Nobles Cooperative Electric

“Three officers; president, vice president and secretary. Authority asked per full board action.”

“All consumers having nce electric services are considered members.”

“Only current electrical consumers are able to vote for board members and vote on bylaw changes.”

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

“Presented and reviewed at a board meeting. Board members sign off after review.”

“Upon reviewing or discovering any information or fact that could impact a director's compliance with this policy, the board must 1 - provide the director an opportunity to comment orally and in writing regarding the information or fact, and an opportunity to be represented by legal counsel, and 2 - determine whether the director complies with this policy. If the board determines that a director does not comply with this policy, then 1 - the board must provide the director an opportunity to comply with this policy within thirty days and, 2 - if the director does not comply with this policy within thirty days, then, as allowed by law, the board must sanction, disqualify, and/or remove the director upon receiving or discovering any information or fact that could impact any other official's compliance with this policy, the board must act as a appropriate or authorize the manager to act as appropriate.”

“Nobles cooperative board of directors annually review and determine chief executive officer compensation package. The board of directors uses the nreca national compensation system to review other cooperatives of similar size and annual revenues as a guide. An independent review of the ceo's performance and accomplishments is performed. The decisions are documented in board minutes. The process described here was last completed in 2024.”

“The organization makes these documents available at all times on their website (www.nobles.coop). All doucments are also available upon request.”

“On our website under the transparency tab are the most recent three years of annual reports. Our articles of incorporation and bylaws are also found under the same tab.”

“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 and in part xii on schedule d.”

“Patronage allocation 1,495,474. Retirement of capital credits -1,301,913. Transfer to other equities -319,278. Increase in other equities 329,335.”