From the Boardroom – January 2021

by Dion Cooper, President & CEO

The Board of Directors held meetings on January 25 to conduct its regular monthly Board Meeting to discuss and review several agenda items. During the meetings, they approved the Minutes of the last Board meeting and accepted the reports of the Attorney, President and Vice Presidents.

Agenda Items Reviewed and Actions Taken

The Board authorized the Cooperative to renew its annual financial investment in Touchstone Energy.

The Board discussed the Annual Meeting of Members slated for March 27, 2021, and changed the Regular Board meeting date and time to coincide with the scheduled annual event. In addition, The Board appointed a nominating committee to place into nomination a candidate for the Polk County director position, subject to election at the Annual Meeting. Andy Youngblood was nominated for the position and

The Chairman was authorized and directed to sign RUS Form 266 as an acknowledgement and support of its guidelines, rules and laws governing the Rehabilitation Act of 1973 and the Age Discrimination Act of 1975.

The Board accepted AECI’s Distribution of Retained Earnings in the amount of $26,561.11.

The President reported that AECC’s Board of Directors approved a retirement of Patronage Capital and that the Cooperative’s portion of the retirement is $2,520,528.18. In addition, AECC allocated Patronage Capital for fiscal year ending October 31, 2020, and the Cooperative’s portion is $913,928.32.

The Board accepted the patronage credit allocation and payment from NISC that is expected to be approximately $3,600.

The President reported that as of mid-January, approximately $2.1 million of the Capital Credit checks issued by the Cooperative in December 2020 were cashed.

A contribution of $1,500 to Arkansans Independent Colleges and Universities, was authorized.

The President was selected to serve as the voting delegate for the 2021 Virtual NRTC Annual Meeting.

Vice Chairman Warren Plyler and Director Jamie Stevens were selected to serve as the 2021 Voting Delegate and Alternate Voting Delegate, respectively, for NRECA’s 2021 Virtual Annual Meeting (PowerXchange).

The Board reviewed and accepted changes made to the Cooperative’s Construction Policy.

The Board approved 80 new member applications making the total number of members to date 18,834.