Natural Capital Investment FundNatural Capital Investment Fund - Accounting Assistance for Disadvantaged Farmers
Eastern North Carolina
Accountants can download an overview and application HERE (Word) or HERE (PDF).
Why This Project Matters
Farming is hard work, and even harder for small farmers. Farmers of color face additional challenges– discrimination, difficulty accessing capital, and the loss of family lands. NCIF is committed to helping disadvantaged farmers – who lack access to financial resources -- diversify their enterprises and build greater financial stability. Raising vegetables or beef for the local market, for example, or developing a CSA, can provide more revenue streams and reduce risk. Of course, branching out into new crop or animal production requires more than just agricultural knowledge. Farmers need good financial recordkeeping, tax returns and careful planning to access debt capital and take advantage of federal and state grant opportunities. That’s where the Accounting Assistance project comes in.
How It Works
Through this pilot program, farmers who aren’t currently working with Certified Public Accountants will be able to do so at a fraction of the usual cost. They’ll get help filing their 2015 tax return and will develop a financial recordkeeping system to help keep track of their costs and be ready for future tax years.In addition, The Conservation Fund’s Resourceful Communities program will help participating farmers with crop planning and cost management. Learn more.
Farmer Eligibility
Farmer Curtis Branch. Photo by Bill Bamberger.
To be eligible for the program, farmers must:
- Be able to show at least $10,000 in farm revenue for the previous year. You may submit receipts of transactions of commodity sales, contracts, W-9s, Schedule F’s, etc.
- Have NOT have used an accountant for the previous two years.
- Agree to pay 20% of the cost of accounting services, up to $250.
- Be located in Eastern NC or the Sandhills region: Beaufort, Bertie, Columbus, Craven, Duplin, Edgecombe, Greene, Halifax, Hertford, Lenoir, Martin, Nash, Pitt, Sampson, Warren, Wayne, and Wilson counties.
- Agree to complete a survey and interview at the end of the program period to help assess this program.
- Agree to utilize an accountant from a pre-approved list, OR an accountant of their choice who has experience working with farmers and is current on all certifications and licenses.
Accountant Eligibility
To be eligible for the program, accountants must:- Have substantial experience working with agricultural enterprises and preparing their tax returns;
- Be current on all licenses and certifications;
- Have no overdue tax debts, as defined by N.C.G.S. 105-243.1, at the federal, state, or local level; and have no personal and/or professional relationships with the NC Tobacco Trust Fund Commission or Natural Capital Investment Fund (state requirement).
Resourceful Communities
