Wild Rice Electric Cooperative Inc

“There is only one class of members. Each member receives one vote. Each member vote carries the same weight.”

“The cooperative is separated into three districts. The board is comprised of nine members. One board member from each district is elected each year. Voting is at large. At the annual meeting all members have the right to vote on a person in each district. The candidate must live in the district that he/she wishes to represent.”

“Changes in the bylaws and major dissolutions or mergers must be approved by the members.”

“There were no committees with authority to act on behalf of the full board.”

“A copy of the 990 was sent with other information in the board packet and was presented and approved at a board meeting. The ceo reviewed the form 990 prior to it being distributed to the board of directors.”

“The board chairman shall ensure the enforcement of the "conflict of interest" policy. Actions considered inconsistent with these policies are to be reported to the entire board. Each director must disclose any situation in which his or her opinion violates, may violate, or could appear to violate the intent of this policy.”

“A committee of board members reviews the ceo's performance and makes recommendations to the full board of directors. The board compares the ceo's compensation with compensation of other electric cooperatives. Any increase in compensation is based on a performance review which is approved by the board and reviewed annually. The ceo reviews and approves the compensation of the director of finance.”

“Financial statements are provided at the annual meeting. Every new member receives a copy of the bylaws. Other documents are available upon request.”

“Compensation of officers and highly compensated employees: included in part vii, section a, column "f", estimated amount of other compensation is the estimated annual increase in the actuarial value of the defined benefit plan. These amounts are estimates in the increase of the value of the plan and are not current year expenses of the cooperative. For the following individuals listed, the estimated increase was: michael wade $96,485 crystal askelson $11,928 kenneth crane $28,833 glen sommers $9,455 travis obowa $37,787 nicholas jasken $13,628 michael korsgaden $8,771 current year contributions into the defined benefit plan by wild rice electric cooperative were: michael wade $32,781 crystal askelson $25,682 kenneth crane $22,811 glen sommers $21,123 travis obowa $21,967 nicholas jasken $21,967 michael korsgaden $21,123”

“Form 990, part ix, line 4 (benefits paid to or for members) includes patronage dividends paid. This amount is an expense for purposes of form 990, but is not recognized as an expense under g.a.a.p. Reporting requirements, which are used for book income. The result is a book to tax difference which is disclosed on part xi and on schedule d parts xi and xiii. In reference to form 990, part ix, line 4, the cooperative has interpreted "patronage dividends paid" as capital credits allocated to members under the preexisting obligations pursuant to the bylaws of the cooperative.”

“The labor, pension and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $5,416,605.”

“Retirement of memberships -4,700. Retirement of patronage capital -924,893. Retirement of capital credits -9,660. Allocation of patronage capital credits 1,228,914. Partnership book to tax difference 356,086.”

“There have been no changes to the cooperative's oversight responsibilities this year.”