1. Member-Owners
SVEC is owned by the members it serves. Members elect trustees to represent their districts, vote on bylaw changes, attend district and annual meetings and hold the cooperative accountable through democratic process.
2. Member-Elected Board of Trustees
Board members are elected by the membership to provide oversight, establish policies and make decisions in the best interest of the cooperative and its members.
3. Florida Public Service Commission (PSC)
Rate changes are submitted to the PSC for review to ensure rates are distributed in a fair and equitable structure. If the PSC identifies concerns with the rate structure or determines the request does not meet regulatory requirements, it can reject the filing.
4. Independent External Audits & Financial Oversight
An annual external audit provides an unbiased review of the cooperative's financial records and reporting practices. Auditors verify that financial statements are accurate, complete and compliant with accepted accounting standards. SVEC's bylaws also require a full annual audit of the cooperative's accounts and financial condition.
In addition to the annual independent audit, SVEC is subject to periodic audits and reviews by the U.S. Department of Agriculture's Rural Utilities Service (RUS) as required.
Grant-funded projects and FEMA reimbursements are also subject to required documentation, validation and audit processes.
5. Financial and Regulatory Requirements
SVEC must comply with state and federal requirements, lender obligations and industry accounting standards. This includes maintaining certain financial ratios and levels of financial performance required by our lenders. These lenders conduct their own periodic reviews, such as the Cooperative Finance Corporation's Key Ratio Trend Analysis, which is composed of over 100 metrics comparing our cooperative against similarly sized co-ops nationwide. Additionally, SVEC’s Financial Management Plan references adherence to PSC-approved rate tariffs and an annual review of financial performance by the Board. These requirements help ensure sound financial management, transparency and equitable treatment of members.