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 Export to Your Calendar 7/21/2020 to 7/22/2020
When: July 21-22, 2020
12:30 PM
Where: BENCO Electric Cooperative
20946 549th Avenue
Mankato, Minnesota  56002
United States
Contact: Karen Miller, Event & Membership Coordinator
763-424-7245


Online registration is available until: 7/21/2020
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Work Order Procedures & Materials Management

July 21-22, 2020 (T 12:30-4, W 8-12:30)
BENCO Electric Cooperative

This 1-day course is for all employees of rural utilities who have any part of the plant construction process. This course stresses the importance of each participant in the process, and asks staff to think about their eventual impact on the cost of Total Utility Plant and the recovery of that plant through the rates of the system’s members. We’ve added a segment on Materials Management to help you effectively manage inventory and contribute to the co-op’s bottom line.

 

For almost all electric cooperatives and utilities, their biggest investment is the electric infrastructure assets including poles, wire, transforms needed to deliver electricity. It’s a complex process to take raw materials, labor and overheads and convert them to our organization’s largest asset. This workshop will provide an overall understanding of the Work Order system, how the investment gets paid for, and an exploration of numerous components within the Work Order system.

·        Gain an understanding of 740c codes including new construction, system replacements, and retirement of plant.  What is a work order, unit, assembly and CPR?  Understand when to capitalize costs or expense them.  What’s so special about special equipment?  What about depreciation?  What is the impact of using contract labor versus in house labor?

·        Not only is the work order accounting system complex, it’s expensive. How are we going to pay for this infrastructure investment? What about repairs and maintenance? And storms? Or Federal Emergency Management Agency (FEMA) payments from a declared disaster? How about contributions in aid of construction (CIAC)?  How do rates recover all these costs? 

·        When does work order needs to be set up?  What do I need to know about a staking sheet?  Other topics will include inventory, overhead allocations and factors, closing of work orders, stores expense, standard costs, and internal controls.

 

Together, we will step through this intricate process to understand the components, as well as understand how it shows up on the monthly billing statement to the consumer!

Who should attend
Co-op employees at all levels

Instructor

Terilynn Wallis, www.terilynwallisconsulting.com

 

Key topics

The work order chain of events – Who does what and when?

Work orders, accounting and financing – YES, there is a difference between accounting and 
    financing purposes in the work order system – an often-misunderstood concept.

*  Staking - let’s stake a line. A concise and clear presentation of the ins and outs of staking.

Unitization and distribution to plant accounts – Finally, the engineers are out of the picture and its
    pure accounting. We’ll discuss the conversion of construction units to retirement units, and mention
    the development and maintenance of standard costs.

Effective materials management impacts many key performance ratios, current ratio, inventory
    turnover, inventory as a % of TUP, equity, idle services, and pole replacements. Costs of handling
    inventory also need to be considered.

Sources of capital planning, financing options and a discussion of contracts and proper forms to use.

 

What to bring

Participants are asked to bring a calculator and page two (2) of your system’s most recent Form 7 or CFC equivalent.

Price
$389/489

 

Hotel
TBD


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