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Overview

Follow the money – understanding your cooperative’s financial statements and practices is essential for connecting the dots between your department’s decisions and activities and the organization’s financial position. This is an opportunity for you, as a non-accountant, to ask questions and gain insight into what the numbers mean, how they relate to each other, and how you impact them. Hands-on activities and scenarios will explore and clarify cooperative finance terminology, reporting, and strategies.

This course is an updated version of the 655 Accounting for Non-Accountants course. 255.1 builds on 655 to better target the core business acumen competencies needed by cooperative employees.

How is this course different from the 655 Accounting for Non-Accountants?

New and more focused content:

  • The impact of cooperative activities (purchases, sales, employee actions/costs/general ledger items) on financial statement lines.
  • Key ratios and equity management.
  • Budgeting and capital budgeting.
  • Drivers of revenue, expenses and plant investment lines.
  • Capitalization versus expense items.
  • Internal controls and processes.
Course Objectives

After completing the course, participants will be able to:

  1. Define basic accounting concepts and processes.
  2. Interpret the three primary financial statements.
  3. Describe how departmental operations impact financial statements.
  4. Calculate common key financial ratios.
  5. Differentiate between margins and cash.
  6. Explain the basic concepts of the financial audit.
  7. Summarize the employees’ roles in maintaining the integrity of internal controls and accuracy of financial statements.
  8. Describe key ideas for improving the budgeting process.
Course Outline

Accounting Basics

  • Purposes of Accounting; Two Types of Accounting
  • Users of Financial Statements
  • Financial Audit
  • Three Required Financial Statements
  • Sources of Accounting Rules and Regulations
  • Cash versus Accrual Accounting
  • Expensed vs. Capitalized Items; Cost and Expense Allocations

Accounting Process

  • Step 1: Originating Events
  • Step 2: Transactions
  • Step 3: Create financial statements
  • Internal Control Systems; Errors, Irregularities, and Fraud

Chapter 3 – Financial Statements

  • Statement of Operations
  • Balance Sheet
  • Statement of Cash Flows: Operating, Investing and Financing Activities

Financial Statement Analysis

  • Variance Analysis; Common Sized Financial Statement Analysis
  • Ratio Analysis; CFC KRTA
  • Equity Management and the Relationship Between Equity, TIER, DSC, Margins, Capital Credit Retirements and Growth
  • Activity Ratios

Budgeting

  • Key Ideas to Improve Your Departmental and Cooperative Budgeting Process
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Competencies

CORE COMPETENCIES
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ROLE-SPECIFIC
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SUPERVISORY, MANAGEMENT AND LEADERSHIP
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