Take a behind-the-scenes look at GreenStone Farm Credit Services and learn more about how GFCS helps Michigan farmers!
What is GreenStone Farm Credit Services?
GreenStone Farm Credit Services is one of America's largest rural lenders. Headquartered in East Lansing, Michigan, GreenStone is the country's seventh largest association in the Farm Credit System. We are a $5.7 billion organization of more than 21,000 members with 37 branches throughout Michigan and northeast Wisconsin.
Why are you part of the Michigan Ag Council?
The basis of Michigan Ag Council's vision is to support modern agriculture production by informing and educating consumers on the facts and benefits of agriculture in today's world. GreenStone's core business values revolve around putting the customer first, delivering quality, getting involved, and doing the right thing. These values speak directly to our support of the Michigan Ag Council vision and to our commitment of our agricultural customers who work hard every day to ensure we have safe and healthy food to eat; fuel for transportation, electricity and heat; and fiber for our clothing and home furnishings-all while being good stewards of the environment and caring for their animals.
How many farms, businesses and individuals do work with? What services do you offer?
GreenStone serves over 21,000 members. We provide financial products and services to the agricultural industry - including short, intermediate and long-term loans, equipment and building leases, life insurance, crop insurance, accounting, tax, and appraisal services. GreenStone also specializes in residential and country home loans, and provides lending products for the purchase, improvement, construction or refinance of residences along with financing future home sites and recreational land.
Any advice this tax season?
Since the Internal Revenue Code is extremely complicated, our tax experts suggest making sure to choose your tax preparer carefully. Ideally, your tax preparer should be an Enrolled Agent (EA) or CPA. If you prepare your own return, make sure to use a good software program to ensure you take advantage of all the deductions and credits available to you. If you own a business and have a profit, look into using the large first year depreciation deductions, 100 percent bonus depreciation on qualifying new capital purchases, and the direct expense deduction (Sec. 179 deduction) up to $500,000 for 2011 returns.
Anything else Michigan consumers should know?
As part of the Farm Credit System, we have been providing financing for 95 years and have grown by forming customer relationships that last for generations. As a financially strong member owned cooperative, we are pleased to provide added value to our customers. In March 2012, we will pay back over $23 million in patronage payments to members, totaling more than $108 million since 2006.
