Mississippi Valley Chapter

Transcription

1 Mississippi Valley Chapter FALL 2006 NEWSLETTER BOARD MEMBERS AND NATIONAL DIRECTORS CHAPTER PRESIDENT S MESSAGE Kim Eaton President keaton@crowechizek.com (574) Bill Borengasser Vice President bborengasser@mfaincorporated.com (573) Tony Burrell Secretary tburrell@ag-auditing.com (309) Jim Flaherty Treasurer jflaherty@cobank.com (314) Dan Malan Ex Officio/National Director dmalan@cobank.com (314) Brenda Bruce - Director nafsbfb@yahoo.com (870) Dick Cisne - Director dcisne@hc-cpa.com (501) Marcia Coley - Director mcoley@mfa-inc..com (573) Chris Cuppett - Director ccuppett@cobank.com (314) Mary Fortney - Director mfortney@growmark.com (309) Keith Jensen - Director keithjensen@unitedsuppliers.com (641) Ray Murphey - Director Iowa Director murpheyraymond@johndeere.com (515) I hope everyone had a great summer! I enjoyed seeing many of you in Nashville in August. I attended several meetings and was very pleased at the turnout from our chapter. Several of our members attended the Convention Planning and Resource Committee Meeting, in preparation for our chapter hosting the 2008 National Meeting. We are still in the initial stages of planning, but it was very helpful to sit in on the meeting and network with others who have been through or are currently going through, the process. I want to thank Bill Erlenbush for stepping up and taking the lead as committee chair for the 2008 National Meeting Committee. We are making progress - we have already toured several potential hotel sites in St. Louis and have begun discussions relative to promotional ideas for the 2007 National in Minneapolis. We have extremely creative and talented people in our chapter and I look forward to working with them on this project. Our fall board meeting was held by conference call on October 13, We have tentatively scheduled our 2007 chapter annual meeting at Tan- Tar-A, Osage Beach, Missouri June 24-26, We have begun preliminary planning for topics and speakers and I think we are going to have another great session! Look for more details in future newsletters. My last note is in regard to membership. The co-chairs of our chapter membership committee are Ray Murphey and Tom Husek. They will be working hard to recruit and retain members in our chapter. If you know of any prospective members please let them know. Until next time, Kim Eaton Chapter President Glenda Postin - Director gpostin@sunriseagservice.com (217)

2 NATIONAL DIRECTORS REPORT By Dan Malan Since our last Newsletter, the Mid Central hosted a very successful National meeting in Nashville, TN. The attendance for the meeting was actually up from the 2005 Monterey meeting so we should thank the host chapter for all their work. The program and the speakers were very informative. I especially enjoyed the short humorous video clips presented by the host committee as a way to get attendees to reconvene. What an innovative idea!! I hope those that attended enjoyed the meeting and benefited from the educational sessions and networking with others from around the country. One item that was very disappointing to me was that our chapter didn t make the Silver Star award as I had reported earlier in my summer President s address. I take full responsibility as I thought we had enough points but were one point short. I hope we learn from my mistake and focus on the Silver Star points better this year. However there was a bright spot. Our own Tom Husek was appointed Chairman of the National Membership Committee. Congratulations Tom! The National Board was very excited to get him for this very important job. Membership is the lifeblood of the society and we all will need to support Tom by asking new people to join. The board met around the annual meeting. We approved the 2005 audit which reported an $81,873 savings from operations and $20,291 earnings from investments. This was a very good year and the first full year we have seen the results of moving the society s management to Advance Management Concepts. We also reviewed the actual results through June 30, 2006, which were ahead of last year and budget. The budget for 2006 is projected to have $31,635 of savings before any profit/loss from investments, with an estimated membership of 1,400. As you will see below in another article from our membership committee chairman, national membership continues to be stable, so we feel the budgeted 1,400 NSAC members will be lower than actual for Keep in mind the budget has allocated additional funds for the national committees to use to develop/update programs that will add value to the NSAC membership. Please let us know how we could improve the national membership for you. As an update on National membership at September 30 we had 1,476 NSAC members nationally, which was 98% of the annual membership at the 2005 year end. This compares to 1508 members at September 30, 2005, so 2006 year to date membership is very close or 98% of the membership at the same time last year. This shows the national office and the membership chairs have been working hard on renewals, but we still need to find new persons to start an upward trend. Please refer to our chapter membership chair s article in this newsletter as the Mississippi Valley chapter needs to find more interested members. At September 30, 2006 the local chapter had 138 members versus 147 at the same time last year. Let s work hard to regain the 9 members we have lost before year end. We hope you are continuing to see the notices of Cooperative Learning Network sessions. You can check out the schedule and register online at This has become a great way to provide continuing education for members and also CPE for those that need it. We hope you will agree that we have many exciting projects/ideas at the National level. I hope they will make it easier for you to encourage new members to join. Thank you for letting me be your national director. If you have any questions or concerns, feel free to contact Dan Malan at or dmalan@cobank.com. Dan Malan National Director 2

