Co-op Accounting Course

March 24, 2021
11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT
Free for NSAC Members / $85.00 Non-Members

Please join us on March 24 for The Co-op Accounting Course.  This Accounting and Auditing CLN series has three hours of CPE available and features three 50-minute sessions on Co-op Equity, Co-op Taxation, and Co-op GAAP. Following the conclusion of this session, participants will gain an understanding of coop equity management and the accounting requirements, an understanding of inter-cooperative investments including the reasons for them and the accounting required. There will be a thorough review of cooperative tax accounting and discussion on instances requiring special tax treatment. Participants will gain a perspective of GAAP accounting that applies specifically to coops and how it differs from non-cooperative accounting principles.

AGENDA

11:00 am - 11:50 am
Co-op Equity
Bill Erlenbush, CPA, Education Director NSAC
Gain useful insights about Co-op Equity in this first module of the NSAC Basic Accounting Course.  Starting with discussions and in-depth examples for types of co-op equity, recording patronage refunds, equity redemption, and inter-cooperative investments, this course will answer all your questions about co-op equity. Requires no advanced preparation or prerequisites.

Bill retired as controller and compliance officer from GROWMARK, Inc. He is currently working part-time as the Director of Education for NSAC. Bill spent his entire career working in cooperative accounting at GROWMARK. His work experience includes all aspects of order control and billing, accounts receivable/payable, financial accounting, and tax. As a compliance officer, he had responsibility for the administration of the compliance and ethics program at GROWMARK, its subsidiaries, and retail divisions. In addition, Bill was negotiated major acquisitions for GROWMARK. Bill is a Certified Public Accountant, and he has a BS in Accountancy from the University of Illinois and an MBA from Illinois State University.

12:00 pm - 12:50 pm
Co-op Taxation
Meegan Moriarty, Rural Business-Cooperative Service - U.S. Department of Agriculture
This 50-minute course in the NSAC Basic Accounting Course covers a review of basic co-op tax, patronage and nonpatronage income, and section 521.  Additional topics covered include handling of losses, equity redemptions at less than face value, and section 199A rules for cooperatives and their patrons. Requires no advanced preparation or prerequisites.

Meegan Moriarty is the legal policy analyst for USDA’s Rural Business-Cooperative Service. She is a national point of contact for information on cooperative legal and tax issues and Rural Development grant, loan, and guarantee programs that apply to cooperatives. She leads a nationwide project researching and comparing state cooperative statutes. Previously, Meegan worked in the National Tax office of Ernst and Young, tracking and analyzing federal tax legislation and regulations as well as consulting with clients on business opportunities presented by tax law changes. She has a JD from Georgetown University Law Center and a BA from the University of Notre Dame.

12:50 pm - 1:30 pm
Break

1:30 pm - 2:20 pm
Co-op GAAP 
Phil Miller, CPA, Assistant Education Director NSAC
Wrapping up The Co-op Accounting Course is a presentation designed to help participants gain a perspective of GAAP accounting  Join us for a comprehensive discussion on GAAP applicability, AICPA AcSEC SOP 85-3, AICPA Audit & Accounting Guide, FAS 71 Accounting for Regulation, and Co-op GAAP within FASB Codification. Requires no advanced preparation or prerequisites.

Philip W. Miller (Phil) retired in 2016 as the CEO for the Virginia Cooperative Council and the Virginia Foundation for Cooperation, both headquartered in Richmond, VA. In 2009, Phil retired as Vice President & Controller for Southern States Cooperative, after a thirty-six year career. While at the 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. Prior to joining Southern States, Phil worked for Walden Inventory Services. Phil served for two years in the United States Army as a member of the President’s Honor Guard at Ft. Meyer, Virginia.

Phil received his BA in Economics from Berea College in 1968 and completed postgraduate 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 for the National Society of Accountants for Cooperatives (NSAC) and served as National President in 2001-2002. He currently serves as an Education Director for NASC, as well as editor and writer for NSAC’s national magazine, The Cooperative Accountant. 

2:020 pm - 2:30pm 
Questions/Closing Discussion

Register Online
Free for NSAC Members | $85 Non- Members
For more information about joining NSAC, click here.  

CPE Credits (Up to 3.0 hours of CPE credit available)
Click here to learn more about CPE available for the CLN

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.