and women behind
Yankee’s Financially Related Services
are dedicated to both personal and
professional growth. They work
hard every year to not only better
themselves, but to also give back to
the tax professional community.
Look for Yankee at
These Upcoming
Events ...
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Jan. 3: Maple Conference Bellows Falls, VT
Jan. 16 & 17: VT Grazing &
Livestock Conference - Fairlee, VT
Jan. 17: Addison County Maple
Seminar - Middlebury, VT
Jan. 21: VVBGA Annual Meeting Fairlee, VT
Jan. 24: Maple Conference Hyde Park, VT
Jan. 27 - 29: VT Farm Show Essex, VT
Feb. 6 & 7: NH Farm & Forest
Expo - Manchester, NH
Feb. 14 & 15: NOFA-VT Winter
Conference - Burlington, VT
Feb. 24: VT Dairy Producers
Conference - Burlington, VT
March 18: Grain Growers
Conference - Essex, VT
The Yankee FRS department stays
current of issues that can or may affect
our clients. An issue that has been on
the mind of many farmers recently
is whether or not the increased
Section 179 limit of $500,000 and
the 50% Bonus Depreciation will be
extended to apply for tax year 2014.
These increased amounts expired on
December 31, 2013, and have not yet
been extended.
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As of November 19, 2014, Section
179 is capped at $25,000. Also,
the Bonus Depreciation allowance
is still eliminated, and will not
be available for tax year 2014.
As soon as we hear any news
concerning Section 179 and Bonus
Depreciation, we will be sure to let
you know. Also, for tax year 2014,
the Green Up Vermont charitable
fund will appear as a giving option
on the Vermont State Income Tax
Return. Those choosing to donate
to the Green Up fund will be able to
do so directly on their tax return.
Amy Couch and Kristi Wood represent Yankee
at the Logger’s Expo in Essex, VT in May.
Chuck Custeau represents Yankee at Miner
Institute’s annual Dairy Day event in Chazy,
NY Dec. 2.
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Congrats to the 2014 Scholarship Winners
Each year, Yankee awards Royal W. Smith Jr. Scholarships. The 2014 recipients are Andrew Calderwood and Ashley Howlett. Andrew
and Ashley were chosen by the Membership/Governance Committee of the Board of Directors.
Andrew is currently completing
an independent study course on
a dairy farm in New Zealand. He
began the year-long program
in July. He is working on a 550cow seasonal grazing dairy farm
in Christchurch, New Zealand.
When he returns, he will continue
his enrollment at Pennsylvania
State University where he studies
Agribusiness Management. Andrew
is the son of Randi and Louise Calderwood of Craftsbury, VT.
Andrew is interested in international agriculture, but is also
considering a dairy partnership with his brother, Douglas.
Ashley is an animal science student
at Cornell University. She grew up
on a dairy farm in Bridport, VT where
her passion for animals and thirst
for knowledge about agriculture
blossomed. Her parents, Tim and
Julie Howlett, operate Champlainside
Farm, where Ashley hopes to return
after graduating to focus on genetics
and educating the public about
modern agriculture. Ashley was
active in 4H growing up and hopes to become involved in the
county program when she returns home. She is also interested
in getting involved in state politics and being a voice for farmers.
For more information about the Royal W. Smith Jr. Scholarships, visit yankeeaca.com or call Ruchel St. Hilaire at 800-639-3053.
Mark Your Calendar:
Tax Reporting Due Dates
Do you have employees? Have you paid
anyone (not including those who are
incorporated) $600 or more for interest,
services, or rent? What about an attorney? If so, here are important tax reporting deadlines you should know!
February 2, 2015
• Forms W2 are due to employees.
• Forms 1099 are due to recipients.
• Form 943 “Employer’s Annual Federal Tax Return for Agricultural Employees” is due to the IRS.
• Form 941 “Employer’s Quarterly
Federal Tax Return” (Non-Ag Employees) is due to the IRS.
• Form 940 “Employer’s Annual Federal Unemployment (FUTA) Tax Return” is due to the IRS (if applicable).
• Form C-101 “Employer’s Quarterly
Wage and Contribution Report” is
due to the Vermont Department of
Labor electronically!
• Form NYS-45 “Quarterly Combined
Withholding, Wage Reporting &
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•
Happy Holidays!
Unemployment Insurance Return”
is due to the NYS Employment,
Contributions, and Taxes Office.
New Hampshire “Employer Quarterly Tax and Wage Report” is due
to the NH Employment Security Office.
March 2, 2015
• Forms W2 Copy A and accompanying Form W3 are due to the Social
Security Administration (SSA).
• Forms 1099 Copy A and accompanying Forms 1096 are due to the SSA.
• Form WH-434 “Annual Withholding
Reconciliation” and accompanying
Forms W-2 and/or 1099 are due to
the Vermont Department of Taxes.
• If you have more than 25 W2s and
1099s, you must file online!
Too much to remember? Our Payroll
Tax Specialists are here to help! Simply
stop by or call your local office for services.
On Fridays at the St. Albans office we
wear jeans for the favorable price of
$1 which is pooled into a “Dollar for
Denim” donation jar. Every December
we donate this money to a local charity.
