FINANCIAL STATEMENTS AND INDEPENDENT ACCOUNTANTS’ REVIEW ...
SAMPLE DAIRY
FINANCIAL STATEMENTS AND
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
DECEMBER 31, 2018
SAMPLE DAIRY TABLE OF CONTENTS
Page Financial Highlights Independent Accountants' Review Report ................................................................................................................. 1 Financial Statements:
Balance Sheet ........................................................................................................................................................... 2 Statement of Partners' Capital .................................................................................................................................. 4 Statement of Income ................................................................................................................................................. 5 Statement of Cash Flows .......................................................................................................................................... 6 Notes to the Financial Statements................................................................................................................................ 7 Schedule of Farming, Schedule 1 .............................................................................................................................. 11
SAMPLE DAIRY FINANCIAL HIGHLIGHTS
Milk production statistics Pounds of whole milk produced Average butterfat test Average solids-non-fat test Average protein test Average daily pounds per milking cow Average daily EC pounds per milking cow
2014
2015
2016
2017
46,136,000 3.50% 5.77% 3.13% 79 81
49,786,000 3.55% 5.76% 3.07% 80 82
52,897,260 3.56% 5.75% 3.09% 78 80
59,573,475 3.61% 5.76% 3.03% 81 83
2018
65,864,250 3.78% 5.79% 3.07% 80 82
Dairy herd statistics Average herd size: Milking cows Dry cows Heifers
1,600 200
1,553
1,705 225
1,637
1,858 252
1,841
2,015 283
1,905
2,250 294
2,041
Purchase of cows and bulls: Number of head Total amount paid Average per head
9
95
20
51
22
$ 16,967 $ 180,975 $ 36,000 $ 89,352 $ 33,000
$
1,885 $
1,905 $
1,800 $
1,752 $
1,500
Heifers transferred to milking herd
706
808
835
951
887
Sale of cows and bulls: Number of head Total amount received Average per head
357
489
510
568
$ 400,003 $ 526,776 $ 403,954 $ 360,182
$
1,120 $
1,077 $
792 $
634
642
$ 367,940
$
573
Number of dead and condemned cows
183
109
102
236
223
Herd turnover rate
30%
31%
29%
35%
34%
Average feed cost per cow per day
$
7.74 $
6.33 $
5.73 $
5.75 $
5.44
Product price Average price received per cwt of milk shipped
$
25.99 $
18.05 $
16.99 $
17.29 $
15.85
Summarized dairy operations
per cwt of milk shipped
Total income
$
Operating expenses:
Feed
Herd replacement cost
Other operating expenses
Total operating expenses
Income (loss) from operations $
26.76 $
11.02 1.11 7.83 19.96 6.80 $
19.11 $
8.96 1.12 8.32 18.40 0.71 $
17.48 $
8.36 1.64 8.34 18.34 (0.86) $
17.61 $
8.11 1.72 8.00 17.83 (0.22) $
16.12
7.67 1.62 6.77 16.06 0.06
See independent accountants' Review report.
4803 SISK ROAD, SUITE 201, SALIDA, CALIFORNIA 95368 TEL: 209-523-3573 | FAX: 209-574-0224
Independent Accountants' Review Report
To the Partners Sample Dairy Brookings, South Dakota
We have reviewed the accompanying financial statements of Sample Dairy, which comprise the balance sheet as of December 31, 2018, and the related statements of partners' capital, income and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.
Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.
Accountants' Responsibility Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.
Accountants' Conclusion Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.
Supplementary Information The supplementary information included in the Financial Highlights, Schedule 1 and per hundredweight (cwt) of milk, per hundredweight (cwt) of energy-corrected (EC) milk and per cow columns on the Statement of Income is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. We have not audited or reviewed such information and we do not express an opinion, a conclusion, nor provide any form of assurance on it.
March 21, 2019 Salida, California
Genske, Mulder & Co., LLP
GENSKE, MULDER & CO., LLP Certified Public Accountants
- 1 -
SAMPLE DAIRY
BALANCE SHEET DECEMBER 31, 2018
AS S ETS
CURRENT ASSETS, pledged: Cash and cash equivalents Accounts receivable, Dairymans Cooperative Inc. Inventories: Hay - 3,016 tons Silage - 35,783 tons Investment in growing crops Total inventories Prepaid expenses
Total current assets
$
45,368
463,173
$
238,440
1,206,507
38,723
1,483,670 190,895
2,183,106
DAIRY HERD, pledged: 2,544 Cows 2,041 Heifers Total Accumulated depreciation
Dairy herd, net
3,945,744 1,696,071 5,641,815 (1,429,728)
4,212,087
DAIRY FARM AND EQUIPMENT, pledged: Land - 325 acres Buildings and improvements Machinery and equipment Autos and trucks Total Accumulated depreciation
Dairy farm and equipment, net
1,446,487 7,261,795 1,823,488
166,831 10,698,601 (5,788,995)
4,909,606
OTHER ASSETS: Cooperative retains
Total other assets
Total assets
26,907 $
26,907 11,331,706
See accompanying notes and independent accountants' Review report. - 2 -
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