Calhoun County Electric Cooperative Association

“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 in august.”

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

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

“The electric cooperative ceased the life line services operation in may 2019.”

“Allocations of 2019 margins in 2020 379,000. Retirement of capital credits -253,732. Gain/loss on retirement of capital credits 25,926. Decrease in memberships -20. Other nonoperating change in expense -13,425.”

“The financial statements of the cooperative were audited by an independent accountant for the fiscal year ending may 31, 2019. The cooperative is on a calendar year-end, but the audit is done on a fiscal-year basis.”

“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.”