The following items were approved by the Board of Directors.
2024 Budget: The Board approved the proposed 2024 Budget as presented.
Retirement Plan Provider: A resolution was passed to move Salem Electric’s 401(k) Deferred Profit-Sharing Plan from a single-employer plan to the National Rural Electric Cooperative Association’s multiple employer plan.
Finance & Rates Committee: Effective January 1, 2024, the Rate Committee will be expanded and renamed Finance & Rates Committee. It will review and recommend policy on the fiscal operations of Salem Electric, advise the Board on any need to review and act on revenue requirements for the operation of the cooperative, and every three years will review the auditor engagement agreement.
Checks Written Report: The Board approved the Policy Committee’s recommendation to adjust the level of reported individual monthly expenditures to $1,000 or more.
Loan Signing Authority: The Board approved the Policy Committee’s recommendation to revise the purpose statement and clarify the requirements of the Board’s Borrowing policy and rename it Loan Signing Authority.
General Manager's Report
Tony Schacher reported that progress is being made on the permitting process for the proposed east side property, and director election packets for the May 7, 2024, election will be available to interested members Monday, December 4.