William “Bill” Rutter, Senior Vice President and Chief Credit Officer of MidAtlantic Farm Credit, has been elected Vice President of the Farm Financial Standards Council (FFSC). The election was held during the organization’s recent virtual annual meeting, which took place on July 29, 2020.
“I’m honored to have been elected Vice President of the FFSC,” says Rutter. “Our team is ready to serve our members and accurately assess the financial health of agricultural operations. I’m proud to work for an Association and serve a System that shares the same mission; being there for farmers in both the good times and the bad.”
Rutter has served as the Farm Credit System’s representative on the Council and was most recently the organization’s secretary/treasurer. He is slated to become President of the organization at the Council’s 2021 meeting in Amarillo, TX. He will then host the 2022 annual conference of the Council in MidAtlantic Farm Credit’s territory.
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 network that includes financial advisors, 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 ffsc.org.