THE ELECTRIC CO-OP CHAPTER TAX, ACCOUNTING AND FINANCE SEMINAR EVENTS ARE INDICATED IN BLUE
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TENTATIVE PROGRAM |
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8:00a.m. – 11:30a.m. |
NSAC Executive Committee Meeting |
| 11:30a.m. – 12:00 Noon |
Lunch |
12:00 Noon – 5:00p.m. |
Board of Directors Meeting |
5:00p.m. – 6:00p.m. |
Audit and Finance Committee Meeting |
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9:00a.m. – 10:00a.m. |
Education Committee Meeting |
9:00a.m. – 10:00a.m. |
Small Cooperative Committee Meeting |
10:00a.m. – 11:00a.m. |
Membership Development Committee Meeting |
10:30a.m. – 6:00p.m. |
Golf Outing at Tapawingo Golf Course |
12:00Noon – 7:00p.m. |
Registration Desk Open |
1:00p.m. – 5:00p.m. |
Pre-Conference Session (Optional and free to members)
Fundamentals of Electric Cooperative Taxation - By Tom Strait, Principal, Washington Utility Group
Field of Study: Taxes
Objective: Achieve an understanding of the unique characteristics of cooperative organizations; a basic understanding of exemption provided for electric cooperatives under IRC 501(c)(12); a basic understanding of Unrelated Business Taxation under IRC 511 through 514 for exempt electric cooperatives; a basic understanding of taxation of nonexempt electric cooperatives; and a basic understanding of capital credit allocation and redemption.
CPE: 4 hours |
2:30p.m. – 2:45p.m |
Refreshment Break |
4:30p.m. – 8:30p.m. |
Hospitality Room (Open to all attendees and their families) |
6:00p.m. – 7:00p.m. |
Electric Co-op Chapter Welcome Reception (for ECC members only), Sponsored by CFC |
6:00p.m. – 7:00p.m. |
Chapter Development Committee Meeting |
7:00p.m. – 8:00p.m. |
Chapter Officers’ Workshop and Reception |
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6:30a.m. – 7:55a.m. |
Accounting and Auditing Committee Breakfast Meeting |
7:00a.m. – 7:55a.m. |
TCA Committee Meeting |
7:00a.m. – 5:00p.m. |
Registration Desk Open |
7:00a.m. – 7:55a.m. |
Continental Breakfast |
| 7:30a.m. – 9:00a.m. |
Guest Continental Breakfast |
| 9:00a.m. – 3:00p.m. |
Forest Park Tour (Guest Activity) |
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TAX DAY SEMINAR |
7:55a.m. – 8:10a.m. |
Welcome and Announcements – Tax Day Attendees |
8:10a.m. – 8:15a.m. |
Early Bird Prizes |
8:15a.m. – 12:00Noon |
Concurrent Session A |
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Principles of Cooperative Taxation – By Tony Burrell, Auditing Manager, Illinois Agricultural Auditing Association; Michael McIntyre, CPA, Michael D. McIntyre PLC; and Jason Reschly, Attorney, Blackwell, Sanders Peper, Martin, LLP
Field of Study: Taxes
Objective: To teach attendees the basic components of Subchapter T of the Internal Revenue Code and other provisions of importance to cooperatives.
CPE: 4 credit hours |
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Concurrent Session B |
8:15a.m. – 9:05a.m. |
Farm Service Co-op vs. Commissioner Case – By George Benson, Attorney, McDermott Will & Emery LLP; Teresa H. Castanias, CPA, Partner, KPMG LLP; and Daniel R. Schultz, CPA, Cooperative Consulting, LLC
Field of Study: Taxes
Objective:
CPE: 1 credit hour
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| 9:05a.m. 9:55a.m. |
New Preparer Penalties, Circular 230 Issues and IRS Tier I, II & III Examination Issues – By Michael P. Dolan, National Director of IRS Policies and Dispute Resolution, KPMG, LLP
Field of Study: Taxes
Objective:
CPE: 1 credit hour |
| 9:55a.m. -10:10 a.m. |
Refreshment Break |
| 10:15 a.m. – 10:20 a.m. |
Early Bird Prizes |
| 10:20a.m. – 11:10a.m. |
Attorney-Client Privilege: Work Product Privilege; Issues for Taxpayers, Accountants and Attorneys in the FIN 48 Era – By Steve Kaplan, Fredrikson & Byron, PA and J.W. Wyatt, Senior Manager, Tax, KPMG LLP
Field of Study: Taxes
Objective:
CPE: 1 credit hour |
| 11:10a.m. – 12:00Noon |
Case Studies –By TBD
Field of Study: Taxes
Objective:
CPE: 1 credit hour |
12:00Noon – 1:00p.m. |
Lunch |
| 12:00Noon – 1:00p.m. |
New Members Luncheon |
12:00Noon – 1:00p.m. |
Mississippi Valley Annual Chapter Meeting |
1:10 p.m. - 1:15 p.m. |
Early Bird Prizes |
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TAX DAY SEMINAR |
1:15p.m. – 2:05p.m. |
Current Developments in Cooperative Taxation – By George Benson, McDermott Will & Emery LLP; Michael McIntyre, CPA; Michael D. McIntyre PLC; Marlis Carson, Vice President, Legal, Tax, Accounting, National Council of Farmer Cooperatives
Field of Study: Taxes
Objective: To inform attendees of recent IRS administrative rulings, court decisions, legislation proposed and enacted, and IRS audit issues involving cooperatives.
