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Docutools Skin CAPSTONE PROJECT REPORT GUIDELINES The Capstone is a culminating project that provides the opportunity to apply knowledge and demonstrate skills acquired during the program. Participants work with their leadership to identify finance-based projects that address current challenges and strategic goals. Projects are developed during and outside of class with guidance from CFPC staff. Successful completion of the Capstone Project Report, along with participation in the two week training program, is required to earn the Cooperative Financial Professional (CFPC) Certificate. STEP ONE: IDENTIFY CAPSTONE PROJECT TOPICS – BEFORE COMING TO MADISON Consult with your CEO, supervisor, and/or senior management to identify one or more business needs/critical issues/challenges that can be addressed through a finance-based project. Be prepared to briefly describe your project idea(s) when you introduce yourself in Madison. Don’t worry if the focus or scope of your project changes as you progress through the program. Keep in mind the role of finance: 1. Overseeing internal controls and procedures (accuracy and integrity of data); 2. Completing financial reports, analysis, and results; 3. Forecasting financial outcomes utilizing knowns and unknowns; and 4. Using the above to help the board and CEO to fulfill their oversight role, provide: • Leadership with the info needed to effectively make and communicate results and recommendations. • The Board with a clear, comprehensive, relevant financial snapshot of the coop. STEP TWO: COMPLETE THE WORKING TEMPLATE – WHILE IN MADISON Work on completing the Project Template (Appendix C) while in Madison. While we don’t require you to submit this, we strongly encourage you to use this as a tool to focus and think through the rationale, objective and scope of the project. This template is also useful when having discussions with SME onsite or with key stakeholders back at your cooperative. Communicate with your CEO or supervisor while in Madison to clarify the key elements in the Template and ensure continued support for the project. STEP THREE: CAPSTONE DEVELOPMENT & IMPLEMENTATION – THROUGHOUT THE PROGRAM Between sessions, begin to utilize the concepts and tools taught in the program. Continue to get guidance and answers from the CFPC facilitators and your fellow participants. Be prepared to give an update on your progress at the start of Session 2 in Dulles. 1 | 7.17.18 STEP FOUR: SUBMIT CAPSTONE PROJECT REPORT – 90 DAYS AFTER PROGRAM ENDS Before you turn it in your Capstone Project: Document is Well-Constructed Grammatical and spelling errors Headers and labels Use of graphs, chart, tables Document Includes Key Elements (Appendix B) Cover Executive Summary Introduction and Overview Overview of Methodology Conclusions and Recommendations Other Is information, tone, etc. appropriate for your target audience? The intended audience for the project is typically the CEO and senior management and sometimes the Board. Does your executive summary include all the key elements and follow the same order as the complete document? Does the goal or problem statement clearly indicate that action should be taken? Is the list of potential solutions adequate? Is the project description detailed enough? Are the data and calculations correct? Did you source reports and analysis completed by someone else? Do you have enough supporting data in analysis? Did you create an Appendix for spreadsheets, source material, lengthy analysis results and other products (PPT presentations, communication messages, etc.)? Did someone else review document with a critical eye? 2 | 7.17.18 Appendix A – Example Business Needs and Analysis/Activities, COMMON BUSINESS NEEDS: • An acquisition or replacement • A construction project • An investment in new capabilities or capacity • A change in organization, operations, or product offerings • A move into a new market EXAMPLE ACTIVITIES (CAN SELECT MORE THAN ONE) Environmental Scan Conduct an Environmental Scan a to determine internal and external factors Financial Trend Analysis Use KRTA ToolPak to assess the current financial state of cooperative Identify your cooperative’s top 10 KRTAs; Conduct and interpret KRTA and trend analysis Conduct a sensitivity/variance analysis Financial Forecasting Develop appropriate assumptions to build a base case scenario Interpret results of a base case financial forecast; Use results to determine need for/size of financial requirements Apply results to influence your cooperative’s strategic direction Equity/Debt Management Conduct a debt portfolio analysis; Calculate the sustainable growth rate using the three-legged stool formula; determine the "right" equity range Determine the impact of the CIAC on the cooperatives equity