Effectively Managing Your Cooperative's Capital - Session 3 of 3
Date: Thursday, April 30, 2009Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenters: Pete Oettinger, CPA, Brian Haraga, Chief Financial Officer, Michigan Sugar Company, Mary Griffin, Senior Policy Advisor, National Cooperative Business Association
Moderator:
Learning Objectives:
Registrants can expect to learn how co-ops can plan for the future or deal with an economic downturn.
Session 3. Purchasing and food and other (Wegners CPAs) and agriculture (Michigan sugar)
Field of Study: Finance
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
Course Description
Can co-ops plan for an economic nose dive or plan for the future? In this session, discussion will cover information on how cooperatives manage their capital in such a way that allows them to plan for future capital needs, address member expectations, etc. Co-op experts will cover the need to manage capital to ensure a sustainable business and a business that can respond to changes in the business climate or the economy. The National Cooperative Business Association (NCBA), in cooperation with the National Society of Accountants for Cooperatives (NSAC), is conducting a three-part series of live, web-oriented educational seminars on the capital structure of cooperatives. The goal is to provide a three-part program that will educate co-op newcomers as well as seasoned employees, board members and members about how cooperatives hold and distribute their capital and why it matters. Discussion will cover different cooperative structures and how they differ from investor owned entities. Representatives from two or three industry sectors will explain how they hold and distribute capital in a simple, visual way. They will also discuss how co-ops often have to rely on debt to finance expansion and the need for co-ops to attract more sources of capital and better manage the capital they have. Speakers will provide an overview for all cooperatives and describe how two types of cooperatives - worker and purchasing - treat their capital.
Presenter and Moderator Bios
Presenter: Pete Oettinger, CPA
Speakers include: • Pete Oettinger has sixteen years of experience in public and industry accounting. Special areas of expertise are federal and state income tax, taxation of cooperatives, payroll, bank financing and litigation support. Some of Pete's clients include several corporations with over $50 million in annual sales, individual clients each with net worth of over $10 million. He currently serves on several boards such as the Safe Habor of Dane County and was the past Treasurer and Board Chair from 2000 to the present. Pete continues to serve as the Treasurer of the Boys and Girls Club of Baraboo. He has many professional affiliations and memberships to his credit and has been involved in numerous speaking engagements. Adding to his lengthy list of accomplishments, he has also published and edited a number of professional publications. • Brian Haraga is the Chief Financial Officer for Michigan Sugar Company and has been with the cooperative for the past six years. Michigan Sugar Company is the fourth largest beet sugar processor in the U.S. The co-op was formed in 2002 by 1,200 sugarbeet growers, and annually produces approximately one billion pounds of sugar from over 3.75 million tons of sugarbeets grown on 160,000 acres. Mr. Haraga has worked on a number of projects which include securing financing for Michigan Sugar Company’s acquisition of Monitor Sugar Company in 2004. Other responsibilities include securing long and short-term financing from a bank syndicate and USDA asset management and financial reporting. Mr. Haraga obtained his BBA from Michigan State University, majoring in accounting, and received his MBA from Wayne State University, specializing in finance. He has over 20 years experience in the automotive and shipbuilding industries. •Mary Griffin is Senior Policy Advisor for National Cooperative Business Association. She manages the Cooperative Finance and Tax Council (CF&TC), which identifies and addresses finance, tax and legal issues that have cross-sector impact on cooperatives. She advocates before the US and international financial accounting standards boards for standards that address the cooperative form of business and is helping to coordinate the international cooperative response to the move to global accounting standards. Griffin also advocates on behalf of cooperatives before Congress and works to secure more funds for cooperative development in the US. Prior to coming to NCBA, Griffin was with Consumers Union, publisher of Consumer Reports, where she represented the interests of consumers on various financial services issues. She has also worked as a legal aid attorney and an appellate attorney in the Solicitor’s Office at Department of Labor. Griffin received her law degree from Temple University and her LLM from George Washington University.
Presenter: Brian Haraga, Chief Financial Officer, Michigan Sugar Company
Presenter: Mary Griffin, Senior Policy Advisor, National Cooperative Business Association
Cost$56.00 for NSAC Members / $70.00 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.