Hedging for Cooperatives

CPE: 1 Credit Hour
Field of Study: Accounting

In this 60-minute zoom, attendees will learn about Hedge accounting and why it is one of the key modules in the NSAC Advanced Accounting and Auditing course. This presentation is intended to provide a basic introduction to the fundamentals of hedging in a broad sense – what it is, how and why it works, what it does and does not accomplish, and associated costs. The discussion will center around the basic hedging instruments, commodities markets, why co-ops hedge, and examples of co-op hedging activities. We'll finish up with an update on ongoing efforts to improve hedge accounting, both at the national and international levels.

Presenter and Moderator Bios

Presenter: Philip Miller, CPA, Assistant Education Director, National Society of Accountants for Cooperatives

Phil Miller retired as Vice President and Controller for Southern States Cooperative in Richmond, after a thirty-six-year career. While at 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. Phil received his BA in Economics from Berea College in 1968 and completed post graduate 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 of the National Society of Accountants for Cooperatives (NSAC), and served as National President of NSAC in 2001-2002. He serves as an  Assistant Education Director for NSAC

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

Wayne Sine is an experienced and highly knowledgeable professional in the field of Tax. Wayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked with several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute