Jump River Electric Cooperative Inc

“Organization is a member cooperative.”

“15 or more members of a district from which a director is to be elected may make nominations each member receives a ballot containing the names of the qualified candidates nominated for the director positions each member of the cooperative is eligible to vote for one candidate from each district from which a director is to be elected.”

“Each member shall be entitled to one vote on each matter submitted to a vote at a meeting of the board of directors.”

“The organization does not have any committees that have authority to act on behalf of the governing body.”

“Organization's process to review form 990: the 990 is reviewed by the general manager, finance manager and the board of directors. The board chairman signs 990 after this review and before it is filed.”

“A copy of the conflict of interest policy must be signed by each current employee and director annually as well as each new employee and director at time of hire. The conflict of interest policy is a self-policing policy in which it is the responsibility of each employee/director to come forward with any potential conflicts whenever they occur. The whistleblower policy supports the enforcement of the conflict of interest policy by encouraging all employees and directors to report conflicts of interest and other questionable behavior.”

“The general manager/ceo's compensation is determined by the board of directors. The board of directors review the general manager/ceo's performance and compensation on at least an annual basis. The board utilizies the nreca national compensation survey for electric cooperatives for comparables. The compensation is approved by the board of directors in executive session. Compensation for the operations manager and finance manager is determined by the general manager/ceo. The general manager reviews key staff's performance and compensation once a year. The general manager utilizes the nreca national compensation survey for comparables." other highly compensated employees are union employees. The amount in the union agreement is negotiated by the ceo through comparisons to the state average of the industry for similar positions using the nreca national compensation survey for electric cooperatives. The agreements are usually 3 years and the results are documented in the union agreement. The process described here was last completed in 2024.”

“The cooperative makes its minutes, bylaws, and governance information available to the public by making this information available on-line and upon request. The financial statements are published annually and distributed at an annual meeting for members.”

“Retirement of patronage capital -495,193. Change in memberships -1,180. Patronage dividend allocated 1,277,979.”

“There have been no changes to the oversight process.”

“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 12 of the form 990.”