Maps help us navigate the world, and they not only show us how to get from point A to point B, but, depending on the type of map, they can also help us to see where patterns, clusters, and gaps exist in a spatial environment. As part of KCARD’s state-wide Local Food System Expansion Initiative, a series of interactive maps has been developed to visualize the Kentucky local food system. Stay tuned for parts two and three of the series in the next few weeks. We will present a closer look into local food sales in Kentucky and the various industries that make up the local food system.
One question we receive a lot at KCARD is how to begin looking at a business’s financial statements and learning from them so that you can make good decisions going forward. Right now, this topic is especially timely since we know a lot of folks who are calendar-year tax filers are putting together their documents to take to their tax preparer.
If you look at a Profit/Loss statement (also called an Income Statement), you will often see Cost of Goods Sold (COGS) broken out from other expenses. What are these and why break them apart?
Costs of Goods Sold are expenses that are directly attributed to the amount of production. COGS are reported on the Income Statement and are segregated from Operating Expenses, which are expenses that are not directly tied to production.
The Kentucky Center for Agriculture and Rural Development is a non-profit organization established to facilitate agricultural and rural businesses in Kentucky. We are supported primarily through grants provided by the USDA Rural Cooperative Development Program and the Kentucky Agricultural Development Board. Additional support is provided through our work with partners around the state and through fees charged for select client services.