position Develop equity vision to be shared and developed with BOD assistance Apply strategies for managing interest rate risk that reflect the Board’s willingness and ability to accept risk Recommend the "right" mix of variable and fixed rate loans Calculate the impact of interest expense exposure and TIER; Calculate the impact of a Forward Rate Lock Capital Budgeting/Managing Your Working Capital and Liquidity Assess liquidity and risk needs when making investment decisions; describe effective use of line of credit Identify improvements to capital investment decisions Calculate and analyze payback, NPV, IRR, and Profitability Index for proposed projects; Calculate WACC Identify relevant cash flows Address issues such as special retirements, permanent equity and unclaimed capital Assess risk inherent in your capital budgeting decisions Recommend business decision based on analysis; Prepare a plant investment decision based on financial info Distinguish key characteristics of purchase versus lease options; conduct a lease vs purchase analysis Continued on next page 3 | 7.17.18 Appendix A – Example Business Needs and Analysis/Activities, Continued Capital Credit Allocation and Retirement Evaluate cooperative’s capital credit allocation and retirement methods and practices Consider special retirements, permanent equity and unclaimed capital Ensure your cooperative follows good capital credit practices and complies with laws The Energy Services Utility – DER/Power Supply/Broadband What technologies should the cooperative invest in? Impact and benefits of moving to a community solar model? What type/which options? Impact of G&T. Rate Design Perform rate design; develop rate policy statements that guide the rate decision making process Conduct/explain a cost of service study Assess how construction impacts rate design and reduces risk; perform revenue requirement calculations Link financial forecasting to the determination of revenue requirements Financial Policy Draft new or analyze existing board financial policy Take action to ensure implementation and oversight of the policy Establish target financial ranges Financial Leadership Present recommendations/analysis to decision makers Review and enhance Board Packet Lead cross-department meeting/collaboration . 4 | 7.17.18 Appendix B – Key Elements of the Capstone Report COVER TITLE: Identifies the business need or • Proposed . Upgrades proposed action and general nature of • Cost/Benefit Study of . .; Feasibility Study of . the analysis. • Business Impact Study of . SUBTITLE Adds additional detail, clarity or • Total Cost of Ownership Analysis interest. • Projections for fiscal years 2020–2025 • 2019 upgrade proposal for . • 5 yr projections based on historical data from 2017 AUTHOR, DATE “From,” “Prepared by,” “Submitted by.” SECTION: EXECUTIVE SUMMARY Summarize the issue to be addressed or decision to be made, the major considerations, the resources required to complete the project, the desired outcome, and results and recommendations. SECTION: INTRODUCTION AND OVERVIEW What is this project about? Describe the setting, analysis of the situation, and establishes expectations. GOAL /PURPOSE States and builds on the business need • Upgrading system . and describes what the case will be used • Install community solar . for. Identifies the issues to address, such • Help decide the timing of a planned action as inefficiencies, missed opportunities, • Help choose between proposed capital acquisitions poor performance, or member feedback, • Support next year’s budget planning member demand for a new product or • Support a specific budget request service. • Help choose financing methods or vendor OBJECTIVES Objectives can be business, financial, • To increase the capacity of . .;improve access to . functional, or operational. Objectives • To improve customer service; responsiveness have a quantifiable value. • To meet growth or equity targets • To increase productivity; solve quality problems • To reduce costs; increase margins • To improve customer service; market share • To be recognized as a provider of . technology • To improve employee morale • To establish strategic alliances ANALYSIS OF . Describe how the situation came about. • Regulatory, political, demographic changes CURRENT . Conduct an internal/external scan to • Business plans, budgets, special projects SITUATION identify other business considerations. • Previous business results; important historical info . Predict what might happen if the current • New, transitioning leadership situation continues. • Other important and related management plans KEY List or note any relevant assumptions • 20% of new equipment will purchased, and the ASSUMPTIONS and risks. Consider sketching a brief remaining through capital
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