Frank Corrales Jr. This is Me

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1. 1. The Challis Messenger Online

   www.challismessenger.com/archi - [Cached]

   Published on: 4/2/2004   Last Visited: 4/2/2004

   Frank Corrales, SREC acting general manager and finance manager, told the Messenger the $50,000 payment represents 38 percent of the total capital credits booked by members in 1979.
   
   Corrales said this is the first time SREC has paid out capital credits since February 1999, when it paid for capital credits earned during the years 1977 and 1978.

2. 2. The Challis Messenger Online

   www.challismessenger.com/archi - [Cached]

   Published on: 6/8/2002   Last Visited: 6/8/2002

   --SREC Finance Manager Frank Corrales
   
   ...
   Board Secretary Clyde Rigby and Finance Manager Frank Corrales went over financial figures with which some didn't agree.
   ...
   Corrales reviewed charts and graphs showing SREC maintained a solid rating among other cooperatives and that diversification had added substantially to SREC's margins.
   
   He said if SREC assumed no more long-term debt, the co-op will owe less than $3,000 by the year 2016. He reviewed current loans where a majority of the interest rates are below seven percent and four currently below five percent. He said the cash balance naturally went down as SREC made capital investments, but would increase once those expenses are finished.
   
   Corrales said giving information about diversification had to be monitored carefully, since public disclosure could put competitors at an advantage and possibly squeeze SREC out of those ventures.
   
   Corrales admitted mistakes had been made but promised to keep working toward improvement. He wrapped up his speech with, "Is SREC a perfect organization? No. Have we made mistakes? Yes. The only time you don't make mistakes is when you do nothing."
   
   Single purpose

3. 3. The Challis Messenger Online

   www.challismessenger.com/newsp - [Cached]

   Published on: 2/22/2002   Last Visited: 2/22/2002

   SREC Finance Manager Frank Corrales explained to Dungan and others at the meeting that the monetary difference is not due to SREC "cooking the books" or losing $1.4 million, as Dungan said it appeared, but due to different reporting methods.
   ...
   Corrales told the Messenger after the meeting that it's coincidental that the loan amount and the year 2000 operating revenues for the propane division are both close to $1.4 million.
   
   At the meeting, Corrales handed out a one-page statement explaining the audit figures. Both reporting methods result in the same bottom line net "margin" for 2000 (the word "profit" would be used if SREC were a for-profit utility) of $45,378.
   
   The 2001 audit and Corrales' summary sheet show the propane division had a net loss of $3,487 for the audit year ending April 30, 2000. In the 2001 audit, this was separated out and shown in the "non-operating margin" part of the year 2000 column, not lumped in with electricity in the "operating revenue" or "operating expenses" part of the same column, as shown in the 2000 audit.
   
   Corrales said SREC separates its electric revenues and expenses from propane revenues and expenses because its lender, the Cooperative Finance Corporation (CFC) wants to compare only SREC's electric division finances to the other electric cooperatives to which it lends money. The State of Idaho also likes SREC's electric and propane divisions broken down, because the electric division does not pay property taxes but the propane division does.
   
   The electric division pays the state a gross revenue tax instead, Corrales told the Messenger. After SREC's cost of purchasing power is subtracted from its electric operating revenue, SREC pays the state a 3.5 percent tax on the balance.
   
   SREC's wholesale power suppliers (the Bonneville Power Administration in the past, now the Pacific Northwest Generating Cooperative) also are interested only in electric revenues and expenses, so SREC separates them out in those financial reports, Corrales said.
   
   Corrales told the Messenger that both audits were done about the same time, under time pressure. In the 2000 audit, he noticed the auditor had lumped propane and electric division operating revenue and expenses together. Corrales said it would have been more appropriate to have them separated out as they were in 2001 and will be in future audits.
   
   ...
   Corrales then spoke up, saying he wrote the sentence in the ad and that as financial manager it is his responsibility to have financial information ready on time. Corrales said he has had a heavy workload carrying out the SREC board's direction of diversification, so he was late in getting audits for the last two years done on time. He said Rob Stephens of CFC gave SREC an extension until the end of October to do so and that deadline was met, but the audits should have been done earlier for the public.
   
   "I failed in that respect," Corrales said, adding, "I have told the general manager 'if you want my job, I'm willing to leave.'"
   
   With diversification efforts, a minimal staff and heavy workload, "I got behind on stuff," Corrales said. "We were trying to do a lot. My apologies to the membership."
   
   ...
   Corrales read Article X, Section 3 of the bylaws: "The board of directors shall, as soon as is reasonably possible after the close of each fiscal year, cause to be made a full and complete audit of the accounts, books and financial condition of the Cooperative as of the end of April of each year. A summary of the financial condition of the Cooperative shall be given to the members at each annual meeting."
   
   Corrales told Dungan he interprets state statutes and the word "summary" in the bylaws as giving SREC some discretion in what financial information is supplied to members at the annual meeting.
   
   "We believed graphs showing financial trends of the cooperative would benefit our members more than a bunch of numbers," Corrales told the Messenger in an interview after the meeting. "I guess I was wrong in that respect also."
   
   Corrales told the Messenger he will provide members with a balance sheet and income statement at the April 2002 annual meeting.
   
   Corrales said the important thing is that both audits had a "clean bill of health" for SREC from auditors Blodgett, Mickelsen and Naef.
   
   ...
   Corrales told the Messenger that he's not a lawyer but he believes a contractual rate is not the same thing as a rate class.
   
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