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 audit, rate & budget committee. The form 990 is then distributed and reviewed at the meeting of the board of directors. 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”

“Consulting 30,067. After hours call center 143,042. Line inspections 83,737. Row/tree trimming/spraying 1,597,423.”

“Change in other comprehensive income -40,342. Membership refunds -3,700.”

“Please note that $2,875,564 was allocated to claverack members in 2016. This amount consisted of operating margins totaling $2,380,486 and capital credits totaling $495,078. Claverack also retired $1,171,534 of capital credits to its members in 2016. This amount of $1,171,534 is stated in part 1, line 14.”

“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 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 & ceo.”