Claverack Rural Electric Cooperative

“Claverack rural electric cooperative is owned by those who receive electric service from the cooperative.”

“The entire board of directors is elected by the membership of the cooperative.”

“The cooperative may sell, lease or otherwise dispose of all or substantially all of its assets only when authorized by the affirmative vote of two thirds or the entire membership of the cooperative. Also, the bylaws outline the process by which members could petition for the removal of a board member.”

“The draft of the form 990 is reviewed with the board of directors during a regular board meeting. The board, upon their satisfaction with the form, will take action, authorizing the ceo to sign and file the form 990.”

“The policy and compliance are reviewed annually.”

“The compensation of the ceo is negotiated after a review of comparable positions on a national, regional, and local level. Various survey data is used to include a national compensation survey of electric cooperatives. The salary is then included as a contractual item in the ceo's employment contract. The contract is a three way agreement between the ceo, the organization and c&t enterprises, inc. A taxable holding company in which claverack owns 50%. C&t provides management services which includes payroll and benefits for all employees including the ceo.”

“The form 990 is available to the public upon request”

“Change in other comprehensive income -102,002. Membership refunds -3,820. Gain on early retirement of capital credits 120,007. Change in unclaimed capital credit 530.”

“The process has not changed since the prior year”

“Claverack retired $1,152,139 of capital credits to its members in 2024. This amount of $1,152,139 is stated on part 1, line 14. However on the audited financial statements this amount is reported as a reduction to equity.”

“Claverack rural electric cooperative is a party to a management services contract with c&t enterprises, inc. C&t enterprises is a for-profit holding company which is owned by claverack and tri-county rural electric cooperative, inc. Claverack and tri-county each own 50% of the stock of c&t enterprises. Under the terms of the contract, c&t assigns employees to claverack and provides all payroll and related services. C&t also administers the payroll and benefits of the claverack president and ceo.”