Shareholders and Regulatory Reporting
AgFirst assists Associations with the completion of quarterly and annual reporting requirements, including shareholders’ reports, Call Reports, internal controls certification and reporting, and detailed loan data reporting required by regulators. Technical guidance on the implementation of accounting and regulatory requirements is also provided.
The shareholders’ reporting process is managed through an extensive, collaborative SharePoint site for each Association. This allows for files to be shared by the Association and the AgFirst financial reporting staff, which facilitates efficient input, review and approval at each step along the way. In addition, files are archived on the SharePoint site to allow for future reference. An accounting guidance library maintained by AgFirst is also provided to Associations via SharePoint. Meetings are conducted with Associations on a quarterly basis (and more frequently as warranted) either via video or live conference to discuss accounting and reporting updates.
A shareholders’ report draft containing rolled forward prior period data and updates for new disclosure requirements is provided to each Association to begin the quarterly and annual report process. AgFirst completes Association core financial statements, including the balance sheet, income statement, statement of comprehensive income, statement of changes in shareholders’ equity, and cash flow statement, and provides them to Associations for review and approval. In addition, supporting footnote documentation files, including loan, employee benefits and fair value information, are provided on SharePoint for Association review and approval. Once approved, AgFirst utilizes this documentation to populate footnote information in the shareholders’ report and performs a complete review, including reconciliation, cross-referencing and footing. This allows Associations more time to focus on the management discussion and analysis section of the report. AgFirst provides final formatted reports, ensures that Association shareholders’ reports are posted to websites in accordance with FCA regulations, and on an annual basis provides the reports to the outside printer. AgFirst provides graphic design and creative writing services to assist Associations in producing a visually impressive annual report that highlights current topics of interest unique to each Association.
AgFirst assists with annual external audits of Associations by centrally providing standard Association general ledger and loan system reports to PricewaterhouseCoopers (PwC), as well as coordinating timetables, report changes and final report approval. AgFirst also coordinates required internal controls reporting and certification and provides common guidance to Associations regarding the management of internal controls systems, including implementation, standardization, documentation and testing.
Automated reports, which populate approximately 80% of Association quarterly Call Reports, are available to Associations on demand. These reports are maintained and updated by AgFirst as Call Report requirements change. Automated reports, which provide the basis for calculating regulatory capital ratios, are also available on demand and are updated and maintained by AgFirst.
AgFirst provides centralized back office processing of required detailed loan data reporting to FCA on a quarterly basis. The supplied data highly leverages our Enterprise Data Warehouse, using District standardized definitions. Each quarter, Associations are provided:
- A pre-quarter-end report two weeks prior to quarter end for data validation.
- A pre-certification report by the fifth business day following quarter end.
- The ability to request corrections and adjustments.
- A final certification report by the 18th business day following quarter end.
- Electronic signature workflow for report certification.
- Archived reports and data upon request.
AgFirst provides the data extract in Microsoft Excel format, allowing Associations the ability to query and validate data in a standard, user-friendly tool. In addition, AgFirst provides a summary report that balances to Call Report equivalent schedules and data quality reports to identify missing data in key fields.
The AgFirst District has established a Data Stewards Workgroup, which consists of a representative from each Association. This workgroup meets quarterly to discuss process changes and enhancements, discuss data quality improvements, share best practices, and build relationships across the District in order to find opportunities to gain efficiencies in the reporting of required detailed loan data to FCA.