Board of Audit Minutes

February 21, 2018

Minnesota Valley Electric Cooperative

Present: Chairman Chad Sandey, Supervisor Bruce Hunstad, Supervisor Bill Schneider, Treasurer

Michelle Rutoski, and Clerk Shelley Pauly.

The Board of Audit meeting was called to order by Chad Sandey at 6:00 pm.

The 2017 Revenue and Expenses worksheet was presented by Michelle, Treasurer, and Shelley, Clerk. The 2017 books have been balanced. After comparing each other’s reports, it was noticed that there were a couple numbers in different expense funds and a couple transposing of numbers. These differences were corrected and the two balanced out. The board reviewed the report.

Bruce questioned the investment balances in both the Road and Bridge column and the Park Fund. Chad explained these are Certificate of Deposit investments. These funds are only to be used for the specific items they are listed under, so the township has them in CD’s thus receiving a small amount of interest.

Chad and Bill mentioned there has been some work done on the roads this year to keep them in good shape and a couple emergency situations, that is the reason for a larger disbursement amount for the Road and Bridge Fund.

After discussion on some disbursements to make sure they were coded to the right account number, a motion by Chad to accept the 2017 Statement of Receipts, Disbursements and Balances (Schedule 1) as presented by the Treasurer and Clerk, seconded by Bill, Unanimous.

Motion by Bruce to close the meeting, seconded by Bill, Unanimous. Meeting closed at 7:50 pm

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Chad Sandey, Chairman

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Shelley Pauly, Clerk