Enrolled producers can expect their final direct payment to be directly deposited into personal bank accounts sometime during the first few weeks of October, announced Kirby Payne, Daviess County Executive Director of USDA Farm Service Agency.
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Producers who did not elect to receive an advance direct payment will receive their entire direct payment for the year in one lump sum after the end of the fiscal year (Sept. 30).
The direct payment for a crop equals 85 percent of the farm’s base acreage times (x) the farm’s direct payment yield times (x) the direct payment rate.
Producers are reminded that if any changes that affect the interest in base acres have been made since signing the last Direct and Counter-cyclical Program contract, the successions-in-interest must be report to the county committee by Sept. 30, so that a final determination can be made on who is program eligible on the property.
Changes that qualify as a succession-in-interest include:
*A sale of land
*A change of operator or producer, including an increase or decrease in the number of partners
*A foreclosure, bankruptcy or involuntary loss of the farm.
*A change in producer shares to reflect changes in the producer’s share of the crop(s) that were originally approved on the contract.
If a succession-in-interest has taken place, you, as the "predecessor," are required to refund any advance DCP payments you received for the affected base acres before a payment can be made to the "successor."
Not reporting a succession-in-interest can result in contract termination and a loss of program benefits for all producers involved.
A revised CCC-509, Direct and Counter-cyclical Program Contract, with all succession changes must be complete with all signatures by Sept. 30 for payments to be distributed.