2020 TFACC Tuesday Breakout Sessions Highlight

Published on July 22, 2020

Have you checked out the 2020 TFACC schedule? This year’s TFACC has an education-packed schedule to provide you with the opportunity to earn 14 CPEs by participating live! Take a look at Tuesday, August 4’s breakout sessions below.

For more event information and to register, please visit bit.ly/2020VirtualTFACC

*All times on the schedule are EASTERN TIME. Please plan accordingly. 

11:15am - 12:05pm
Setting Financial Policy
Sarah Bullock, Regional Vice President, CFC
Sound financial policy is the backbone of a cooperative’s financials strength. This session will review techniques for establishing or evaluating policy for financial management perspective. Policies covered will include: equity, cash management, procurement, disbursements and capitalization.

The Goldie Locks Conundrum - Building Your Talent Pipeline for Today AND the Future
Jeremy Wortman, PhD, Owner, HRD Initiatives
During this session, we will explore a model that helps coops critically analyze their current approach to talent management and how they compare to best practices.  With this analysis coops can identify action items that will help them build the necessary talent pipeline for future success.

RUS Accounting and RD Industry Update
William Christopher Colberg, CPA, Staff Accountant, External Compliance Division, United States Department of Agriculture
Ann Bradley, BSBA Accounting, Director, External Compliance Division, United States Department of Agriculture?
Timothy Frantz, Acting Deputy Assistant Administrator, United States Department of Agriculture
RUS Staff will provide a ReConnect Program Overview and discuss current issues pending in regards to RUS and the electric industry in general.

Expanded Business Activities - An Overview of Organizational Structures
Ty Thompson, Vice President & Deputy General Counsel, Director and Member Legal Services, National Rural Electric Cooperative Association
Russ Wasson, CPA, Senior Director of Tax, Finance and Accounting Policy, National Rural Electric Cooperative Association
David Cook, JD, Attorney, Autry, Hall & Cook, LLP
In this course we will examine the tax implications of diversified activities upon an electric cooperatives exempt status and consider the tax planning opportunities for managing potential negative outcomes. We will also address governance, liability, and other legal considerations associated with different organizational structures.?

Planning for Year 11
?Julie Darrington, VP of Consulting, Vantage Point Solutions
A-CAM, RDOF, CAF II – These are all 10-year funding commitments. What happens in year 11? Uncover the questions everyone is asking: What will the technology look like in year eleven? What will broadband demands be, and why? How will operations be different? How will networks be funded? And most importantly – What needs to be done today to ensure a brighter future in Year 11?

Area 41: Unidentified R&D
Adam Hite, CPA Senior Manager, Moss Adams LLP
Liddy Steele, JD, LLM, Senior Manager, Moss Adams LLP
Travis Riley, Partner, Moss Adams LLP
Food & Ag Co-ops can leverage their innovation and improvement efforts to create additional cash flow through tax savings with R&D credits. Come hear from industry specialists how other co-ops have already benefited from R&D credits, and what opportunities might be available to your company.?

12:20 - 1:10pm
Co-op CFP Think Tank Brown Bag
?Brian Bailey, CPA, CFO, Heartland Co-op
Sam Hill, CPA, Executive Vice President & CFO, Plains Cotton Cooperative Association
Jeff Raetz, Chief Financial Officer, MFA Oil
During this break, several CFOs from non-electric cooperatives will facilitate discussions surrounding day-to-day challenges faced by others in the CFO and controller roles. Come with questions or stories to share about this unprecedented year.?

Co-op Caucus Brown Bag
David Antoni, CPA, Tax Managing Director, KPMG, LLP
Nick Mueting, CPA, Shareholder, Lindburg Vogel Pierce Faris, Chtd.
Eric Krienert, CPA, Partner, Moss Adams LLP
Erik Gillam, CPA, Partner, Aldrich CPAs + Advisors?
During this break, members of NSAC’s Accounting and Tax Committees will facilitate roundtable discussions and answer questions on topics covered during the 2020 Virtual TFACC and beyond. Come prepared with questions or send your questions in advance to info@nsac.coop?.

1:25 - 2:15pm
Subsidiary Corporations of a Tax Exempt Co-op: What You Need to Know
Katie Woodle, CPA, SVP & CFO, Blue Ridge Energy
Bill Miller, CPA, Tax Partner, Bolinger, Segars, Gilbert & Moss, LLP
A common structure for engaging in alternative business activities is the creation of a separate taxable subsidiary corporation.  The objective of such a structure is for legal, accounting and tax separation.  This session will address the pros and cons of this entity type, 85-15 Test considerations and unrelated business income tax implications for intercompany transactions.  We will conclude with lessons learned from a real life subsidiary corporation example.

CARES Act Amendments to the Net Operating Loss Carryback Rules
Michael Fincher, CPA, Tax Managing Director, Deloitte Tax LLP?
The course will explore amendments made by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to (i) the net operating loss (“NOL”) carryback rules of Section 172; (ii) the temporary repeal of the 80-percent limitations to certain NOLs; (iii) the impact of Technical Corrections made to the Tax Cuts and Jobs Act (“TCJA”); (iv) a refresher on the application of section 172 in a consolidated group; and (v) an update on the interaction of the alternative minimum tax (“AMT”) in the carryback year.?

