Paulding Putnam Electric Co-Op Inc

“Any person firm Ohio limited liability company or body politic may become a member in the cooperative at their primary residence or place of business by: A Agreeing to purchase from the cooperative electric energy as hereinafter specified; and B providing right of way access to all cooperative owned property and equipment C Allowing for the regular maintenance improvement upgrades and retirements of all cooperative owned equipment including right of way clearing and trimming and D agreeing to comply with and be bound by the Articles of Incorporation of the cooperative and the Code of Regulations and any Amendments thereto and such rules and regulations as may from time to time be adopted by the Board of Trustees. No firm corporation or body politic may own more than one membership in the cooperative.”

“The Board of Trustees is nominated and elected by the membership.”

“Membership approval is required for the cooperative to sell lease mortgage or dispose of all or substantially all its property not withstanding the right of the Trustees to borrow money as deemed appropriate by the Board of Trustees. In addition membership approval is required to alter amend or repeal the Code of Regulations.”

“Board policy dictates that the Conflict of Interest Policy be monitored by department and enforced by department heads. All employees of the cooperative are subject to the Conflict of Interest Policy. During 2024 the department heads did not encounter any circumstances where the Conflict of Interest Policy was required to be enforced. It is the intent of the policy to avoid conflicts of interest when at all possible. A conflict would prohibit the person from participating in deliberations and decisions with regard to the conflicted transaction.”

“The Board of Trustees determines compensation for the Cooperatives CEO on an annual basis following guidelines established by the National Rural Electric Cooperative Association NRECA along with research and review of local regional and national data available from NRECA and other area cooperatives as indicated on their Form 990. The Cooperative utilizes NRECA data for comparative purposes for all positions to ensure consistency with regional compensation medians.”

“The Cooperatives Code of Regulations is available on its website. The financial statements of the Cooperative are published annually in its Annual Report to the membership. No other documents of this kind are available to the public.”

“On July 18 2024 the Board of Paulding Putnam Electric Cooperative voted unanimously to provide fiber internet service to its membership. During 2024 no significant program services were provided; however planning and preparation began for the 2025 project implementation.”

“| Description:, Explanation:, Amount:| Donated Capital - 2024, Donated Capital, $302009| Allocated Capital Credits Retained - 2024, Allocated Capital Credits Retained, $3368977| Capital Credits Retired - 2024, Capital Credits Retired, $-1829787| Memberships Redeemed - 2024, Memberships Redeemed, $-1750|”

“| Explanation:| The Cooperative is interpreting the term "Benefits Paid to Members" to mean capital credits allocated or to be allocated to members from current year net margins.”