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Statement of Operations Year ending June 30 2014


Revenue Total Electric Revenue


Non-Operating & Interest Revenue Total


Expenses Purchased Power


Operation & Maintenance Expense Consumer Accounts


Customer Service & Information Administrative & General Depreciation Taxes


Interest-Long Term Debt Total


G&T Capital Credits


Other Patronage Capital Credits Margins & Patronage Capital


43,134,874 4,441,092 1,402,681 290,724 1,501,395 3,069,896 1,191,595 2,206,071 57,238,328


1,351,248 144,272


$3,733,765


50,260,394 4,827,223 1,412,007 372,067 1,743,225 3,143,711 1,314,649 2,216,826 65,290,102


2,184,708 170,046


$4,084,672 Total Robert Schoenecke Secretary-Treasurer $98,070,919


In compliance with the By-laws of Canadian Valley Electric Cooperative, Inc., the financial records were audited by the independent certified firm of Finley & Cook, PLLC, Certified Public Accountants, Shawnee, for the year ending June 30, 2014. Your Board of Trustees closely monitors the income and expenses of your cooperative, paying close attention to the level of margins and equity reflected by financial statements. I herby submit the Statement of Operations and Balance Sheet for the fiscal year of July 1, 2013 to June 30, 2014.


President's Message Continued from page 2.


this point. We are confident, assum- ing everything remains positive, that the decisions to take the question to members for their decision will happen during 2015. If possible, we will not wait until the 2015 Annual Meeting. If the issue can be consid- ered sooner, both cooperatives may call special membership meetings for the express purpose of deciding the consolidation proposition. In the meantime, during the course of these consolidation studies, we have found there are consider- able savings to be achieved by work- ing together and sharing some of the cost of providing electric services. Both boards of trustees have directed management to begin to implement joint plans that can begin to capture some of these efficiencies by working together. That is what cooperatives have been doing for as long as there have been cooperatives. In fact, “Co- operating with other Cooperatives”, is one of the seven cooperative prin- ciples. Until the memberships vote to approve the consolidation of CVEC


Annual Meeting Schedule of Events


Registration - 10 a.m Health Fair & OBI Blood Drive Registration gifts: 75th Anniversary


thermos & CVEC cap Entertainment: Horse with No Name


Lunch - 11 a.m.


Roast beef, smoked pit ham, baked chicken breast,


kernel corn, green beans, tossed salad, pasta salad, mashed potatoes with brown gravy, rolls, drink, dessert.


Two meal tickets.


Business Meeting & prize drawings - 1 p.m.


and CREC, we will both continue to independently exist, responsible for our own successes or failures, but hopefully, doing a better job for you, our member/owners by sharing ser- vices and working together. While the considerations and studies have focused on savings and efficiencies of consolidation, I believe the most important long term benefit of consolidation is not the potential $15 to $40 million savings over 10


Health Fair


10 a.m. - 1 p.m. 2nd floor


OBI Blood Drive


by Oklahoma Blood Institute Ear & hearing screening


by Hearing Health Center


Complimentary muscle relaxation by Joe Wojciechowski


of Lifeback Chiropractic of Shawnee & Prague


Blood sugar testing Cholesterol testing


by St. Anthony Health Center Vital signs


Blood pressure Pulse oximetry readings by Prague Municipal Hospital


years, but that together we are stron- ger, more responsive, more resilient electric cooperative utilities that can better face the challenges ahead in meeting the expectations of our mem- bers. We must always find new ways to be a better “servant”. This has always been our purpose for “being.” It continues now and is our commit- ment for the future. Thank-you for this opportunity you have given me to serve.


2013


$58,457,883 1,018,690 59,476,573


2014


$65,784,443 1,235,577 67,020,020


Assets


Electric plant in service, less accumulated Depreciation of $40,147,727 Other property & Investments Cash & Cash Investments Consumer & Accounts Receivable Net Materials & Supplies Other Assets


Total Liabilities:


Membership Patronage Capital & Other Equities Long-Term Debt to RUS, CFC & CoBank Current Maturities to RUS, CFC, & CoBank Other Non-Current Liabilities Accounts Payable Consumer Deposits Other Current Liabilities


48,926,123 33,573,057 2,557,094 4,808,928 5,004,512 1,503,345 1,697,860


$66,188,613 21,027,842 2,446,482 7,338,739 935,304 133,939


$98,070,919


The ElectraLite


Balance Sheet June 30 2014


September 2014


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