From the Boardroom – September 2021

by Dion Cooper, President & CEO

The Board of Directors held meetings on September 27 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 Agenda Items Reviewed and Actions Taken

Southwest Arkansas Electric Cooperative’s portion of CFC’s patronage capital retirement allocation and payment was $83,786.98.

The Board authorized the Cooperative to declare payable $5 million that includes portions of 1988, 1989 and 2020 allocated capital credits.

The President reported that the Cooperative received a payment of capital credits from AECI in the amount of $46,447.60 for allocations made in 2020, 1998 and 1999 and that AECI will pay $14.4 million in ERMCO common stock dividends divided equally between the distribution cooperatives. SWAECC’s share equals $504,007.

The Board reviewed and approved the Cooperatives 2021 Power Requirements Study Annual Update as prepared by Arkansas Electric Cooperative Corporation.

The President was selected to serve as the Voting Delegate for the Cooperative at the 2021 Touchstone energy Annual Electronic Business Meeting and Board of Directors elections scheduled for December.

The Board approved the new DOT Drug Testing Policy and made it a part of the Cooperative’s official Personnel Policy.

The Board authorized a contract between Service Electric Company and the Cooperative for Primary Construction at the De Queen and Lockesburg South Substations.

The Board reviewed the Cooperative’s IRS Form 990 prepared by Baird, Kurtz & Dobson and authorized the President to execute all documents.

Director Tommy Isbell was selected as the voting Delegate and Director Jim Alford was selected as the alternate voting delegate for the CFC Region 8 meeting in Dallas, Texas.

The Board approved 99 new member applications making the total number of members to date 18,751.

SWATT Agenda Items Reviewed and Actions Taken

The President presented several updates including future fiber installation, current pre-registrations for service, RDOF and the Arkansas Broadband Summit.