Iowa Lakes Electric Cooperative

“Corporate by-laws require that every person, partnership, association, firm, public or private corporations, or government agency which customarily uses the services provided by the cooperative become a member and sign a membership application. The membership represents your investment in a utility owned and operated by its member-owners.”

“As stated in the articles of incorporation, no member shall own more than one membership and each member shall be entitled to one vote and no more upon each matter submitted to a vote at a meeting of membership. Voting by proxy and cumulative voting shall not be permitted. If two or more persons hold one membership certificate in partnership, joint tenacy, or otherwise, the vote of such membership may be cast by any one of such persons, or as otherwise directed by the board of directors. A member absent from any meeting may submit a mail vote on any motion, resolution, or amendment by delivering such ballot to the cooperative's headquarters or depositing such ballot in the united states mail or with another delivery serivce, addressed to the headquarters of the cooperative. At all meeting of the members at which a quorum is present, all questions shall be decided by a vote of a majority of the members present in person or represented by mail vote except as otherwise provided by law.”

“Changes to the governing documents (by-laws and articles of incorporation) must be approved by the member-owners after they have been approved by the board of directors. Approval occurs when at least 50% of the member-owners vote to approve.”

“There are no committees with authority to act on behalf of the governing body.”

“The board reviews the 990 and the 990t at the august board meeting. After the board has reviewed the tax return, cla is notified and they file the return electronically.”

“If an employee believes he or she is involved in a potential conflict of interest, the employee must discuss it with his or her supervisor and report it to the human resource manager or president/ceo. The human resource manager shall file a report with the board of directors of any reported conflict or potential conflict, which shall include a statement as to the resolution of such conflict. If the potential conflict involves a member of the board of directors, such member shall abstain from participating in the resolution of such conflict by the board or any special committee to which the board of directors may refer such matter. Disclosed conflicts of interest or potential conflicts of interest will not be considered to violate the conflicts policy if, and only if, the board of directors, less any board member who may have a conflict of interest with regard to the matter under consideration or a special independent committee of the board to whom review of such conflict has been referred, has determined that the activity which gives rise to the disclosed conflict of interest or potential conflict of interest is none-the-less in the best interest of the cooperative and is fair to the cooperative.”

“All positions are assigned an appropriate board of directors approved salary and wage range. Position descriptions are compared to those of the nreca national compensation survey to identify with the one most like the description of this organization. Trades and crafts/clerical and other non-supervisory scales will include several incremental steps below the minimum level to be used during apprenticeship training. Management, with support of nreca's wage survey and other appropriate labor market information, will periodically submit to the board of directors for their consideration and approval, any proposed revisions to wage scales. The president/ceo is delegated the authority to approve adjustments to position employees on an appropriate step of the applicable wage scale effective july 1st of each calendar year, with a report of his proposed action given at the regular june board meeting. Any adjustments beyond the maximum level of approved scale will be restricted to exceptional performance and tenure and require board of directors approval. The board of directors will evaluate the performance of the president/ceo each calendar year. The process described here was last completed in 2024.”

“The cooperative makes its governing documents and financial statements available through their website. Financial statement information is included in the cooperative's annual report.”

“Patronage dividends allocated 3,529,582. Capital credits retired -2,090,447. Accumulated other comprehensive margins 50,986. Book to tax difference k-1's 15,209.”

“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 part xii on schedule d.”