FCCS News & Insights

Free Governance Webinar Series to Demystify the Board's Role in Association Financial Reporting

Serving on the board of a Farm Credit System Association requires directors to oversee complex financial information while making sound decisions that support long‑term performance and effective governance. To support directors in this critical responsibility, FCCS is offering Demystifying the Board’s Role in Association Financial Reporting, a three‑part webinar series designed specifically for Farm Credit System boards.

“We are excited to offer these sessions that will be led by Jay McWatters, CPA, MBA, Audit Committee Chair at Farm Credit East,” said Chad Klawetter, FCCS VP of Governance and Development. “Jay’s extensive experience as a cooperative director, former public accounting partner, and accounting educator will provide directors with practical, real‑world insight into effective financial governance.”

New directors—and experienced directors seeking a refresher—are invited to gain foundational understanding of association financial performance, financial reporting, and financial governance. Participants should increase their confidence when navigating the financial “language” of Farm Credit, including key concepts related to credit quality, capital, and Generally Accepted Accounting Principles (GAAP). Each session is designed to last one hour and builds toward a clear, board‑focused understanding of effective financial oversight.

Thursday, May 21st – 11:00 am Mountain Time

Session 1 – Driving and Reporting Strong Financial Results

The series begins on Thursday, May 21 at 11:00 a.m. Mountain Time with a focus on driving and reporting strong financial results. Directors will explore the association business model, how performance is translated into board‑level financial and operating reports, and what to expect from external reporting. Key drivers of credit quality and capital—and the board’s role in overseeing results—will be emphasized.

Thursday, June 11th– 11:00 am Mountain Time

Session 2 – The Foundations of Good Financial Performance and Reporting

On Thursday, June 11, the second session examines the foundations of good financial performance and reporting, including internal controls and Internal Control over Financial Reporting (ICFR). Directors will gain insight into risk management, the COSO framework, fraud awareness, and the roles of internal and external audit.

Thursday, July 2nd – 11:00 am Mountain Time

Session 3 – The Audit Committee and Pulling it all Together

The series concludes on Thursday, July 2 with an integrated look at the audit committee’s responsibilities, regulatory compliance, FCA requirements, internal audit oversight, and the role of the financial expert.

Klawetter confirmed, “Although this is a three-part series and board members are encouraged to attend all sessions, participation does not need to occur in a specific sequence.”

Register now for the first session: Driving and Reporting Strong Financial Results