CEO Message - March/April 2020
On March 24, Triangle Telephone Cooperative, now known as Triangle Communications, turned 67 years old. Over that time Triangle has grown and evolved to provide members in 16 counties covering over 23,000 square miles with a landline or internet. We have advanced to now offer fiber optic level of service to over 75% of our members.
As you may know, Triangle Telephone Cooperative was formed by people who wanted to have access to telephone services in areas where the bell companies were not willing to serve. I give a lot of credit to those early innovators who worked together and took on not only the technical but, financial risk of providing phone service for themselves and their neighbors.
As a cooperative, annually you elect a Board of Directors. Triangle’s Board strives to make sure that we deliver great service at the best cost possible, and in the past, sometimes even below cost.
It is quite a time commitment for those who are elected to serve on the Board. Board members must attend continuing education seminars to keep up to date on the telecommunications industry and the everchanging industry regulations. This does not include the monthly board meetings. I would like to thank our Triangle Board members for their time and dedication to you, our members.
The Board looks at the financial condition of the cooperative first before they determine if it is feasible to retire (pay out) a portion of the capital credits. This past July the board offered the current year (2018) capital credits at a discount, the offering was very well received by many of our members. This past December the board also approved returning 50% of the 1992 capital credits allocated to the members who had service with Triangle in 1992. Checks were issued to members totaling over $646,000 for the 1992 retirement. The board continues to look at capital credits and how they will be dealt with in the future.
I hope this message gives yet another insight into the cooperative and how it works.