Hedging for Cooperatives

Date: Thursday, December 1, 2022
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenter: Philip Miller, CPA, Assistant Education Director, National Society of Accountants for Cooperatives
Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountants for Cooperatives
Objective: Attendees will have a better understanding of:
- Basic hedging instruments
- Commodities markets and why co-ops hedge
- Examples of co-op hedging activities
Field of Study: Accounting
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based

No advanced preparation or prerequisites are required for this course.
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Course Description

In this one-hour session, attendees will learn about Hedge accounting and why it is one of the key modules in the NSAC Advanced Accounting and Auditing course. This session will cover the basics of hedge accounting including: basic hedging instruments, commodities markets, why co-ops hedge, and examples of co-op hedging activities. It will include an update of ongoing efforts to improve hedge accounting, both at the national and international levels.

Presenter and Moderator Bios

Presenter: Philip Miller, CPA, Assistant Education Director, National Society of Accountants for Cooperatives

Phil Miller retired as Vice President and Controller for Southern States Cooperative in Richmond, 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. 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 a former member of the AICPA and the Virginia Society of CPAs. He is a former National Director of the National Society of Accountants for Cooperatives (NSAC), and served as National President of NSAC in 2001-2002. He serves as an  Assistant Education Director for NSAC

Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountants for Cooperatives

Wayne Sine is an experienced and highly knowledgeable professional in the field of TaxWayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked with several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute

Cost
Free for NSAC Members / $56.00 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.