AET Latest Update 100% Correct

AET Latest Update 100% Correct Supervised Agricultural Experience (SAE) A project completed (a) outside of the normal class time, (b) related to agriculture courses and (c) is supervised. Ex: wildlife research project, employment at farm store or show animal experience. Entrepreneurship SAE A project that (a) requires monetary investment to potentially (b) gain a profit (revenue greater than expenses). Ex: service or supply business, show animal or breeding animal project Placement SAE A job experience project, either paid or unpaid. Ex: working at a dairy, farm store or other agribusiness-related job. Research SAE A project that requires a (a) research question, (b) review of alreadycompleted research, (c) experiment using the scientific method and (d) develop a final report including results and project findings. Ex: Horticulture plant growth in different climates, testing building material strength or other research related items. Exploratory SAE An unpaid project that involves learning a new skill or gaining knowledge in an agriculture-related area. Ex: Training for a FFA competition team or attending an educational training seminar Improvement SAE An unpaid project that improves a physical item. Ex: Restoring a building or redeveloping a garden. Supplemental SAE An unpaid project that supplements another SAE project. Ex: Becoming a certified welder in order to supplement your agricultural mechanics SAE or artificial insemination (AI) certified to support animal breeding SAE Program of Activities (POA) Agriculture education program events that are (a) targeted to a program's objective, (b) relate to the program's mission statement and are (c) planned with measurable goals used in measuring results. Ex: Hosting an agriculture awareness day with elementary schools, which relates to the public relations objective of the program. AET Experience Manages a Supervised Agricultural Experience (SAE) project with special attention given to the (a) time and (b) size of the project. Ex: One head of a Show Steer for 2013, Murphy Farms Employment or a Plant Growth Research Project. AET Profile Basic student (a) contact information, (b) courses in agricultural education, (c) resume accomplishments and (d) leadership positions. AET Journal Student invested time for (a) courses, (b) AET experiences, (c) FFA activities and (d) community service. Review AET Journal To review and edit any type of journal entry. Ex: Reviewing FFA competition entries to review if a competition entry has been recorded AET Experience Journal Time invested in AET experiences, also referred to as a student SAE. Ex: Recording time spent in a research SAE project such as on September 5th investing two-hours reviewing previous research AET FFA Committee Journal Time invested in FFA committees. Ex: Student time working within the public relations committee of the FFA chapter. AET FFA Officer Journal Time invested as an elected FFA officer. Ex: Officer meetings, chapter meetings and other time obligations. AET FFA Competitions Journal Time invested in and the level for FFA competition events. Ex: Competing in parliamentary procedures contest at the Area level and recording the time for the event of one-hour. AET FFA Other Events Journal Time invested in and the level FFA conferences or other events. Ex: Attending regional FFA conference, state FFA leadership camp or national FFA meeting. AET Community Service Journal Time invested in service events that support a student's local community. Ex: Community projects such as roadside cleanup and community garden. AET Finances Financial values related to agricultural education such as (a) beginning inventory, (b) paychecks, (c) cash and (d) non-cash transactions, (e) loans, (f) capital items and (g) personal transactions. Ex: Beginning inventory, expenses and income related to an AET Experience, purchase and use of capital items, and personal financial entries. AET Finance Transaction List Review and edit any financial entry. Ex: Use to review previously entered transactions, search and replace entries that are in error. AET Student Portfolio Save images or files for later access or use. Ex: Importing into FFA proficiency applications, adding to AETweb or access. Current Inventory The inventory value of AET Experiences (SAEs), which is based on the cost of items used in the project. Ex: Student has a poinsettia project and purchases $400 in plants, $100 in pots and soil, which gives the student a current inventory of $500. Non-Current Inventory (Capital Items) The inventory value of items that is (a) high in monetary value and have a (b) long-term use value in supporting AET Experiences (SAE projects). Also referred to as capital items. Ex: Tractors, show box, stall equipment and other related items that are used to support several projects across several years. Beginning Inventory Items before student's first day of ag education, and includes (a) AET Experience expenses, (b) Non-current inventory items and (c) cash. Ex: Items for a show animal project such as the animal, feed or supplies, capital items and cash on hand prior to the first ag education class AET Market Adjustment AET current inventory adjustment used when the normal cost value of AET experiences (SAEs) is not accurate. Ex: On December 31st, a breeding operation with offspring still on females has an AET cost value of $500, but the market value is more accurate at $1,500. A market value of $1,000 would create an increase in current inventory value. Cash Expense Purchased cash items to be used in an AET Experiences (SAEs) to supplement or manage the projects growth. Ex: Inventory purchased for resale, feed, supplies, rent and other cost needed to develop the project Capital Item Manager (Non-current inventory) Purchase, sell or record the usage of capital items. Ex: Buying new breeding animals, show tack, lawn mowers, barns, land, trailers and other high value items Capital Item Salvage Value The estimated sales price of capital items once usage is complete or the asset has served the intended purpose for the current user. Ex: A laptop cost value of $800, but will be sold in 4 years for an estimated $650. The $650 is the estimated salvage value. Capital Item Useful Life The estimated number of years the item will perform the intended use. Ex: Breeding animals is usually 5-10 years, equipment 10 years and buildings usually have a 20-year life. Depreciation Expense Represents an annualized cost of a capital item. Depreciation is a noncash transaction that is calculated from the (a) cost of the capital item, (b) minus the salvage value and (c) divided by the useful life of the item Ex: A laptop costs $800, salvage $650 and useful life of 10 yrs. = $15 annual depreciation cost: ($800-$650) /10 = $15 depreciation per year Capital Item Usage The annual percent allocation of depreciation cost from a capital item to each AET Experience (SAE). Ex: A laptop in one year is 50% for breeding beef and 50% for a research project Cash Income Cash earned from AET Experience project, which is typically referred to as income or sales. Ex: Selling a show animal, collecting rent from an equipment lease or collecting cash to fund a research project. Non-Cash Transactions Income or expense transactions that do not involve cash, but rather a trading or bartering for services. All values are usually recognized as market values. Ex: Selling hay from a hay production project to a show animal project. There are many types of specific non-cash transactions. SAE Labor Exchange (Non-cash) Trading related project labor for items used in developing an AET Experience (SAE) versus purchasing cash items. Ex: Working for a dairy business in exchange for feed of a dairy project. Non-SAE Labor Exchange (Non-cash) Trading non-related project labor for items used in developing an AET Experience (SAE). Ex: A student working in a family day care center for the expenses to support a production rabbit project. Non-cash Transfer Trading items between AET Experiences (SAE) and recording income to one project while at the same time recognizing an expense to another project. Ex: Raising show pigs from a sow operation (income) and transferring new prospects into a new pig project (expense) for the current year. Gift (Non-cash) Receiving a gift of expense related items used in developing an AET Experience (SAE) versus purchasing the items with cash. Ex: A student receiving a free set of flowers to arrange and sell as a floriculture project Used at Home (Noncash) Recognizing the non-cash sale to a student's family and usually is valued at a typical market price. Ex: A student with a poultry project that sells their remaining chickens to family, but collects no cash or exchange for the sale. Transfer to a Capital Item (Non-cash) Relates to replacing breeding females into a breeding operation from a current AET Experience project (SAE). Ex: A show breeding goat project that is not sold but rather retained as a breeding female in a student's breeding goat SAE. This is value at usually a normal market price