Where the Revenue Comes From
Residential — 37.5%
Industrial — 53.3%
Commercial — 9.2%
Average Costs
(cents per KWH)
2021 — 0.0853
2020 — 0.0819
2019 — 0.0798
2018 — 0.0829
2017 — 0.0805
2016 — 0.0809
Where your Electric Dollar is Spent
Purchased Power – HE — 76%
Depreciation — 5%
Admin & General — 4%
Maintenance — 4%
Interest Paid — 2%
Operations — 3%
Consumer Accounts — 2%
Taxes — 2%
Operating Margins — 2%
Financial Reports
Condensed Income and Expense Statement
| Income | 2021 | 2020 |
|---|---|---|
| Operating Revenues | $38,267,694 | $34,024,165 |
| Interest, Other Non-operating, Other Capital Credits | $406,577 | $634,589 |
| Total Income | $38,674,271 | $34,658,754 |
| Expenses | 2021 | 2020 |
|---|---|---|
| Cost of Power Purchased | $28,998,129 | $26,065,296 |
| Operations | 1,047,434 | 1,102,254 |
| Maintenance | 1,723,710 | 1,431,084 |
| Consumer Accounts | 669,557 | 584,728 |
| Administrative and General | 1,371,087 | 1,348,498 |
| Depreciation | 2,058,051 | 1,183,289 |
| Taxes | 705,439 | 477,536 |
| Interest Expense | 753,510 | 957,975 |
| Total Expenses | $37,326,377 | $36,273,154 |
| Margins | 2021 | 2020 |
|---|---|---|
| Operating Margins | $941,317 | $477,954 |
| Non-Operating Margins | 406,577 | 634,589 |
| Hoosier Energy Capital Credits | 442,295 | 442,295 |
| Total Margins | $1,554,838 | $1,554,838 |
Condensed Statement of Assets & Liabilities
| Assets (What We Own) | 2021 | 2020 |
|---|---|---|
| Cost Of Our Electric System | $63,808,862 | $58,785,470 |
| Accumulated Depreciation | (19,053,796) | (16,795,834) |
| Utility Plant In Service, Net | $44,755,066 | $41,010,140 |
| Investments (patronage capital) | 15,133,524 | 14,771,763 |
| Investments (other) | 582,070 | 740,842 |
| Cash and Cash Equivalents | 4,636,932 | 3,877,353 |
| Accounts Receivable | 4,772,834 | 3,828,829 |
| Materials & supplies | 403,598 | 293,651 |
| Prepaid Expenses & Interest Receivable | 169,715 | 256,832 |
| Total Assets | $70,453,739 | $64,779,410 |
| Liabilities (What We Owe) | 2021 | 2020 |
|---|---|---|
| Our Debt to RUS and CFC | $18,579,035 | $14,916,820 |
| Accounts Payable | 4,496,274 | 4,622,093 |
| Other Current & Accrued Liabilities | 1,748,298 | 1,678,433 |
| Total Liabilities | $24,823,607 | $21,217,346 |
| Member Equity (Net Worth to Members) | 2021 | 2020 |
|---|---|---|
| Balance of Net Gain For Prior Years | 43,459,414 | 42,007,226 |
| Net Gain For Current Year | 1,554,838 | 1,554,838 |
| Total Member Equity | 43,562,064 | 43,562,064 |
| Total Liabilities and Member Equity | $64,779,410 | $64,779,410 |
Annual Meeting Registration
Due to the COVID-19 pandemic, the annual meeting format was a virtual business meeting with directors Randy Kleaving, David Lynch, Vice Chairman Philip Meyer, Dirk Stein, Chairman Jeff Vogel, Gary Waninger, Secretary/Treasurer J. Kevin Waninger, Cooperative Attorney Chris Goffinet, CEO Steve Seibert, and Administrative Assistant Lisa Hinton were present in person at the cooperative office.
Members registered for the 2021 Annual Meeting and cast votes for the director election either by mail or by dropping off their registration/ballot at the office of the cooperative. Registrations/ballots needed to be received by noon on April 20.
Call of Meeting to Order
Chairman Jeff Vogel called the virtual 2021 Southern Indiana Power Annual Meeting to order. The meeting was conducted by the board of directors, the cooperative attorney and the president/CEO.
Reading of Notice of Meeting and Proof of Mailing
Attorney Chris Goffinet reported a quorum was met with 2,223 members registered. There were enough members registered to legally conduct all business brought before the meeting.
Approval of 2020 Annual Meeting Minutes
Chairman Vogel advised the 2020 annual meeting minutes were distributed to directors. There being no additions or corrections. Chairman Vogel asked for a motion to approve the 2020 Annual Meeting minutes. A motion was properly made by Director K. Waninger, seconded and carried by the board to approve the minutes of the 2020 Annual Meeting as presented.
Election of Directors
Chairman Vogel called upon Attorney Chris Goffinet for Director election results. He stated District 5 incumbent Randy Kleaving filed for re-election with no opposition and District 6 incumbent J. Kevin Waninger filed for re-election with no opposition.
Attorney Goffinet proposed the candidates be elected by acclamation. A motion was properly made by Director Stein, seconded and carried by the board that Randy Kleaving and J. Kevin Waninger be elected by acclimation for a three-year term.
Financial Report
The financial report was presented via Webex by Earl Ridlen CPA, CGMA of London Witte Group, LLC. The 2020 cooperative financials will be made available to all members on the website and published in the Indiana Connection magazine. A motion was properly made by Director Kleaving, seconded and carried by the board to approve the financial report as presented.
CEO Report
CEO Seibert’s annual report will be available to all members on the website and published in the Indiana Connection magazine.
Adjournment
There being no further business, Chairman Vogel asked for a motion to adjourn the meeting. A motion was properly made by Director G. Waninger, seconded and carried by the board that the meeting be closed. Chairman Vogel adjourned the meeting at 7:15 p.m.