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Page 2


The ElectraLite


September 2016


Through Transitions, CVEC is Financially Sound and Moving Forward


The following report is an over- view for your information as to the co-op activities for the past 12 months. First, I want to thank all of you for your interest and involvement at last year’s annual meeting. I appreciated your attendance at the numerous Aware meetings held to keep you, the mem- ber owners, informed. Your co-op has been through a challenging time. The paid advertisements in our service area newspapers made allegations prompt- ing an investigation by the Oklahoma Corporation Commission. Good has been the result, as the investigation by the OCC has proved no merit to any of the allegations, but does require your active involvement in this year’s annual meeting. To comply with OCC directives and completely resolve and prevent these types of activities from causing problems in the future, your help by attending and voting in favor of the resolution is so important. Please make your involvement a priority by attending and casting your vote. Please note the change in location of our meet- ing site. Please make plans to attend and express your ownership rights by voting.


During the first part of 2016 your co-op hired Robert Hood, who has proven to be an outstanding interim general manager. He has provided leadership and direction to your co-op. He has better positioned the organiza- tion by empowering employees, setting and meeting goals, and has facilitated the advancement 604160502 and hiring of much needed key employees. Your co-op is financially sound, has met the financial ratios and constraints as re- quired by our lenders, and has a strong equity position. I consider it a huge blessing to have, at this point, avoided a rate increase and to have overcome the challenges of our aging headquar- ters facility. Currently, we have a safe and functional building that meets the needs of our co-op. We have chosen to


meet the demands of “best practices” in our industry by investing in the services of a qualified engineer with years of experience in the areas of pole inspec- tion, documentation, and dependability monitoring. The result is a documented and approved method of inspections that result in a safe, dependable system that meets all the requirements of our National Rural Utility Service and our Oklahoma Corporation Commission. Moving forward, your co-op has recently hired Colin Whitley as your new general manager. He brings a lifetime of experience and a successful record in the electric business. He has a conservative management style and has a background of being a good steward of those he represents. I anticipate time will prove his service to CVEC to be a true blessing. I am excited at the oppor- tunity to have him leading our co-op,


and I am planning on the membership being introduced to him and his wife, Jackie, at our annual meeting. I have served you in the capacity of president through some very diffi- cult times of transition. Having always believed God is preparing us for tomor- row through what we face today, I am optimistic by what the future holds and our level of preparedness. Please know I am grateful for this opportunity to serve you. I consider this position, a servant position and have sincerely been stretched by this service. I appre- ciate and believe in the co-op busi- ness model and am grateful for your support and kindness expressed at the many gatherings where our paths have crossed. See you at the annual meeting.


Blessings to you, Yates Adcock


President, Board of Trustees


Hood Leaves CVEC Saying it has been “an Honor and a Pleasure” to Serve the Co-op


by Bob Hood Interim General Manager


I just want to say, the past eight months have flown by so quickly, but also that it has been an honor and pleasure to head up the CVEC organization during these eight months. Rita and I have certainly enjoyed being a part of your co-op and your com- munity. The employees who serve you, our member-owners, are hard-working and dedicated to doing the very best they can for you. We have worked hard together to improve the processes and work practices to provide you the very best service pos- sible. You can be proud of both the employees and your Board, after going through all the effort to consolidate and then the consolidation not occurring, they have picked up the pieces and actually, I believe your cooperative is in a much better position than was presented to both the Board and the employees. In fact, with all that has occurred I truly believe your co-op is in a better financial and personnel position to better serve you than if the consolidation had occurred. We have added several outstanding indi- viduals to our management staff and now the Board has hired a new general manager, who I believe has the experience, knowledge and management style to make CVEC even better at serving you, our member-owners, in the future. So I encourage you to attend the annual meeting and help your Board pass the changes to the By-Laws that will make them a more effective Board in the future.


Again, I appreciate the opportunity I have had to help serve you during the past eight months, and wish you and CVEC, your company, the very best in the future.


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