Questions & answers about your cooperative
UDWI works each day to meet the needs of our member-owners, to listen to concerns that are raised, and to assure excellent electric service. The success and stability of UDWI is our shared priority. Open, honest dialogue with our members is essential to our cooperative and is one of our core values. To that end, we have provided answers to questions asked by our members.
Question: Who can review the tax returns for Hoosier Energy?
Answer: Hoosier Energy tax returns are available for review by the 18 local co-op directors elected to serve on Hoosier Energy’s board who have a fiduciary responsibility to the cooperative. Tax documents are not available to the general public.
Question: When UDWI has outside work done, do we always request bids for the jobs?
Answer: UDWI undertakes a bidding process regularly for construction work plan projects, new construction labor, and large equipment. In situations where we have established vendor relationships and proven providers for a given service a bid process may not be necessary.
Question: Does a member have an advantage when bidding?
Answer: It has been a consideration in some bids, especially when there are two identical proposals. Note: It was specifically a weighted consideration during the underground bid process.
Question: Is there any intention to do anything with the property UDWI purchased across the road?
Answer: No decision has been made at this time.
Question: Does UDWI have someone put a “stamp of approval” on UDWI’s accounting firm other than Matt Miller’s department?
Answer: UDWI’s accounting practices are audited annually by professional certified public accountants. The Board of Directors reviews the audit report with the accounting firm and then approves the audit. Additionally, beginning in 2018 the Board of Directors will appoint and internal Audit Committee with responsibility to conduct periodic reviews of accounting practices and procedures.
Question: What are our accumulated legal costs since the beginning of year and what is it costing us?
Answer: Due to fees associated with the Department of Justice investigation and the internal audit commissioned by the cooperative, accumulated legal fees as of August 31, 2017 are approximately $200,000 higher than for the same period in 2016.