Board Meeting Summary December 14, 2022

December 14, 2022

Board Information

The Board met in executive session with Aldrich CPAs & Advisors LLP to discuss the upcoming annual audit. In regular session, the Board approved the following action items:

Forfeiture of Unclaimed Capital Credits: 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.

Loan Acquisition: The Board authorized a $20 million project-financing loan from Cooperative Finance Corporation. Board approval is required for each future withdrawal of funds from the loan.

Pre-Pay Billing Option: Beginning in the first quarter of 2023, a pilot study comprised of about 20 Salem Electric members will test a pre-pay billing option. The pilot study will allow more thorough vetting of the program, facilitate internal training, and assist with developing effective member facing communication.

Member Assistance Year-End Report

In 2022 Salem Electric provided $199,850 in bill credits to 1,142 members who qualified for assistance with their electricity bills.