Calhoun County Electric Cooperative

“Calhoun county electric cooperative association has approximately 1,200 members who purchase electricity from the cooperative. There is only one class of membership.”

“Directors serve three year terms and are elected to the board at the annual meeting of the members. All members are entitled to one vote.”

“Board members are elected by the members. Each member is entitled to one vote in the district where they receive their electricity. Sale, lease, exchange, or other disposition of all or substantially all of the property and assets of the cooperative requires a vote of the membership. Such authorization shall be approved if two-thirds of the members vote affirmatively on a ballot on which a majority of all voting members of the cooperative participate.”

“The organization does not have committees with broad authority to act on behalf of the board of directors.”

“The form 990 will be reviewed by the board of directors before it is filed with the irs.”

“Annually the board of directors is required to complete a conflict of interest disclosure statement. The board is advised by an attorney who describes possible conflicts of interest. The statements are filed with the ceo. At each board meeting, the ceo inquires whether any directors need to update their disclosure form. In the event of a conflict of interest, the board of directors and ceo are responsible for taking the appropriate action, which may include abstention from discussion and voting, and possible request for resignation.”

“Salaries are determined by the board of directors using nreca's national compensation survey. This process is undertaken annually with increases effective the following january.”

“The information is available at calhoun county eca upon written request.”

“Board members are paid a per diem for attending meetings. Hours worked per week as reported on part vii may include education, training, or other miscellaneous cooperative-related activities.”

“The ceo acts as both the top management official and the top finance official for the cooperative.”

“The cooperative has interpreted the instructions to part ix, line 4, to mean patronage capital allocated for the year, rather than patronage capital retired. This is consistent with the by-laws of the cooperative.”

“The labor and payroll taxes reported on lines 5, 7, and 10 are included in distribution expenses, administrative & general expense, and customer service expenses. Therefore, labor and payroll taxes are shown as a reduction to other expenses on line 24e.”

“Allocations of 2024 margins in 2025 300,000. Retirement of capital credits -176,552. Gain/loss on retirement of capital credits 37,577. Increase in memberships 10. Donated capital 3,779. Education fund expenses -21,852.”

“The board of directors is responsible for selection of an independent accountant and the oversight of the audited financial statements.”