Annual Reports

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
2021 Annual Meeting Minutes

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.

Financial Reports

Condensed Income and Expense Statement

Income 2020 2019
Operating Revenues $34,024,165 $36,433,160
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 1,183,289 1,348,498
Depreciation 1,913,354 1,793,605
Taxes 477,536 520,055
Interest Expense 788,670 957,975
Total Expenses $33,546,211 $36,273,154
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

As of December 31, 2020

Assets (What We Own) 2020 2019
Cost Of Our Electric System $58,785,470 $54,422,957
Accumulated Depreciation (17,775,330) (15,736,753)
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

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Member Equity (Net Worth to Members) 2020 2019
Balance of Net Gain For Prior Years 40,737,426 40,737,426
Net Gain For Current Year 42,417,883 42,417,883
Total Member Equity 43,562,064 42,417,883
Total Liabilities and Member Equity $64,779,410 $18,775,846