Chairman Steve AmRhein called the meeting to order at 5:40 p.m. Steve Nobbe recorded the minutes. All board members were present. Also in attendance were CEO Brett Abplanalp, employees Matt Raver, Johnny Schisler, Jeanne Loechle, and Sam Ruf, and Ryan Heater, VP of Government Relations for Indiana Electric Cooperatives (IEC).

Jason Barnhorst moved to approve the meeting agenda. Suzanne Parmer seconded the motion, which was unanimously approved.

STATE AND FEDERAL PAC PRESENTATION

Heater from IEC presented to the board, providing updates on key issues at the state and federal levels. He also emphasized the importance of the PAC and how its funds are used to support critical initiatives.

SAFETY MINUTE AND COOL MOMENT

Abplanalp shared a safety moment focused on the dangers of encountering bee swarms and handling hives at home. He also highlighted a special achievement, recognizing Nobbe for completing his required training and earning his CCD certification. Additionally, Abplanalp acknowledged those who participated in the lineman rodeo and received awards for their efforts.

• 2nd place in team hurt man rescue: Collin Crabtree, Evan Tallent, and Joe Vanderbur
• Overall 3rd place: Caleb Litmer
• 3rd place in apprentice skill climb: Caleb Litmer

APPROVAL OF PREVIOUS MEETING MINUTES

Parmer moved to approve the minutes from the July 24, 2024, board meeting and the executive board meeting minutes from the same date. Dale Wernke seconded the motion, which was approved unanimously.

FIBER-TO-THE-HOME PROJECT UPDATE

Ruf provided an update on the joint venture’s progress, including the timing for the Next Level Indiana award and the BEAD application.

CEO UPDATE

Abplanalp updated the board on strategic projects, including the safety improvement plan, pole replacement program, RF meter feasibility, and an updated organizational chart.

Abplanalp then covered the company metrics as prepared on CTO. July’s median temperature was 1.4% warmer than our five-year average. Wholesale purchased energy was down 2.7% compared to our five-year average. Demand was down 1% from our five-year average. Year-to-date energy sales ended 1.95% positive to budget. There was no major storm for the month of July.

FINANCIAL UPDATE

Raver gave the financial update. Net utility plant increased $19,425 in July and our current equity is 64.23%. Revenues are over the YTD budget, and power costs are over, resulting in a gross margin above the budget of $263,809 YTD. Controllable expenses are under budget by $433,456 mainly driven by labor and ROW. The cash flow statement shows a beginning balance of $582,317, and we ended the current month with a net increase in cash of $181,872, resulting in an ending cash balance of $764,189.

NEW BUSINESS

2025 COST OF SERVICE STUDY

The board reviewed a Statement of Work (SOW) for soliciting bids for a cost-of-service study to be conducted in 2025. The board reached a consensus to proceed with the bidding process and approve the SOW.

DONATED CAPITAL

There was a discussion on unclaimed capital credit dollars growing on our balance sheet. These unclaimed funds are due to reasons such as members moving away without providing a forwarding address or passing away without heirs. Our auditor reviewed our process and confirmed we are following best practices. No action was taken.

POLICY REVIEW

The board reviewed updates to policies 10-17: Drug-Free Workplace and 10-18: Employee Drivers. The revisions were minor, consisting mainly of clarifications in response to recent changes in labor laws. Additionally, policy 10-14: Selection of Employees was amended to remove the requirement for internal posting of newly created nonunion positions. Wernke moved to approve the recommended changes, Carl Riedeman seconded the motion, and the board unanimously approved the updates.

OLD BUSINESS

BYLAW LEGAL REVIEW

The board reviewed the recommended changes to the bylaws. After discussion, a few additional revisions were requested. The changes will be made, and the board will revisit the updated bylaws in September.

LONG-TERM DEBT/LOAN WITHDRAWAL

Raver presented a withdrawal from a completed construction work plan loan for the board’s consideration. After deliberation, the board decided to table the discussion for future review.

OPERATIONS BUILDING

Abplanalp presented a preliminary timeline for constructing the Operations building to the board. No action was taken at this time.

EXECUTIVE CONTRACT

AmRhein presented the final draft of the CEO’s employment contract. Barnhorst moved to approve the contract, Wernke seconded, and the board unanimously approved the agreement.

AFFILIATED ORGANIZATIONS

Barnhorst gave a brief update from Hoosier Energy.

AmRhein gave a brief update from IEC.

Director training/conference report out

Nobbe discussed his takeaways from his fifth and final CCD course, 2630.

Riedeman moved to adjourn the meeting, and Parmer seconded it. The motion passed unanimously, and the meeting was adjourned at 8:04 p.m., and the board moved into executive session.