As we move into 2020, we want our membership to be more informed than ever before on our purpose as a cooperative and your role as members. Please allow me to take a minute to introduce myself on behalf of YEC’s Board of Trustees, who are honored to continue serving you. My name is Jack Cornwell. I represent District 2 on your board and currently serve as chairman. I am happy to share insight from the board room, as well as a review of your co-op’s 2019 accomplishments.
As board members, we spend a great deal of time each month studying reports and analyzing the best way to continue providing excellent service. This includes several types of training sessions so that we may better understand the jobs of YEC employees and how we can best support them in their mission to take care of our members. For 2019, this included six different in-house training sessions, giving us more details about what goes on day-to-day at your co-op. We received reports from employees and industry experts, began work on our strategic plan for the next five years, and reviewed 58 company policies, holding true to our pledge to look out for you.
Each month, we study safety reports, approve financial documents, and provide direction, vision and approval for economic development projects. We plan for future growth and goals for improvement and review and suggest bylaw changes to protect members’ rights. We strategize our debt to best serve our members. We also work together to make your co-op a gold standard for governance by reviewing our compliance with the new South Carolina legislation. Additionally, we completed a risk assessment of your co-op to be better prepared against potential threats.
Just this past year, we completed YEC’s 2019 accomplishments—no small feat. We spent a great deal of time reviewing, discussing and researching the sale of Santee Cooper to ensure that your power costs stay low and that YEC members are protected. We worked to complete two audits to take a deep dive into your cooperative’s financials, helping to keep costs low. These audits included one by an independent auditor, who reviewed all our financials, including cash flow, with your board without any employees present. There was also a Rural Utility Services audit of over $72 million worth of power line construction and upgrades. We are pleased to report both audits were successful and that your co-op is in excellent financial shape. Audits also help us make an informed decision on how much money can be returned to you through capital credits.
Charting YEC growth over 15 years
York Electric’s service territory continues to be one of the fastest-growing areas in the United States. Let’s look back to see how YEC has grown over 15 years:
| Data | 2003 | 2018 | Change |
|---|---|---|---|
| Miles of underground line | 445 | 1,938 | +336% |
| Miles of overhead line | 1,959 | 1,998 | +2% |
| Residential meters | 32,892 | 60,303 | +83.4% |
| Commercial and industrial meters | 2,613 | 4,687 | +79% |
| Capital credits | $900,000 | $1,400,000 | +64.3% |
This year was the first time in YEC’s history we have completed two retirements in one year, giving back $3 million to our members. This could not be possible without the support of our dedicated employees and the continued support from our members. Together, we have given back more than $3 million dollars to our community through our Operation Round Up Trust. We worked to improve communication and the transparency of our business while improving the quality of life in our area.
Thank you for allowing us to serve you and make a difference. Please let us know if you need anything. We’ll be in the board room working for you.
Jack Cornwell
Chairman, District 2
