Community Circuit - Berkeley Electric Cooperative

Community Circuit
Volume VII
www.bec.coop
Small change that changes lives
Next month we will all gather together at the Annual Meeting of Members to decide on the direction our cooperative should take in the coming year which will be our
75th Anniversary. It is through the power of cooperation that this co-op was founded
and is still running strong today.
I would like to remind you of another way in which the power of human connections can make a difference and that is through the Operation Round Up® program.
Members who agree to participate allow Berkeley Electric Cooperative to “round up”
their monthly electric bill to the next highest dollar. For example, a bill of $55.75 would
rounds up to $56.00 with the additional $0.25 going to the Operation Round Up® fund.
This fund is administered by the Berkeley Electric Cooperative Trust, a board of
volunteer directors made up of community leaders. All Operation Round Up® funds
stay right here in the Lowcountry. Guidelines for awarding this money address needs
such as home repairs and other community services. Typical projects include vital home
repairs such as roofs, floors, doors, walls and plumbing and A/C repair or replacement.
The slogan of Operation Round Up® is "small change that changes lives" and it is
easy to see why. The amount “rounded up” on each participating customer’s bill averages a total of $6 per year. The monthly bill shows how much is donated each month,
along with a year-end statement. The amount contributed to Operation Round Up® is
tax deductible as tax laws permit.
We feel so strongly about the positive impact of this program that all Berkeley
Electric Cooperative members are automatically enrolled when they sign up for service.
However, members can also opt-out of the program at any time that they choose by
simply contacting their local district office.
To apply for funds, simply call or visit your local district office to receive an application. If you need assistance completing an application, stop by our office and a
member service representative will be glad to assist you.
As I mentioned before, the strength of a cooperative comes from the power of human connections. Let's continue to grow stronger together in the next 75 years.
A Service of Berkeley Electric Cooperative
October 2014
Currents
Connie P. Shuler
Trustee, District 7
BOARD OF TRUSTEES
Joe Gibbs, Sr. - District 1
Carol A. Caddell - District 2,
Board Vice Chairman
Wayne DeWitt - District 3,
Secretary/Treasurer
William Michael Moore - District 4
George McFadden- District 5
Willis Sanders - District 6
Connie P. Shuler - District 7
Harry A. Brunson - District 8,
Board Chairman
J. Barry Hart - District 9
PRESIDENT & CEO
Dwayne Cartwright
DISTRICT OFFICES:
Awendaw
Patrice Heyward, Office Manager
7200 North Highway 17
Awendaw, SC 29426
(843) 884-7525
Goose Creek
Jack Schurlknight, Office Manager
2 Springhall Road
Goose Creek, SC 29445
(843) 553-5020
Johns Island
Patrice Heyward, Office Manager
3351 Maybank Highway
Johns Island, SC 29455
(843) 559-2458
Moncks Corner
Kelli Gaskins, Office Manager
551 R. C. Dennis Blvd.
Moncks Corner, SC 29461
(843) 761-8200 / 825-3383
$30
Auditors' Report
We have audited the accompanying consolidated
balance sheets of Berkeley Electric Cooperative, Inc.
and Subsidiaries (the "Corporation'') as of December 31,
2013 and 2012, and the related consolidated statements
of revenues and patronage capital, and cash flows for the
years then ended and the related notes to the financial
statements.
Management is responsible for the preparation and
fair presentation on these consolidated financial statements in accordance with accounting principles generally
accepted in the United States of America; this includes
the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We
conducted our audit in accordance with auditing standards
generally accepted in the United States of America and
the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free
of material misstatement.
An audit involves performing procedures to obtain audit evidence about amounts and disclosures in the
consolidated financial statements. The procedures selected
depend on the auditor's judgment, including the assessment of risks of material misstatement of the consolidated financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers
internal control relevant to the entity's preparation and
fair presentation of the consolidated financial statements
in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control.
Accordingly, we express no such opinion. An audit also
includes the evaluating the appropriateness of accounting
policies used and the reasonableness of significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial
position of Berkeley Electric Cooperative, Inc. and Subsidiaries as of December 31,2013 and 2012 and the results
of their operations and their cash flows for the years then
ended, in conformity with accounting principles generally
accepted in the United States of America.