3 MEMBERSHIP REPORT By Ray Murphey Tom Husek and Ray Murphey serve as Mississippi Valley Chapter's Co-Chairs of this committee for the year. In addition to Tom's Chapter membership responsibilities, he also serves as the Chairman of the National Membership Development Committee. That committee met by teleconference on Wednesday October 25th and discussed ongoing membership topics, to include: Silver Star requirements, Membership ID Cards, Action Plans the National Membership Committee adopted at the 2006 Annual Meeting in Nashville, and Mentor topics. The National membership report for NSAC shows the following: National Membership as of September 30, 2006 stands at 1,476, down from January 31, 2006 membership totals of 1,506. Mississippi Valley Chapter membership for the same time period totals 138, down 8 from January 31, The MV Chapter represents 9.3% of NSAC's current membership totals. All NSAC members should have recently received a new membership ID card. The card reflects each member's current membership status, their username for logging onto the NSAC website, their password, Chapter membership location and years of active service. Please note that the # of years shown for active service is suppose to represent a member's total years of membership, and not simply consecutive years. If there is a break in service (as there was for me), the years of service should represent cumulative membership years. So if that figure is not correct, Diana Grabeman at the National office (address is on the back of the membership card) and provide the correct information so both your membership card and NSAC's records are accurate. NOTICE TO ALL MEMBERS - Although Tom and Ray represent the official membership co-chairs, it is important for all members to be active in recruiting new members. If any member has located a prospective member and needs help, feel free to contact Tom or Ray. Membership retention and development is one of the many segments included in your Chapter's efforts toward obtaining the annual Silver Star award. MV usually is successful in reaching Silver Star status - however last year we missed that achievement - BY ONE POINT! So in the effort to reacquire Silver Star status, membership retention and recruitment is an important task. If any member knows of any prospective members, please be sure to contact either Tom or Ray as even prospective membership activity helps MV achieve the Silver Star goal. The National Membership committee meets quarterly, with the next scheduled teleconference in early February - so if any member has any topics, issues for that discussion, or prospective members that he/she could use help recruiting, please give us a call. Tom's number is (Ext. 227), and Ray's telephone number is Ray Murphey Co-Chair Membership Committee 3

4 2006 NSAC ANNUAL MEETING REPORT By Mary Fortney I hope all of you that were able to attend the National Annual Convention & Seminar in Nashville enjoyed yourselves. I regret that I didn t see the dance lessons (or get any pictures for the newsletter) at the Wildhorse Saloon! Assorted pictures taken by Tom York, South Atlantic Chapter, can be viewed at I enjoyed the formal programs as well as the chance to get together in small groups and talk about Chapter issues and strategies. These meetings are a great way to stay connected to your cooperative accounting peers and obtain continuing education. The business meeting and awards luncheon gave us the chance to see how individual members and chapters are contributing to the vitality of NSAC. Bill Erlenbush was honored as a retiring national director we owe him a huge thank you for all his work. MVC members were recognized for years of service including Silver Anniversary members Ronny Pope, Ralph Brausey and Dennis Renner. Congratulations! Various committee meetings were conducted as well. Several MVC members attended a meeting to discuss planning for the 2008 National Annual Meeting, which MVC will be hosting in St. Louis. Mary Fortney Newsletter Editor 4

