VERMONT ELECTRIC COOPERATIVE, INC.
REGULAR MEETING OF THE BOARD OF DIRECTORS
MARCH 26, 2013
As required under the VEC Bylaws, notice of this meeting was sent to each Director by deposit in U.S. mail on March 20, 2013
CALL TO ORDER – AGENDA ITEM # 1
President Tom Bailey called the meeting to order at 12:05 p.m. in the Robert P. Northrop Boardroom at VEC offices in Johnson, Vermont. Present were Directors Dorothy Allard, Dan Carswell (First Vice President), Michelle DaVia (Secretary), Ken Hoeppner, George Lague, Carol Maroni, Daniel Parsons (Second Vice President), John Ward (Treasurer), Mark Woodward, and Don Worth. Also present from VEC were CEO David Hallquist, COO Jeffery Wright, CFO Michael Bursell, General Counsel Vickie Brown, Manager of Corporate Services Liz Gamache, Manager of Programs and Policy Randy Pratt, Safety and Security Manager John Varney, Controller Caroline Mashia, and Corporate Assistant Nina Russo-Sanchez.
Also present for portions of the meeting were:
Auditors Dana Kittell, Partner, and Mark Mayer, Audit Manager, from the firm Kittell Branagan & Sargent
John Casavant of Hackett, Valine & MacDonald
Ron Wedeking, BP Business Development, Clean Energy Collective, and Jim Hartman, VP Strategic Development, Clean Energy Collective
AUDIT – AGENDA ITEM # 2
Auditors Dana Kittell and Mark Mayer joined the meeting at 12:05 p.m. Kittell and Mayer summarized the results of VEC’s 2012 audit. They issued an unqualified opinion which means that they found no issues with VEC’s books for 2012. They also did what is known as a “single” audit because VEC is the recipient of government grant money. This year, because VEC’s prior two audits were free of issues, they were able to treat VEC as low risk company allowing for a less-detailed audit.