This year we raised $200 and decided
to use the money to sponsor kids in
need for Christmas. We chose 5 names
and the presents you see under our
wonderful tree are the items from their
wish lists. What you can’t see are the
questionable wrap jobs .... turns out
it’s not that easy to wrap footballs and
tiaras!
Pam Simek Promoted to
Chief Financial Officer
− George Putnam , President and CEO
I am pleased to announce that Pam
Simek has been promoted to Chief Financial Officer. Pam has
been Acting Chief Financial Officer since
June.
Pam started her career
at Yankee Farm Credit as an administrative assistant in the Williston office
in May 1995, just five months after
Yankee was formed from the merger of Farm Credit of the Connecticut
Valley and Champlain Valley Farm
Credit. In 1997 Pam was promoted to
Assistant Treasurer/Personnel Coordinator and in 2003 she was promoted to Controller. Now stationed out
of our Middlebury office, Pam has
played an integral part in the financial operations of our Association for
many years. She is enthusiastic about
her new position and
welcomes the opportunity to help shape
the future of the Association.
Before coming to Farm
Credit, Pam worked
for several employers
including a law firm
and the General Electric plant in Burlington. Pam holds two bachelors
degrees from Trinity College in Burlington (now part of UVM), in history
and accounting. She has also attended many Farm Credit specific training
events including the Leadership Development Program, the Gettysburg
Leadership Experience, and numerous Farm Credit System CFO conferences.
Please join me in congratulating
Pam on this promotion.
Joanna Lidback
Joins Yankee
Joanna S. Lidback is Yankee’s new business
consultant.
Prior to joining
Yankee, Joanna
spent 12 years
at Farm Credit
East. She has
been working
directly
with
Farm
Credit
East
consultants and the
Success Strategies benchmark programs, including Dairy.
Joanna authored the Northeast Dairy Farm
Summary, a study of the financial health and
progress of dairy farms from New York, New
Jersey and New England. The summary is a
compilation of production and financial data
from more than 500 farms in the region. Joanna, her husband and two young sons run the
Farm at Wheeler Mountain, a diversified 50cow dairy in the Northeast Kingdom. Joanna’s
skills and knowledge make her a terrific addition to our team.
Protect Your Investment – Spring Crop Insurance
Crop insurance has proven to be a
successful risk management tool for
farmers in the Northeast.
Weather
fluctuation and market volatility are major
risks for crop producers. Crop insurance
helps to manage this risk by providing
protection against damage caused by
weather, disease, insects or wildlife.
Protection is also available in the event
that weather prevents the planting of
crops or causes the need to replant crops.
In addition, some crops can be protected
against changing market prices.
The deadline to insure spring crops in
Vermont, New York, and New Hampshire
for the 2015 crop year is March 15, 2015.
Yankee’s CropGrowers Agent Amy
Couch can be reached via email at
Amy.Couch@yankeeaca.com or by
phone at 802-524-2938, ext. 112.
Insurable spring crops include field and
vegetable crops such as corn, soybeans,
barley, oats, and fresh market sweet
corn. Coverage availability varies by
county; however corn is an insurable crop
throughout Yankee’s territory.
According to the USDA Risk Management
Agency, 85% of Vermont corn producers
are using crop insurance.
Insured
Vermont corn producers received more
than $20 million in indemnity payments
over the last 10 years. Crop insurance
allows farmers to protect the investment
they have in their crop as well as ensuring
adequate feed inventory levels.
To protect your investment in the 2015
spring crop, producers should contact our
CropGrowers Agent, Amy Couch, prior to
the March 15 deadline to sign up or make
changes to their coverage. Additionally,
producers who are renewing coverage
should report any changes in their
business to their crop insurance agent,
such as bringing a new member into
the business entity or forming an LLC or
corporation.
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Presorted STD
US Postage PD
Burlington, VT
Permit #478
Yankee Farm Credit
P.O. Box 467
Williston, VT 05495
FarmStart Initiative − Josh and Sarah Vaillancourt
− Suzanne Petig, Loan Officer
Josh and Sarah Vaillancourt are Yankee’s most recent FarmStart investment.
They are using funds from their investment to expand their certified organic
family farm and dairy operation located in Saranac, NY. The expansion will
include constructing an on-farm milk processing plant as well as purchasing
cows, from which they intend to make various cheeses to add to their existing
line of products.
Together Josh and Sarah and their children raise and sell eggs, poultry meat
(chicken, duck, guinea fowl and turkeys), and pastured pork. Their products
are marketed under the name Woven Meadows. They sell at the farm, local
farmers markets and at CSA pick-up sites.
Josh and Sarah truly enjoy marketing their products locally as it provides
them with a wonderful opportunity to talk directly with their customers and get to know them on a more personal level. They
are finding that more and more customers are stressing the importance of buying locally-grown food and knowing where their
food comes from. Josh and Sarah take pride in knowing that they are providing customers with healthy products.
They are both very excited about the expansion of their product line and can’t wait until the work is completed and they are up
and running.
Learn more about FarmStart by visiting yankeeaca.com or contact your loan officer.
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