|
|
|
|
FROM YOUR BOARD OF DIRECTORS
|
|
|
|
Board
Meeting Summary
March 18, 2003
The meeting was called to order by
President Bonesteele at 7 pm with all members of the board present. The meeting
agenda and consent calendar were unanimously approved.
Board members Beach and Dyer reported on their
attendance at the National Rural Electric Cooperative Association (NRECA)
Directors Conference. Both reported receiving worthwhile information.
The Board reviewed the Salem Electric Vehicle
Purchasing Policy at the request of board member Beach; after some discussion
the consensus of the board was the policy is a good one and requires no
changes.
Administrative Services Manager, Jack Belleque,
called attention to the list of the top 50 vendors doing business with Salem
Electric. Belleque additionally reported that the auditors have completed their
field work and will present the annual audit report at the April board meeting.
Engineering and Operations Manager, Roger Kuhlman,
updated the board on the Last Mile Electric Co-op.
Member Services Manager, Terry Kelly, provided the
board with the most recent data on the status of the heating assistance
program, reporting that $140,000 of the $180,000 budget has been committed. The
program is budgeted through April 30, 2003, or until funds run out. Kelly said
the funds may be depleted before April 30.
General Manager, Bob Speckman, informed the board that
he has been asked by NRECA to serve on a National Diversity Task Force.
Speckman announced that the Bonneville Power Administration may be implementing
a 15% wholesale rate increase in the fall. This equates to about a 10% retail
increase. Members will receive updates on the increase in future issues of the Info
Bulletin.
Speckman said plans are moving ahead for the annual
membership meeting scheduled for May 13. Staff members representing the Member
Services, Accounting, and Engineering & Operations departments will make
presentations at the meeting.
Action Item: The board unanimously approved the
adjustments to the 2003 budget.
New Business: Director Horn gave an update on
activities of the Oregon Rural Electric Cooperative Association (ORECA) where
she serves as Salem Electric’s board representative. ORECA is planning next
year’s budget and adopting new guidelines for the statewide political action
committee.
Bonesteele reported on her participation with the
Mid-Willamette Valley Council of Government where she serves as a
representative of Salem Electric.
Board members reported on ORECA’s Legislative Day at the Capitol, and agreed
the legislative dinner was well received.
The
meeting adjourned at 8:35 pm.
Jeff Anderson
Secretary/Treasurer
|
|
TOP
|
|
 Did
you know that you own part of an electric utility? Well you do! Salem Electric
is a cooperative and because you get your electricity from Salem Electric you
are also a part owner of that cooperative. What does this mean to you? Well,
aside from better service, lower rates, and local control, it also means that
any profit, or in our case margin, that Salem Electric earns is assigned back
to its members in the form of capital credits. This money is invested back into
Salem Electric’s lines, poles, trans-formers, equipment, and things like that.
Capital credits belong to those who helped generate
the margin, and that would be you, the customers. So the Salem Electric board
votes once a year to return capital credits to the members. Currently capital
credits are kept and used for about 20 years. For example, capital credits
returned this past December were earned during 1981-82. So if you were a
customer of Salem Electric back then you probably received a check or credit
against your bill this past December.
That’s all well and good, but what happens when after
20 years Salem Electric can’t locate people who are no longer customers or who
may have passed away or left the area? State law says that we must make an
effort to find these people or give the unclaimed capital credits to the State
of Oregon. So, yearly, Salem Electric has published lists of unclaimed capital
credits in the Statesman Journal’s legal section in an effort to find
the rightful owners. In 2002 this advertising campaign cost $75,000.
This year Salem Electric staff negotiated with the Statesman
Journal and found a way to save about 60% of the cost of publishing
this information while at the same time getting the information out in a format
that will be easier to read. If you live in zip codes 97301, 97303 or 97304,
you should have seen a special insert in the Statesman Journal on March
25 and April 15. Inserts are also scheduled for May 13 and June 10 issues. This
insert contains about 6,700 names of people who have not claimed capital
credits for the years 1978 & 1979. Historically these publications have
resulted in about 20% of the unclaimed credits being returned. This process is
done to serve our customers as well as meet the requirements of state law.
Without this extensive advertising these unclaimed capital credits would have
to be turned over to the Division of State Lands.
So, even if you don’t think you have money held at
Salem Electric, you may want to contact our office and get a copy of this
insert to see if your name or the name of a family member or friend is on the
list. If it is, please call Salem Electric and let us know. We really want to
return this money to its rightful owners.
Paul Ennor
Director
The section shown here will be included in the Statesman Journal, May 13 and
June 10. You can also click on Unclaimed
Capital Retains to access the information.
|
|
TOP
|
| Board Reports
|
|
|