Board Spotlight: Auditor Delivers Positive Report to Board
A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, March 18, 2024, at the office of the Cooperative in Sikeston, Missouri. The meeting was called to order at 1:00 p.m. by President Rick Faulkner. The following Directors were present: Richard Faulkner, James Deneke, Carl Eftink, John Bledsoe, Myron Hawes, Tim Coppage, Field LaPlant, Carla Moore, Dennis Fowler, Dicky Hanor, Keith Haynes and Von Priggel. Directors absent: none. Also present were Sean Vanslyke, CEO/General Manager; Megan McCord, Attorney for the Cooperative; Allen Schulte, Auditor; and staff members Angie Byford, Jared Kelley, Chris Freed, Becky Ivester, Loyd Rice, Brad Milam, Ron Montgomery and Kristin Burton. A prayer of invocation was offered by Eftink.
The chair asked for approval of the agenda. On motion made, and passed, the agenda was approved. The Board considered its consent agenda consisting of: the minutes of the regular meeting of February 19, 2024; the minutes of new membership applications; membership cancellations; initial review of Policy 402 – Memberships, and initial review of Policy 403 – Line Extension to New Permanent Services. Montgomery presented the monthly safety report and shared information on the monthly safety focus about workplace safety. A safe work environment is essential for both employees and employers alike. It is the right of all employees to have safety in the workplace. Workplace safety is essential regardless of the size of a company. All companies, big or small, need to incorporate safety in their workplaces. Well-implemented safety measures keep employees safe and also protect industrial equipment. It is the responsibility and duty of employers to protect their employees and keep them safe.
Members Don & Connie Reimann and Jeff Limbaugh entered the meeting. Jeff Limbaugh described his efforts to convert abandoned poultry houses into greenhouses for tomatoes. Connie Reimann described an appliance problem she recently had at her home. Following the members’ presentations, they left the meeting and the Board discussed the respective situations.
Schulte reviewed the Cooperative’s 2023 audit report with the Board. After discussion, upon motion made, seconded, and passed, the Board resolved to accept the 2023 audit. He said, “all significant transactions have been recognized in the financial statements in the proper period” and “we encountered no difficulties in dealing with management in performing and completing our audit.” Following his presentation, Mr. Schulte left the meeting.
Under old business, the Board reviewed its schedule of meetings and confirmed registrations for attendance; approved Policy 314 – FEMA Contract Procurement, and initial review ofPolicy 401 – Member Services Rebate. Under new business, the Board reviewed and discussed district updates; Vanslyke reviewed the timeline for the 2024 annual meeting and advised of the need for candidate bios and photos. Vanslyke also updated the Board on the purchase of property in the South Industrial Park and led a discussion on highlights of the initial Board committee meetings.
Burton reviewed the financial summary for the month of February 2024 with revenue and expense analysis and budget comparisons. Compared to the budget, year-to-date revenue is down 3.96%, expenses are down 7.05%, and power costs are down 0.10%. On motion made, seconded, and passed, the Board accepted the financial report.
Eftink reported on the M&A Electric (Transmission) Power Cooperative meeting. Items of interest included: audit, construction, and reliability. Haynes reported on business from the Association of Missouri Electric Cooperatives’ (AMEC) meeting. Items of interest included: staff updates, committee updates and Rural Missouri update.
The Board 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 6:18 p.m.
