Meeting Minutes of March 14, 1995

Chairman Richard Jumps called the meeting to order. Present were: Chairman Richard Jumps, Vice Chairman Stanley Hollister, Mrs. Donna Williams, Ms. Cathie Hutcheson, Mrs. Sue Dilley, Mr. Maurice Betts. Also present were employees Ron Lada and visitor Mr. Paul Schmidt from Kemper CPA Group.

Mr. Jumps deviated from agenda by first turning the meeting over to Mr. Schmidt to discuss the completed 1994 audit. Board members reviewed copies of the competed audit. Also prepared by Kemper CPA Group were annual reports which have been submitted as required, they have corresponded with GE Capital regarding audits and analysis, and they have brought everything up to date such as payroll taxes, etc. Proper formats are now being used to improve future record keeping. Mr. Schmidt explained he did not feel there was any dollar revenue missing. Water revenues were reviewed back through 1991. The audit for 1994 was presented. Financial statements were prepared for 1993, however did not do an actual audit do to lack of complete information; didn’t make sense. The financial statements were discussed as well as unexpected expenses in 1994. Actual v Budget will be monitored and reported to the Board by Kemper on a monthly basis. Mr. Schmidt suggested making savings to the customer through additional payments to bonds as opposed to reducing current water rates to customers.

Further discussions lead to the computer water programs. All were in agreement hat the current program was not satisfactory for our needs. Current program is not properly reporting the necessities and Mr. Schmidt indicated that only a simple program was required that would be able to produce specific reports as required. Karen Townsend is currently reviewing programs as recommended by the Rural Water Association. Check volume is so small, that Mr. Schmidt advises that a program for check distribution is not necessary for the company. Kemper is already monitoring check list.

Found discrepancies on Economic Interest Statements; three people missing from May of 1994. However, all statements have been completed for May of 1995 and filed with the County Clerks Office. Other discrepancies were the lapse on Workman’s Comp Insurance and no payroll tax returns filed since the second quarter of 1993. Are up to date now and all W2 have been filed. Did have some penalties to be paid.

Mr. Schmidt presented a letter to the Board for signature indicating that we supplied Kemper CPA Group with all the records we could find.

Maurice Betts made the motion that we continue to employ the services of Kemper CPA Group during the year of 1995. The motion was seconded, a roll call was taken; and with 6 yes and 0 no votes, the motion was approved.

The minutes from January and February 1995 were presented for approval. A motion was made to accept the minutes, seconded and a roll call was taken; with 6 yes and 0 no votes, the minutes were approved.

The Secretary/Treasurer Report was presented for review. There was discussion on establishing a permanent “due date” for billing. Several ideas were passed around. No motion was made; however, it was decided to be given further thought and discussed at a future board meeting. A motion was made to accept the Secretary/Treasurer Report, seconded, and a roll call taken. With no oppositions, the motion was carried.

The financial report was presented indicating bills for payment. The financial report was reviewed by board members, and a roll call was taken. With 6 yes and 0 no votes, the bills were approved for payment.

Ron Lada presented the Water Supply Operator Report with no major problems or discrepancies.

There being no further business, a motion for adjournment was made by Ms. Hutcheson and a voice vote was taken; with 6 yes and 0 no votes, the meeting was adjourned at 8:30pm