PEC board accepts financial audit for 2008; agrees to more public access to operating records

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TO: All PEC-area newspapers
Media Contact: Anne Harvey, (830) 868-4933; Austin line, (512) 219-2602

Pedernales Electric’s Board of Directors received and accepted a 2008 financial audit from the accounting firm BKD during Monday’s Board meeting at PEC’s Johnson City headquarters. BKD gave the Cooperative an unqualified or “clean” opinion, which is the best opinion an auditor can offer.

PEC’s Chief Financial Officer Mike Vollmer praised BKD, which is in the first year of a multi-year contract with Pedernales, for its thoroughness and accuracy.

“BKD has done exactly what we asked them to do,” said Vollmer. “We wanted them to look under the rocks. We wanted them to look not just at accounting, but the whole organization, and they’ve done that.”

“This is truly a legitimate audit that conforms to the standards and practices that this organization should expect,” said District 7 Director Dr. Patrick Cox.

BKD also made a detailed presentation regarding the Cooperative’s Form 990, which is filed by organizations that are exempt from federal income tax. The document includes detailed information on the Cooperative’s income, expenses and investments, and it also lists compensation and benefits for Board members, managers and key employees.

The Board agreed on a resolution to promptly file the Form 990 for the fiscal year 2008. The resolution states that this form “will give members and the public increased access to vital Cooperative operating information.”

Larry Landaker will chair
Energy Conservation Committee

The Board took additional action regarding the Energy Conservation and Renewable Generation Programs Committee. District 2 Director James E. Williams had been the committee chairman, but on Monday the Board accepted his voluntary resignation as chairman and voted District 6 Director Larry Landaker, of Wimberley, the new chairman. The Directors then referred to this committee for consideration the Energy Innovation Paradigm, a plan created by the Rural Electric Management Development Council, and a wide range of energy efficiency and renewable energy considerations for PEC.