2:00pm             Opening Remarks and Report on Committee Business.

2:15pm             Patronage-Sourced Income:  An Expanding Universe.  This panel will summarize the expanding types of income qualifying as patronage-sourced and address whether further expansion is appropriate.  Moderator:  Tyrus H. Thompson, National Rural Electric Cooperative Association, Arlington, VA.  Panelist:  Clayton S. Reynolds, Orrick Herrington & Sutcliffe LLP, New York, NY.

2:45pm             Uniform Cooperative Association Act.  This panel will summarize and discuss the primary legal, tax, and policy issues addressed in the Uniform Cooperative Association Act being drafted by the National Conference of Commissioners on Uniform State Laws.  Moderator:  Tyrus H. Thompson, National Rural Electric Cooperative Association, Arlington, VA.  Panelists:  Professor Thomas Earl Geu, University of South Dakota School of Law, Vermillion, SD; Donald A. Frederick, Program Leader for Law, Policy & Governance, Rural Development/Cooperative Programs, Department of Agriculture, Washington, DC.

4:15pm             Accounting for Patronage Dividends.  This panel will address the legal and tax issues associated with classifying patronage dividends as liabilities or equity under FASB’s Statement of Financial Accounting Standards No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity.    Moderator:  Tyrus H. Thompson, National Rural Electric Cooperative Association, Arlington, VA.  Panelist:  Russell D. Wasson, National Rural Electric Cooperative Association, Arlington, VA.

LUNCHEON

Date:  5/5/06

Start Time:  12:30PM

End Time:  1:30PM