Co-op Accounting Course

Date: Wednesday, March 24, 2021
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): Bill Erlenbush, CPA,GROWMARK, Inc. - Retired, Education Director NSAC; Meegan Moriarty, Rural Business-Cooperative Service - U.S. Department of Agriculture; and Phil Miller, CPA, Assistant Education Director NSAC
Objective: Following the conclusion of this session, participants will gain an understanding of coop equity management and the accounting requirements, an understanding of inter-cooperative investments including the reasons for them and the accounting required. There will be a thorough review of cooperative tax accounting and discussion on instances requiring special tax treatment. Participants will gain a perspective of GAAP accounting that applies specifically to coops and how it differs from non-cooperative accounting principles.
Field of Study: Accounting
Program Level: Basic
CPE Credit: 3
Delivery Method: Group Internet-based

No advanced preparation or prerequisites are required for this course.
Members should visit the Recordings Catalogue to view all available recordings for free and on-demand. Join NSAC today to enjoy this benefit.
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Course Description
11:00 am - 11:50 am
Co-op Equity

Bill Erlenbush, CPA, Education Director NSAC
Gain useful insights about Co-op Equity in this first module of the NSAC Basic Accounting Course. Starting with discussions and in-depth examples for types of co-op equity, recording patronage refunds, equity redemption, and inter-cooperative investments, this course will answer all your questions about co-op equity.

12:00 pm - 12:50 pm
Co-op Taxation

Meegan Moriarty, Rural Business-Cooperative Service - U.S. Department of Agriculture
This 50-minute course in the NSAC Basic Accounting Course covers a review of basic co-op tax, patronage and nonpatronage income, and section 521. Additional topics covered include handling of losses, equity redemptions at less than face value, and section 199A rules for cooperatives and their patrons. Requires no advanced preparation or prerequisites.

12:50 pm - 1:30 pm

1:30 pm - 2:20 pm
Co-op GAAP

Phil Miller, CPA, Assistant Education Director NSAC
Wrapping up The Co-op Accounting Course is a presentation designed to help participants gain a perspective of GAAP accounting Join us for a comprehensive discussion on GAAP applicability, AICPA AcSEC SOP 85-3, AICPA Audit & Accounting Guide, FAS 71 Accounting for Regulation, and Co-op GAAP within FASB Codification. Requires no advanced preparation or prerequisites.

2:020 pm - 2:30pm
Questions/Closing Discussion

Presenter and Moderator Bios
Bill Erlenbush, CPA, GROWMARK, Inc. - Retired, NSAC Education Director
Bill retired as controller and compliance officer from GROWMARK, Inc. He is currently working part-time as the Director of Education for NSAC. Bill spent his entire career working in cooperative accounting at GROWMARK. His work experience includes all aspects of order control and billing, accounts receivable/payable, financial accounting, and tax. As a compliance officer, he had responsibility for the administration of the compliance and ethics program at GROWMARK, its subsidiaries, and retail divisions. In addition, Bill was negotiated major acquisitions for GROWMARK. Bill is a Certified Public Accountant, and he has a BS in Accountancy from the University of Illinois and an MBA from Illinois State University.

Meegan Moriarty, Rural Business-Cooperative Service - U.S. Department of Agriculture
Meegan Moriarty is the legal policy analyst for USDA’s Rural Business-Cooperative Service. She is a national point of contact for information on cooperative legal and tax issues and Rural Development grant, loan, and guarantee programs that apply to cooperatives. She leads a nationwide project researching and comparing state cooperative statutes. Previously, Meegan worked in the National Tax office of Ernst and Young, tracking and analyzing federal tax legislation and regulations as well as consulting with clients on business opportunities presented by tax law changes. She has a JD from Georgetown University Law Center and a BA from the University of Notre Dame.

Phil Miller, CPA, Assistant Education Director NSAC
Philip W. Miller (Phil) retired in 2016 as the CEO for the Virginia Cooperative Council and the Virginia Foundation for Cooperation, both headquartered in Richmond, VA. In 2009, Phil retired as Vice President & Controller for Southern States Cooperative, after a thirty-six year career. While at the 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 joining Southern States, Phil worked for Walden Inventory Services. Phil served for two years in the United States Army as a member of the President’s Honor Guard at Ft. Meyer, Virginia.

Phil received his BA in Economics from Berea College in 1968 and completed postgraduate studies in Accounting at Virginia Commonwealth University in 1978. He is a retired licensed CPA in Virginia and a 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 in 2001-2002. He currently serves as an Education Director for NASC, as well as editor and writer for NSAC’s national magazine, The Cooperative Accountant.

Free for NSAC Members / $85.00 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.


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 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