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from the president Sticking To Principles | BY MAX HOHMANN, PRESIDENT K


ay Electric Cooperative (KEC) strives to be a model cooperative that abides by certain principles. First, we recognize that democratic control is essential. At KEC,


every member has an opportunity to elect their district trustee.


We also understand the importance of financial stability and member economic participation. Since 1937, our system has grown to nearly 2,500 miles of line spanning parts of five counties. Our equity, which reflects member patronage over the years, has grown to nearly 50 percent. Member equity is used to make system improvements, pay for ongoing operating expenses, and provide a contingency for storms and other unexpected events. Allowing KEC to use this equity reduces the amount of interest- bearing debt we incur. Eventually, this equity is returned to members as capital credits. This year, the board of directors will return $800,000 to members receiving electric service in 2007, 2015, and/or 2016. Members should receive their checks in the mail prior to Annual Meeting. The return of capital credits is part of your cooperative principles and traditions.


Concern for community is a guiding principle that shows itself through KEC’s involvement with members, youth, and state and national issues. For more than 50 years, KEC has sponsored teens on the Electric Cooperative Youth Tour in Washington, DC. We also send teens to Steamboat Springs, Colorado each summer for a camp that trains the next generation in the cooperative way. Our KEC minutemen and women are members who assist with the annual meeting and advocate for electric cooperatives. They stand ready to assist KEC with legislative issues. They also help with storm events and act as a sounding board for your trustees and employees.


KEC participates in the governance of Western Farmers Electric Cooperative, our wholesale energy supplier. Nearly 70 cents of every dollar KEC spends goes to pay our wholesale power bill, so staying abreast of electricity costs is extremely important. Through KEC’s membership in the Oklahoma Association of Electric Cooperatives (OAEC), we are able to


KAY ELECTRIC COOPERATIVE ANNUAL REPORT | 3


monitor legislation that affects rural residents and ensure that your cooperative is heard at the state and national levels.


Since its inception, the KEC Community Foundation (K-UP) has presented $68,300 to local organizations to assist our rural communities.


Kay Electric employees remain dedicated to our cooperative principles. More than one third of our employees are also KEC members. They want a top notch system and fair and equitable rates, just like you do. They understand the cooperative way and are there to restore power safely in all kinds of conditions.


Your cooperative is truly a democratic organization with all of us working together to provide a better quality of life for rural residents. We thank you for your patronage and look forward to seeing you at KEC’s 81st Meeting at Blackwell High School, April 13, 2018. See you then.


Annual


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