Illinois Electric Cooperative

“The cooperative has two classes of members. Class a members, electric members, have voting rights, class b members internet members, do not have voting rights.”

“Each customer who receives electric service is a class a member. These members elect the members of the board of directors and approve significant decisions of the cooperative.”

“The cooperative has one class of membership that must vote on changes to the bylaws, articles of incorporation, and sale of substantially all of the cooperative's assets.”

“There are no committees with authority to act on behalf of the governing body.”

“Before the 990 is filed, a final draft will be reviewed by the board and discussed. Questions answered and corrections made if needed.”

“Counsel reviews policy annually with the board and senior management. The general manager reviews it annually with the employees. Determinations for the board are at the board level, the general manager at the board level and all other employees at the general manager level. Restrictions on the board in the instance of a conflict of interest does not allow them to vote on the matter and employees are prohibited from having conflicts of interest.”

“The board of directors determines the general manager's compensation. In making that determination, they use benchmark data from the national rural electric cooperative association and the association of illinois electric cooperatives. The process is documented in the minutes of the board's meetings. This process takes place annually alongside a formal review. The management of the cooperative determines the compensation of key employees. Management uses benchmark data from the national rural electric cooperative association and the association of illinois electric cooperatives. This process takes place annually. The process described here was last completed in 2024.”

“The cooperative's governing documents, conflicts of interest policy, and financial statements are made available upon request and on our website www.e-co-op.com”

“Equity in earnings in subsidiary 177,659. Patronage retired -1,054,581. Change in other comprehensive income -301,828. Patronage dividends allocated 3,002,468.”

“The irs instructions state that patronage dividends paid by section 501(c)(12) organizations to their members should be reported on line 4. The organization has interpreted patronage dividends paid to mean patronage dividends allocated or to be allocated for the current year. Since this allocation is not an expense under generally accepted accounting principles (gaap), this has resulted in a reconciling item to net assets in part xi, on page 13 of the form 990.”