|
|
|
|
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 |
|