Southwest Iowa Rec

“Any individual acting for himself or as an accredited representative of an association, corporation, partnership, or organization, and who customarily uses the services rendered by southwest iowa rec, may become a member of southwest iowa rec. All members are considered as one class; however, for revenue classification purposes, classes are defined as residential, small commercial, large commercial, public authority and resale.”

“All cooperative members (all considered one class) are entitled to cast one vote for each director that has been nominated to serve on the governing board of southwest iowa rec. Candidates for election on the board of directors are nominated by a nominating committee, which committee is elected by the board. There is a process included in the articles of incorporation and by-laws that provide for nomination by petition, whereby 20 people can place any qualified person on the ballot for election. The election is held at the annual meeting of members. The cooperative is made up of two regions and each voting member is entitled to cast one vote for each director to be elected from the member's region.”

“Some decisions of the governing board are subject to the members' approval as follows: sale of certain assets; consolidation of assets. Members may also: control the disposition of revenue and receipts; alter, amend or repeal by-laws by a vote of 75% of the members present or represented. Each member is entitled to one vote. The articles of incorporation may only be changed by the members.”

“The cooperative does not have committees with broad authority to act on behalf of the governing body.”

“A copy of the prepared form 990, including any applicable schedules and attachments, is provided to all of the members of the board of directors for their review at a board meeting prior to submitting the form 990 to the irs.”

“Annually, and otherwise upon the seating of any new board member, a disclosure of conflict of interest statement will be signed by each director and the ceo/general manager. It is the responsibility of the board president to address any conflicts of interest and to take appropriate action if anyone has been deemed not adhering to this policy. Such action may include being recused from discussion and vote.”

“The ceo's compensation is reviewed annually by the governing board of directors. This process includes using comparability data of similar positions in the electric industry, as well as other industries. The process described here was last completed in 2024.”

“Southwest iowa rec makes its governing documents, conflict of interest policy and financial statements available to the public by providing copies upon request.”

“Patronage dividends allocated 494,044. Retirement of capital credits -370,837. Changes in other equities -2,835.”