CENTRAL RURAL ELECTRIC COOPERATIVE
BOARD MEETING SUMMARY
May 10, 2010
The May Regular Meeting of the CREC Board of Trustees was convened immediately after the Annual Meeting, and continued until May 10, 2010. The meeting was attended by all nine Trustees, CREC staff and CREC’s attorney.
DEPARTMENT REPORTS
The following reports were provided and reviewed by the Trustees as a part of the consent agenda: Connected and Disconnected services, Operations Report, Engineering Report and Corporate Development Report.
ANNUAL MEETING
The Board thoroughly discussed the recent Annual Meeting and what should be done to enhance next year’s Annual Meeting.
CEO SESSION
Mr. Swank reviewed the following with the Board of Trustees:
• Study Series 4 – Quality Pillar - Asset Management Redefined
• Quarterly Strategic Plan Review
• Load Forecast Review
• SES Business Charter
• Oil Loads (Eagle and New Dominion)
• Construction Work Plan
• City of Edmond
• Board Communications
• RUS Loan
• Financial Forecast
• Balance Scorecard
• Key Ratios and Trends
SAFETY POLICY 207
Safety Policy 207 was reviewed and amended in keeping with CREC’s increasing safe work place standards.
POLICY 401 PUBLIC ELECTRICAL SAFETY REVIEW
The Board of Trustees reviewed Policy 401 Public Electric Safety.
AUDIT APPROVAL
The entire board attended the auditor review meeting with Warren Grigsby, auditor. Mr. Grigsby reported that CREC has the strongest internal controls of any cooperative that he audits. He reviewed the audit letters with the Board of Trustees. Mr. Grigsby stated that CREC’s balance sheet is very solid and healthy. He noted that CREC does a good job of controlling controllable cost.
APPOINTMENT OF FOUNDATION DIRECTORS
District Five, Six and Eight CREC Foundation directors were reappointed to serve on the CREC Foundation board.
ELECTION OF OFFICERS
The election of officers was conducted by the attorney, Mr. Myers. Mr. Tontz was elected to the office of president, Mrs. Ethridge was elected to the office of vice president, and Mr. Williams was elected to the office of secretary/treasurer.
OAEC REPORT
Mr. McCune reviewed the OAEC Report and the recent Legislative Conference he attended in Washington D. C. He reported there were 30 Oklahoma delegates in attendance, and they were able to meet with all Oklahoma legislative offices. The highest topic was the RUS loan program. Our legislators are educating Washington of the value the program has and the revenue it brings.
KAMO REPORT
Mr. Nettles presented the KAMO Report including a PowerPoint on retirements of KAMO patronage capital, historical equity and current construction projects.
LEGAL REPORT
Mr. Myers presented the legal report, including that he is working with NRECA to determine the regulations pertaining to CREC.