Woodbury County Rural Electric Cooperative

“Members of the cooperative are individuals or entities that receive electricity from the cooperative.”

“Each member-consumer of the cooperative votes to elect seven (7) people to serve on its governing board.”

“Pursuant to the cooperative bylaws certain transactions and actions have to be confirmed or conceived by the membership. Those actions or transactions are such as 1) removal of board members or 2) disposition of a substaintial portion of the cooperative property.”

“The organization has no committees with broad authority to act on behalf of the governing body.”

“A copy of the form 990 is provided to the board of directors for the review prior to its filing. Action is taken for its approval and authorization to file.”

“The conflict of interest policy applies to board members, officers, and employees. Directors and employees shall make full disclosure of any facts which may indicate a conflict of interest. The full board is responsible for determining if an actual conflict of interest exists. If a conflict of interest is deemed to exist with a board member, the board member will be required to abstain from voting on the matter and may be asked to resign from the board.”

“The compensation package of the top official of the cooperative is agreed to and set by the governing independent board of the cooperative. The board uses a combination of comparable national compensation surveys for its industry along with the results of local labor negotiations of the other personnel at the cooperative. The board of directors use this information in conjunction with satisfactory performance to make compensation decisions involving the ceo of the cooperative.”

“The cooperative provides financial information annually in its newsletter to members and interested parties. The cooperative also provides access to governing documents, policies, and additional financial information upon request at its headquarters.”

“General manager/ceo kent amundson acts as both the top management official and the top financial official of the cooperative.”

“Included in other compensation is the estimated current year increase or decrease in the actuarial value of the defined benefit plan for employees reported on form 990, part vii, column f and schedule j. 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.”

“The labor, pension and payroll taxes reported on lines 5-10 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.”

“Patronage dividends retired -411,465. Educational fund 3,685. Gain/(loss) on retirement of capital credits 19,689. 2024 margins allocated to members in 2025 491,093.”

“The cooperative's board of directors has a fiscal gaap audit completed as of june 30th each year. The form 990 is completed using the calendar year. Therefore, the reconciliation of statements of schedule d, parts xi and xii are not applicable.”