NSAC 2023 Tax, Finance & Accounting Conference for Cooperatives (TFACC)

Sunday, July 23 | 1 p.m. – 4 p.m.

Presented by: Luke Greden and Jim Halvorsen

Designed specifically for electric co-ops, this session will demonstrate a quantitative method of gaining insight into a company’s performance from an evaluation of its financial statements and introduce ratios used in the financial analysis of cooperatively structured organizations.

Learn what to look for when comparing an electric co-op to its peers and to industry norms, and how to analyze company performance compared to strategic business objectives.

Monday, July 24 | 11 a.m. – noon

Presented by: Jim Halvorsen and Mike Watson

This session will discuss current considerations with respect to ASC740, Income Taxes, including Section 174, leases, employee retention credits, and specific cooperative matters such as nonqualified, mergers, and acquisitions.

In addition, we will revisit uncertain tax positions and what items to consider when analyzing the need for one as well as discuss potential Section 199A(g) implications.

Monday, July 24 | 1:45 p.m. – 2:45 p.m.

Presented by: Luke Greden

This session offers a comprehensive and insightful refresh on internal controls. Designed specifically for the cooperative sector, participants will delve into the fundamental principles, objectives, and best practices of internal controls.

Key topics covered include risk assessment, control environment, control activities, information and communication, and monitoring. Through engaging discussions, real-world case studies, and practical examples, participants will gain the knowledge and skills needed to assess, design, implement, and evaluate robust internal control systems within cooperative organizations.

Monday, July 24 | 4:15 p.m. – 5:15 p.m.

Presented by: Jim Halvorsen

Lease accounting has changed drastically in recent years, leaving many accountants with a tall task to work through the process of assessing the current financial reporting of the cooperative.

This presentation will focus on identifying what has changed, how to deal with these changes effectively, and ways to capitalize on leasing to holistically benefit the cooperative.

Tuesday, July 25 | 10:30 a.m. – 11:30 a.m.

Presented by: Jim Halvorsen

Have you ever wondered what goes on behind the scenes in the exhilarating world of fraud detection from the eyes of an auditor? In this riveting session, our team of seasoned professionals will share their harrowing experiences and captivating war stories from the frontlines of fraud prevention.

Brace yourself for jaw-dropping accounts of complex schemes and criminals who thought they could outsmart the system. We’ll reveal the intricate steps fraudsters took, the blind spots they exploited, and the lessons learned from each encounter. Prepare to gain a wealth of knowledge and discover practical tips for safeguarding your cooperative against fraud.

Tuesday, July 25 | 4 p.m. – 5:15 p.m.

Presented by: Jim Halvorsen

Industry propfessionals and key influencers will facilitate this discussion on cooperative accounting, auditing, and tax questions to help you stay ahead in the face of growing challenges and demands.

Potential topics include PPP Loan Forgiveness, Employee Retention Credit (ERC), and 199 Pass Through Conversations with boards and members.

The dialogue is controlled by the attendees and you are encouraged to bring your challenging issues and engage in this interactive roundtable. Questions may be submitted in advance at info@nsacoop.org.

Wednesday, July 26 | 9:15 a.m. – 10:15 a.m.

Presented by: Dennis Hicks

This session will cover the basics of hedge accounting, including basic hedging instruments, commodities markets, why co-ops hedge, and examples of co-op hedging activities.

It will include an update of ongoing efforts to improve hedge accounting, both at the national and international levels.