Dubois Rural Electric Cooperative Inc

“The cooperative had 11,751 members as of december 31, 2024.”

“During the board of directors' monthly meeting, they are given a copy of the form 990. The manager of finance, who prepares the return, discusses the entire form 990 with the board. Any questions are answered. The board then approves the form 990 for filing.”

“To ensure dubois rec operates in a manner consistent with the not-for-profit purpose and does not engage in activities that could jeopardize its tax exempt status, periodic reviews shall be conducted. These include the following subjects compensation arrangements are reasonable and whether partnerships, joint ventures and arrangements with management organizations conform with dubois rec's written policies, are properly recorded, reflect reasonable investments or payments for goods and services, further not-for-profit purposes and do not result in impermissable private benefit transactions.”

“The process of determining compensation for the top management official, along with all of the other employees, is as follows: 1 data obtained from survey of other electric cooperatives across the united states for comparable compensation for similar positions 2 reviewed and approval by the board of directors 3 documentation is kept on each employee on the approved rate along with acceptance of the compensation documented in the board of directors' minutes. This process was last completed for all employees in june 2024.”

“The process of determining compensation for the top management official, along with all of the other employees, is as follows: 1 data obtained from survey of other electric cooperatives across the united states for comparable compensation for similar positions 2 reviewed and approval by the board of directors 3 documentation is kept on each employee on the approved rate along with acceptance of the compensation documented in the board of directors' minutes. This process was last completed for all employees in june 2024.”

“The condensed income statement and balance sheet are provided each year at the annual membership meeting. This information is also available on the cooperative's website. During the application process for new membership, the members are notified the cooperative's by-laws are located on the cooperative's website. The conflict of interest policy is available upon request of the member.”

“Estate retirement discounts = $83461”

“FASB 106 = $36119”

“Patronage capital margins = $2440349”

“Reallocated patronage = $105650”

“Retired capital credits = -$1422133”

“Similar to payroll expenses, accounting for insurance is either expensed or capitalized. Therefore, the amount on the statement of functional expenses does not reflect the entire amount of insurance costs.”

“This amount represents the amount of patronage capital that will be allocated to the members for the calendar year 2024. All such amounts in excess of operating costs and expenses are the resulting benefits paid amount represented on line 4.”

“As an electric cooperative, that follows rus accounting, we either capitalize or expense the cost of payroll, taxes and employee benefits. Therefore, the amount can not be broken down, line by line on the statement of functional expenses. The amount of payroll that has been capitalized, also includes payroll taxes and employee benefits, which is included in the balance sheet. In addition, the amount from the year to year to be capitalized vs expensed varies based on the work being performed.”

“An audit in accordance with generally accepted accounting principles is performed on a fiscal year of july 31st. Therefore, no reconciliation can be calculated.”