Vernon Electric Cooperative

“Any person who requests service from the cooperative subject to the conditions applicable to all patrons of the same class of service, upon receipt of such service shall be deemed a member with the same rights and privileges as each other member of such class.”

“Candidates for director positions on the board of directors are nominated at the annual district committee conference and elections are held at the following annual meeting of the members.”

“Each member is entitled to one vote upon each matter submitted to a vote at a meeting of the members.”

“The general manager and the director of office services reviews form 990 with the board of directors before it is filed.”

“A copy of the conflict of interest policy was given to each current employee and director as well as each new employee and director. 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/directors to report conflicts of interest and other questionable behavior.”

“Nreca compensation studies are used to determine the compensation of the general manager and other officers of the organization. The board of directors approves the general manager's compensation and the general manager approves the compensation of all other employees.”

“Documentation is available upon request.”

“The cooperative has interpreted patronage dividends paid to be the amount of current year margins that will be allocated to its members and therefore has presented this amount. The cooperative has allocated all operating margins and retained a portion of its non-operating margins.”

“Patronage capital retired -598,346. Donated capital 62,030. 2013 margins allocated to members 1,362,086.”

“No changes have been made since prior year.”