October 6, 2016 at 7:33 pm #186
Is that the prime reason VEA is bribing members to get the Transmission line sold because the other subsidiary’s are creating huge expenses against income and VEA will lose Tax exempt status and then be subject to the jurisdiction of the State of Nevada Public Utilities Commission?October 8, 2016 at 7:42 pm #204
The scuttlebutt behind the curtain is that Husted will receive a golden parachute to the tune in excess of $12,000,000 when he retires in 1.5 years. Now if true, is this another reason why he is pushing so hard to sell this transmission line?
How many members actually know that the real money is in the easements, not the transmission line.
Just how much advertising, money and manpower has been expended to bribe people to vote YES? The $579.00 cash payment to every member is a bribe. It doesn’t matter whether you were here for 20 years paying VEC, or just arrived like the Beverly hillbillies and signed up for power 1 month ago. Same payout for each and every member and that borders on bribery in my opinion.
And is that $12,000,000 golden parachute part of the $44,974,582 that is left over from the sale when every payoff is made to its members? Or is it a payoff from Gridliance to sell the line?
Inquiry minds want to know.October 10, 2016 at 6:55 pm #213
Evidently, VEA was upset over a advertisement in the PVT asking members to vote NO and not rush the voting for the sale of the transmission line.
WELL, VEA has not been forthcoming on transparency. An article in the PV Times going back to September 4, 2013 titled “Possible new VEA policy: Censorship”
According to the write-up from the PV Times, The item came up for discussion during VEA’s regular board of directors meeting on Friday. VEA CEO Tom Husted, in describing the suggested policy, appeared to be telling board members that they could use it to censor the press, and even stymie co-op members who wish to attend meetings and then discuss what was said to the media.
Notice when you read the article there was one dissenter among the 6 VEA directors, a man named Dave Lowe, the district 5 director, who is not a present Director. His quote,
“The danger that we get into is that you want to proofread the reporter’s piece and that would be one way to do it and that is just the thing we have tried to avoid with the idea of a free press. All of the members need protection and that includes everyone in this room, not just certain members. I think that this prudence of ensuring that only the party line gets out is very dangerous. We have seen that happen before in this country 200 years ago. But also in other countries even today, especially in the Iron Curtain. They had very accurate reporting according to the leadership,” he said.
Lowe added that he thought being too extreme with local media members would also not be a good image for the cooperative to cultivate with the public
It’s a good article on what appears to be going on behind closed doors to bar the members and the media from gaining operational information. It may explain why members get cut off quickly when asking questions at the annual meeting by both the VEA representative running the meeting and the uninformed members.
Further research is needed for a follow on postingOctober 10, 2016 at 7:26 pm #214October 12, 2016 at 3:37 pm #233
The free hamburger and hotdogs.
$10 gift cards at the Pahrump Festival.
Vote and get a chance to win $2000, $1500, and $1000.
Currently another chance to get $300 when you walk into Walmart.
Tons of advertisements in PVT, Bill Boards on 160 & 372, Postcard mailers, etc…
they are getting more and more desperate for VEA to close the deal on the $200+ million dollar deal.
The weak explanation of Blackstone affiliate GridLaiance Holdco was to go up around us and up into N. Calif to establish a new market. lol
What is left out of the explanation was the future value of the sale to Blackstone.
Under those power lines lies the answer: EASEMENTS!
Think about it Members of the Co-op. Follow the map of transmission lines and it lays out the future for other lines to come into and through our area. Natural gas. More Optical lines, and sooner or later when all our wells dry up here and around us….Water lines!
Can you imagine the sales it will bring Blackstone?
Solution: If VEA wants to really protect our interests,…LEASE THE LINES! We will still maintain the lines for our workers, and farther down the line when progress catches up, we will have a “Cash Cow” for our Co-Op.
Good Nite Now.October 12, 2016 at 7:38 pm #247
Tom Husted, in describing the suggested policy, appeared to be telling board members that they could use it to censor the press, and even stymie co-op members who wish to attend meetings and then discuss what was said to the media.
I would say that the CEO backed himself right in a corner. I personally don’t think anyone can trust him after seeing this in print. And that’s why the members should have been asking a lot more questions and had more time to do so. Husted rushed this sale.
According to Gridliance, the holding company buying the transmission line, all the details were not worked out before Tom Husted wanted the members to vote on the sale. Would you sign papers on a new home if all the paperwork and details were not finalized? Well, would have you?
That’s what Husted wants the members to do.
I suspect there is a lot more going on within the company that the members have no idea about.
Does anyone know what the salaries and benefits and the pensions are of the top 20 people at VEA? Are the pensions defined pensions of 401K’s or both? Tax exempt organizations usually have huge salaries to prevent a profit.October 13, 2016 at 4:47 pm #252
These SOB’s at Valley Electric are spending enormous amounts of members money throwing it around everywhere until some of it sticks in hopes of getting this sale passed. This is downright immoral. I have never witnessed this in the corporate world when trying to get shareholder approval for a sale or election of directors. That would be illegal.
The CEO as well as Management at VEA have hit an all time high for deceitfulness, treachery, underhandedness, deception and outright fraud.October 13, 2016 at 10:04 pm #254
I DOUBLE DARE YOU!
All THAT VOTED NO OR DID NOT VOTE
Oct 14 100PM Gather in front of VEA, and lets burn our ballots as a strong protest.
Show them they can NOT buy our vote!
Good Nite NowOctober 26, 2016 at 4:45 pm #300
Can someone explain what the tax exempt is?November 1, 2016 at 9:03 pm #306
It’s quite simple. Valley Electric has to derive 85% or more of its income from members as follows:
The 85-Percent Member Income Test
A cooperative exempt under IRC 501(c)(12) must receive 85 percent or more of its income from members. The 85-percent member income test requires that the income be derived from members and
used to pay for services listed in IRC 501(c)(12)
The 85-percent member income test is computed each tax year. If in any year the member income falls below 85 percent of the total income received that year, the organization is no longer exempt under IRC 501(c)(12) for that tax year and must file a corporate tax return. Rev. Rul. 65-99, 1965-1 C.B. 242.
Many of us doing the research into VEA are questioning if VEA has already lost or is close to losing Tax Exempt status. My opinion is that VEA is way off the reservation for what a 501(c)(12) is defined in the Internal Revenue Code and what it was originally set up to do ( provide services to Members) not get awarded $100,000,000 contract to service Creech AFB and therefore have to lobby and spend enormous months of members money advertising all over the State Of Nevada as well as set up an office in LV. Such a huge waste of members money.
26 U.S. Code § 501 – Exemption from tax on corporations, certain trusts, etc
12(C) In the case of a mutual or cooperative electric company, subparagraph (A) ( 85 percent or more of the income consists of amounts collected from members for the sole purpose of meeting losses and expenses) shall be applied without taking into account any income received or accrued—
(i) from qualified pole rentals, or
(ii) from any provision or sale of electric energy transmission services or ancillary services if such services are provided on a nondiscriminatory open access basis under an open access transmission tariff approved or accepted by FERC ( Federal Energy Regulatory Commission) or under an independent transmission provider agreement approved or accepted by FERC (other than income received or accrued directly or indirectly from a member),
(iii) from the provision or sale of electric energy distribution services or ancillary services if such services are provided on a nondiscriminatory open access basis to distribute electric energy not owned by the mutual or electric cooperative company—
You must be logged in to reply to this topic.