Finance Managers Pre-Conference: Execution of Cooperative Financial Health

Tuesday, August 22, 2023 1:00 PM - Wednesday, August 23, 2023 12:00 PM (CDT)

Description

Execution of Cooperative Financial Health
August 22-23, 2023 (T 1-4, W 8-12)
Inn on Lake Superior, Duluth, MN


How to Identify, Plan, Execute, and Report

What does it look like and what does it mean for your cooperative to have financial strength?

It takes well-functioning teams to achieve long-term financial strength for your cooperative. Which team is responsible to make this happen? All of them. Boards of directors, senior leaders, managers, department supervisors, and employees aligned to the mission, philosophies, strategies, plans and direction of the cooperative.

How do we make this happen? With intention. And through a process that specifically and deliberately aligns a team that can move forward together. This requires the team to build common business acumen standards that will become our foundation. While we cannot control every team that it takes for the optimal execution financial health for our cooperative, this workshop will focus on what we can do internally. It’s going to take rolling up our sleeves for a day and a half and working through numerous scenarios, documents, and establishing a plan for next steps to move toward continued long-term success.

Whether you have been in an electric cooperative for a short amount of time, or for many years, we know there is a great deal that goes into understanding the concepts of cooperative finances. Concepts, metrics, and key reports will help us determine our current financial health, which we can use as a springboard to determine our desired financial health and how we will know when we see it.

  • Understanding of business concepts, cooperative financial philosophies and member expectations
  • Analysis of status
  • Establishment of desired status

You will be guided through a process of examining balance sheet growth, capital credit rotation philosophies, operating costs, and ultimately arrive at what your cooperative needs for margins to support your financial needs and goals.

What challenges will we face? Strategic direction setting from board teams that are changing more quickly today, goal setting, a changing economic environment, changes in forecasted weather, major disruptions, and the like.

We will layer several influences into our planning.

  • Strategy
  • Objectives/goals
  • Unexpected changes

Then we will build a plan that captures your perfect picture of financial health for your cooperative. Together we will discover what it takes for your financial plan to be successful internally, with the board, and on behalf of your member owners.

Learning Objectives and Interactive Learning Activities will include

  • Metrics – which ones should I focus on – how should I analyze them?
  • Integrating your cooperative financial strategy – let’s begin by making sure you have one
  • Healthy financial pillars
    • Growth – how fast is your cooperative growing in new services? How much do you need to spend on system replacements?
    • Capital Credits – analysis of your rotation plan, common misconceptions and how to respond to them. Distribution equity concepts.
    • Margins – what do we need for margins to be healthy, analysis of our current margins (budget/forecast)
    • Operational cost management – in a time of high inflation
    • Rates – does the current rate structure support the needs of the cooperative
  • Strategy
    • Influencing the direction of the cooperative
    • Establishing goals, timelines, and measurement
    • Execution – How does this get accomplished?
      • Updating, communicating, celebrating
  • Planning – What and who goes into the planning process? Establishing the plan.
    • The Business Plan
  • Policy Support and Guidance
  • Reporting and communicating – What and who should the following be shared with?
    • Knowing and understanding the storyline of your cooperative and what makes you unique
    • Statement of Cash Flow
    • Operating Statement
    • Balance Sheet
  • What participants should bring
    • Current strategic plan and objectives
    • Financial policy and any related policies to metrics
    • Capital Credit policy
    • Most recent year-end financial results – Full Form 7
    • Current year Budget – or forecast
    • Business Plan (if you have one)
    • Any documented philosophies

Who should attend? 
Cooperative CEO’s, Cooperative senior leaders (the whole team is ideal but not mandatory), Managers

Instructor
TeriLynn Wallis

Cost
$309

HOTEL INFO
Inn on Lake Superior
350 Canal Park Drive
Duluth, MN 55802
For reservations please call: 1-218-726-111
Room rates: (per night)
2 Queens Lakeview: $219.99
2 Queens Poolview: $190.99
King/Sofa Sleeper Bridgeview: $205.99
King/Sofa Sleeper Bridgeview Balcony: $205.99
King/Sofa Sleeper Cityview: $190.99
King/Sofa Sleeper Lakeview: $230.99

Inn on Lake Superior
350 Canal Park Drive
Duluth, MN 55802 United States
Event Contact
Melissa Stachovich
(763) 424-7234
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Tuesday, August 22, 2023 1:00 PM - Wednesday, August 23, 2023 12:00 PM (CDT)
T 1:00 – 4:00 W 8:00 – 12:00
Categories
Training
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