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CEO’S CORNER
Michael S. McWaters Executive V.P./CEO
There have been many occasions when I’ve thought businesses and other organizations could benefit from adopting values similar to the cooperative principles, perhaps none more so than our commitment to open communication. Keeping members informed isn’t just about being transparent; it’s about being answerable to the people we serve, too.
Our responsibility to our members is one of the many reasons I’m proud to work with an electric cooperative like SVEC. We aren’t accountable to distant shareholders; we answer to you alone.
That’s by design because as a cooperative, we know we wouldn’t exist without the people we serve. It’s also why we believe in the power of open communication as one of our guiding principles.
Open communication is why we want to use this month’s newsletter to share some important information about SVEC. Here, you will find our financial report for 2016, as well as some visuals that help demonstrate what it all means. You can also review the minutes from last year’s annual meeting as we prepare to come together again this year.
It’s a shame that we can’t rely on other organizations to be so open, but we believe you as our members deserve to be informed about the workings of your cooperative. I hope you’ll take a moment to review this snapshot of SVEC’s standing, and we look forward to seeing everyone at our annual meeting on April 22.
Current Assets
and Investments
or
December 31, December 31,
- General 7,152,229
Receivable (Less Allowance for Uncollectible of $18,932 in 2016 and $19,019 in 2015)
(Less Allowance for Uncollectible
EQUITIES AND LIABILITIES
STATEMENTS OF REVENUE AND PATRONAGE CAPITAL FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 SUWANNEE VALLEY ELECTRIC COOPERATIVE, INC. - LIVE OAK, FLORIDA
December 31, December 31,
December 31, December 31,
Electricity is a True Value
The electricity provided by your electric cooperative is one of today’s best values. It maintains a comfortable temperature in your home, stores and cooks your food, cleans your clothes and keeps you entertained at a very reasonable cost. In fact, with electricity from SVEC, you can power your whole day for less than the $6.99 price of a McDonald’s® Big Mac® Value Meal.
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MINUTES OF THE ANNUAL MEETING OF THE MEMBERS APRIL 23, 2016
The Annual Meeting of the Membership of Suwannee Valley Electric Cooperative, Inc. was held Saturday, April 23, 2016, at the Suwannee County Agricultural Coliseum, Live Oak, Florida. The meeting was called to order at 10:00 a.m. by President Hugh Hunter. Prior to the meeting being called to order, registration opened at 8:30 a.m. and members were entertained by the singing group The Mended Hearts Quartet, Lake City, Florida.
The invocation was given by Pastor Alex Fountain, who also led the Pledge of Allegiance.
Mr. Hugh Hunter, President of the Board of Trustees, welcomed and thanked all members present. Mr. Hunter then called on Mr. McWaters, Executive V.P./CEO, to introduce the guests and Trustees. Mr. McWaters thanked Pastor Fountain and introduced the guests and Trustees. Mr. McWaters then called on the 2015 Youth Tour participants, Ms. Lacey Swafford and Ms. Hailey Hall, to address the membership. Mr. McWaters then called on Mr. Putnal, Secretary of the Board of Trustees, to announce the quorum. Mr. Putnal announced that a quorum was present. Mr. Putnal moved to dispense with the reading of the Official Notice and the Minutes of the 2015 Meeting, since these were distributed in the March 2016 newsletter. Motion was seconded and carried to dispense with the reading of the minutes and notice. The Minutes were then approved as presented.
Mr. Putnal then introduced Mr. Tim Steichen, Treasurer, to present the Treasurer’s Report. Mr. Steichen presented a report to the members using data from the 2015 Annual Audit and Operating Report.
Mr. Steichen then called on Mr. McWaters to introduce the guest speaker. Mr. McWaters introduced Ms. Lisa Johnson, Seminole Electric Cooperative CEO. Mr. McWaters then gave the Manager’s Report and spoke about the safety of SVEC’s employees and what SVEC is doing to ensure employees are safe. Mr. McWaters then called upon Mr. Josh Crapps, Attorney for the Board, to conduct the business session of the meeting.
Mr. Crapps called for the election of Trustees. Mr. Putnal, Secretary of the Board of Trustees, reported that meetings were held at the District level for Districts 7, 8, and 9. Mr. Putnal placed in nomination those trustees nominated at the District Meetings: District 7, Mr. Hugh Hunter; District 8, Mr. Tim Steichen; District 9, Mr. Bill Hart. There was a motion and a second to elect Mr. Hunter, Mr. Steichen and Mr. Hart as members of the Board of Trustees by unanimous ballot because no other persons were nominated from their Districts. Motion carried, and Mr. Hunter, Mr. Steichen and Mr. Hart were duly elected to the Board.
Mr. Crapps then called for any old business to be brought before the membership. Hearing none, Mr. Crapps then called for any new business. Hearing none, Mr. Crapps concluded the business portion of the meeting.
The next order of business was the drawing for the prizes, conducted by Trustee Hugh Hunter and Mr. Tim Steichen with assistance by Suwannee Valley Electric employees.
There being no further business to come before the members, Trustee Hugh Hunter adjourned the meeting at 11:30 a.m.