Southern Iowa Electric Cooperative Inc

“Susan knapp had a business relationship with alan bodkins and travis harris. Travis harris had a business relationship with david yahnke.”

“Each customer is a member of the cooperative and has voting rights at the annual meeting. Each member has 1 vote (joint members share 1 vote).”

“The board members are elected on a rotational basis - by a vote of the members at the annual meeting.”

“Changes to the articles of incorporation must be voted on by the members, electing directors is voted on by the members and selling the cooperative has to be voted on by the members.”

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

“The manager will present the 990 to the directors before filing.”

“The board reviews the conflict of interest policy on an annual basis with general counsel guidance. Following the review the board completes a conflict of interest disclosure statement. It is the manager's responsibility to provide assistance to the board to assure compliance with this policy and to develop and enforce appropriate management policy relating to conflicts of interest of employees. Directors and employees are required to make full disclosure to the board and/or cooperative of any facts which may indicate a conflict of interest. They shall disqualify themselves from decisions which pose a conflict of interest or the appearance of a conflict of interest. They may request an opinion of the cooperative's general counsel before such action is taken.”

“The board evaluates the manager/ceo performance and looks at industry standards for other cooperatives of like size for a comparable salary range. This process is documented in the personnel file. The cfo and coo are evaluated on an annual basis using the nreca annual compensation study as a guideline. The manager/ceo is responsible for giving pay adjustments, but the board approves a salary range. This process is documented in the personnel file. The process described here was last completed in 2024.”

“The cooperative's 990 and 990t are available upon request and at www.guidestar.org. Bylaws of the cooperative are provided to each member.”

“Policies of the cooperative are available for inspection at the cooperative upon request.”

“Capital credits retired -400,011. Estate payouts -38,344. Unclaimed property -417. A-prime 45. Equity in earnings of sub 165. City of bloomfield/keo ccs 67,253. Donated capital 300,000. Patronage dividends allocated 780,150.”

“The board of directors and management review the audit with the auditor annually. There is no change from prior years.”

“The irs instructions state that patronage dividends paid by section 501(c)(12) organizations to their members should be reported on line 4. The organization has interpreted patronage dividends paid to mean patronage dividends allocated or to be allocated for the current year. Since this allocation is not an expense under generally accepted accounting principles (gaap), this has resulted in a reconciling item to net assets in part xi, on page 12 of the form 990 and in parts xi and xiii on schedule d.”