CENTRAL RURAL ELECTRIC COOPERATIVE
Summary of April 7, 2011 Board Meeting
The Regular Meeting of the CREC Board of Trustees was held April 7, 2011.
DEPARTMENT REPORTS
The following reports were provided pursuant to the consent agenda, reviewed by the Board of Trustees and the receipt of the report was acknowledged:
• Connect and Disconnect
• Engineering and Operations
• Corporate Development
• Safety
• Finance
CEO REPORT
David Swank reviewed:
• Finance Pillar Study
• Balanced Scorecard
• District Election Results
• SES Initiatives Update
• Oil Load
DISTRICT ELECTION RESULTS
District 1: A quorum was not present; pursuant to the bylaws, Gary McCune remains District 1 trustee.
District 7: A quorum was not present and no business could be conducted. The incumbent trustee did not apply for the position. Pursuant to the bylaws the Board of Trustees will appoint a trustee for the district.
District 9: No opponent ran against the current trustee, R.A. Stults, therefore there was no election. An Aware meeting was held.
MEMBER SERVICES DELINQUENT PROCESS
The processes and procedures relating to the collection of delinquent accounts were reviewed.
LINE CONSTRUCTION CONTRACT APPROVAL
Contracts for overhead and underground line construction were approved.
CREC FOUNDATION ANNUAL REVIEW
Leon Caldwell, Joyce Walton, Jack Pritchard and Ed Ford represented the CREC Foundation in providing the CREC Foundation Annual Report. Leon Caldwell presented the process for screening and providing grants, Jack Pritchard shared the cohesiveness of the Foundation Board and Ed Ford shared the importance that the funds go to the right place and are used for the right things.
Joyce Walton shared the CREC Foundation financial report:
• 2010 Total Operation Round Up Funds Collected: $74,775.57 (Decrease of $2,561.55 from 2009)
• 2010 Total Operation Round Up Grants Awarded: $61,377.58
• Disaster Relief Fund as of 12/31/2010: $33,297.03
o Ten percent of the monthly Operation Round Up funds collected are set aside in the Disaster Relief fund. This fund is for a widespread disaster that affects several members, much like the December 2007 ice storm. At that time, $25,100 was given to the area and it depleted Operation Round Up Funds.
• In 2010, 72 applications were received and 49 were approved. Of the 49 approved applications, 39 were for organizations and 10 were for individuals.
• As of December 31, 2010, $330,694.69 in grant money has been awarded through Operation Round Up since its inception in 2006.
• As of December 31, 2010, 65 percent of CREC members were Operation Round Up participants, 30 percent were non-participants and five percent were Pre-pay participants.
o 2010 distribution of Operation Round Up Funds by community:
Arcadia $2,000
Chandler $2,100
Coyle $4,400
Crescent $500
CREC Service Area $1,000
Glencoe $3,000
Guthrie $9,189.85
Luther $2,113.75
Morrison $1,000
Mulhall $400
Mulhall-Orlando $1,985
Payne County $750
Perkins $320
Perkins-Tryon $499.98
Ripley $3,400
Stillwater $14,000 ($10,000 for the Leadership Summit)
Stroud $5,000
Tryon $4,000
KAMO REPORT
Raymond Nettles presented the March KAMO Report to the Board of Trustees including:
• KAMO Financial Report
• Power deliveries
• K-Powernet net margins
• Cooper Theft
• AECI reported regulation costs
• Hydro power