The Board met in executive session with Aldrich CPAs & Advisors LLP to discuss the upcoming yearly audit.
The Board discussed an amendment to Bylaw 4.4(a) – Nomination and Election of Directors and recognized that the existing candidate submission deadline of 30 days prior to the annual meeting does not provide adequate time for staff to verify, process, print, and provide the candidate information to the membership prior to the annual meeting. Additional discussions will take place to resolve the timing issue.
The Board voted to remove the Contested Election Candidate Mailing section from the Elections policy and voted to forfeit unclaimed capital credits totaling $295,000 to the co-op. The credits became payable in 2017 from the years 2001 and 2002, and despite notice of availability were unclaimed.
The Board also approved a nominal increase to the director remuneration and fees, and adjusted Salem Electric's member assistance program end date to September 30. Eligible members seeking assistance after September 30 can be assisted with Round Up Program funds.
General Manager's Report
Tony Schacher covered the updates on the facilities project and the contractor expects to present designs to the Board at its February meeting. Like most other organizations, Salem Electric is experiencing supply chain problems, and some items ordered nearly a year ago have still not arrived.