CPE: 1 credit hour |
2:05p.m. – 2:55p.m. |
Discounted Redemptions; Developments with Subchapter T and Electric Utility Cooperatives; Similarities and Differences – By Daniel R. Schultz, CPA, Cooperative Consulting LLC; Bill Miller, CPA, Partner, Bolinger Segars Gilbert & Moss LLP; and Russell D. Wasson, Director of Tax, Finance and Accounting Policy, NRECA
Field of Study: Taxes
Objective: To.
CPE: 1 credit hour |
2:55p.m. – 3:10p.m. |
Refreshment Break |
3:10p.m. – 3:15p.m. |
Early Bird Prizes |
3:15p.m. – 4:55p.m. |
Concurrent Session C |
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Small Cooperative Roundtable
Moderated by Ed Bercot, CPA; Michael McIntyre, CPA, Michael D. McIntyre, PLC; and Roger Van Someren, CPA, Partner, Carlson & Highland Company, LLP
Field of Study: Taxes
Objective: To provide answers by a panel of experts to questions raised earlier in the program, or not covered during the program, concerning issues of special importance to advisors of smaller cooperatives.
CPE: 2 credit hours |
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Concurrent Session D |
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Large Cooperative Roundtable
Moderated by Don Butwill, CPA, Moss Adams LLP; Richard L. Cisne, Partner, Hudson , Cisne & Co., LLP; and Others
Field of Study: Taxes
Objective: To provide answers by a panel of experts to questions raised earlier in the program, or not covered during the program, concerning issues of special importance to advisors of larger cooperatives.
CPE: 2 credit hours |
4:55p.m. |
Adjourn – Tax Day Attendees |
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ELECTRIC CO-OP TAX, ACCOUNTING AND FINANCE SEMINAR |
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Concurrent Session E |
8:00a.m. – 8:05a.m. |
Welcome – ECC’s Tax, Accounting and Finance Seminar – By Gary Bartlett, Electric Co-op Chapter President and Dan Malan, NSAC National President.
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| 8:05a.m. – 8:55a.m. |
Fitch Topic – ECC’s Tax, Accounting and Finance Seminar – By Alan Spen, Managing Director, Fitch Ratings Service
Field of Study: Accounting
Objective: To give attendees an overview of Fitch’s view of credit quality of the U.S. electric cooperative sector.
CPE: 1 credit hour |
| 9:00a.m. – 9:30a.m. |
OIG Topic – ECC’s Tax, Accounting and Finance Seminar – By Paige Hamrick, Audit Manager, Department of Homeland Security OIG, Dallas
Field of Study: Auditing
Objective: FEMA regulations and auditing considerations for declared disasters involving electric co-ops.
CPE: .5 credit hours |
| 9:30a.m. – 10:00a.m. |
FEMA Public Assistance Program - ECC’s Tax, Accounting and Finance Seminar – By James A. Walke, Chief, Public Assistance Branch, Federal Emergency Management Association
Field of Study: Auditing
Objective: FEMA regulations and auditing considerations for declared disasters involving electric co-ops.
CPE: .5 credit hours |
| 10:00a.m. – 10:15a.m. |
Refreshment Break |
| 10:15a.m. – 11:30a.m. |
RUS Topic – ECC’s Tax, Accounting and Finance Seminar – By Diana Alger, Chief, Technical Accounting & Auditing, Rural Development Utilities Program
Field of Study: Accounting
Objective: An update on RUS accounting regulations that would affect electric coops.
