Atlantic Chapter 2021 Annual Meeting

June 15, 2021 9:00am
Location Information:
Zoom
Cost(s): $0.00 NSAC Members / $0.00 Non-Members

JULY 14-15, 2021 (CPE: 6 Credit hours Total)

Mon, Jun 14, 2021
9:00 AM EST - 12:00 PM EST
CPE Credit: 3 credit hours

Tues, Jun 15, 2021
9:00 AM EST - 12:30 PM EST (Includes Annual Chapter Business Meeting)
CPE Credit: 3 credit hours

Join us via Zoom for the NSAC Atlantic Chapter 2021 Annual Meeting from June 14th-15th. Starting off the Annual Meeting, attendees will hear from industry experts and leaders in the field of cooperative tax, finance, and accounting on full agenda of timely and engaging topics including a FASB Update, Tax Update, and tips on Stress Management.  Followed up the next day with presentations on ASC 606, Financing Cooperatives Through Written Notices of Allocation and Per Unit Retains, and Governance: IT and Cyber Risk. There will also be a Late Bird Raffle Prize each day. Please plan to attend the Annual Chapter Business Meeting immediately following the programming on Tuesday, June 15. 

AGENDA

Monday, June 14th, 2021: 9:00AM EST-12:00PM EST

Topic: A&A Update: FASB Updates from June 2020 – June 2021
- Presenter(s): Bob Farmer, RSM
- Time: 9:00AM EST – 9:50 AM EST
- CPE: 1 credit hour
- Field of Study: A&A
- Program Level: Update

Objectives:
1) Review the FASB Accounting Standards Updates (ASUs) issued from June 2020 through June 2021.
2) Apply the ASUs with illustrative examples and illustrations pertaining to cooperatives.
3) Equip participants to determine if and how the ASUs may affect their cooperatives.

Topic: Federal Tax Update and Proposals
- Presenter(s): Bryanna Fredericks, Herbein + Company, and David Antoni, KPMG
- Time: 9:55 AM EST – 10:45 AM EST
- CPE: 1 credit hour
- Field of Study: Tax
- Program Level: Update

Objectives:
1) Digest the finalized Section 199A(g) regulations and potential impacts to DPAD calculations.
2) Survey Biden tax proposals and their potential effects on businesses, individuals, and the estate tax.
3) Consider tax planning ideas to mitigate future increased tax bills relating to these provisions.

Topic: Stress Management
- Presenter(s): Robert Eyler
- Time: 10:50 AM EST– 11:40 AM EST
- CPE: 1 credit hour
- Field of Study: Personal Development
- Program Level: Basic

Objectives:
1) Identify stress and its underlying causes.
2) Utilize stress to one’s advantage in order to thrive in difficult situations.
3) Apply best practices for managing stress and increasing overall sense of wellbeing.
4) Apply the techniques outlined in the course to help manage stress on a day-to-day basis.

Tuesday, June 15th, 2021: 9:00 AM EST-12:30PM EST

Topic: ASC 606 – What We Know Now
- Presenter(s): Chris Kunkle, Herbein + Company
- Time: 9:00 AM EST – 9:50 AM EST
- CPE: 1 credit hour
- Field of Study: A&A
- Program Level: Basic

Objectives:
1) Provide an overview of Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), including the 5-step process for revenue recognition.
2) Provide insight into what has occurred during the implementation of this new principles-based standard, including biggest challenges and where companies have struggled the most.
3) Tips for how to continue to stay on top of the ASC 606 principles, and review expectations going forward.
4) Discuss how COVID-19 has impacted the ASC 606 landscape.

Topic: Financing Cooperatives Through Written Notices of Allocation and Per Unit Retains
- Presenters(s): Todd Eskelsen, Eskelsen Law Group, and David Antoni, KPMG
- Time: 9:55 AM EST – 10:45 AM EST
- CPE: 1 credit hour
- Field of Study: Business Law
- Program Level: Basic

Objectives:
1) Provide an overview of the corporate and tax requirements and tax and redemption consequences (on both cooperatives and their patrons) of written notices of allocation and per unit retains.
2) Outline how written notices of allocations and per unit retains can be used as part of a cooperative’s overall corporate financing.
3) Discuss with attendees specific issues related to written notices of allocation and per unit retains, including cashflow effects of cooperatives and patrons; use of such instruments in revolving equity vs. base capital plans; and instances where early redemption should be considered and implemented.

Topic: Governance: IT and Cyber Risk
- Presenter(s): William Prohn, Dopkins & Company
- Time: 10:50 AM EST– 11:40 AM EST
- CPE: 1 credit hour
- Field of Study: Information Technology
- Program Level: Basic

Objectives:
1) Obtain an understanding of what information/cyber security is.
2) Understand risk management and the role of information technology.
3) Establishing a cybersecurity culture within your organization.
4) Obtain an understanding of the role of management and the board in relation to cyber security.

CPE Credits
The National Society of Accountants for Cooperatives (NSAC) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor (#103068) of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.