BLOOMFIELD, Ind. (Feb. 19, 2018) -- The Utilities District of Western Indiana REMC held the second board meeting for 2018, where further plans were introduced to reduce operation costs and update members on voting for the upcoming elections.
The agenda included the elimination of health benefits funding for Directors and introduced a new compensation structure for the Board. The Board collected regional, state and national data to develop a conservative compensation rate that reflects UDWI’s ongoing effort to reduce costs for the Cooperative.
Effective immediately, Directors receive $500 per month for general Director duties and $200 for additional committee meetings, which take place seven to eight times per year. Directors required to attend Indiana Electric Cooperatives (IEC) meetings will receive $300 for those day-long events, which are held every other month in Indianapolis. The Board also eliminated mileage reimbursement for all local travel. This new structure reduces compensation from an average of $21,252 to around $8,100 per Director, per year, and will save the Cooperative over $157,000 annually.
The audit committee has chosen Monroe Shine for an audit of the 2017 UDWI financials. Monroe Shine has already started the review and results will be given to UDWI in the coming months. The establishment of the audit committee and an annual audit are action items recommended from the Phase II audit conducted last year. A third-party audit of all financials will be conducted each year for the Cooperative moving forward.
UDWI also reminded members to be aware of Board of Director election information on their upcoming statements and on the UDWI website, and to also watch for a ballot packet arriving by mail in the coming weeks. For the first time, members will be able to vote for their district’s Board candidate online and by mail-in vote. Voting will also be available at the Annual Meeting Saturday, April 14, which will be held at the White River Valley Gymnasium from 8 -11 a.m., with the official Board of Directors meeting beginning at 11 a.m.