2002 MICHIGAN UPPER PENINSULA DAIRY FARM BUSINESS ANALYSIS SUMMARY

This report summarizes the 2002 financial and production records of 22 dairy farms from the Upper Peninsula of Michigan, Table 1. To be included, the farms must have produced at least 50 percent of gross cash farm income from milk and dairy animal sales. The records came from Michigan State University's TelFarm/MicroTel project, the Farm Credit Service system, or by AgriSolutions in Michigan. The values were pooled into averages for reporting purposes. Farm records were included if a farm financial summary was completed on 2002 data including beginning and ending balance sheets, plus income and expenses. The data was checked to verify that cash discrepancy was less than 10% of gross cash inflow and that debt discrepancy was less than $1,000. While considerable variation in the data exists, average values are reported in the summary tables that follow.