PEC’s Board of Directors approved a resolution at its regular June meeting to continue to take steps to return $4.2 million in unclaimed money to members. The Cooperative plans to publicize on its website a list of the names of members who have not yet collected the money they are due, most of which is from uncashed capital credit checks.
Under Texas law, unclaimed property that an entity, such as a cooperative, is in possession of becomes the property of the state if the rightful owner does not claim it after a specified period of time. The rightful owner can still claim the property from the state, but the Board-approved action is designed to help PEC members avoid the need to file a claim with the state by getting the money into the members’ hands before the turnover to the state takes place.
“We want to let these people know we have some of their money before it turns over to the state,” said PEC Special Counsel Peter Slover. “PEC is working diligently to go above and beyond what is required by law to match these people up with their missing money.”
Beginning July 1, the public will be able to go to www.pec.coop and review the list of members for whom PEC is holding unclaimed property. In addition, PEC mailed letters to all members in Texas for whom PEC is holding $250 or more, and to all members with an out-of-state address regardless of the unclaimed amount. These letters will serve as notification that there are unclaimed funds, outline the process for check reissuance and include the form for members to complete and return by August 1, 2011.
• Also on Monday, the Board voted to re-establish the following committees:
• Financial Strategies, Contracts and Budget Committee
• Governance, Bylaws and Legal Committee
• Energy Committee
• Audit Committee
• Compensation Committee
The Board will appoint chairpersons and directors to each committee later this year.
The Board also received an update on House Bill 611 and Senate Bill 1743, both of which pertained to electric cooperatives. Neither was passed into law during the most recent legislative session.
In other business, the Board:
• Allocated $61,698,631 in capital credits and established an allocation factor of 0.11730151.
• Elected District 1 Director Cristi Clement to serve as Board president, District 4 Director Chris Perry as vice president and District 6 Director Larry Landaker as secretary-treasurer.
• Voted to authorize PEC to file the Form 990 for 2010 with the Internal Revenue Service. Once the form has been filed, PEC will post the form online at www.pec.coop.
• Approved a resolution to clarify PEC’s line extension policy and seek member input on this policy.
• Recognized member Sue Barnett for her work as the chairwoman of the Energy Advisory Committee, which is comprised entirely of volunteers.
• Approved a two-year agreement with Weaver and Tidwell, L.L.P. to be the new auditor of PEC’s 401(k) plan and defined benefit plan.
The next regular Board meeting will be held at 10 a.m. on July 18 at PEC headquarters.