L&O Power Cooperative Inc

“The cooperative has two classes of membership. Class i membership consists of the three original incorporators and members of the cooperative, namely: lyon rural electric cooperative, osceola electric cooperative, inc, and sioux valley energy. A class ii membership is available to an incorporated cooperative association engaged directly or indirectly in any business activity which is related to l and o power cooperative. Only one class ii membership is available at any time. Class i directors are entitled to vote on all matters of the cooperative, and to be officers of the cooperative. Class ii directors are allowed to vote with regard to basin electric power cooperative issues and related power supply issues which affect the class ii member, but shall have no voting rights with regard to the cooperative's governance matters or matters which relate to the cooperative's system and facilities. Class i directors may establish an executive committee consisting of three officers of the cooperative. The executive committee can be called and authorized to meet with management and act as its advisory committee and take such further action only if authorized to act by the class i directors or in the case of an emergency requiring immediate action.”

“The cooperative has a management agreement with dgr engineering, 1302 s union street, rock rapids, ia. The management agreement includes management and operations services. Services provided by the manager are charged to l&o power cooperative inc. Based on an hourly rate of $178. Compensation for the management services contract with dgr engineering is established annually by the board of directors.”

“The cooperative has three class i members and one class ii member.”

“The cooperative has nine class i directors and one, two or three class ii directors, depending on the purchase level of the class ii member, who are elected by the members for terms of three years.”

“No meetings of the executive committee were held in 2014.”

“The 990 will be reviewed by the board of directors prior to filing form 990.”

“Directors complete a conflict of interest disclosure form annually. The board of directors review reported conflicts and make a determination as to whether an actual conflict exists. If it is determined that a conflict exists, the affected director would not be allowed to participate in discussion or voting on the matter.”

“L & o makes its govering documents, conflict of interest policy and financial statements available to the members. These documents are not available to the general public.”

“Retirement of capital credits -198,893. Allocation of 2014 margins to members in 2015 570,394.”

“The board of directors is responsible for selection and oversight of the independent accountant.”