Board Spotlight: Capital Credits Approved: $800,000 Will Be Mailed to Members in October
A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, July 19, 2021, at the offices of the Cooperative in Sikeston, Missouri. The meeting was called to order at 1:00 p.m. by President Richard Faulkner.
The following Directors were present: Faulkner, Butch Dirnberger, Carl Eftink, Dennis Fowler, Myron Hawes, James Deneke, Carla Moore, Keith Haynes, Dicky Hanor, Tim Coppage, John Bledsoe, and Hamil Corse. Directors absent: none. Also, present were Sean Vanslyke, CEO/General Manager; Megan Ray, General Counsel, and staff members Loyd Rice, Becky Ivester, Angie Byford, Amanda Burnett, Chris Freed, Dannett Cooper, Brad Milam, Marty Vineyard, and Ron Montgomery.
A prayer of invocation was offered by Coppage. The chair asked for approval of the agenda. On motion made, seconded and passed, the agenda was approved as presented. The Board considered its consent agenda consisting of: the minutes of the regular meeting of June 21, 2021; new membership applications; membership cancellations; initial review of Policy 402, Memberships; and initial review of Policy 403, Line Extension to Permanent Service. On motion made, seconded and passed, the actions required for each were approved by consent.
Montgomery presented the monthly safety report. He provided information on the monthly safety focus which is on tick bites. In the United States, ticks are responsible for more human disease than any other insect. Tick-borne diseases are also known as zoonotic diseases. A zoonotic disease is an infectious disease that can be transmitted between animals and humans. Ticks are very effective transmitters of disease because most ticks take blood from a large variety of small and large mammals, reptiles and even birds. Following the safety report, Montgomery left the meeting. Burnett reviewed the financial summary for June 2021 with revenue and expense analysis and budget comparisons. Compared to budget, year-to-date expenses are up 7.01%, electric operating revenue is up 2.78% and power costs are up 3.59%. On motion made, seconded, and passed, the Board accepted the Financial Report.
Under old business the Board: reviewed its schedule of meetings and confirmed registrations for attendance; discussed items of interest from the recent AMEC Director’s Conference; Policy 314, FEMA Contract Procurement, was amended as presented; and Policy 401, Member Services Rebates, was amended as presented. Under new business the Board: provided district updates; Vanslyke informed the Board of a conflict with the October board meeting date. After discussion, on motion made, seconded, and passed, the Board resolved to hold the October Board meeting at 1 p.m. on Friday, October 15, 2021; the Board resolved to authorize the distribution of capital credit retirements in the amount of $800,000 as recommended by management. Checks will be mailed the first two weeks of October to member-owners’ 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. As of 2020, SEMO Electric has returned a total of $15,988,486 in capital credits to member-owners.
The Board reviewed written staff reports and department leaders were present to supplement their reports and to answer questions. Thereafter, the Board entered into Executive Session to discuss legal and personnel matters. There being no further business to come before the Board, on motion made, seconded and passed, the meeting was adjourned.
