(Menomonee Falls, WI, August 12, 2020) Seaton, IL-based CPA and farmer Kathy Reinhardt has been elected Secretary/Treasurer of the Farm Financial Standards Council, based here. In that capacity she will have oversight for the organization’s financial matters, budgeting, and will be directly involved with the Council’s membership programs. Being in the ‘chair’ means she should become vice president next year and president of the Council in 2022. She has previously served as a director.
Reinhardt is a licensed Certified Public Accountant with public accounting experience in accounting, auditing, tax and consulting services for various industries. She and her husband, Ken, are corn and soybean producers in the Seaton area in Western Illinois where she is involved with the operations, financial matters and management of Reinhardt Farms. Kathy received an Associates of Science from Carl Sandburg College, and a Bachelor of Business with a major in Accounting from Western Illinois University. She has served on various boards, including the Farm Financial Standards Council and 1st Farm Credit Services. She currently serves as a board member and officer on the Mercer County Farm Bureau as well as the Mercer County Farm Bureau Foundation.
The FFSC was formed in 1989 and tasked with developing agricultural finance standards for adoption by farmers and ranchers and their financial advisors across the United States. The goal of the organization is uniformity in finance reporting for determining the financial health of an agricultural operation. This includes the ‘Sweet 16" financial ratios which have been developed for the measurement of critical financial benchmarks. The Council today is a nationwide membership network that includes financial advisors, accountants, academics, farmers and ranchers, software developers, and agricultural lenders. All members, directors and officers serve as volunteers.
The Council has produced two documents: Financial Guidelines for Agriculture and Managerial Accounting Guidelines for Agriculture. For more information visit www.ffsc.org.