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Live Webinar - Introduction to Electric Cooperative Accounting

11.00 - 2.00 CDT | Tuesday, June 11, 2024

Live Webinar for New Electric Cooperative Accounting Professionals! Learn about the RUS Uniform System of Accounts, and dive deep into electric construction accounting, and patronage capital and cash reserve strategies.

MOVE FROM BEING NEW IN THE WORLD OF ELECTRIC COOPERATIVE ACCOUNTING AND FINANCE TO AN “EXPERT”

Build your expertise, enhance your career, and add value to your organization!

Webinar Topics

RUS Uniform System of Accounts

This segment discusses how the electricity business works and details the uses of the RUS Uniform System of Accounts - the industry accounting standard.

Construction Accounting and RUS Filings

Electric construction costs must be charged to customers in their electric rates. This segment shows how to account for all construction costs for recovery in customer rates. We also discuss required RUS forms and filings.

Patronage Capital

A key financing component for an electric cooperative operations and projects is patronage capital. This segment details patronage capital financing and calculating cash reserves.

Learning Objectives for This Live Webinar

  • We will discuss how electricity is produced and delivered to customers

  • You will get an introduction to and learn practical uses of the RUS Uniform System of Accounts

  • You will learn how the RUS Uniform System of Accounts is used for financial reporting

  • You will learn detailed methods for accounting for construction projects under RUS standards

  • You will learn methods to calculate construction overhead costs

  • You will learn how construction costs directly impact electric rates

  • We will introduce various RUS Forms and discuss their filing requirements

  • You will learn what patronage capital is and how it fits the electric co-op financing model

  • You will learn methods for calculating the optimal amount of cash reserves

We will discuss and answer your questions anytime during the webinar. Plus, with group discussions you’ll find out best practices from your peers!

THIS WEBINAR WILL ENHANCE YOUR CO-OP ACCOUNTING KNOWLEDGE

Detailed Webinar Topics

This webinar will introduce you to all aspects of RUS accounting and add to your career skills as an accounting professional. We use a combination of instructor presentation, short on-line quizzes, exercises, and group discussion on topics. Bring your questions and we will answer them!

  • How does electricity get to my house or business?

    Duties of the Co-op oversight Board

    Introduction to the RUS Uniform System of Accounts

    Determining when to capitalize or expense transactions

    Liabilities and patronage capital

    Revenue and expense accounts

    Practical examples

  • Introduction to RUS Accounting Standards

    Building standard construction units

    Calculating and applying labor overheads

    Materials management overheads

    Developing and applying equipment rates

    Calculating and applying the allowance for funds used during construction

    Allocating administrative costs using the Three-point formula

    Analyzing and classifying project costs

    RUS forms and filing requirements

  • What is patronage capital?

    How is patronage capital used by cooperatives for financing operations and construction?

    How does patronage capital factor into electric rates?

    Patronage capital retirement strategies

    Calculating the optimal amount of cash reserves

You will receive IMMEDIATE BENEFITS

This webinar will provide you with………

Instructor Presentation

The course instructor provides accounting and business process consulting to cooperatives of all sizes across the United States.

Group Discussion

Group discussion and feedback will help the group understand best-practices from your peers in the industry.

Over 80 pages of course materials for reference and note taking - the webinar is built on industry best practices.

Build Your Expertise

Build your expertise, enhance your career, and add value to your organization.

Webinar Materials

Live Group Quizzes

Online real-time group quizzes for prizes will check your subject retention and reinforce the course material.

Ask Questions, Get Answers

Bring your questions, we’ll discuss and answer them during the webinar.

Meet Your Instructor

Hi, I'm Russ Hissom and I've been an instructor for national cooperative and power and utilities organizations in the industry since 1990. I was a partner in the power and utilities group of a national accounting and consulting firm for over 20 years.

I have the privilege of serving electric cooperatives and power and utilities organizations across the United States and Canada with accounting, rate, and financial consulting services, and expert testimony at FERC and state utility commissions. I support the power and utilities industry through my membership in national organizations, teaching, and speaking at conferences.

I've used my experience to design courses for all experiences levels of professionals and board members. This webinar is based on electric cooperative industry best practices and will give you a well-rounded introduction to accounting for operations and projects, and developing strategies for patronage capital and cash reserves. I hope you'll take this webinar to add to your career skills and provide value to your organization!

Over 3,000+ enrollments in Utility Accounting & Rates Specialists courses from all skill levels

Very helpful course!

I am new to the co-op world and this class really helped me!

Kristen

Great course!

Good basic understanding of RUS and the chart of accounts. I came from outside the utility world and was quite lost. This class helps to provide a basic foundation.

Julie

Great course on learning construction accounting!

I did not have a lot of knowledge about utility construction accounting or standard units, but this course was a good overview of the process and very understandable to a newbie.

Matt

SPEND JUST THREE HOURS AND LEVEL UP YOUR CO-OP ACCOUNTING KNOWLEDGE

This course is recommended for electric cooperative accounting and finance professionals with introductory accounting knowledge. There are no prerequisites or advanced preparation needed for this course. (3.00 credits)

Questions and Additional Information

  • Course materials will be available on the webinar site beginning the Wednesday before the webinar. You can download the materials right from your student site!

  • You will access the webinar right from your student page via Zoom. Instructions are on your student page for downloading Zoom prior to the webinar and testing it so you're ready to go! We will also be sending regular emails with the webinar link and Zoom instructions.

  • The webinar will be recorded and you will have unlimited access to the webinar and course materials anytime after the presentation date.

  • The information is taken from the RUS Uniform System of Accounts, industry best practices, and the experience of the instructor in working with electric cooperatives across the United States.

  • The webinar is eligible for 3 hours of continuing education credits. You'll receive a course completion certificate that also shows the number of CPE hours after the webinar. CPE hours are computed based on a 50 minute presentation hour. All of our online courses are modeled on the guidelines of the AICPA and NASBA Statement on Standards for Continuing Professional Education (CPE) Programs. Courses are not NASBA certified, but many states do not require NASBA certification for all courses claimed for CPE. Final approval of a course for CPE credits is based on the requirements of each states’ regulatory body. We recommend checking the state website for your license for specific requirements.

  • You'll log in to your student page and the Zoom live presentation will be right there and ready to go. After the webinar the session will be posted so you can view the webinar at your convenience. We'll be sending out email reminders right before the webinar that will also have these instructions.

  • We welcome your questions anytime. Just email russ.hissom@utilityeducation.com or call 608 628 4020. Thanks!