Eddie Carrick, Certified Public Accountant
March 19, 2014
Events
Statement of Assets,
Equities & Debt
Financial Review for the Year Ended December 31, 2013
November 2014
What We Own:
Assets
Plant, property & equipment (depreciated cost)
Cash, other funds & investments
Consumer billings not yet paid (net of bad debts)
Materials and inventory supplies
Prepaid expenses & other misc. assets
TOTAL ASSETS
• Boone Hall Fright Nights
10/01-11/01 • Mt. Pleasant
http://boonehallfrightnights.com/
• Harvest Festival
11/01/14 • Mullet Hall, Johns Island
http://www.ccprc.com
• James Island Connector Run
11/01/14 • Canon Park, Charleston
www.jicrun.com
• Young Adult Book Festival
11/07-11/08/14 • Charleston
www.yallfest.org
• Veterans Day Parade
11/08/14 • Downtown Charleston
www.charleston.va.gov
• Lowcountry Hoedown
11/08/14 • Charleston Visitor Cntr.
www.lowcountryhoedown.com
• Battle of Secessionville
11/08-11/09/15 • Boone Hall Plntn
http://boonehallplantation.com
• Charleston Cup Steeplechase
11/09/14 • Plantation at Stono Ferry
www.charlestoncup.net
• Veterans Day
11/11/14 • State & federal holiday
• Holiday Festival of Lights
11/14-1/01/15 • James Isl Cnty Park
www.ccprc.com
• United Way Day of Caring
11/14/14 • Berkeley, Charleston,
Dorchester counties • www.tuw.org
• Berkeley Electric Annual Meeting
11/15/14 • Coastal Exchange Park
Fairgrounds, Ladson
• Tinsel Trot Holiday Fun Run
11/22/14 • Moncks Corner
http://celebratetheseason.oldsanteecanalpark.org
• Thanksgiving
11/27/14 • Statewide
• Turkey Day Run & Wobble
11/27/14 • Marion Square, Charleston
www.turkeydayrun.com
• Celebrate the Season Light Show
11/28-12/30/14 • Moncks Corner
celebratetheseason.oldsanteecanalpark.org/
$304,712,412
20,045,944
10,253,049
5,023,325
1,347,410
$351,382,140
Our Equities & Debts We Owe
Equities
Membership fees
Past & current earnings assigned to us
Other Miscellaneous Equities
$2,130,690
101,337,930
0
Debts We Owe
Long-Term mortgages
Consumer deposits
Accounts payable
Accrued taxes
Accrued interest
Deferred credits/Regulatory Liabilities
Other current liabilities
Noncurrent liabilities
TOTAL EQUITIES & DEBTS
$186,076,768
6,182,470
21,370,293
1,993,090
454
4,662,573
10,814,327
16,813,545
$351,382,140
Statement of Revenue & Expenses
Gross Operating Revenue
Less:
Cost of purchased power
Operations & maintenance expenses
Tax expense
Interest expense
Other deductions
Depreciation expense
TOTAL COST & EXPENSES
$216,375,374
151,270,632
39,235,099
1,558,624
5,558,908
407,487
12,465,486
$210,556,236
$5,819,138
Operating Margins
Add:
Non-operating margins (net)
914,305
$6,733,443
Net Margins
Distribution
of $1
of Revenue
Post Audit
Year 2013
Depreciation
Expense
Interest
Expense
Tax
Expense
6%
Net
Margins
3%
2%
1%
18%
Operations &
Maintenance
70%
Cost of
Purchased Power
To ensure publication please submit
all events 2 months prior to event date
via e-mail to Circuit@bec.coop
or by mail to P.O. Box 1234,
Moncks Corner, SC 29461 ATTN: Circuit
Mom's Shepard's Pie
Ingredients:
1 lb. ground hamburger
¼ cup diced onion
1 packet brown gravy
½ cup fresh mushrooms
1 can cream of mushroom soup
Bisquick mix
8 oz. sour cream
1-2 cups medium shredded
cheese
Recipes
Congratulations to
Amanda Townsend
of
Summerville
She is our recipe winner
for October 2014
and will receive $100 for
her winning entry!
Preparation:
Cook hamburger and onion in skillet, then drain. Salt and pepper to
taste. (optional) Place hamburger mix in glass baking dish. Cook gravy
per instructions, mix in the can of mushroom soup. Pour cooked gravy
and mushroom soup over meat mixture and stir.
Mix the dumplings according to Bisquick directions. Spread the dumpling mixture on top of meat mixture. Use your fingers to stretch the
dough out over the meat.
Cook at 350 degrees for 20-25 minutes, or until dumplings are done.
Remove from oven and spread sour cream on top. Cover with cheese
over sour cream. Place back into oven for another 5 minutes, or until
cheese is melted. Let set for 8-10 minutes and serve.
Send us your recipes & you could win $100!
Each month Berkeley Electric Cooperative will feature a winning recipe
submitted by a member. The winning recipe will be featured in the newsletter and
the winner will also receive $100!
To enter, submit your recipes by e-mailing them to Circuit@bec.coop or by
mailing them to P.O. Box 1234, Moncks Corner, SC 29461 ATTN: Circuit. The
deadline for receiving recipes is the first of each month but recipes that come in
after the deadline will be considered for the next edition of Community Circuit.