CPE: 1.5 credit hours |
| 11:30a.m. – 12:55p.m. |
Lunch – Electric Co-op Chapter Annual Business Meeting – By Kirk Johnson, Vice President of Environmental Policy, NRECA
Field of Study: TBD
Objective: TBD
CPE: 1 credit hour |
| 1:00p.m. – 2:40p.m. |
Advanced Electric Cooperative Tax Issues – ECC’s Tax, Accounting and Finance Seminar –By Tom Strait, Principal, Washington Utility Group
Field of Study: Tax
Objective: To address complex tax issues to acquire a more comprehensive knowledge on electric cooperatives.
CPE: 2 credit hours |
| 2:40p.m. – 2:55p.m. |
Refreshment Break |
| 2:55p.m. – 3:45p.m. |
Impact On Electric Co-ops of New Audit Risk Standards Panel – ECC’s Tax, Accounting and Finance Seminar – By Telergee Firm Panel
Field of Study: Auditing and Accounting
Objective: To gain an understanding of the additional work required to meet the compliance issues related to the new audit risk standards.
CPE: 1 credit hour |
| 3:50p.m. – 5:05p.m. |
Computer Security: Keeping The Good Stuff In and The Bad Stuff Out – ECC’s Tax, Accounting and Finance Seminar – By Roman Kepczyk, President, InfoTech Partners North America
Field of Study: Computer Science
Objective: To make attendees aware of and able to adopt computer security procedures that keep their data confidential without disrupting important ongoing operations.
CPE: 1.5 credit hours |
| 5:05p.m. – 5:15p.m. |
Closing – ECC’s Tax, Accounting and Finance Seminar – by Gary Bartlett, Electric Co-op Chapter President |
6:00p.m. – 10:00p.m. |
International Bowling Museum and Cardinals Hall of Fame - Evening Event and Reception (Everyone invited; includes Electric Co-op Chapter attendees) |
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6:30a.m. – 7:55a.m. |
Tax Committee Breakfast Meeting |
7:00a.m. – 5:00p.m. |
Registration Desk Open |
7:00a.m. – 7:45a.m. |
Continental Breakfast |
| 7:00a.m. – 7:45a.m. |
New Member Orientation Breakfast |
7:30a.m. – 9:00a.m. |
Guest Continental Breakfast |
9:00a.m. – 3:00p.m. |
Botanical Gardens/Brewery Tour (Guest Activity) |
9:00a.m. – 4:00p.m. |
Six Flags Over Mid-America (Guest Activity) |
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GENERAL SESSION |
7:45a.m. – 7:55a.m |
Welcome and Opening Remarks |
7:55a.m. – 8:00a.m. |
Early Bird Prizes |
8:00a.m. – 9:15a.m. |
FASB Update – By Sue Bielstein, Director of Major Projects, Financial Accounting Standards Board
Field of Study: Accounting
Objective: To address status of current ongoing projects of the FASB.
CPE: 1.5 credit hour |
9:15a.m. – 10:05a.m. |
Current Trends in Fraud and Fraud Prevention – By Ronald Worst, Fraud Expert, American Investigative Services
Field of Study: Specialized Knowledge and Applications
Objective:
CPE: 1 credit hour |
10:05a.m. – 10:25a.m. |
Refreshment Break |
10:25a.m. – 11:15a.m. |
Concurrent Session F |
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Audit Risk Standards: Lessons Learned – By Brian Hall, Executive, Crowe Chizek & Co.
Field of Study: Auditing
Objective: To discuss the impact to auditors and accountants after first full year of implementation.
CPE: 1 credit hour |
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Concurrent Session G |
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Conducting an Effective Review of Cooperative Legal Documents – By Dan Mott, Fredrikson & Byron, PA
Field of Study: Business Law and Taxes
Objective: To provide a practical checklist for reviewing Bylaws and Board policies relating to cooperative operations.
CPE: 1 credit hour |
11:20a.m. – 12:10p.m. |
Concurrent Session H |
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Capital Issues: Current Trends in Managing Coop Equity – By Joel Dahlgren, Attorney, Stoel Rives and Tony Burrell, Auditing Manager, Illinois Agricultural Auditing Association
Field of Study: Accounting and Taxes
Objective: To discuss managing equity for the future and the pre-existing obligation to allocate patronage capital.
CPE: 1 credit hour |
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Concurrent Session I |
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Hedge Investing: Accounting and Risk Management – By Philip W. Miller, Vice President and Controller and Skip Waggoner, Manager, Accounting Research and Compliance, Southern States Cooperative, Inc.
