FLIPSIM is a Fortran simulation model that uses accounting equations, identities, and probability distributions to simulate the annual economic activities of a representative or actual farm over a multiple year planning horizon. FLIPSIM was developed at Texas A&M University by James Richardson and Clair Nixon, with input from Ed Smith, Ron Knutson, and numerous former students in the Policy Center. Version 1.0 of the FLIPSIM model was released March 1981 and used at that time to analyze the impacts of farm policy on the structure of cotton and wheat farms in Texas. Since then the model has been expanded to simulate livestock and dairy farms, and a wide range of alterative farm programs, risk management strategies, technologies, and income tax provisions. Additionally, the model has been used to simulate dairy farms in Mexico and Canada, smallholder farms in Africa, dairy farms in Europe, and rice farms in the Philippines. The model has been validated and used for research and extension projects by agricultural economists at more than 25 universities in the United States, and by policy analysts in Ag Canada, and 10 foreign countries.