Interactive Event Calendar

Dairy Accounting & Finance Workshop

May 15-16, 2012

Hilton Rosemont | Rosemont, IL



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Overview

The all-new IDFA Dairy Accounting and Finance Workshop presented by Herbein + Company, Inc.* is for all dairy accountants or financial managers who want to further their career by improving their company's bottom line.

Efficiency, strategy and skills are the focus of every session at the Dairy Accounting & Finance Workshop. Learn the ins and outs of milk pricing, tax credits, cost segregation, federal and state milk reports, cost centers and how to measure plant efficiency. Get the scoop on the latest software, best practices, industry news, latest opportunities and industry benchmarks for cheese, ice cream, milk and cultured products.

It’s all here at the Workshop — everything you need to know about how a dairy accountant can add value to their company. Sixteen hours of Accounting and Auditing  Continuing Professional Education Credits (CPE) will be awarded with the completion of this workshop.

*Herbein + Company, Inc. is a thriving professional services firm advising dairies for over 40 years.

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Agenda

Day One
Tuesday, May 15, 2012

8:00 a.m.

Registration and Continental Breakfast
8:30 - 10:30 a.m.

Introduction to Dairy Product Pricing
What is a Federal Milk Marketing Order? Why do we have Federal Orders and how do they operate? We will explain the “9 C’s” of dairy product pricing. How do you calculate a payment to a farmer for milk purchased? How do you review a cooperative milk invoice? How do you analyze a settlement statement from the Market Administrator?
10:30 a.m. - Noon

Applying Dairy Product Pricing to Products
Using the foundation established in Section 1, we will show the formulas needed to calculate the milk and cream costs of a variety of a variety of dairy products – fluid milks, cheddar cheese, ice cream mixes, butter and many others. We will explain how the pricing of extended shelf life (ESL) dairy products and organic dairy products are different than conventional products. Other topics will include the pricing of bulk cream and the forecasting of future butterfat costs.
Noon - 1:00 p.m.

Group Luncheon
1:00 - 2:00 p.m

Applying Dairy Product Pricing to Products, Continued
2:00 - 4:00 p.m.

Advanced Milk Accounting Topics
What is the difference between purchasing milk from a cooperative instead of independent dairy producers? How is milk priced in non-Federal Order areas and California? What are balancing plants and how do they operate? What is paper pooling and de-pooling? We will also explain the best practices for completing the required Federal and state milk reports.
4:00 - 5:00 p.m.

Managing Milk Price Risk
We will introduce the basic concepts of milk price risk management – forward contracting and hedging. A case study will demonstrate how a cheese manufacture uses hedging to lock in their milk cost on a future sale.
   

Day Two
Wednesday, May 16, 2012

8:00 a.m.

Registration and Continental Breakfast

8:30 - 10:00 a.m.

Topics for the Dairy CFO & Controller I
How do you develop cost centers in a dairy manufacturing operation? We will share some best practices in financial reporting for dairy plants. Other topics include budgeting and dairy math (the Pearson square). The final topic of this section is forensic accounting and fraud in the dairy industry.
10:00 - 11:30 a.m.

Topics for the Dairy CFO & Controller II
What is cost segregation and how can it reduce your Federal taxes? How does a dairy plant receive research and experimentation tax credits? How are leading dairy companies financing the growth of their companies? Why are customer contracts essential in the dairy industry?
11:30 a.m. - noon

Topics for the Dairy CFO & Controller III
How do you select accounting software for your dairy business? How do you calculate the costs of direct store deliveries (DSD)? What are the benchmark costs of the best dairy plants? We will also discuss effective cost reduction techniques we have seen at our dairy clients.
Noon - 1:00 p.m.

Group Luncheon

1:00 - 2:00 p.m.

Topics for the Dairy CFO & Controller III, Continued
2:00 - 3:00 p.m.

Controlling Milk Shrinkage
What can you do to control milk loss in your operation? How do you measure product shrinkage? We will explain a risk-based approach to managing shrinkage. Several case studies will show how dairy companies have effectively reduced shrinkage.
3:00 - 4:00 p.m.

Lean Dairy Manufacturing and Lean Accounting
Lean manufacturing is a set of management practices that focus on the creation of value for the customer. How does lean manufacturing fit into a cheese plant or fluid milk plant? How can your accounting department become lean?
4:00 - 5:00 p.m.

