Co-op Accounting 101

CPE: 1 Credit Hour
Field of Study: Accounting

Are you ready to dive into the fascinating world of cooperatives while sharpening your financial and accounting skills? Co-op 101 is the perfect opportunity for professionals like you to gain a comprehensive understanding of the cooperative landscape. In this engaging course, you'll embark on a journey to define cooperatives and delve into the fundamental principles that underpin their unique structure. You'll explore their cooperative DNA, learning about shared ownership, and mutual benefit drive their operations.

Join us for this practical guide that reviews areas specific to cooperative financials. You'll discover how to effectively manage the financial side of cooperatives. Learn how to analyze key accounting issues that are specific to cooperative entities. This course will equip you with the knowledge and tools to excel in your field. Don't miss out on this opportunity to expand your knowledge.

Learning Objectives:

• Identify the core cooperative principles (user-benefits, user-owner, user-control) and distinguish how they differ from other business structures.
• Recognize the unique features of cooperative financial statements and analyze how items such as patronage refunds, retained margins, and equity are presented.
• Describe common types of cooperative equity (revolving funds, base capital, per-unit retains) and evaluate their impact on members and the cooperative’s financial position.

Presenter and Moderator Bios

Presenter: Nick L. Mueting, CPA, Managing Shareholder, Lindburg Vogel Pierce Faris, Chartered

Nick Mueting is a Certified Public Accountant and Managing Shareholder with the auditing firm of Lindburg Vogel Pierce Faris, Chartered in the Dodge City, Kansas office. Nick works mainly as an external auditor in the agricultural cooperative industry and has a special interest in internal controls and risk management. Nick is a Past National President of NSAC and currently serves as the chair of the Accounting & Auditing Committee. He is a frequent speaker at national conferences. 

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

After retiring as Tax Director of a regional supply cooperative on the East Coast, Wayne Sine was asked to serve as Education Director for NSAC. As an active and long-term member of NSAC, Wayne previously served as Chair of NSAC’s Tax Committee, President of the Atlantic Chapter, and was a recipient of NSAC’s Silver Bowl Award. In addition to his work with NSAC, Wayne has also served on the Legal, Tax, and Accounting (LTA) Committee of the National Council of Farmer Cooperatives, Chaired the Tax Committees for both the Virginia Chamber of Commerce and the Virginia Manufacturers Association, served on the Tax Policy Committee of the Virginia Society of CPAs, and served as Region Vice President for Tax Executives Institute.