This report summarizes the financial and production records of 9 dairy farms that practiced grazing across Michigan. To be included, the farms must have produced at least 50 percent of gross cash farm income from milk and dairy animal sales. The records came from Michigan State University's TelFarm/MicroTel project, the Farm Credit Service system, or by AgriSolutions in Michigan. The values were pooled into averages for reporting purposes. Farm records were included if a farm financial summary was completed on 2002 data including beginning and ending balance sheets, plus income and expenses. The data were checked to verify that cash discrepancy was less than 10% of gross cash inflow and that debt discrepancy was less than $1,000. While considerable variation in the data exists, average values are reported in the summary tables and discussion that follows. The 2002 Business Summary farms were sorted by the Rate of Return to Assets (ROA), which is a measure of profitability adjusted for value of assets.