The straight line

The USDA released its listing of the top 100 agricultural cooperatives much sooner for the 2011 year.  Agricultural cooperatives had record sales and income in 2011, surpassing the previous record set in 2008.  These 100 coops reported record sales of $148 billion in 2011, an increase of almost 30% over 2010.  Net income for the...

The Internal Revenue Service is sending out penalty assessments regarding what they are referring to as improper reporting of taxpayer identification numbers on forms 1099.  They are assessing penalties at the rate of $50 per occurrence.  Many cooperatives issue thousands of 1099's and are receiving notices indicating problems with in excess of 150 1099's.  Penalties...

Summer 2012 has been a busy one for us, and it's not over yet! Check out the events we'll be participating in, and if you are too, stop by and say hello! Here's what's on our calendar:

During the last legislative session, House File 2455 was passed initiating changes in governmental audit requirements. Currently, all Iowa cities with a population over 2,000 are required to receive an annual audit. Cities with population from 700 to 2,000 are required to be audited once every four years and cities with a population under 700 are not required to be audited, except by petition of the citizens. The Cities had the option to hire a CPA firm or the Auditor of State to perform the audit through the request for proposal process, and cities paid a filing fee based on budgeted expenditures to the State Auditor’s Office with the submission of their report.

My brother and I created a yearly memorial scholarship on behalf of our dad who passed away this February. Our dad was a 1950 graduate of Waukee High School. This scholarship is awarded to 2 senior graduates from Waukee High School who plan to attend post-secondary school and pursue a degree in accounting. The 2 candidates will each receive a scholarship in the amount of $1,000.

In May, the USDA released a listing of the top 100 agricultural cooperatives, highlighting their near record-breaking successes in 2010. According to the listing, the coops had combined revenue of $118 billion, with 23 of the listed 100 coops reporting revenue of more than $1 billion, and 47 more of the coops boasting over $500 million in revenue! Additionally, the asset base and profit margins increased for all 100 coops on the listing.