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The 2022 audit report was accepted as presented. The auditors issued a clean, unmodified opinion; the best opinion that an entity can earn.
Directors reported on the 2023 National Rural Electric Cooperative Association (NRECA) PowerXchange conference and annual meeting.
Adjustments to the 2023 budget were approved as presented.
The Board approved proposed updates to Salem Electric's Bylaws that will be voted on by the membership in the spring.
Unclaimed capital credits, totaling over $302,000 as of December 6, were scheduled to be forfeited to the cooperative. The credits became payable in 2018 from the years 2002 and 2003, and despite notice of availability were unclaimed.
Salem Electric expects to receive $2.5 million through a BPA Reserve Distribution Clause and the additional revenue has been included in the 2023 proposed budget.
The Board authorized the refund of 5% of all outstanding allocated margins, totaling $2,166,260 from 2007, to be returned to members as capital credits.
Guest speaker Isaac McDonald gave a presentation on his experience representing Salem Electric as our 2022 National Rural Electric Cooperative Youth Tour delegate.
Due to inflation and material cost escalations, Salem Electric will be recommending that facilities projects and updates be implemented in phases.
The Board approved Salem Electric's Wildfire Mitigation Plan and welcomed new board member Tim Klarr.
The National Rural Electric Cooperative Association set up a portal for electric cooperatives to track infrastructure projects that could potentially benefit cooperatives.
