VEA Releases 2018 Audit

PAHRUMP, Nev. (April 15, 2019) – Valley Electric Association released its 2018 audit today, and the report shows that the Cooperative’s 2018 financial statements “present fairly, in all material respects, the financial position” of VEA.

The audit, dated April 5, 2019, was conducted by Bolinger, Segars, Gilbert & Moss, LLP, of Lubbock, Texas, and is posted to the Cooperative’s website – www.vea.coop

“This puts it in black and white,” said VEA’s interim Chief Executive Dick Peck. “Members know with 100 percent confidence that Valley Electric has been honest and completely transparent in its governance and accounting with members’ funds.”

The scope of the audit covered 2018, the same time period during which allegations of financial impropriety had been leveled against VEA by some members.

“The audit was conducted in February, and Bolinger was well aware of events that were swirling around Valley Electric,” said Peck “They put experienced, well-trained auditors on it. If they had found anything out of the ordinary, they would have kept digging.

“When auditors tell you that your statements are ‘fairly stated,’ it means that they accurately reflect the financial condition of the organization.”

The 37-page report and can be found by following these links to the Valley Electric Site.

Bolinger, Segars, Gilbert & Moss was founded in 1954 and specializes in working with electric cooperatives. Other clients include telecom companies, non-profits, agriculture and financial institutions in 12 states. It employs approximately 65 people, including 11 partners.

In the spring of 2018, during a transition of CEOs, the Board engaged a different accounting firm – Hinton Burdick of St. George, Utah – to conduct a transitional audit of financial activities (internal controls, cash activity and expenditures) for the period of January 1, 2016 to July 31, 2018. The Board requested the forensic review of VEA’s financial activities because of the management transition.

That audit produced similar results:

“No significant transactions lacking supporting documentation, or of an unidentifiable nature, were noted,” according to the report from Hinton Burdick.