Annual Reports

Financial Reports

Condensed Income and Expense Statement

Income 2020 2019
Operating Revenues $34,024,165 $36,433,169
Interest, Other Non-operating, Other Capital Credits $634,589 $798,482
Total Income $34,658,754 $37,231,642
Expenses 2020 2019
Cost of Power Purchased $26,065,296 $28,401,429
Operations 1,102,254 1,095,703
Maintenance 1,431,084 1,500,945
Consumer Accounts 584,728 654,944
Administrative and General 1,348,498 1,304,952
Depreciation 1,183,289 1,348,498
Taxes 477,536 520,055
Interest Expense 957,975 968,003
Total Expenses $36,273,154 $38,045,849
Margins 2020 2019
Operating Margins $477,954 $160,006
Non-Operating Margins 634,589 798,482
Hoosier Energy Capital Credits 442,295 721,969
Total Margins $1,554,838 $1,680,457

Condensed Statement of Assets & Liabilities

Assets (What We Own) 2020 2019
Cost Of Our Electric System $58,785,470 $54,422,957
Accumulated Depreciation (16,795,834) (17,775,330)
Utility Plant In Service, Net $41,010,140 $37,627,123
Investments (patronage capital) 14,771,763 15,014,513
Investments (other) 740,842 927,021
Cash and Cash Equivalents 3,877,353 3,354,728
Accounts Receivable 3,828,829 3,601,034
Materials & supplies 293,651 308,687
Prepaid Expenses & Interest Receivable 256,832 360,623
Total Assets $64,779,410 $61,193,729
Liabilities (What We Owe) 2020 2019
Our Debt to RUS and CFC $14,916,820 $14,019,339
Accounts Payable 4,622,093 2,979,742
Other Current & Accrued Liabilities 1,678,433 1,776,765
Total Liabilities $21,217,346 $18,775,846
Member Equity (Net Worth to Members) 2020 2019
Balance of Net Gain For Prior Years 42,007,226 40,737,426
Net Gain For Current Year 1,554,838 1,680,457
Total Member Equity 43,562,064 42,417,883
Total Liabilities and Member Equity $64,779,410 $61,193,729
2020 Annual Meeting Minutes

Annual Meeting Registration

Due to the COVID-19 pandemic, the Annual Meeting format was changed to a virtual business meeting with only directors present telephonically and President/CEO Steve Seibert and Administrative Assistant Lisa Hinton present in person at the cooperative office. Members registered for the 2020 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 21.

Call of Meeting to Order

Chairman Jeff Vogel called the virtual 2020 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 1,149 members registered. Enough members were registered to legally conduct any and all business that might be brought before the meeting.

Approval of 2019 Annual Meeting Minutes

Chairman Vogel advised the 2019 annual meeting minutes were distributed to directors. There being no additions or corrections, Chairman Vogel asked for a motion to approve the 2019 Annual Meeting minutes. A motion was properly made by Director K. Waninger, seconded and carried by the board that the minutes of the 2019 Annual Meeting be approved as presented.

Election of Directors

Chairman Vogel called upon Attorney Chris Goffinet for Director election results. He stated District #3 incumbent Gary Waninger filed for re-election with no opposition and District #4 incumbent Dirk Stein filed for re-election with no opposition. Attorney Goffinet proposed the candidates be elected by acclamation. A motion was properly made by Director Lynch, seconded and carried by the board that Gary Waninger and Dirk Stein be elected by acclimation for a three-year term.

Financial Report

The financial report was presented by President/CEO Steve Seibert. The 2019 cooperative financials will be made available to all members on the website and published in the Indiana Connection magazine. A motion was properly made, seconded and carried by the board that the financial report be approved as presented.

CEO Report

CEO Seibert’s annual report will be made 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. The meeting was adjourned by Chairman Vogel at 7:20 p.m.

Financial Reports

Condensed Income and Expense Statement

Income 2019 2018
Operating Revenues 36,433,160 38,679,400
Interest, Other Non-operating, Other Capital Credits 798,482 1,246,085
Total Income 37,231,642 39,925,485
Expenses  2019  2018
Cost of Power Purchased $28,401,429 $30,295,683
Operations 1,095,703 1,127,397
Maintenance 1,500,945 1,417,768
Consumer Accounts 654,944 671,095
Administrative and General 1,348,498 1,304,952
Depreciation 1,793,605 1,713,526
Taxes 520,055 547,425
Interest Expense 957,975 968,003
Total Expenses $36,273,154 $38,045,849
Margins 2019 2018
Operating Margins $160,006 $633,551
Non-Operating Margins 798,482 1,246,085
Hoosier Energy Capital Credits 721,969 736,833
Total Margins $1,680,457 $2,616,469

Condensed Statement of Assets & Liabilities

As of December 31, 2019

Assets (What We Own) 2019 2018
Cost Of Our Electric System $54,422,957 $52,558,522
Accumulated Depreciation (15,736,753) (14,602,156)
Utility Plant In Service, Net $37,627,123 $36,821,769
Investments (patronage capital) 15,014,513 14,614,167
Investments (other) 927,021 1,168,015
Cash and Cash Equivalents 3,354,728 3,684,398
Accounts Receivable 3,601,034 3,791,562
Materials & supplies 308,687 251,807
Prepaid Expenses & Interest Receivable 360,623 463,605
Total Assets $61,193,729 $60,785,323
Liabilities (What We Owe) 2019 2018
Our Debt to RUS and CFC $14,019,339 $15,082,574
Accounts Payable 2,979,742 2,924,478
Other Current & Accrued Liabilities 1,776,765 2,172,951
Total Liabilities $18,775,846 $20,180,003
Member Equity (Net Worth to Members) 2019 2018
Balance of Net Gain For Prior Years 40,737,426 37,988,851
Net Gain For Current Year 42,417,883 40,605,320
Total Member Equity 42,417,883 40,605,320
Total Liabilities and Member Equity $60,785,323