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Message for You...

Steven C. Hunt, President & CEO

Welcome to the fall of 2017 as it officially began the 22nd of September! I would also like to welcome and invite you to the 77th Annual Meeting of the Membership to be held October 12, 2017 on the grounds of the University of North Carolina at Pembroke. This year’s meeting will be packed with excitement as we have a total of twelve candidates vying for six seats for the LREMC Board of Directors. Please come out to support your candidate of choice as well as attend the business meeting at the end of the day to hear the strategic vision your cooperative.

In my articles, I most often try to address concerns of the membership I have heard or even read on various reporting sources. A concern I recently heard has been the topic of decreasing dividends also known as capital credits refunded to the membership each year. The fact of the matter is this is a gross untruth! In fact, the Board of Directors most recently approved $4M in capital credits to be refunded the 1st week of October 2017 covering margins at 100% and 16% from 1993 and 2014 respectively. Please see the graph below depicting the fact capital credits have been increasing over time, especially the last 5 years. For the years 2013 thru 2017 we have refunded in capital credits to the membership a total of $19,000,141.78 for an average of $3,800,028.38/year. For further confirmation, please note the last four out of five years have been record refunds at $4,000,000/year to you the membership.

As always, this is your cooperative and at any time you have a concern of any nature please contact my office at 910.843.8000. It is our business strategy to be transparent in our transactions willing to discuss any past, present, or future concerns you may have. To that note, we have launched an initiative to address industry related challenges over the next six years in our 2018-2024 Strategic Map. Our first draft is approximately 95% and should be ready for debut at the Annual Meeting on October 12th.  Here is a “sneak peek” of our vision statement – “To be a premier service provider by anticipating the needs of our members and communities while delivering exceptional value”. We have been working really hard on our strategy for the future and I am really excited to see the progress generated from the execution of this road map. Based on this I am reminded of 1 Timothy 4:15, “Take pains with these things; be absorbed in them, so that your progress will be evident to all”.

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