Logan County Cooperative Power

“As an electric cooperative, anyone having an active account in good standing is a member/ owner.”

“When a member of the governing body's term is expiring, a democratic process of nominating and voting takes place prior to the annual meeting. The winner is announced and sworn in at the annual meeting.”

“Any proposed / required changes to the co-op code of regulations are also put before the members in a similar democratic election process.”

“It will be presented 2 weeks after it is submitted due to the timing of the due date and the board meeting schedule.”

“Conflicts of interest are discussed in board meetings and we have them fill out an independence questionnaire yearly that asks questions to prompt this type of thinking. Our board policy #404 ethics and conflicts of interest, is reviewed periodically to keep this on the forefront of the board members' minds.”

“As part of the annual budget process, managment consults the nreca wage salary reports to determine annual compensation. This is reviewed by management and the governing body prior to the final budget being approved and before any proposed wage adjustments. This process applies to top management officials, other officers, and employees.”

“Documents and statements can be made available to the public if requested according to federal instructions. Information is typically available to members of the co-op within seven business days.”

“Reallocation of unclaimed capital c 109,716. Unclaimed retired capital credits -551,160. Change in retired capital credits- 44,558. C.y. Patronage dividends alloc. 642,887.”

“It is the responsibility of the governing body officers and directors to oversee any audits, reviews, or compilations of financial statments and to select an independent accountant. The organization has selected an accounting firm to prepare its annual financial statement and also form 990.”

“Electric co-oops are required to show net margins as an expense to be distributed to its members. Since net margins are not distributed until the subsequent reporting year, all co-ops must show this as an adjustment on form 990, part xi, line 9 .”