5 MEMBERS IN THE NEWS Chris Cuppett, Mississippi Valley Chapter, has been named ABG Eastern Region Credit Manager for CoBank, ACB. Chris has more than 20 years of experience in her field and will manage the credit support for the St. Louis, Louisville and Springfield banking centers. She will continue to be based in the St. Louis office. Congratulations to Chris as she assumes this leadership position for CoBank. EVENTS CALENAR The next MVC Board meeting is scheduled via conference call for January 26, The MVC annual meeting and seminars will be held at Tan-Tar-A Resort in Lake of the Ozarks, Missouri on June 25-26, Stay tuned for details of the program content and social activities that are currently being planned. Next year s national NSAC Annual Convention & Seminar will be held in Minneapolis on August 6 8, So mark it on your calendar now! TREASURER S REPORT MISSISSIPPI VALLEY CHAPTER OF THE NATIONAL SOCIETY OF ACCOUNTANTS FOR COOPERATIVES Statement of Cash Receipts and Disbursements for the Four Month Period 06/01/2006 through 09/30/06 Beginning Cash Balance on June 1, 2006 $ 27, Receipts: 2006 Annual Mtg. Revenues $ 3, Chapter Dues Interest Earned - FCE Credit Union A & A Seminar Net (MS Valley Share) Other 0.00 Total Receipts 4, Disbursements: 2006 Annual Mtg. Expenses - Tan Tar A 3, Other 0.00 Total Disbursements 3, Net Receipts/Disbursements $ Ending Cash Balance on September 30, 2006 $ 27, Jim Flaherty Chapter Treasurer 5

6 CURRENT FASB DEVELOPMENTS (Adapted from the LTA Financial Reporting and Audit Issues of Agricultural Cooperatives Subcommittee s 2006 report submitted by Dick Cisne and Jay McWatters) SFAS 158 Employers Accounting for Defined Benefit Pension and Other Postretirement Plans On September 29, 2006, FASB issued new accounting guidance for accounting for defined benefit pension plans and other postretirement plans. Companies will now be required to recognize in its statement of financial position the over funded or under funded status of defined benefit postretirement plans measured as the difference between the fair value of the plan assets and the benefit obligation. For a pension plan, the benefit obligation would be defined as the projected benefit obligation (PBO). For other postretirement benefit plans, such as retiree healthcare, the benefit obligation would be the accumulated postretirement benefit obligation. In addition, the actuarial gains and losses and prior service costs and credits would be recognized as a component of other comprehensive income, net of tax and not be recognized as components of net periodic benefit costs in the income statement. Amounts recognized in accumulated other comprehensive income would be adjusted as they are subsequently recognized as components of net periodic benefit costs pursuant to the provisions of FAS 87 and 106. The measurement date for these calculations has been changed to the date of the employer s fiscal year end from up to ninety days prior to the fiscal year end. The effective date for cooperatives is for fiscal years ending after June 15, FIN No. 48 Uncertain Tax Positions Financial Interpretation Number 48 applies to all tax positions accounted for in accordance with SFAS 109 Accounting for Income Taxes. Tax positions are items reported on an entity s tax return for which the entity receives an economic benefit, such as a reduction in the amount of income taxes payable. Different tax positions often have different degrees of uncertainty. Generally, that uncertainty relates to whether the tax position will be sustained upon examination by a taxing authority, such as the IRS. The Interpretation requires the evaluation of tax positions using a two-step process. An entity must first determine whether a tax position should be recognized as an asset or liability in the balance sheet. If so, the Interpretation provides guidance on measuring the amount of the benefit related to the tax position. Depending on the probability of the benefit, an allowance may need to be set up against the deferred tax asset. In addition, there is certain disclosure requirements related to the tax issues and changes in the allowance from year to year. The effective date for cooperatives is for fiscal years beginning after December 15, (This information is provided to make readers aware of the accounting guidance. Further information should be obtained from your auditors or tax professionals.) 6

