Lewis County Rural Electric Cooperative Assoc

“The Cooperative is a membership cooperative.”

“The membership as a whole can vote to make changes.”

“Any major changes are subject to vote by the membership. Governance decisions, such as amending bylaws, are reserved to members only.”

“The CFO reviews the Form 990 with the Board of Directors during a regular Board meeting.”

“Questionnaires are required to be completed by the Board on an annual basis.”

“Local, state, and national data is compared in the salary review process. The Board does a compensation review and determines the Chief Executive Officers salary. This is done on an annual basis. The CEO is now a contract employee.”

“Local, state, and national data is compared in the salary review process. The Board does a compensation review and determines the Officers salary. This is done on an annual basis.”

“Bylaws are offered to all new members; all other documents are available at any time upon request.”

“Assignment of CY Margis to Members $ 2,894,100Other Changes $ 36,328Retirement of Capital Credits $ -67,233Total $ 2,863,195”

“Form 990, Part IX, Line 4The instructions to the 2024 Form 990 indicate that organizations exempt under Section 501(c)(12) should report patronage dividends paid to their members in Part IX, Line 4 of Form 990. The Cooperative has interpreted the words patronage dividends paid in the instructions to mean margins that are assigned or assignable to the members. The Cooperative assigns the net margins to its members each year. Therefore, the amount listed in Part IX, Line 4 represents the net margins assignable to the members for the calendar year ended December 31, 2024.”

“Form 990, Part XII, Line 2Lewis County Rural Electric Cooperative Associations financial statement year end differs from its tax year end. The Cooperative receives audited financial statements on an annual basis for the year ended June 30th.”