Standard Costs

Date: Thursday, December 14, 2023
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenter: Adam R. Bailey, CPA, Partner, Bolinger, Segars, Gilbert & Moss, L.L.P.
Moderator: Nicholas Smith, CPA, Director of Financial Planning & Analysis, DEMCO
Learning Objectives:
Upon completion, the participant will be able to understand and communicate the impact that updating assembly unit standard cost can have on the financial statements and rates of the cooperative.
Upon completion, the participant will be able to work with the various departments within the cooperative to update its standard cost on assembly units.
Upon completion, the participant will be able to pull together all of the information to calculate assembly unit standard cost including, labor, overhead, and materials and have the source documentation necessary to do so.
Field of Study: Accounting
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.
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Course Description

The use of standard costs in the work order system assigns costs to record units based on the expected costs of resources. Because outdated standard costs may result in understated aid to construction calculations when below current costs or may result in overcharges to potential members (which could result in the cancellation of a project all together) if when above actual costs, all of which impacts rate base and ratemaking, effectively and accurately updating the standard costs on an annual basis is essential. As such, this session will focus on the annual calculation for updating standard costs and the collaboration needed among departments for obtaining the information and ultimate implementation of the updated costs.

Presenter and Moderator Bios

Presenter: Adam R. Bailey, CPA, Partner, Bolinger, Segars, Gilbert & Moss, L.L.P.

Adam has been a partner at BSGM since 2018. He is a CPA and a 2004 graduate of Texas Tech University with dual degrees in accounting and finance. He is active in the firm’s financial statement audit practice specializing in auditing electric cooperatives, financial institutions, and single audits associated with federal grants and awards.

In the course of performing an audit, Adam is very involved in working directly with various electric cooperative software vendors as a way for the firm to more efficiently conduct the audit. Through these efforts, he has assisted with developing specific reports tailored to the needs of auditors and electric cooperative clients alike. He is also involved in developing industry-specific audit programs and training for use by the firm's staff in conducting audits of electric cooperatives and financial institutions.

In his free time, Adam enjoys traveling to various parts of the country with friends and family, as well as attending various sporting events.

Moderator: Nicholas Smith, CPA, Director of Financial Planning & Analysis, DEMCO

Nicholas Smith currently holds the position of Director of Financial Planning & Analysis at DEMCO, located in Greenwell Springs, Louisiana. He joined the cooperative in May 2022, bringing with him a wealth of experience from the corporate sector. Prior to his foray into the cooperative realm, Nicholas honed his skills as an Associate Partner in the Client Advisory Services division at Hannis T. Bourgeois, and as an auditor with Ernst & Young.

He earned his Bachelor of Science in Accounting in 2014, followed by a Master of Accountancy in 2015, both from Louisiana State University. In addition to his academic achievements, he is a licensed Certified Public Accountant in the state of Louisiana. Nicholas is currently serving as the President of the Louisiana Accountants and Administrators Association at ALEC, Louisiana's Statewide Association.

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.


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