Illinois agricultural producers faced with financial and management decisions can reach into a toolbox of 41 components, courtesy of the University of Illinois (U of I) Department of Agricultural and Consumer Economics and U of I Extension.

Farm Analysis Solution Tools (FAST) was developed in 1999 and encompasses a suite of comprehensive programs to help farmers make business decisions.

"My colleagues Gary Schnitkey and Bruce Sherrick and I were all developing computer-based decision-making tools and we decided to combine our efforts and coordinate the tools under a common interface," explains Paul Ellinger, who like Schnitkey and Sherrick, is on the Department of ACE faculty.

"The resulting suite of 41 decision tools is comprehensive, interactive, and user-friendly, setting them apart from other efforts in the field. These tools are used by a wide range of audiences, including agricultural lenders and farm consultants."

Travis Farley, who works at FAST coordinator in the department, said that the tools are available in CD form and, to date, 30,000 CDs have been distributed. Another 23,000 users have downloaded the tools from the website (http://www.farmdoc.uiuc.edu/fasttools/index.asp). 

"The tools are divided into seven categories--financial analysis, investment analysis, loan analysis, farm management, grain marketing and management, risk management, and yield and land analysis," says Farley. "These tools can help farmers crunch numbers as they make decisions affecting their enterprises."

Even though FAST is user-friendly, the program includes a strong training component.

"We have programs in the field to train trainers, who in turn train others in use of the tools," says Ellinger.

USDA's Risk Management Agency has picked up on the program and provided financial support for a series of FAST workshops that have been used in over 50 U of I Extension presentations over the past three years.

"We also have a mobile computer laboratory with 40 laptops for hands-on training with FAST software," Ellinger adds.

Since the 1999 launch of FAST, other states have adopted the approach and integrated it into their extension programs. Annie's Project, a program for farm women that began in Illinois, has spread over nine states, taking the FAST approach with it.

"The Illinois Farm Business Farm Management Association (FBFM) and the Iowa Farm Business Association have each adopted the tools in providing analysis and counseling to the more than 8,000 commercial farm enterprises that belong to the two groups," Ellinger says.

And, FAST continues to grow as Ellinger and his colleagues continue to develop new tools to add to the toolbox accessed by the click of a mouse.

Author: Bob Sampson