Callaway Electric Cooperative

“Members consist of any person, firm, association, corporation, or body politic or subdivision thereof that: 1. Executed a written application for cooperative membership and and contract for electric service; 2. Agrees to purchase from the cooperative electric energy as specified; 3. Agrees to comply with and be bound by the articles of incorporation of the cooperative, by-laws of the cooperative, and any rules and regulations adopted by the board of directors from time to time; and 4. Paying the membership fee hereinafter specified.”

“Each member of the cooperative shall be entitled to one vote in the election of the board of directors”

“Governance decisions of the organization reserved to members include: 1. Election of the board of directors 2. Removal of a member of the board of directors for cause 3. Dispostion or encumberance of all or any substatial portion of the cooperative's property”

“The accounting manager gathers information to prepare the form 990 tax return. This information is then given to an independent accounting firm who prepares and reviews the form 990. The independent accounting firm then provides the organization's accounting manager a draft of the form 990 for comments and approval. Once the accounting manager and the cpa firm approve the form 990, the form 990 is then presented to the board of directors for additional comments and approval. Once approved by the board of directors the form 990 is electronically filed with the irs.”

“Annually distribute the nreca questionnaire to all directors and employees. If any conflicts exist the board member abstains from the discussion and vote on the issue giving rise to that conflict.”

“The executive committee conducts a salary review for the executive director/ceo. The review consists of comparing the compensation of other directors, analyzing performance goals, and putting in place a revised employment agreement.”

“Governing documents and financial statements are made available to the public upon request.”

“Change in memberships $ 590 change in other equities $ 56,028 change in accum. Other comprehensive loss $(22,100) change in equity investment in subsidiaries $ 47,994 --------- total other changes in net assets $ 82,512”