Board Spotlight: Board Approves $1.5 Million in Power Perks
A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, July 17, 2023, at the office of the Cooperative in Sikeston, Missouri. The meeting was called to order at 12:45 p.m. by President Richard Faulkner. The following directors were present: Faulkner, Carl Eftink, Dennis Fowler, James Deneke, Tim Coppage, John Bledsoe, Dicky Hanor, Myron Hawes, Field LaPlant and Carla Moore. Directors absent: Keith Haynes and Von Priggel. Also present were Sean Vanslyke, CEO/General Manager; Joshua Friel, Attorney for the Cooperative; and staff members Angie Byford, Loyd Rice, Becky Ivester, Chas Kersey, Jared Kelley, Amanda Burnett, Ben Campbell, Brad Milam, Robert Cayton, Bruce Mathis, and Ron Montgomery. A prayer of invocation was offered by Bledsoe.
The chair asked for approval of the agenda. On motion made, seconded and passed, the agenda was approved. The Board considered its consent agenda consisting of: the minutes of the regular meeting of June 16, 2023; the minutes of new membership applications; membership cancellations; initial review of Policy 232– Educational Assistance Program, and initial review of Policy 233 – Employee Business Ethics. Montgomery presented the monthly safety report and shared information on the monthly safety focus about heat related illnesses. Department leaders presented strategic updates and answered questions from the Board. New staff members Cayton and Mathis were introduced to the Board.
Burnett reviewed the financial summary for the month of June 2023 with revenue and expense analysis and budget comparisons. Compared to the budget, year-to-date revenue is down 0.46%, expenses are up 8.74%, and power costs are up 4.39%. On motion made, seconded, and passed, the Board accepted the financial report. Eftink reported no M&A Electric (Transmission) Power Cooperative meeting had been held since the previous Board meeting. Vanslyke reported on business from the Association of Missouri Electric Cooperatives’ (AMEC) board meeting. Items of interest included the upcoming annual meeting.
Under old business, the Board reviewed its schedule of meetings; approved Policy 230 – Employee Identification Badge Policy, and Policy 231 –Manager Compensation from Other Sources; adopted Policy 424 – RUS Rural Economic Development Loan & Grant Program (REDLG); and appointed Diane Civic of Charleston, representing Mississippi County, as a new board member for the SEMO Electric Foundation, Inc.
Under new business, the Board reviewed and discussed district updates; resolved to appoint Haynes as voting delegate for Missouri’s NRECA Director election, and Burnett presented options to retire capital credits. The Board approved the return of $1.5 million to members as part of the Cooperative's capital rotation process. This year's credits or "Power Perks" include 100% of 1986 capital credits and 15% of 2022 capital credits. Members should watch their mailbox in October as "Power Perks" checks will be mailed to members’ most current address listed on the Cooperative’s records. If the amount is $10 or less, the amount will be carried over to the following year. The Board reviewed written staff reports and then entered into Executive Session to discuss legal and personnel matters. The remaining staff members were excused from the meeting. There being no further business the meeting was adjourned at 5:23 p.m.
