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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.
The Board approved the proposed 2023 budget as presented.
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 auditor’s report showed that the Board could confidently rely on the financial statements as presented.
The National Rural Electric Cooperative Association set up a portal for electric cooperatives to track infrastructure projects that could potentially benefit cooperatives.
Adjustments to the 2022 budget were approved as presented.
Staff presented the 2021 year-end report.