Possible Changes in Milk Pricing and Dairy Accounting
The 2012 Farm Bill has the possibility of significantly changing the way dairy farmers are paid for milk. How will the various alternatives and proposed changes affect the cost of the finished products that your plant produces?

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Hotel and Local Information

The 2012 Dairy Accounting and Finance Workshop will be held at the Hilton Rosemont in Rosemont, Ill.

You may make reservations online directly on the hotel website or call (847) 678-4488 to reserve your room today.When calling, refer to IDFA's Dairy Accounting and Finance Workshop to receive the special room rate of $149 per night.

The deadline to secure a room at IDFA's special room rate of $149 has passed. If you still require a room, please contact Patrick Crosson at pcrosson@idfa.org or 202-220-3524.

Address
5550 N. River Road,
Rosemont, Ill., 60018
Tel: 847-678-4488
Fax: 847-6788-5710

Website

Dining

Liberty Tavern 

Liberty Tavern provides a sense of comfort and belonging with its wood and earth tone décor, inviting bar and two fireplaces, as well as its food-focused menu. The casual, comfortable atmosphere of the Liberty Tavern was modeled after the great American grills of the 1920’s and offers a celebration of comfort food with a wide variety of All-American favorites. The added touches of music and lighting make it THE Rosemont restaurant for eating, meeting and socializing.

Hours: 6:00 a.m. to 10:00 p.m. daily

Lobby Cafe

Lobby Café proudly serves Starbucks Coffee® and offers a grab and go option for breakfast pastries, sandwiches and salads.

Hours: 6:00 a.m. - 9:00 p.m. daily

Services and Amenities

  • Complimentary Chicago O’Hare Airport shuttle
  • Business Center
  • Safety Deposit Boxes
  • Fitness Room
  • Pool
  • Room Service
  • Lounge

 

Recreation and Area Attractions

• Allstate Arena
• Donald E. Stephens Convention Center
• Jogging and Biking Paths

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Travel and Transportation

Getting to Rosemont

Getting There By Air

Rosemont is served by the O'Hare International Airport and Chicago Midway Airport. We are pleased to announce that American, Delta and United Airlines are our official partners for the IDFA Dairy Accounting and Finance Workshop.

American Airlines
IDFA has partnered with American Airlines to provide our attendees a 5 percent discount for the 2012 Dairy Accounting and Finance Workshop in Rosemont, Illinois. The valid travel dates for this discount are May 12 to May 19, 2012. You can easily access American's fares and apply this discount by going to www.aa.com to book your flight. Place Promotion Code 9652BM in the promotion code box and your discount will be calculated automatically. This special discount is valid off any applicable published fares listed for American Airlines, American Eagle, and American Connection. International originating guests will need to contact your local reservation number and refer to the Promotion Code.

You may also call (800) 433-1790 to book your flights, please refer to promotion code 9652BM when you call. Please note there is a reservation service charge for all tickets issued by phone. Please use our preferred partner, American Airlines when you can because of the benefits provided to you as a traveler and to IDFA for extended partner value.

Promotion Code: 9652BM

Delta Airlines
Delta is pleased to offer discounted airfares. Use WorldFile/Ticket Designator NM8D7 to purchase your tickets online and discounts from 2 to 7 percent will be applied. Please call (800) 328-1111 for reservations.

United/Continental Airlines
United/Continental Airlines offer discounts off published fares of 2 to 10 percent.  Valid travel dates are May 12 - 19, 2012. Book your reservations online at www.united.com for maximum savings and receive an additional 3 percent discount off the published fares. Click on www.united.com, choose your flight times and access your meeting discounts by inserting ZKZC496527 in the offer code box. Or you may call your travel professional or United Meetings at (800) 468-7022 ($25 service fee). Refer to Z Code ZKZC and Agreement Code 496527. This information applies to both United and Continental Airlines reservations.

Getting to the Hyatt Rosemont

Hilton Shuttle:
Cost: Complimentary
The Bus/Shuttle Center is located on the ground level (Level 1 near elevator center 3) of O'Hare International Airport's elevated parking garage. This center is the central pick-up facility for regional and hotel courtesy buses, airport rental car agencies and parking shuttles. It is easily accessible by pedestrian tunnels from Terminals 1, 2, and 3.

Driving Directions

From O'Hare Airport:
I-190 East toward Chicago to the River Road North exit. Follow River Road to 5550 N. River Rd.

