Appendix D: Woodland Owner Record Keeping Example
Note: This appendix adapted by Mike Reichenbach from Recordkeeping: A How-to-do-it Guide for Small Woodland Owners. March 2007. N.E. Elwood and S.R. Gregory, Oregon State University Extension Service.
A record of expenses, income and other events related to the care of your woodland can serve many purposes. The most obvious have to do with documenting a business purpose or providing a record of time spent on management activities. Records may also provide a record of events for future generations. At a minimum records should include the
- Date
- Details
- Location of receipt, map, plan and other documents related to the event
- Hours spent on the activity
- Miles driven
- Equipment used
- Dollars of income or expense
This type of record will be useful to you, your tax preparer, and your heirs. Pictures may also be added to provide for additional detail and interest. The following example illustrates the minimum that might be recorded.
| Entry | Date | Details | Hours or miles | Revenue | Expenses |
|---|---|---|---|---|---|
| 1 | 1/20/19 | Complete timber sale; 10 ac. 20 cords/ac @ $25/cord; contract and forest management plan in office file
Time spent on site with logger |
8 hours 10 miles |
$5,000 | – |
| 2 | 1/21/19 | Consulting forester fee. Ck. 519;contact in office file
Walk the property with forester |
3 hours 10 miles |
– | $300 |
| 3 | 2/1/19 | Paid accountant-ck. 520-2018 income tax prep and filing | 2 hours | – | $250 |
| 4 | 2/1/19 | Purchase new chain saw – Ck. 521; owners manual filed in office file under power tools | – | $500 | |
| 5 | 3/30/19 | Red pine precommercial thinning-stand 5. 4 ac; pictures on office computer hard drive. Work completed by owner during the first three weeks of March |
80 hours 200 miles |
– | – |
| 6 | 8/20/19 | Examined property with service forester |
4 hours 10 miles |
– | – |
| 7 | 10/1/19 | Paid property tax – County Assessor – Ck. 525 | – | $1,375 | |
| 8 | 10/14/19 | Received check from Minnesota Dept. of Revenue for SFIA | – | $785 | |
| 9 | 10/14/19 | Sell boughs – 100 bundles @ $5 per bundle |
20 hours 10 miles |
$500 | – |
