Farmers Electric Cooperative

“Customers recieving electric services have the option to purchase memberships. If a customer refuses to purchase a membership, service is still offered, but no patronage is received. The membership is refundable upon termination of services.”

“Members meet at an annual meeting to elect the board of directors.”

“Certain actions of the board do require approval by members including changes to the articles of incorporation and plans to merge or sell assets.”

“The organization does not have any committees that have authority to act on behalf of the governing body.”

“An independent accounting firm prepares and reviews the 990. The 990 is then reviewed by the organization's officers and accounting personnel. Any questions and concerns the organization's officers and accounting personnel have are addressed and any corrections or clarifications that need to be made are made. The 990 is then provided to the finance committee of the board for their review prior to filing the 990. Any questions and concerns the finance committee have are addressed any any concerns or clarifications that need to be made are made. The final form 990 with all required schedules is then provided to all voting members of the board prior to filing the 990.”

“A written conflict of interest policy is documented in the cooperative's articles of incorporation and by-laws. All board members are covered by the policy. If any conflicts are determined to exist, the manger and board of directors will review the conflict and make recommendations. Election to the board of directors is prohibited if there is any violation of the policy which is enforced by a nomination committee. If any conflict were to exist, the proceedings would be documented in the board minutes.”

“Management's compensation is determined annually by the board of directors. The directors receive information from the iowa association of electric cooperatives about directors compensation levels in the state in the form of survey information and consider whether fees are reasonable or an increase is warranted based upon typical compensation for the duties performed. This process is documented in the board minutes. The process was last completed in 2024.”

“Farmers electric cooperative's financial reports are made available to its members at the annual meeting. The irs form 990 and other governing documents are available upon request.”

“Patronage capital retired -151,778. Changes in other equities 1,135.”