Lance Kephart

The meeting commenced with the approval of the agenda. Key discussions included financial reporting for the period ending November 30, 2025, and the presentation of monthly safety and Member Relations dashboards. The board approved resolutions for accepting new members and writing off delinquent 2024 bills, which were subsequently turned over to a collection agency. Operations department dashboards and construction reports for November were reviewed. The board designated delegates and alternates for upcoming IAEC and NRECA annual meetings and approved a $500 contribution to the NRECA International Foundation for overseas electrification projects. Following reports on various committee and external meetings, the board reviewed a draft of the revised Cooperative Bylaws, which were subsequently approved. During an executive session, the board made a decision to align Board per diem compensation rates based on Journeyman Lineman pay, with specific adjustments for the President, Treasurer, and Secretary.

Key discussions during the meeting included the approval of the agenda and the acceptance of the financial report for the month ending December 31, 2025. The Board adopted resolutions to set the discount rate on patronage for estate settlements for 2026 at 3.00% and to set the interest rate on consumer deposits for 2026 at 0.15%. The Board reviewed monthly safety, member relations, and operations reports. Following a discussion regarding the Lone Tree Operation Site Evaluation, the Board directed staff to continue the evaluation. The Board also reviewed expenses for various internal accounts for 2025. A delegate and alternate were named for the upcoming CIPCO Annual Meeting. The Board reviewed expenditures from the 2025 Capital Budget and noted upcoming events like Eastern's Day on the Hill. The Board accepted the consent agenda and later adopted a new Per Diem Policy for Directors and Officers, establishing automatic annual adjustments. Finally, the committee structure for the Revolving Loan Committee was confirmed, including the appointment of a new community member.

The meetings covered several operational and financial aspects of the cooperative. Key discussions included the approval of the agenda and the minutes from the October 29, 2025, regular meeting and the November 13, 2025, special board meeting. Financial matters involved accepting the financial report for October 31, 2025, and adopting Resolutions approving the 2026 Capital Budget and the 2026 Operating Budget. Furthermore, the board established the regular monthly meeting dates for 2026. Discussions also touched upon director attendance at upcoming legislative receptions and review of the director election process for 2026. A financial review committee update was provided. In an executive session, the board directed management to place the former Wilton headquarters parcel up for sale. A subsequent discussion addressed the former Wilton headquarters property, leading to the appointment of a board representative to assist in negotiating its sale, with a minimum selling price established.

Eastern Iowa REC's strategic plan is dedicated to providing safe, reliable, and affordable offerings to enhance members' quality of life. The plan focuses on achieving safety excellence, enhancing technological adaptability and efficiency, expanding member engagement and education, maintaining and modernizing aging infrastructure for long-term reliability, building future leaders, and strengthening corporate governance and financial management.

The Eastern Iowa REC district meetings will include elections for positions on the Board of Directors. Members can review district meeting items on the Cooperative's website, including official 2024 district meeting notices, minutes of the 2023 district meetings, and 2024 candidate information. The meetings will also cover discussions on electrical generation capacity deficits, cybersecurity threats, and technologies to enhance electrical service quality. The board approved the allocation of 2023 margins and the retirement of patronage, and reviewed the 2023 audit report.