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EETING MINUTES
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our facilities to reach the goal of company-
wide fiber to the home. RTC will continue to
pay out capital credits for estate retirements.
Chief Financial Officer David Aamot presented
the audit report. CFO Aamot noted that RTC
auditor Moss Adams gave RTC a clean audit
report opinion for 2015 and directed mem-
bers to look at their statement in the Annual
Meeting book.
CFO Aamot reviewed the Statement of Opera-
tions and the Balance Sheet. He noted the total
operating revenue of $32,217,380 for the year
2015, an increase of almost $2.5 million and
8.25% over 2014. This was due to economic
growth, increased network access and video
sales. Operation and interest expenses increased
8.4% from 2014 to 2015. Over 75% of this
increase is depreciation due to the $78 million
of plant invested by the co-op over the last
five years. Once you remove depreciation,
expenses only increased 2%. Net margins for
2015 totaled $2,972,497. There was $448,111
of capital credits retirement to estates in 2015.
Plant increased by over $2,782,000. RTC ended
2015 with total assets of $111,911,880. Under
the liabilities section, long term debt is only
up $365,000. Take note of the growth in ser-
vices over the last five years as we transition
from copper to fiber.
A motion was made and seconded to accept
the Audit Report for 2015. M/C
President Hoff introduced CEO/General
Manager Shane Hart.
CEO/GM Hart thanked the members for
their patronage, loyalty, and membership. He
reported that RTC is continuing with their
upgrade from a copper cable plant to an all
fiber network. This year we will be plowing
fiber to Alexander, Arnegard, Douglas, Emmet,
Keene, Makoti, Norma, Ross, Ryder and Spencer
exchanges. He thanked the members that are
waiting for fiber for their patience, understanding
and easements. We are happy to be recognized
by The Rural Broadband Association as a Gig-
Certified Provider which means RTC can offer
at least one gig in at least one community that
we serve.
CEO/GM Hart wanted to give special recog-
nition to the employees for their work at RTC
and for their work in our service communities.
He thanked the Board for their leadership
and guidance.
CEO/GM Hart recognized the 2015 RTC
Scholarship recipients attending the annual
meeting.
CEO/GM Hart recognized our FRS Youth
Tour participant, Jessica Bingham, Max.
President Hoff and CEO/GM Hart presented
retirement plaques from RTC recognizing
Carl Brunsell for his 30 years of service and
Director Paul Wisness for 33 years of service.
CEO/GM Hart thanked the Annual Meeting
Committee chairperson, Shannon Stafslien,
along with the Annual Meeting Committee
members.
There were drawings for door prizes.
Attorney Alicia Brenna discussed proposed
bylaw changes. The proposed changes are in
Article IV, Board of Directors, Section 4.5
Nomination. Members have until September
to make comments regarding these changes.
President Hoff called for unfinished business.
There was none.
The election results for District 1A were an-
nounced with Wayne Skarda being elected to
the RTC board by a vote of 187 to 114 votes.
President Hoff called for new business. There
was none.
Drawings were held for children’s prize of
an Amazon Kindle Fire and the Grand Prize
drawings of one year of local phone service,
an Amazon Echo and an Amazon Tap.
A motion was made and seconded to adjourn
the meeting. M/C
Meeting adjourned.
Respectfully submitted,
Gretchen Edwards
Recording Secretary