- Before
- “I spend the morning typing a Schedule F and ten minutes thinking about it.”
- Now
- Opens a spread already read and pinned, confirms four adjustments with their pages, and spends the time on the credit.
One farm review, from package to signed spread
Halvorsen Farms — 2,860 acres of corn and soybeans and 220 cows in Buffalo County, Nebraska — asks to renew its operating line at $1,850,000, up from $1,450,000. Credit committee is Thursday 22 October. Here is the file, screen by screen, in the working solution.
- 01The fall window
Every renewal, ranked by committee date
Jenna Kowalczyk · Ag credit analystJenna's queue shows seven farm files and $18.14M requested. Two are waiting on documents with reminders already sent. Halvorsen Farms is complete — 27 of 27 documents, received Tuesday 6 October, committee Thursday 22 October — with adjustments to confirm.
“Every farm financial package read as it arrives — tax returns, balance sheets, inventory counts — and ranked by credit committee date.”
- 021 min 11 s
The whole package read, step by step
The six agentsThe tax return reader maps 61 lines of the 2025 return and ties Schedule F to the 1040. The balance sheet reader ties 31 December 2024 to the 2025 opening, line by line. The inventory and price checker reads the handwritten grain count — 168,000 bu of corn and 24,300 bu of soybeans in 8 bins — and flags corn at $4.35 against a $3.95 price sheet. The debt and liability finder finds a CCC loan and a combine note that are not on the balance sheet.
Each step shows what it read, what it found and how long it took.
- 03The spread
The spread in Wexmoor’s own form, on the tax return
Jenna Kowalczyk · Ag credit analystThe home is the spread itself, laid out like Wexmoor’s form FB-2: Schedule F on a cash basis, the balance sheets at two dates, family living and repayment, the corrected balance sheet. Every cell is pinned to its line. On the tax return alone, net farm income is $173,500 and term debt coverage is 1.11x — below the 1.25x minimum.
“Showing the tax return · pin the changes between the balance sheets”
- 04Six pins
Pin the changes, and watch coverage move
Accrual adjusterCrop inventory rose from $778,700 to $918,750; pinned from both balance sheets, +$140,050 alone takes coverage from 1.11x to 1.39x. Market livestock, receivables, prepaid expenses, accounts payable and accrued interest follow, each tied to its page. Accrual-adjusted net farm income lands at $327,550 and term debt coverage at 1.42x, while working capital to gross revenue falls to 8.6% as accrual revenue rises.
“6 of 6 accrual changes pinned · the spread is accrual-adjusted”
- 05The bridge
From the tax return to what the farm earned
Accrual adjusterNet farm profit of $130,700 on Schedule F, plus the $42,800 Form 4797 gain, plus $154,050 of accrual adjustments: $327,550. Three years side by side show why it matters — the Halvorsens hold grain into the new year, so Schedule F trails what the farm earns: crop inventory rose in each of the three years.
- 06Four to confirm
Four exceptions, each with the pages that prove it
Debt and liability finderCorn priced above the bid (−$67,200). A CCC loan of $88,000 reported on Schedule F line 5a but not listed — and 40,000 bu under the CCC’s lien come out of Wexmoor’s collateral. A $372,000 Northline combine note found from Form 4562 and the 9 December bank payment. Family living stated at $48,000, below the $72,000 floor. Nine checks passed beside them, from Schedule F tying to the 1040 to earned net worth reconciling within $6,150.
Each exception has two answers: accept the fix, or ask the borrower.
- 07Corrected
The balance sheet as submitted, and as corrected
Balance sheet readerWith the corn repriced and both liabilities added, the current ratio is 1.16 — the borrower's form said 1.37, and 1.16 sits in the vulnerable band. Debt to asset is 23.4% at market, strong. Net worth is $12,136,450; the form overstated it by $527,200.
- 08What if
Repayment capacity, and how hard it can be pushed
Ratio and repayment analystCapacity of $695,950 covers $490,400 of scheduled term payments 1.42x. Jenna moves the levers: corn sold at $3.55 still covers 1.28x; without the combine note, the submitted balance sheet would have shown 1.74x. The trend is down — 2.32x, 1.60x, 1.42x.
The ratio and repayment analyst informs the decision. It never rates the credit or decides the loan.
- 09Confirmed and signed
Four adjustments confirmed, the spread signed
Jenna Kowalczyk · Ag credit analystThe ratio and repayment analyst has drafted the summary for the credit memo — earnings, repayment, liquidity, the four adjustments with their pages, and what to consider: a marketing plan for the unpledged corn before 1 March 2027, a lien search for Northline’s security interest and a mid-year balance sheet. Jenna confirms all four adjustments and signs with the meaning “Spread reviewed — figures and adjustments confirmed”. The summary goes to Travis Lindgren’s credit memo for Thursday’s committee.
“Your signature, the time, the figures and every adjustment are written to the audit trail. A later change needs a new version of the spread.”