NSAC Mission Statement and Goals

The National Society of Accountants for Cooperatives (NSAC) is a professional society, formed in 1936, comprised of approximately 1,500 individual members actively involved with the financial management and planning of cooperative business. NSAC members are either employed by a cooperative or provide professional services for cooperatives.

Mission Statement

NSAC serves cooperatives by providing accounting, tax and business education uniquely tailored to professionals working for and with cooperatives; providing networking and professional development opportunities for members, prospective members and others supporting the cooperative sector; and participating in standard-setting and implementation processes enabling members to effectively apply those accounting standards.

Goals

Recent Happenings

4 Reopening Mistakes Employers Must Avoid

I love the public accounting profession and want the absolute best for the people within it. I have been so proud of the quick pivot firms made to remote work and the practitioners’ ingenuity and productivity as they sought to help others during the COVID-19 pandemic. Now, as the vaccine process continues, I’m excited by the possibility of a real reopening in our workplaces.

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TAXFAX- Updates to the PPP Loan Program and Cooperatives

Under the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) enacted in April of 2020, Congress announced the Paycheck Protection Program (“PPP”) to help small businesses weather the negative economic impact caused by the COVID pandemic. Loans under the PPP are 100% guaranteed by the Small Business Administration (“SBA”), and the full principal amount of the loans and any accrued interest may qualify for loan forgiveness. The SBA, in consultation with the Department of Treasury, has intermittently published a list of “Paycheck Protection Program Loans Frequently Asked Questions” and in the April 24, 2020 version of that document, question #35 asked whether agricultural and other forms of cooperatives are eligible to receive PPP loans. The answer is yes – as long as other PPP eligibility requirements are met, small agricultural cooperatives and other cooperatives may receive PPP loans.

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FASB Proposes Changes to Hedge Accounting Standard

The Financial Accounting Standards Board released a proposed accounting standards update to better line up a company’s hedge accounting with its risk management strategies.

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