7 New Member Enrollment Application Please complete both sides. National Society of Accountants for Cooperatives 136 South Keowee Street * Dayton, OH Phone: * Fax: info@nsacoop.org * * Member ID: Name (First/Middle/Last): Salutation (name you prefer to be called by if different from above): I was referred to NSAC by (member name) Chapter(s) I want to join (refer to next page): I prefer correspondence to go to my: Firm Address Home Address Are you a former member of NSAC? Yes No Company Information: Job Title Firm Name Mailing Address, City, State, Zip, Country: Package Address (Street, City, State, Zip) for FEDEX, UPS, etc. if different from above address: Work Phone + extension: Fax: Toll free number: Web: CEO or General Manager s Name: Home Information: We do not give this information to other members or to non-members without your permission. We need this information in case we are unable to reach you at your firm or you leave your form and we can t get a forwarding address from them. It will not be accessible to others on the website unless it is the only address you give us or it is your preferred address for mailings. Home Address: Home Phone: Cell Phone: Professional Information Are you a CPA? Yes No Number of years in a cooperative activity or providing professional support to a cooperative activity: Other relevant professional certifications: Demographic Information (optional) Birth date: Male Female Name of School City/State Degree and Year Each application MUST be accompanied by a check or charge for both (1) national and (2) chapter 1 dues. Dues are non-refundable. 1 Retired members are not required to pay chapter dues. Check enclosed $ Charge $ to my: Visa MasterCard AMEX Card #: Exp: Cardholder Signature: Print name on credit card Credit card billing address: Firm Address Home Address Other: Signature: Date: Approval of this application is subject to final endorsement by the Executive Board.

8 All memberships are individual memberships and are not transferable. Membership Types REGULAR: To be eligible for regular membership, an individual shall be employed by or affiliated with a cooperative association, be engaged in providing professional services for cooperatives, or shall otherwise be engaged in the furtherance of cooperative principles. The national annual membership service fee is $ and covers 1 year of membership from the date enrolled. NSAC membership dues must include payment of national membership service fees plus applicable chapter dues (listed below). RETIRED: To be eligible for retired membership, an individual must have a minimum of five years active membership in good standing, have reached age 55, and be retired from active business under provisions of a formal retirement plan or through amicable arrangement with his or her employer which results in a complete serverance or material reduction in compensation, or have retired because of permanent disability. The national membership service fee is $50; there are no chapter dues required. CHAPTER MEMBERSHIP AND DUES Chapter membership is required as a condition of membership in NSAC. Twelve chapters have been organized using state boundaries as set forth below. Members usually affiliate with the chapter covering the state in which they live or work. However, NSAC recognizes that for professional, geographic or other reasons members may prefer to affiliate with a different chapter or with more than one chapter. Dues are assessed on the basis of all chapters chosen. Please designate on page 1 the chapter(s) in which you want to hold membership. If no choice is made, a chapter assignment will be made based on address. If joining more than one chapter, the first chapter listed on page 1 will be considered your primary chapter for voting purposes. CHAPTERS AND CHAPTER DUES OCCUPATIONS (check the box which applies) Capitol (DC, DE, MD, PA, PR, VA, WV) $ 20 If Other, please specify your occupation. Electric Cooperative (nation-wide) $ 15 Accountant or Auditor - General Far Western (AZ, CA, HI, NV, UT) $ 20 Accountant Tax Association Management Great Lakes (MI, WI) $ 10 Attorney Mid-Central (IN, KY, OH, TN) $ 5 Bookkeeper CEO/COO/President Mid-West (CO, KS, NE, NM, OK) $ 10 CFO/Controller/Treasurer Mississippi Valley (AR, IA, IL, MO, MS) $ 10 Consultant Educator North Central (MN, ND, SD) $ 10 Financial Officer or Advisor Northeast (CT, MA, ME, NH, NJ, NY, RI, VT) $ 10 Information Technology Management Pacific Northwest (AK, ID, MT, OR, WA, WY) $ 20 Marketing South Atlantic (AL, FL, GA, NC, SC) $ 30 Other: Texas (LA, TX) $ 10 Retired CO-OP TYPE (Check the box which applies; if not a cooperative, check the last box.) Agricultural Marketing Banking/Financial Services Distribution/Logistics Education/Childcare Energy, Electric Distribution Energy, Electric Power Supply Energy, State-Wide Associations Energy, Other: Farm Supplies & Services Grocery, Retail or Wholesale Franchise Funeral & Memorial Societies Hardware/Lumber Healthcare Housing & Related Industries Information Technology Insurance Marketing, Other: WHERE ARE YOUR FIRM S CUSTOMERS? Local (county and/or surrounding counties) Nationwide Regional (state and/or surrounding states) International Purchasing, Other: Service, Other: Telephone & Communication Transportation Other: Not a cooperative