Jimmy A. LaFoy, District 7 trustee for Baldwin EMC, was recently elected to serve a three-year term as a director of the National Rural Utilities Cooperative Finance Corporation (CFC). LaFoy serves as secretary-treasurer on the board of trustees for Baldwin EMC.
LaFoy, a Certified Public Accountant (CPA), owns and operates a public accounting practice in Gulf Shores. He is a founding organizer and current member of the Southern States Bank Board and is a member of the Farmers National Bank Board of Opelika and the First American Bank Advisory Board.
In addition, LaFoy is a past council member and past president of the Alabama Society of Certified Public Accountants, and a past council member of the American Institute of Public Accountants. He is also a member of the Gulf Coast Chamber of Commerce, the Gulf Coast Arts Alliance and the Gulf Shores United Methodist Church.
CFC is guided by a 23-member board of directors that represents 10 geographically defined districts, the electric cooperatives’ national trade association and one at-large director. The board sets overall policy, establishes programs and develops strategies for CFC. LaFoy will represent District 3 on the CFC board, which includes Alabama, Kentucky, Mississippi and Tennessee.
CFC is a member-owned, nonprofit cooperative. It was organized in 1969 to raise funds from the capital markets to supplement the loan programs for electric cooperatives offered by the Rural Utilities Service (RUS), previously Rural Electrification Administration (REA).
Together, CFC and its affiliates, the National Cooperative Services Corporation (NCSC) and the Rural Telephone Finance Cooperative (RTFC), provide financing to member organizations and affiliates in 49 states, the District of Columbia and two U.S. territories.