Board Spotlight: Directors Accept 2022 Audit Report
A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, March 20, 2023, at the office of the Cooperative in Sikeston, Missouri. The meeting was called to order by President Richard Faulkner. The following Directors were present: Faulkner, Carl Eftink, Dennis Fowler, James Deneke, Keith Haynes, Tim Coppage, John Bledsoe, Myron Hawes, Von Priggel, Carla Moore, and Field LaPlant. Directors absent: Dicky Hanor. Also present were Sean Vanslyke, CEO/General Manager; Megan McCord, Attorney for the Cooperative; Allen Schulte, Auditor; and staff members Loyd Rice; Becky Ivester, Dannett Cooper, Amanda Burnett, Brad Milam, Ron Montgomery, Peggy Evans, Caleb Miller, Ryan Jarrett, Ben Campbell, Nathan Hull and new employees Seth Griffin and Bryan Freed. A prayer of invocation was offered by LaPlant.
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 February 20, 2023; new membership applications; membership cancellations; initial review of Policy 224 – Supplemental Compensation for Exempt Employees for Disaster Situations, and initial review of Policy 225 – Paid Time Off Policy for Non-Union Employees. Montgomery presented the monthly safety report and shared information on the monthly safety focus of tornadoes. Following his report, Montgomery left the meeting.
Department leaders presented strategic updates and answered questions from the board. Miller discussed his recent attendance at the Association of Missouri Electric Cooperatives’ (AMEC) Foreman’s Conference. Jarrett discussed the recent storm assistance SEMO linemen provided to Kentucky cooperatives. Following their presentations, Miller and Jarrett left the meeting.
Burnett reviewed the financial summary for year-end December 2022, and the months of January and February 2023 with revenue and expense analysis and budget comparisons. Compared to budget, year-to-date revenue is down 1.22%, expenses are up 9.45% and power costs are down 4.61%. On motion made, seconded, and passed, the Board accepted the financial report. Schulte presented the 2022 Audit Report. 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.” On motion made, seconded, and passed, the auditor’s report was accepted.
Eftink reported on business from the M&A Electric (Transmission) Power Cooperatives’ board meeting. Items of interest included: safety; finances; personnel; and reliability; and AECI update. Haynes reported on business from AMEC’s board meeting. Items of interest included: committee reports; finances; and personnel.
Under old business the Board: reviewed its schedule of meetings; affirmed Policy 222 – Supervisor’s Use of Cooperative Vehicle, and Policy 223 – Employee Travel. Under new business, the Board reviewed and discussed district updates. Burnett discussed the three required letters of credit totaling approximately $17 million dollars securing the Missouri Department of Economic Development broadband grants. After discussion, on motion made, seconded, and passed, the Board adopted the resolutions as presented.
The Board reviewed written staff reports. Campbell introduced new employees Griffin and Freed. The remaining staff members were excused from the meeting. Therefore, the Board entered into Executive Session to discuss personnel matters. There being no further business the meeting was adjourned at 5:06 p.m.
