NSAC CLN Basic Co-Op Accounting Seminar

Date: Thursday, November 20, 2014
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenter(s): Phil Miller, Executive Secretary, Virginia Cooperative Council and the Virginia Foundation for Cooperation -and- Donald Frederick, Retired, USDA and Former NSAC Director of Education
Learning Objectives:
This 4-hour, 4-CPE credit course, is designed for new hires and other employees of cooperatives and firms serving cooperatives that can benefit from training in the unique nature of cooperatives.
Field of Study: Accounting (2) and Auditing (2)
Program Level: Basic
CPE Credit: 4 Credit Hours
Delivery Method: Group Internet-based
Prerequisite(s): Pre-read Materials are required for this course, and the Basic Intro Manual will be sent to each registrant along with the log-in instructions on November 17, 2014. No prerequisites are required for this course.

Course Description

This 4-hour, 4-CPE credit course, is designed for new hires and other employees of cooperatives and firms serving cooperatives that can benefit from training in the unique nature of cooperatives.
Accounting (2) and Auditing (2)

Introduction to Cooperatives – Donald Frederick (11:00 am - 12:00 pm)
During this presentation we explain the foundation for doing business on a cooperative basis, with special emphasis on the owner-customer role of a co-op's members. We discuss the rich history of cooperatives in America, the many types of cooperatives in our communities, and conclude with an examination of the benefits of having businesses operate as cooperatives. This an updated repeat of the session given at the 2014 TACC in San Diego.

Equity Management & Inter-Cooperative Investments – Phil Miller (12:00 pm – 1:00 pm)
The course discusses the various types of Cooperative Equity and introduces the concepts of Equity Redemption. It discusses the Components of Inter-Cooperative Investments and why Co-ops so often invest in each other. It covers Balance Sheet and Income Statement Presentation, Timing and Recognition issues, Footnote Disclosures, and Impairment Questions related specifically to Inter-Cooperative Investments. This is an updated repeat of the session given at the 2014 TACC in San Diego.

Lunch (1:00 pm - 1:30 pm)
The audio portion of the CLN will be suspended during this time.

Basic Cooperative Taxation – Donald Frederick (1:30 pm – 2:30 pm)
During this session we discuss the unique Federal income tax treatment of cooperatives. We focus on how tax law supports equity accumulation by cooperatives, particularly the patronage refund. We conclude by providing a set of tools to facilitate tax planning by cooperatives and their professional advisers.

Co-op GAAP – Phil Miller (2:30 pm - 3:30 pm)
The course discusses how all GAAP is applicable to co-ops, but also how some GAAP applies specifically to only co-ops. We will discuss the two single pieces of GAAP that form the basis for Co-op GAAP, plus one piece of GAAP that applies to electric co-ops. We will discuss how NSAC has contributed to the body of Co-op GAAP over the years and will finish with a discussion of the new FASB Codification and how Co-op GAAP is contained within the Codification. This is an updated repeat of the session given at the 2014 TACC in San Diego.

Presenter and Moderator Bios
Philip W. Miller is the Executive Secretary and chief executive officer for the Virginia Cooperative Council and the Virginia Foundation for Cooperation, both headquartered in Richmond, VA. In 2009 he retired as Vice President & Controller for Southern States Cooperative in Richmond, Virginia, after a thirty-six year career. While at Southern States, he served as an Internal Auditor, Senior Auditor, Assistant Manager of Internal Audit, Manager of Corporate Accounting and Assistant Controller before being promoted to Controller in 2000. Prior to his joining Southern States, Phil worked for Walden Inventory Services. Prior to that, he served for two years in the United States Army as a member of the President’s Honor Guard in Ft. Meyer, Virginia. He was born in Nevada and grew up on a farm in southern Indiana. Phil received his BA in Economics from Berea College in 1968 and completed post graduate studies in Accounting at Virginia Commonwealth University in 1978. He is a retired licensed CPA in Virginia and former member of the AICPA and the Virginia Society of CPAs. He is a former national director for the National Society of Accountants for Cooperatives (NSAC), and served as national president of NSAC in 2001-2002. He serves as an editor and writer for NSAC’s national magazine, the Cooperative Accountant, and as an Education Director for NSAC. Phil his wife Vicki reside in Richmond, Virginia. In his spare time, Miller enjoys golf, reading, painting, hiking and gardening.

Don Frederick served as NSAC's Director of Education from August of 2007 through March of 2012. His responsibilities included preparing educational materials on cooperative accounting, finance, and taxation and coordinating the development of program content for NSAC live and web-based educational seminars. Before joining NSAC, Don spent two decades as Program Leader for Law, Policy, and Governance with the Cooperative Programs group at the U.S. Department of Agriculture. Before then, Don spent several years on the legal staff of the National Council of Farmer Cooperatives and time as a staff attorney in the USDA Office of the General Counsel. In October 2007, Don was designated as an Honored Cooperator by the National Cooperative Business Association. In August, 2008, he received NSAC's highest honor, its Silver Bowl Award, for "service which has enhanced, to an unusual degree, the image and operations of the National Society of Accountants for Cooperatives and the cooperative community in general."

Cost
$85.00 for NSAC Members / $120.00 for Non-Members

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.