From the Boardroom – October 2022

by Kecia Wolf, President & CEO

The Board of Directors held meetings on October 31 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. In addition, Southwest Arkansas Telecommunication & Technology also held a regular Board Meeting.

SWAECC

CFC’s Regional Vice President attended the meeting and presented the Key Ratio Trend Analysis (KRTA) from CFC that provides measurements of the Cooperative’s financial and operational health.

Cooperative Response Center (CRC) allocated capital credit to its membership and approved a patronage refund. The Cooperative’s retirement payment is $301 in addition to a cash payment of $1,506 from unpaid allocations.

The Board unanimously authorized the Cooperative to continue to fund the ERC Loan Program with internally generated capital or loan funds from the RUS Rural Energy Saving Program (RESP).

The Board of Directors authorized the renewal of the group benefits plan for post-65 retirees through AmWins.

The President reported that the NRECA PowerXchange Annual Meeting is scheduled for March 5-8, 2023, in Nashville, Tennessee.

The Board authorized the Cooperative to terminate the Executive Benefit Restoration Plan.

Updates were approved to the Cooperative’s Drug and Alcohol-free Workplace policy to clarify the Cooperative’s policy and procedure regarding CBD oil.

The Chairman was selected to serve as the voting delegate on behalf of the Cooperative during the 2022 Touchstone Energy Annual Electronic Business Meeting and Board of Directors elections scheduled for December.

The Board accepted the IRS Form 990 prepared by the certified public accounting firm of FORVIS and authorized the President to execute any and all forms associated with the filing.

Changes to the Primary Construction Change Order for the De Queen Substation were approved.

A donation in the amount of $2,000 was authorized for the Taylor Sports Complex in Taylor, Arkansas.

Updates prepared by Winston Tan of Intandem, LLC to the Wage and Salary Schedule for nonunion employees were approved.

121 new member applications were approved making a total of 18,863 members to date.

Kecia Wolf was appointed as the new President and CEO of the Cooperative and Four States Fiber effective December 1, 2022.

SWATT

The President presented updates including future fiber installation, current pre-registrations for service and on general funding and grants.