Abstract
This chapter provides information about the financial characteristics of farm operations in the North Central region. It draws inferences from survey information relating to gross farm sales and net family income, off-farm employment and other nonfarm income, debt-asset ratios, delinquency rates for loans, loan rejection rates, and other indicators. For purposes of the survey, net family income includes income from off-farm employment, farming, and other non-farm sources such as interest and Social Security. Net family income is defined as the return from farming to unpaid operator and family labor, management, and equity capital plus income from off-farm employment and other non-farm sources. A balance sheet is a financial picture of an individual or firm at a given point in time, which shows assets (what is owned), liabilities (what is owed), and owner equity.
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