Guthrie County Rural Electric Cooperative Association

“The cooperative has members.”

“There is only one class of membership and all members have the same voting rights; one vote per membership.”

“The membership elects the board of directors at the annual meeting. The membership votes on any board prepared resolution for the sale, lease, exchange, or other significant disposal of the cooperative's assets.”

“The cooperative does not have committees that act on behalf of the board.”

“A copy of the form 990 will be given to each board member. The 990 will be reviewed by the ceo and the board will review the 990 together if so requested by any board member.”

“The conflict of interest policy covers all board members and employees. The board of directors is responsible for determining if a conflict exists. Board members are required to disclose annually any interest that would give rise to conflicts. If such conflicts arise, the affected board member would be required to abstain from voting on that particular item.”

“The performance of the ceo is reviewed annually by the board and they determine the compensation. This process was undertaken in 2020.”

“These documents are made available upon request.”

“Included in other compensation is the estimated current year increase or decrease in the actuarial value of the defined benefit plan for the ceo. The current year increase or decrease does not represent current year contributions to the plan. Rather, it is an estimate of the increase or decrease in the actuarial value of the plan as calculated by the plan administrator.”

“Allocation of 2020 margins in 2021 787,699. Patronage retirement to members for prior years -825,000. Retirements of capital credits -12,320. Required capital gain 324,836.”

“The cooperative received audited financial statements for the period ended march 31, 2021. The cooperative is on a calendar year end, but the audit is done on a fiscal year basis.”

“The labor, pension and payroll taxes reported on lines 6-10 are included in distribution expense, administrative & general expense and customer expense. Therefore, labor, pension and payroll taxes are shown as a reduction to other expenses on line 24e.”

“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.”