Efficiency, Strategy and Skill

• Best Accounting Practices
• Tools for Career Development & Communications
• Ideas for Operational Efficiencies - Lean Manufacturing
• Strategic Planning Guidance
• Milk Pricing Basics for Accountants
• Accounting Benchmarks, and much more!

AGENDA

DAY ONE — May 13, 2008
8:30am – 9:00am	Introduction & State of the Industry Important trends and current events in the dairy industry and the effect on dairy financial professionals.
9:00am – 10:00am	Basic Milk Pricing for Cost Accountants In this session, we'll review the basics of milk pricing regulations and how they apply to dairy cost accounting. You'll learn what Federal Milk Marketing Orders are, how milk prices are calculated, what products are in each class of milk, what milk components are and more. Case studies will help you retain this knowledge and learn how to apply it to your daily job. CASE STUDY #1 - Fluid Milk Costing CASE STUDY #2 - Monthly Milk Price Changes CASE STUDY #3 - Calculating Component Values CASE STUDY #4 - Calculating Class III and IV Prices
10:00am – 12:00pm	Applying Milk Pricing to Finished Product Costing Now that we've reviewed the basics, let's take a look at how you can use these tools to determine costs for fluid cream, ice cream, cheese, condensed skim, etc. We'll also take a look at the costing and yields for nonfat dry milk powder and butter, and how additional processing (e.g., shredding or grating cheese) can affect your costs. CASE STUDY #5 - Ice Cream Costing CASE STUDY #6 - Cheese Costing
12:00pm – 1:00pm	Group Luncheon
1:00pm – 3:00pm	The Accountant's Role in Strategic Milk Pricing Considerations You, as a dairy cost accountant, can play an important role in strategic planning for your company. This is particularly important in the area of raw milk acquisition. Some of the controversial and evolving areas we will cover are: Paper Pooling, Distant Pooling, and De-Pooling Futures Markets and Risk Management Federal Order Regulated vs. Non-Regulated Plants California Milk Pricing New Products with Longer Shelf Life (ESL and Aseptic)
3:00pm – 5:00pm	Additional Dairy Costing Considerations Analytical Costing of Purchased Products & Containers Input costs: freight, cold room, delivery, etc. Cost Accounting for Container and Packaging Blow mold operations Purchased containers Single serve containers Product Line Cost Analysis Distribution Dynamics – Warehouse vs. Store Door Deliveries Route Distribution Analysis and Profitability CASE STUDY #7: Delivery Costs - Route Accounting
DAY TWO — May 14, 2008
8:30am – 10:00am	Lean Manufacturing & Accounting The practice of lean manufacturing – breaking each production step down to its essentials to increase efficiency, is becoming increasingly popular in dairy plants. Learn how you can work this trend to your advantage by applying the same concepts to the accounting department. We'll also discuss how you can use lean manufacturing to more accurately demonstrate the cost of adding a new line to your plant, like drinkable yogurt or milk beverage processing.
10:00am – 10:30am	Financing in the Dairy Industry This segment will discuss how to borrow for capital projects, working capital needs and leasing as an alternative financial model.
10:30am – 12:00pm	Financial Statements and Reporting – A Communication Tool This session will review not only the basic financial statements that you should be reporting, but also how you can provide a dashboard view of the business to your colleagues. Learn how the accounting and finance department can redesign financial statements and reporting to more effectively communicate with management. Activity analysis and key performance indicators Reporting cost per gallon Financial reporting to non-financial managers Balance sheet analysis and key ratios
12:00pm – 1:00pm	Group Luncheon
1:00pm – 2:00pm	Controlling Shrinkage in Your Plant Is the shrinkage in your plant in the desk or down the drain? We'll discuss how to determine the source of shrinkage, and then take steps to control it – in processing, accounting, distribution and sales and marketing.
2:00pm – 2:30pm	Developing Cost Centers Learn how to apply cost centers to each product your plant produces. We'll go over specific examples for cultured products, cheese, milk and ice cream.
2:30pm – 4:00pm	Dairy Plant Accounting Best Practices & Industry Benchmarks Here are the best practices you should follow in accounting for dollars, product pounds, butterfat, people and hours, and how you can measure your plant's efficiency against others.
4:00pm – 4:30pm	Managing Milk Price Risk Get an overview of forward contracting and hedging, and how this applies to the accounting function.
4:30pm – 5:00pm	Dairy Formula Workshop The workshop will conclude with an overview of the costing of several complex dairy products not already covered over the past the past two days. We will also allow time to discuss any unique products manufactured by the workshop attendees. Participants may bring batch formulas to discuss with the workshop leaders.

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Workshop Leader
Carl Herbein, CPA, is the President and CEO of Herbein + Company, Inc., a 100-person CPA firm headquartered in Reading, PA. Carl is a practicing CPA and a nationally recognized authority on dairy plant cost accounting. Carl has visited and provided accounting consulting services to more than 175 dairy plant operations since 1976, and designed this annual workshop series for IDFA.

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HOW TO REGISTER

The conference has SOLD OUT.

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HOTEL AND TRAVEL INFORMATION

Hotel Reservations
Call the Embassy Suites Hotel O'Hare at (800) 362-2779 to reserve a room today. Refer to the 2008 Dairy Cost Accounting Workshop and receive a special $175.00 single/ double room rate. The deadline to secure a room is April 14, 2008. We have secured a large block of rooms, but once all the rooms have been reserved, we cannot guarantee that additional space will be available. Check-in time is 3:00 pm and check-out time is 12:00 Noon.

If you have any questions please call IDFA's registrar at 202-220-3557.

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