New-Mac celebrates 80 years, reflects on 'Legacy of Service' at annual meeting
Co-op returns capital credits to members for 22nd consecutive year
CEO/General Manager Mitch McCumber addresses the membership at New-Mac's 2019 Annual Meeting.
DIRECTOR ELECTION WINNERS
District 2 - Tim Short
District 7 - Maurice Mailes
District 8 - Jason Ruddick
CEO/General Manager Mitch McCumber used the backdrop of his 25 years at New-Mac to paint the picture of "Our Legacy of Service," and the co-op celebrated its 80th year of existence by returning approximately $1.2 million in capital credits to the membership Oct. 26 at Crowder College.
The return of the patronage capital at the 2019 Annual Meeting marked the 22nd consecutive year of so doing, and during that span, New-Mac has given nearly $27 million to the co-op members in capital-credit retirements and rate abatements. This year's capital credits are from 1999 margins and returned to members based on their usage at that time. Those who did not attend the meeting will receive checks in the mail.
McCumber's address to the membership featured the covers of the past 25-years' Annual Meeting Notices, and he highlighted the events and co-op topics of discussion over that time.
"There you have it," he said. "I can call it 'New-Mac History as I Know It!' And as far as the legacy of service, it is as strong as ever."
McCumber indicated that prior to going through the co-op's budget in December, it was too soon to determine whether or not there will be a general rate increase in 2020. He said if such an increase were to occur, it would be communicated in the cooperative's January newsletter. He did, however, reiterate an annual promise: "I tell you what I hope our track record has proven, we will never raise your rates until we absolutely have no other choice."
McCumber also shared a year-in-review video detailing the cooperative's system upgrades, maintenance and right-of-way clearing from the past year.
It also highlighted New-Mac's involvement with the community, including sending high school students Mikala Mustain (McDonald Co.) and Samantha Walker (Joplin) to Washington, D.C., and Summer McCool (McDonald Co.) and Emily Galbraith (Neosho) to Jefferson City for education and leadership experiences.
Additionally, the video reflected on the cooperative's financial statement for 2018. Highlights included over $44 million in sales, net margins over $5.1 million, operating margins around $3.6 million, and total assets exceeding $118 million.
Both in his speech and in the video, McCumber emphasized the importance of a safety initiative that began in 2019 called Commitment to Zero Contacts.
"The most important thing that we do, each and every day, at New-Mac Electric is safety, and that will never change," he said.
During the business section of the meeting, Maurice Mailes and Jason Ruddick were re-elected to three-year terms for Districts 7 and 8 respectively on New-Mac's Board of Directors. Tim Short was also elected to the Board, replacing incumbent Kenneth Daniels in District 2.
New-Mac Electric, headquartered in Neosho, Mo., serves over 17,000 member accounts primarily in Newton, McDonald and Jasper Counties.