P K M Electric Cooperative Inc

“There is only one class of members. Any person, firm, corporation or body politic may become a member by (a) paying the par value for one share of stock, (b) agreeing to purchase electric energy from the cooperative, (c) agreeing to comply with and be bound by the articles of incorporation and bylaws”

“Every member has one voting right at the annual meeting to vote on the selection of officers.”

“Every member has one voting right on the approval of changes to the organization documents at the annual meeting. The sale, lease, or exchange of all the cooperative's property, rights, privileges, and franchises must be approved by 2/3 vote of the members.”

“There are no committees that can act on behalf of the governing board. All committees make only recommendations to the governing board which then makes the final approval.”

“The assistant manager, mike schmidt, will review the final form 990. The form 990 will be provided to the board for review electronically prior to the board meeting. The assistant manager will also present the form 990 to the manager, charles riesen, and the full governing board at a board meeting.”

“The conflict of interest policy, which covers the board of directors and officers of the cooperative, is discussed at a board meeting. The manager and assistant manager review any conflicts that need to be disclosed. If a conflict arises, it is brought to the board's attention and the individual with the conflict abstains from voting on that issue.”

“The board members, who are independent, review and approve the compensation of the manager by using comparability data only. The approval is recorded in the board minutes. The board members also approve their own adjustments to their compensation based on comparability data only. All other paid employees' compensation is reviewed and approved by the manager. This process is conducted every october.”

“The governing documents, conflict of interest policy, and financial statements are available to the public upon request. The financial statements are available in the monthly newsletter and every member is given a copy of the governing documents when they become members.”

“Included in column (f), estimated amount of other compensation from the organization and related organizations, is the estimated annual increase in the actuarial value of the defined benefit plan. The estimated increase for charles riesen is $37,450 and for mike schmidt is $28,174. These amounts are estimates in the increase of the value of the plan and are not current year expenses of the cooperative. The current year expense for this defined benefit plan was $46,740 and $33,653 respectively.”

“Retirement of capital credits -458,372. Llc's income - per books 273,477. Llc income per k-1's and form 990 -201,306. Other increase in membership 95.”