Rural Electric Cooperatives
Navigating Success in Consumer-Owned IndustriesAt Buffamante Whipple Buttafaro, P.C., we are highly seasoned and reputable in providing auditing, accounting and consulting services to entities in regulated industries. One of our areas of expertise is offering these services to electric cooperatives.
Recognizing the rural electric co-op as unique and massively influential on our nation’s economy, the professionals at BWB commit to staying current on new developments affecting this industry. We always stand ready to providing your co-op with the highest level of service.
Why Electric Co-Op Clients Choose Us
- Personalized service. At BWB, we understand you will have a broad range of questions and concerns concerning your co-op at any time. If you need personalized support on how to navigate business situations amidst ever-changing governmental regulations, we are accessible to provide the answers and strategic support you need. We are not just here for you once a year during tax time or when the government issues updated standards or regulations. We are your consultants year-round.
- Wealth of expertise. When it comes to electric cooperatives, we realize there is a lot at stake. Your organization serves an important role to our nation’s consumers. That’s why, at BWB, we constantly educate ourselves on trends and requirements in this industry. For instance, we’re highly aware of the strict reporting requirements you have when filing Form 7 and issuing audited financial statements. We commit to making ourselves available to you to answer questions regarding these processes so you meet your deadlines.
- Tech savvy. At BWB, we pride ourselves in helping our clients stay educated about new technology and software that affects their industries and helps them to improve day-to-day operations. For electric co-ops, we’ve made it our priority to understand in depth specific cooperative accounting software such as iVUE.
- Authorities in the industry. BWB representatives frequently present at seminars attended by rural electric cooperative management—speaking on topics such as new auditing standards and risk assessment, the importance of internal controls, accounting for leases, estimate evaluations, expense recognition and contingencies, accounting for fixed assets, and RS plan prepayment.
Let us help you with:
- Examining financial statements in accordance with Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), and standards for financial and compliance audits contained in Government Audit Standards (GAGAS)
- Issuing an internal control report. As required by GAGAS and the Rural Utilities Service
- Reviewing RUS Financial and Statistical Form 7
- Issuing a management letter in the form prescribed by RUS in 7 CFR 1773
- Performing a post-audit consultation session with designated staff members
- Preparing IRS Form 990 for each contract year
- Presenting audit reports to your board of directors
- Preparing and reviewing revenue deferral plans and other “regulated entity” plans approved by a rural utility service
- Accounting treatment for regulated entities under U.S. GAAP’s Accounting Standards Codification ASC 980 (Formerly FAS 71)
- Reviewing and accounting assistance for other post-retirement benefit liability as prepared by an outside actuary
- Reviewing and allocation assistance of margins and capital
Schedule a meeting with us today to find out how we can help you to navigate the financial success of your electric cooperative.