Video # 5 Recordkeeping for Whole Farm Revenue Protection (WFRP)
Whole Farm Revenue Protection was required by the 2014 Farm Bill and developed by the USDA’s Risk Management Agency (RMA). WFRP will enable producers to insure their crops, livestock, and nursery and greenhouse crops for a revenue loss with a single policy rather than using individual crop policies. For many specialty crop and diversified producers, individual policies and price elections were not available. This both put producers at a risk management disadvantage but also made it more difficult for these producers to access the credit needed to start and grow their agricultural operation. In August 2015, the Risk Management Agency of the U.S. Department of Agriculture announced historic changes to Whole Farm Revenue Protection (WFRP), including expanded access to beginning farmers and nationwide availability. These changes will be effective starting in the 2016 crop year.
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