ACE Hardware, State Farm, REI, Land O’Lakes and Boone REMC all share something in common: we’re all cooperatives.
We may be in different industries, but we all share a passion for serving our members and helping our communities to thrive. In fact, all cooperatives adhere to the same set of seven principles that reflect our core values of honesty, transparency, equity, inclusiveness and service to the greater community good. October is National Co-op Month, so this is the perfect time to reflect on these principles that have stood the test of time but also provide a framework for the future. Let’s take a look at the first three cooperative principles.
Voluntary and Open Membership: Just like most co-ops, Boone REMC was created out of necessity — to meet a need that would have been otherwise unmet in our community. So in 1936, a group of farmers banded together and organized our electric co-op so everyone in our community could benefit. For a modest membership fee to the co-op, any farmer could get electricity brought to his farm. Boone REMC became the first electric co-op in Indiana. Neighbors came together to tackle a problem that they all had but couldn’t solve alone. They worked together for the benefit of the whole community, and the newly established electric lines helped power economic opportunity in our community.
While this history may be forgotten, key parts of that heritage remain — the focus on our mission and serving the greater good. We include everyone to improve the quality of life and economic opportunity for the entire community. Membership is open to everyone in our service territory, regardless of race, religion, age, disability, gender identity, language, political perspective or socioeconomic status.
Democratic Member Control: Our co-op is well suited to meet the needs of our members because we are locally governed. Each member gets a voice and a vote in how the co-op is run, and each voice and vote are equal. Most of Boone REMC’s leadership team and employees live right here in the community. Our board of directors helps set long-term priorities for the co-op. They also live locally on co-op lines. These board members have been elected by neighbors just like you. We know our members have a valuable perspective, and that’s why we are continually seeking your input and encourage you to weigh in on important co-op issues and participate in co-op elections.
Our close connection to this community ensures we get a first-hand perspective on members’ priorities and needs, thereby enabling us to make more informed decisions on long-term investments.
Members’ Economic Participation: As a utility, our mission is to provide safe, reliable and affordable energy to our members. But as a co-op, we are also motivated by service to the community, rather than profits. Members contribute equitably to, and democratically control, the capital of Boone REMC. At least part of that capital remains the common property of the cooperative. Co-op programs, initiatives, capital investments and supporting other activities approved by the membership are an important part of our evolving cooperative mission.
Because we are guided by seven cooperative principles, it’s not just about dollars — it’s about opportunity for all and being fair when engaging with our members. The cooperative way is a values-based business model.
Boone REMC is a reflection of our local community and its evolving needs. We view our role as a catalyst for good and making our corner of the world a better place.
See the other four cooperative principles and the meaning behind them and why they are important on our website at bremc.com.