Board Spotlight: Board, Auditor meet in Bloomfield

A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, March 16, 2020, at the office of the Cooperative in Bloomfield, Missouri. The meeting was called to order by President Rick Faulkner. The following Directors were present: Faulkner, John Bledsoe, Tim Coppage, Butch Dirnberger, Carl Eftink, Dennis Fowler, Myron Hawes, James Deneke, Carla Moore, Keith Haynes, Dicky Hanor and Hamil Corse. Also present were Sean Vanslyke, CEO/General Manager; Megan Ray, General Counsel; Allen Schulte, Auditor; and staff members Amanda Burnett and Marty Vineyard.

Faulkner 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 February 17, 2020, as amended; new membership applications; membership cancellations; initial review of Employee Policies 211 and 212. On motion made, seconded and passed, the actions required for each were approved by consent. Vanslyke presented the monthly safety report with the focus on burn prevention.

Burnett (top) reviewed the financial summary for the month of February with revenue and expense analysis and budget comparisons. For February, year-to-date electric operating revenue was down 1.34%, compared to budget, down 0.41% compared to 2019. Year-to-date operating expenses were down 7.08%, compared to budget, up 5.56% compared to 2019. Year-to-date cost of power was down 2.25% compared to budget, down 2.14% compared to 2019.

Schulte (middle) presented the results of the 2019 audit and announced an unqualified opinion of the auditor and gave financial highlights. He noted “no transactions entered into by the organization during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. We encountered no difficulties in dealing with management in performing and completing our audit.” On motion made, seconded and passed, the Board resolved to accept the audit of SEMO Electric and the SEMO Foundation.

Eftink reported his attendance to the meeting of M&A. Items of interest included: safety; reliability; and finances. Haynes reported that no AMEC meeting was held since the last Board meeting. Under old business the following items were discussed: schedule of meetings and confirmed registrations for attendance; employees and directors reported their attendance to various meetings over the past month; Employee Policy 208 was amended as presented and Employee Policy 209 was affirmed as presented. Under new business the following items were discussed: known issues in the Cooperative’s service area; Member Policy 401 was amended as presented; Vanslyke reviewed GoSEMO Operating Policy 315 with the Board.

Vanslyke provided a GoSEMO Fiber update. The Board reviewed written staff reports while department leaders were present to supplement their reports and to answer questions. Vineyard (bottom) answered questions about tree trimming and the possible need to increase the annual budget. The Board then entered into Executive Session. Following Executive Session, there being no further business to come before the Board, the meeting was adjourned.

Note: The meeting was held just before the ban on gatherings in groups of 10 or more people.