Directions from Midway Airport
Follow 294 North until you see 109 West O'Hare River Road. Stay in your left lane and pay the toll. Exit on River Road to the right. Follow River Road for two blocks and the hotel is on the left on the corner of Bryn Mawr and River Road.

From the North on 294 South
Take 294 South to 190 West going to O'Hare, pay toll, exit Mannheim South to 190 East to the River Road South exit, go to the second stoplight turn right on Bryn Mawr. Hotel is on the corner.

From the South on 294 North
Take 294 North to 190 West to O'Hare, pay toll, exit River Road immediately after tollbooth. Go to the second stoplight turn right on Bryn Mawr. Hotel is on the corner.

From the West on 90 East
Take 90 East to 190 West going to O'Hare, pay toll, exit Mannheim South to 190 East to the River Road South exit, go to the second stoplight turn right on Bryn Mawr. Hotel is on the corner.

From East on 90 West
Take 90 West, follow the signs to O'Hare, exit 190 to the River Road exit, once you will come to a stoplight, turn right heading South, go to the second stoplight, turn right on Bryn Mawr. Hotel is on the corner.

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Registration Tips

1. When will the 2011 Dairy Accounting and Finance Workshop be held?
IDFA's Dairy Accounting and Finance Workshop will be held Tuesday, May 15 through Wednesday, May 16, 2012.

2. Why should I attend the Dairy Accounting and Finance Workshop?
Efficiency, strategy and skills are the focus of every session at the Dairy Accounting & Finance Workshop. Learn the ins and outs of milk pricing, tax credits, cost segregation, federal and state milk reports, cost centers and how to measure plant efficiency. Get the scoop on the latest software, best practices, industry news, latest opportunities and industry benchmarks for cheese, ice cream, milk and cultured products.

3. Who attends the Dairy Accounting and Finance Workshop?
Whether you're new to the position and need to increase your cost accounting know-how or simply want to know how to streamline your plant's finances, this workshop is for you.

4. Will there be exhibits?
No, there are no exhibits for this event.

5. Which hotel has been reserved? What is the rate?
The Dairy Accounting and Finance Workshop will be held at the Hilton Rosemont in Rosemont, Ill. IDFA has a special room rate of $149 per night.

6. Can I make my hotel reservations now?
Yes, you can make your reservation directly on the hotel website or call the hotel at (847) 678-4488 to reserve your room today. When calling, refer to IDFA's Dairy Accounting and Finance Workshop to receive the special room rate.

7. What is the schedule for the Dairy Accounting and Finance Workshop?
The agenda, including a program and activities schedule, is available online. Please note that the program schedule is subject to change.

8. How do I register for the Dairy Accounting and Finance Workshop?
The fastest and easiest way to register is online.
You may also email your registration to registrar@idfa.org, fax it to 202-331-7820 or mail it to IDFA Registrar, 1250 H St, NW, Suite 900, Washington, D.C. 20005.

9. What is the registration fee?
The fee of the Dairy Accounting and Finance Workshop is based on membership. The member price is $895; the non-member price is $1,095. If you have questions about membership, please email membership@idfa.org.

10. What does my registration fee include?
Your registration fee includes two continental breakfasts, lunch both days, and coffee breaks. You will also receive conference materials with printed PowerPoint presentations from each of the sessions.

11. Will I receive a confirmation of my registration?
Yes, you will receive a confirmation for your registration via e-mail or fax. It will contain detailed information about this year's Dairy Accounting and Finance Workshop.

12. What is the registration cancellation/refund policy?
Full refunds will be granted for written cancellations received up to three weeks before the meeting. Cancellations received one to three weeks before the meeting will be eligible for a 50 percent refund. No registration refunds will be granted after May 8, 2012. All cancellations must be received in writing. Substitutions may be made without penalty.

13. I am a member of the news media, do you have press registration?
Yes. The registration fee is $350.

14. Are there any airfare discounts?
Yes, IDFA has partnered with various airlines to offer discounts to attendees. We are pleased to announce discounts with American, Delta and United Airlines. Visit the hotel and travel section for more information.

15. What is the dress code?
Business casual attire is highly recommended. Average temperatures in Rosemont in May are 70F high, 48F low.

16. My question is not here! Who should I contact?
If you have further questions about the 2012 Dairy Accounting and Finance Workshop, please contact Patrick Crosson, Meetings Assistant & Registrar, at 202-220-3524 or pcrosson@idfa.org

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How to Register

For more information, contact the IDFA meetings registrar at registrar@idfa.org.

 

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