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Dairy Finance Managers Can Build Efficiency, Skills at IDFA Workshop

Mar 13, 2013

Are you a dairy accountant or financial manager looking to further your career by improving your company's bottomline? IDFA’s Dairy Accounting & Finance Workshop, May 14-15 in Rosemont, Ill., will feature the ins and outs of milk pricing, tax credits, cost segregation, federal and state milk reports, and more.

Here is a quick look at the topics Carl Herbein and Ron Mong, dairy financial management advisors at Herbein + Company, Inc., will discuss.

  • Applying dairy product pricing to products. Attendees will review the formulas needed to calculate the milk and cream costs of a variety of dairy products – fluid milks, cheddar cheese, ice cream mixes, butter and many others. They'll learn how pricing for extended shelf life (ESL) dairy products and organic dairy products differs from pricing for conventional products.
  • Advanced milk accounting. Attendees will learn the difference between purchasing milk from a cooperative and an independent dairy producer. They'll also find out how milk is priced in non-federal-order areas and in California and review the best practices for completing the required federal and state milk reports.
  • Managing milk price risk. Attendees will master the basic concepts of milk price risk management – forward contracting and hedging. They'll also examine a case study that demonstrates how a cheese manufacturer uses hedging to lock in its milk cost on a future sale.

Sixteen hours of accounting and auditing Continuing Professional Education credits (CPE) will be awarded with the completion of this workshop. Register today.

For more information, contact Maria Velasco, IDFA meetings assistant, at mvelasco@idfa.org, or call (202) 220-3524.

 
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