Essentials of Cooperative Accounting

CPE: 1.5 Credit Hours

This course provides an introduction to the accounting concepts and financial statement elements that distinguish cooperatives from other business organizations. Participants will examine cooperative financial statement presentation, patronage allocations, members' equity, and investments in other cooperatives. The course will also address the taxation of patronage distributions, including qualified and nonqualified written notices of allocation and the relationship between patronage allocations and cooperative taxable income.

Learning Objectives
• Recognize financial statement accounts and presentation matters that are unique to cooperatives.
• Explain how patronage earnings are calculated, allocated, and distributed to members through cash and equity.
• Differentiate among common forms of cooperative equity, including revolving fund credits, per-unit retains, retained earnings, and written notices of allocation.

Presenter and Moderator Bios

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

Nick Mueting, CPA, CFE is the Managing Shareholder of Lindburg Vogel Pierce Faris, Chtd. (LVPF), a regional public accounting firm serving agricultural cooperatives and  agribusinesses clients. Nick specializes in cooperative accounting, taxation, auditing, internal controls, and governance matters affecting agricultural and rural cooperatives. He works with clients throughout the Midwest, assisting boards, management teams, and finance professionals with financial reporting, strategic planning, and emerging industry issues. Nick is an active speaker at cooperative industry conferences and educational programs, focusing on practical solutions and best practices for cooperative finance and accounting professionals.

Moderator: Wayne Sine, CPA, MBA, Education Director, National Society of Accountants 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.