Eastern Maine Electric Cooperative Inc

“Eastern Maine Cooperative, Inc. (EMEC) has members. EMEC is owned by its members. EMEC is a non-profit consumer-owned electric utility serving parts of Aroostook, Penobscot, and Washington Counties.”

“Eastern Maine Electric Cooperative, Inc. (EMEC) members own the cooperative. To conduct the affairs of the cooperative, they elect a Board of Directors, who are themselves, members. In the election of Directors, each member has one vote.”

“Membership approval for the disposition and acquisition of certain assets and bylaw changes.”

“The Form 990 is prepared by the Chief Financial Officer. The Chief Executive Officer reviews the Form 990. The form 900 is presented, reviewed, and discussed with the Board of Directors prior to the return being filed.”

“Each board member signs a Conflict of Interest Statement at the monthly board meeting in which they state whether they have a conflict and that they will not participate in any vote in which there may be a potential conflict of interest.”

“Comparative salary information from the 800 electric cooperatives is reviewed and used in developing a wage plan for non-bargaining unit employees, as approved by the board. At least once every three years, the wage plan is thoroughly reviewed and updated as necessary, as approved by the board. Annually, the board reviews the performance of the CEO and makes a salary change as applicable. Annually, the CEO reviews the performance of the non-bargaining unit employees and makes a salary change as applicable”

“Eastern Maine Electric Cooperative, Inc. (EMEC) provides its governing documents, the By-Laws, to each new member; plus they are available upon request. The Conflict of Interest policy is available upon request. The financial statements are mailed annually to each member and are presented at the annual meeting.”

“The Cooperative's tax-exempt purpose is to provide electricity to its members and to do so, on a cooperative basis. Tax law defines "Operating on a cooperative basis" as the subordination of capital, democratic control, and operation at cost. The Cooperative operates at cost through the allocation of true patronage dividends (also referred to as the allocation of patronage capital) to its members. Patronage dividends are considered paid if the allocation is made (1) pursuant to pre-existing obligation, (2) from margins produced from the transaction done with or for members, and (3) in a fair and equitable basis on the basis of patronage (i.e. purchases). Additionally, the allocation of patronage dividends should be made within a reasonable time period after the close of the Cooperative's year-end of December 31. The amount reported on this line represents the amount of patronage capital that is either allocated or to be allocated to the members resulting from their purchase of electric service from the Cooperative for the 2024 calendar year. Such amounts are allocated subsequent to the year-end in a fair and equitable manner on the basis of patronage (i.e. purchases). The amounts allocated are representative of the margins from the provision of electric service to members and are done pursuant to the obligation that exists in the bylaws of the Cooperative. Therefore, these amounts meet the definition of the term "Patronage dividends paid." Patronage Dividends to be allocated are reported on line 4. Please note; however, that because patronage dividends is the process by which the Cooperative operates at cost with its members and thereby a key component to accomplishing its exempt purpose, the cooperative has reported the amount it's 2024 margin that has been or is to be allocated to the members subsequent to year-end. Such amounts are an expense for Form 990 reporting and not an expense for financial statements prepared in accordance with the Generally Accepted Accounting Principles (GAAP). As a result, the difference between the Cooperative's GAAP basis financial statement and the revenue less expense reported on Part 1, line 19 is the amount of the patronage dividends reported as benefits paid to members.”

“Total Other Salaries and Wages were $3,545,941 of which $1,012,656 were charged to the balance sheet accounts. The remaining amount of $2,533,285 was charged to expense accounts.”

“Total Pension Plan Contributions were $775,240 of which $196,584 was charged to balance sheet accounts. The remaining amount of $578,656 was charged to expense accounts.”

“Total medical. life and long-term disability insurance contributions were $651,609 of which $145,713 was charged to the balance sheet accounts. The remaining amount of $505,896 was charged to expense accounts.”

“Total Payroll Taxes were $255,786 of which $57,347 was charged to balance sheet accounts. The remaining amount of $198,439 was charged to expense accounts.”

“The amount reported on this line represents the amount of the current year's patronage capital credit assignable, if patronage is a positive figure and once the prior year's negative amounts have been offset by current year positive amounts, and the sum of changes in patronage capital retirements and memberships. The amount of patronage capital that is either allocated or to be allocated to the members resulting from their purchase of electricity from the Cooperative for the 2024 calendar year. Such amounts are allocated subsequent to year-end in a fair and equitable manner on the basis of patronage (i.e. purchases). The amounts allocated are representative of the margins from the provision of electric energy to the members and are done pursuant to the obligation that existed in the bylaws prior to the cooperative providing electricity to members. Therefore, these amounts meet the definition of the term "Patronage dividends paid."”

“No changes”