Membership in the National Society of Accountants for Cooperatives (NSAC) is open to individuals employed by or affiliated with a cooperative organization as well as those who are engaged in providing professional services for cooperatives and those who are otherwise engaged in the furtherance of cooperative principals.
When joining NSAC, one becomes a member of the both the national organization and one or more chapters. NSAC has one chapter that is national in scope, the Electric Cooperative Chapter (ECC). The ECC is dedicated to serving rural utility advisors. Other chapters of NSAC are organized geographically.
These regional organizations provide education and information of special interest to members. They are especially valuable to members as they add a more localized component to membership. Members may affiliate with the chapter(s) of their choice.
Recent Happenings
ROI for Electric Cooperatives
Investopedia defines ROI as “a ratio that measures the profitability of an investment by comparing the gain or loss to its cost” (Beattie, 2024, para. 1). Beattie goes on to point out that ROI is calculated by subtracting the initial cost of the investment from its final value, then dividing this new number by the cost of the investment, and finally, multiplying it by 100. This value is then represented as a percentage of ROI. ROI ...
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Internal Revenue Service Data Book 2023 Publication 55-B (April 2024
As in the past, this year’s IRS Data Book provides some information as to tax returns (Form 1120-C) filed by Subchapter T cooperatives. The Data Book aggregates Form 1120-C returns with other Form 1120 returns in the information it provides regarding the number of returns filed for fiscal years 2022 and 2023. So, it does not reveal the number of cooperative returns filed in those years in tables showing returns filed. However, it does ...
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FASB ISSUES Proposed Accounting Standards Update (exposure draft) DERIVATIVES AND HEDGING (Topic 815) and REVENUE FROM CONTRACTS WITH CUSTOMERS (Topic 606)
The Board is issuing the amendments in this proposed Update to address stakeholders’ concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for a share-based payment from a customer that is consideration for the transfer of goods or services. The proposed amendments are expected to (a) reduce the ...
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