NATIONAL SOCIETY OF ACCOUNTANTS FOR COOPERATIVES ELECTRIC CO OP CHAPTER MEETING Dallas Ft. Worth International Airport January 7, 2014

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1 NATIONAL SOCIETY OF ACCOUNTANTS FOR COOPERATIVES ELECTRIC CO OP CHAPTER MEETING Dallas Ft. Worth International Airport January 7, 2014 PRESENT: Kate Frank, Terry Mitchell, Bill Miller, Tucker Lemley, Frank Myers, Earl Ridlen, Tom Kandall,Theresa Conyers, Larry Andrews, Russell Wasson, Staff. CALL TO ORDER 9:55 Kate Frank Kate/Tucker Motion made and approved ACTION ITEMS: Motion was mad and approved for the August 6 Board Minutes. Kate Motioned/Tucker Approved Tucker Lemley presented the Treasurer s Report. Motion made and approved for Billed Motioned/Frank Approved REPORTS 1. Membership Development Committee Report Theresa Conyers Theresa Conyers would like to get other statewide Co Ops to help them become aware of our organization. It was suggested that we create synopsis to hand out at statewide meetings, include old agendas. Promotions for new members? Cost is not an issue as much as being unknown to prospects. We need to get a box of the quarterly publications to hand out at statewide meetings. Need to get word out to general managers to send CFO to conferences. Also considered: create a flyer to mass mail. Mail to the states surrounding Charleston. Theresa Mention having a new member promotion. Drawing for gift? 2. Newsletter Committee Report Kate Frank Analytics for the newsletter were reviewed: 40% of folks opened 204 newsletters sent. People opened more than once. Lynn Brewer, well versed in credit issues was a speaker recommended from one of the newsletter responses.

2 The newsletter is good, but there is a question of sustainability. Two times per year is probably all you can do. We would like to get out at least 2 per year. NEW BUSINESS Agenda for 2013 Conference: Comments on the conference included the following statements. We should focus on CPA's function in the industry. The feedback from last year was that it was somewhat repetitive. Accounting news was competitive. Kate will be at the National Meeting and can check with National Planning Committee and Tax Committee to compare programs. We can switch up as needed. One idea was to have a program where people have to get a card punched to visit all the vendors and win a raffle prize for visits. The focus should be of CFO's of Electric Coops. We find it difficult getting that group excited about NSAC. Should we gear topics toward CFO's? Maybe not, as the CFO's rely on their staff. We need to communicate on some middle ground. Some historical information: ECC used to have a home with NRECA called ECCA. NSAC invited the group to join NSAC. Our group has a niche market. By linking up with NSAC, there is strength in joining other types of coops with different points of view. The addition of auditors makes the group more unique than the other organizations. It is fundamental to have CPE offered. Who is our focus? Perhaps it is the same as the ratio that makes up the board. CFO's and next reporting level or mid management individuals in organizations. (These folks go to statewide meetings, but not neccessarily to NREC meetings). Attendees are content oriented. Our conferences go a bit deeper. New Topics Form 990: This topic needs about 4 hours and needs to be in a pre conference setting. It needs a level of detail. We should use several firms. Highlight particular line items that often need to be addressed. Audit Report: Also a Pre conference class, with a review the footnotes, highlights. Internal Audit: We should not only talk about the topic, but show forms and reports and how they should look. (Electric specific if possible). Include the scope, program and actions.

3 Enterprise Risk Management: FCC, rating agencies demand companies have a program and can provide statements. We need a delivery program...safety internal audits, fire prevention, etc. The FEMA booklet could be used as handout. What Makes for an Effective Audit Committee? What are some questions you should you be asking of your auditor/committee. Show them things to make their audit presentation more effective. Patronage Capital Decisions/Best Practices: What type of decisions is being made to give back to the Patron. It should be a part of an equity management plan. What is the safe amount to give back? What percentage, factoring in preferred cycle, and considering G&T. The presentation should delve into the logic behind capital credits and retirement, being careful not to be too rudimentary. A sub topic could be Allocations: Show how to allocate capital credits, especially with thin margins. What are the rules? What are the do's and don'ts (for new accountants)? Now that they are allocated, where do they go? What are some best practices and then follow up with Q&A. Plant Accounting : Asset Retirement Composite Depreciation CPR Accounting IASB/IFRS Lunch with Russ Wasson: International Conversions and how it impacts coops. May not be a good topic, as it depends on if the rules get extended. (Decision in April). We can focus on distribution co ops. This may only apply to a handful of people. Private Company Council on 'what s new on the horizon' could be combined with this topic. The program should be one hour CPE 50 minutes, at lunch 75 minutes to be scheduled for lunch. CFTC: Stump the Auditor (Tax, Audit) FEMA/Single Audit: FEMA requirements vary with the representatives. If you meet a certain threshold you will have to perform a singe audit. (The group decided not to include this topic). Strategic Planning/Balanced Scorecard/Finance Leadership Training: Key performance indicators. Is Your Electric Coop a Federal Contractor? If you are and don't know you are, what is the cost? Refinancing/Financing

4 Cash Management/Cash flow Analysis: Lessons learned Delegate We need delegate from Northern or Eastern section of the country to replace retiring member, Frank Meyer. Program Suggestion for 2013 Conference: Give everyone an option to get electronic version. It was not well organized, as it had no tabs, just a big book. It is unwieldy to carry around. We like pocket calendars, but do not want the big book. Maybe get an app done for the meeting schedule. Have something to write on. Books are unwieldy. Save the $17k for the printing the books. We need to see what rest of NSAC thinks. Tucker will get info on the APP. Sponsorship We will leave the sponsorship program the same, but add two complimentary registrations for all sponsor levels Gold and higher. Meeting Entry Access The access instructions did not work well for the non traveling committee member. Next Meeting: Next year's meeting will be on January 6, 2014 in Dallas. Adjournment 2:19 pm

5 ADJOURNMENT NSAC ECC Board Meeting January 7, 2013