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Finance Report - 2010

 

by Pam Geiger, secretary-treasurer and Connie Rossow, assistant general manager 

MARGIN AND CAPITAL CREDITS:
In 2009, Mor-Gran-Sou’s margins (funds remaining after all operating costs have been paid) was $2,322,592 compared to $2,531,365 in 2008. Margins were lower this year due to Basin Electric’s patronage allocation of $365,450, which was $365,451 lower than last year.

In November of 2009, we completed a general retirement of capital credits in the amount of   $123,655. Your cooperative also refunded capital credits to estates and members 80 years of age in the amount of $196,505 for a total refund of $320,160. Equity, as of Dec. 31, was recorded at 37.61.

In 2009, your cooperative welcomed 69 new members and gained 147 more meters. 

BILLING SERVICES:
Mor-Gran-Sou continues to provide the automatic withdrawal for payment of electric bills as well as the use of Visa and MasterCard credit cards both on a routine basis and periodically. Consumers also have the option of paying online by visiting our Web site www.morgransou.com and clicking on E-Bill Login. You can either pay with a credit card or a check. We also have a drop box at our Flasher office, our Mandan Service Center which is located at 2816 37th St. N.W., Mandan, and our Fort Yates office at 9171 Hwy. 14. Due to the fire at our Fort Yates Service Center in December, we have not been able to provide Customer Service Days in Fort Yates. Construction of a new service center in Fort Yates has begun, and it is our hope to provide that service again. Currently, members are able to use the payment drop box located on the south fence of the Fort Yates Service Center site.

FINANCIALS AND AUDIT:
The Rural Utility Service (RUS) completed an audit in December. Work completed included an audit of the cooperative’s loan funds and work order procedures. RUS also wanted to verify that the funds we have drawn down from RUS was done properly. Everything was in order, and a letter was written to the board in December regarding this confirmation.

Mor-Gran-Sou had its regularly scheduled audit in March, and the findings were presented to the board of directors on April 28. We met all the audit requirements, thanks to the expertise of our employees in their daily work functions. We want to thank the employees for their great teamwork. Please note that the financials are included in this annual report and will also be presented at the annual meeting by a representative from Eide Bailly.

If you have any questions concerning the financials, please give Connie a call or e-mail her at crossow@morgransou.com. You may also have questions answered during the presentation at the annual meeting.

 

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