Steele Waseca Cooperative Electric

“The company is a member owned cooperative.”

“At the annual meeting 3 directors are elected annually to 3 year terms. All members can vote by mail in ballot and results are announced at the annual meeting.”

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

“All board members received an electronic version of form 990 before it was filed.”

“Corporate council reviews the conflict of interest policy at the organizational meeting with the entire board of directors. All directors, officers, and employees are covered by the conflict of interest policy. Any potential conflicts that arise are reviewed by the board of directors, general manager, and legal counsel. If conflicts are determined to exist, the violation may result in a disciplinary hearing with the general manager, and possible expulsion. The organization documents any proceedings during the hearing process.”

“Form 990, part vi, section b, line 15a: the board of directors as the governing body & corporate council conduct a performance and compensation review of the gm. Compensation was set by the board of directors based on a performance review and national compensation surveys. Compensation figures were provided to the finance department. Form 990, part vi, section b, line 15b: compensation was set by the gm based on a national compensation survey. A verbal review was provided to the board of directors as the governing body. Compensation figures were provided to the finance division. The processes described here were last completed in 2024.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“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 dividends allocated 3,208,055. Capital credits retired -2,172,667. Estate settlements -77,037. Net gain on available for sale securities 340,302.”