Managed church and farm (5)
I believe the answer is:
ranch
'farm' is the definition.
(I know this)
'managed church' is the wordplay.
'managed' becomes 'ran' (I've seen this before).
'church' becomes 'ch' (common abbreviation).
'ran'+'ch'='RANCH'
'and' is the link.
(Other definitions for ranch that I've seen before include "Agricultural complex" , "North American stock farm" , "pastoral scheme" , "American cattle farm" , "agricultural land" .)