Farmer Mac's board of directors is responsible for ensuring that Farmer Mac maintain capital at a level that is sufficient to ensure continued financial viability and provide for growth. In addition, Farmer Mac's capital must be sufficient to meet statutory and regulatory requirements as well as the goals and objectives required by paragraph (b)(5) of this section, including the Tier 1 ratio required in § 652.61(c)(2)(ii)(A). Farmer Mac must notify the OSMO within 10 calendar days of determining that capital is not sufficient to meet those goals and objectives.
No later than 65 days after the end of each calendar year, Farmer Mac's board of directors must adopt an operational and strategic business plan for at least the next 3 years. The plan must include:
A mission statement;
A business and organizational overview and an assessment of management capabilities;
An assessment of Farmer Mac's strengths and weaknesses;
A review of the internal and external factors that are likely to affect Farmer Mac during the planning period;
Measurable goals and objectives;
A discussion of how these factors might impact Farmer Mac's current financial position and business goals;
Forecasted income, expense, and balance sheet statements for each year of the plan;
A marketing plan, and
A capital plan in accordance with § 652.61.
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