Record Keeping Program for Horse Operations
Submitted by: Crystal Smith
Phone: 540-635-4549
Email Address: csmith06(at)vt.edu
Date Added: 10/14/2008
UPCOMING RECORD KEEPING PROGRAM HELPS HORSE OPERATIONS THRIVE IN A CHANGING ECONOMY
Lots of folks are speculating these days about the state of the horse business. It seems in times of economic growth, the horse industry also is booming. When dispensable income isn’t held so tightly, feed costs are low, fuel is not a consideration, and the use of the horse for sport, recreation, racing, and breeding isn’t such a stretch. Lately, we have been feeling the economic downturn in the United States. What is the effect on the horse industry?
Agricultural economists are noticing a few trends which you may or may not be experiencing in your own backyard. The costs of keeping horses have risen significantly over the last five years. The Virginia Equine Report noted equine operations spent $783 million during 2006 caring for horses compared with $505 million during 2001. Expenditures related to general care made up 77% of the costs associated with owning horses! Many of you have seen increased costs and limited access to feed, seed, fertilizer, and bedding. Some folks are traveling less or becoming very savvy at trailer-pooling to events. In a recent article, local horse professional Tim Jennings of Professional Auction Service, Inc. noted some trends he is seeing in horse sales. He noted the high-end horse market is doing well, still attracting buyers that have not been affected by the economy or the rising cost of horse ownership. However, the middle to low-end horse market has dropped significantly.
The horse industry is experiencing change but it is not all doom and gloom. If you are in the horse business you are probably already making small changes to be more competitive and efficient. A new program, Record Keeping for Horse Operations may help you tighten up your farm finances. Learn to Make the Most of Farm Expenses and Deductions, Which Records are Necessary to Keep, QuickBooks Training for Horse Operations and more . . . Mark your calendars for November 21st, 8:30 am— 3:30 pm at Lord Fairfax Community College in Middletown, VA. The registration fee of $15 covers course materials, QuickBooks instruction, lunch and refreshments. For more information or to register call or email Crystal Smith, Extension Agent, Animal Science at 540-635-4549 or Crystal.Smith@vt.edu.
If you are a person with a disability and desire any assistive devices, services or other accommodations to participate in this activity, please contact Crystal Smith at 540-635-4549 during business hours of 8:00 a.m. and 5:00 p.m. to discuss accommodations at least five days prior to the event.
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