Improving the Timeliness and Efficiency of Monthly Financial Close Process
Camille Christensen, CPA, PMP, Partner, Moss Adams, LLP
Erin Clayville, CPA, CFE, ?Director, Moss Adams, LLP
This session highlights steps for closing the month-end books quicker. With a faster close, the accounting department can realize additional opportunities to add value to the organization, including timely financial statements, improved efficiency in accounting sub processes and more time overall.

2:30 - 3:20pm
FEMA Claims for a Legal Perspective
Michelle Zaltsberg, Esq., Shareholder, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
Jordan Corbitt, Associate, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC???
?Looking for hints and tips in filing FEMA claims? Find out recommended “Do’s” and “Don’ts” when preparing claims, from a legal perspective. ?

Getting Employees to Step-Up! Going Above and Beyond by Measuring and Action Planning on an Employee Engagement Survey
Jeremy Wortman, PhD, Owner, HRD Initiatives
Employee Engagement - NOT job satisfaction - should be objectively measured once a year to understand how employees are experiencing the workplace.  During this session we will define employee engagement and identify how to objectively/scientifically measure it. Action planning from this type of data will increase employee buy-in of your coop's culture and influence them to work hard toward the collective common goals.

Cash Management Considerations
Mo Saleh, VP, Financial Risk Management, CFC
Melissa Wood, MBA, CPA, CFPC, CFO, First Electric Cooperative Corporation
Paula Farquhar, CPA, CGMA, CFO, HILCO Electric Cooperative, Inc.
Ryan Elarton, MA, ?CFO, San Isabel Electric Association, Inc.
This panel of CFOs will address cash management from the perspective (1) a cooperative that has determined to minimize cash balances due to liquidity through available lines of credit and (2) a cooperative that manages for a target cash and temporary cash investments with less reliance on available lines of credit. The CFOs will discuss the philosophy behind the decision and impact to current and future ratepayers. The interplay with equity management will also be addressed.

The Great State of Taxes
Bryanna Fredericks, CPA, Senior Manager, Herbein + Company, Inc.
Trends in state tax legislative changes over the past year in further response to the federal Tax Cuts and Jobs Act and the impact of Covid-19, the economic downturn, and the new federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.  

Playing the Part (32/36/64/69) of the FCC's Rules
Brian Sullivan, CPA, Vice President, JSI
An overview of the potentially confusing components of the FCC’s rules pertaining to telecom accounting and USF funding. Understanding the FCC’s basic requirements and accounting processes is essential for all telecom provider financial personnel. Whether you are an ILEC, a CLEC or an electric co-op deploying broadband, this will help you understand what is required of you by the FCC, as well as the current and future sources of funding for voice and broadband providers subject to the FCC’s rules.

Blowing Up Your Balance Sheet
Kamaldeep Dhaliwal, CPA, Partner, Moss Adams LLP
On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. This session will explore Topic 842 and the impact to cooperative balance sheets, income statement, footnote disclosures, and implementation dates.

3:35 - 4:25pm
Accountants and Cyber: How to Catch a Phish
Bill Heinzen, CISSP, CPA, Information Security Team Lead, NISC
Cybersecurity impacts all professions, whether you work in information technology, human resources, customer services, or accounting – to name just a few. In this presentation, we will discuss the impact of cybersecurity on the accounting profession. How do we as accountants implement good cybersecurity practices while acting as fiduciaries of a company’s financial resources? Bill Heinzen, NISC Information Security Team Lead, will discuss cybersecurity best practices for accountants with a special focus on recent IRS guidance and phishing awareness.

Internal Control over Payment Methods - Mitigating Your Payment Risk
Matt Cammer, Senior Vice President, Digital Business Solutions, CoBank
This session will provide insight into the types of Payment Risk that exist with sending, receiving or processing any form of payment. Learn tips on how to manage payment risk by utilizing fraud prevention tools and fraud awareness within organizations of all sizes.??

Regulatory Assets & Liabilities
Julie Desimone, CPA, Partner, Moss Adams LLP
This session will provide an introduction to basic accounting for regulated assets and liabilities, scenarios identified, and current trends discussed, including setting up reserves.

The Second Coming of DPAD
Eric Krienert, CPA, Partner, Moss Adams LLP
This session will review recent cases, regulations and rulings related to Cooperative DPAD.

FASB Update
Michael Cheng, CPA, National Professional Practice Partner, Frazier & Deeter
This session has a lot to cover and will be fast-paced including an update on recent deferral for leases and revenue recognition; Impairment - specifically long-lived asset impairment, indefinite-live asset impairment and goodwill impairment as this will likely be relevant because of COVID-19; and Accounting for PPP Loan Forgiveness.  There will also be an overview of lessons learned from implementing Topic 606.