Field of Study: Accounting
Objective: To discuss FAS 133 hedge accounting.
CPE: 1 credit hour |
12:15p.m. – 1:45p.m. |
Awards Luncheon and Business Meeting |
2:00p.m. – 2:50p.m. |
Concurrent Session J |
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Business Combinations: Practical Examples – By Dave Mellinger, Financial Analyst, Cooperative Resources International and James Schmidt, CPA, Audit Partner, Eide Bailly LLP
Field of Study: Accounting
Objective: To provide and discuss case studies for merging two cooperatives under FAS 141.
CPE: 1 credit hour |
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Concurrent Session K |
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FIN 48 Update – By Greg Taylor, CPA, Shareholder, D. Williams & Co. and Russel1 D. Wasson, Director of Tax, Finance and Accounting Policy, NRECA
Field of Study: Accounting
Objective: To discuss the most recent pronouncements and examples from public companies; Financial statement impact and financial statement audit issues.
CPE: 1 credit hour |
2:50p.m. - 3:05p.m. |
Refreshment Break |
| 3:05p.m. - 3:10p.m. |
Early Bird Prizes |
3:10p.m. – 4:25p.m. |
General Technology and Trends Update – By Roman Kepczyk, President, InfoTech Partners North America
Field of Study: Computer Science
Objective:
CPE: 1.5 credit hours |
4:25p.m. – 4:30p.m. |
Announcements and Adjournment |
4:30p.m. – 5:00p.m. |
Board of Directors Meeting |
5:00p.m. – 5:30p.m. |
Executive Committee Meeting |
5:30p.m. |
St. Louis Cardinals Ballgame (Optional) at Busch Stadium’s Coca-Cola Scoreboard Patio Seating |
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6:45a.m. – 7:45a.m. |
Convention Planning & Resource Committee Breakfast Meeting |
7:00a.m. – 7:50a.m |
Continental Breakfast |
7:00a.m. – 12:30p.m. |
Registration Desk Open |
7:30a.m. – 9:00a.m. |
Guest Continental Breakfast |
7:55a.m. – 8:00a.m. |
Welcome and Announcements |
| 8:00a.m. – 8:05a.m. |
Early Bird Prizes |
| 8:05a.m. – 8:15a.m. |
What NCBA Brings to the Cooperative Community – by Paul Hazen, President and CEO, National Cooperative Business Association |
8:15a.m. – 9:05a.m. |
Washington Update - By Kam Quarles, Vice President of Government Affairs, National Council of Farmer Cooperatives
Field of Study:
Objective: Update on pending and proposed legislation impacting cooperatives; overview of new farm bill and economic stimulus package.
CPE: 1 credit hour |
9:05a.m. – 9:55a.m. |
Accounting Convergence: Bridging the GAAP – By Dr. John Lacey, Professor of Accounting, California State University at Long Beach
Field of Study: Accounting
Objective: Update on the future of U.S. GAAP, convergence with IASB and impact to private companies.
CPE: 1 credit hour |
9:55a.m. – 10:10a.m. |
Refreshment Break |
10:10a.m. – 10:15a.m. |
Early Bird Prizes |
10:15a.m. – 11:05a.m. |
International Accounting convergence: A View From the Trenches – By Ron Lott, Staff Member, Financial Accounting Standards Board, Greg Taylor, CPA, Shareholder, D. Williams & Co., Russell D. Wasson, Director of Tax, Finance and Accounting Policy, NRECA
Field of Study: Accounting
Objective: Roundtable discussion on the viewpoints of each group and the potential outcome.
CPE: 1 credit hour |
11:05a.m. – 11:55a.m. |
Economic Update – By Dr. Steven A. Wood, Lecturer, Department of Economics and Haas School of Business, University of California, Berkeley
Field of Study: Economics
Objective: To address the status of the economy, impact of tax stimulus package and other indicators.
CPE: 1 credit hour |
11:55a.m. – 12:00Noon |
Closing and Late Bird Prizes |
1:00p.m. – 5:00p.m |
Monsanto Tour (Optional) |
Following the guidelines specified in individual state regulations, up to 21.5 hours of continuing professional education credits will be available from the pre-conference session, tax seminar, convention sessions and Electric Co-op Chapter sessions. The National Society of Accountants for Cooperatives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor 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, 150 Fourth Avenue North, Nashville, TN, 37219-2417. Telephone: 615.880.4200. Web site: