Osage Valley Electric Cooperative Association

“The Cooperative was organized by and for the mutual benefit of the members and does so through the sale of electric energy on a cooperative basis.”

“Each member of the cooperative shall be entitled to vote in the election of the Board of Directors. The board consists of 9 directors who are elected by the membership.”

“The bylaws of the Cooperative grant members the right to vote on, the removal and replacement of a director or directors, the substantial disposition of assets and amending the governing documents, pursuant to the appropriate procedures as outlined in the governing documents of the Cooperative.”

“The Cooperative does not have any committees that can make a decision without having the approval of the board.”

“Management reviews the draft of Form 990 prior to e-filing. Board reviews annual filings at monthly meetings.”

“Board of Directors and management review policies monthly at board meetings.”

“The Board of Directors annually review and evaluate the managers performance and establish the compensation level for the manager. Data concerning compensation is gathered using NRECA wage surveys and comparing like-cooperatives in the region. The manager reviews and evaluates the performance of all non-union staff and establishes compensation levels for those staff in accordance with budgeted amounts, NRECA wage surveys and comparing like-cooperatives in the region. Wages for staff are presented to the board and approved during the annual budget process. Union salaries are based on IBEW Local 53 contract.”

“Governing documents and financial statements are made available to the public upon request. Annual financial statements are presented to members at the cooperative's annual meeting.”

“Column F; includes the actuarial increase (decrease) for participants in the NRECA RS Defined Benefit Pension Plan, health insurance premiums, employer contributions to a 401(k) plan, employee and employer contributions to a Health Savings Account and other reportable fringe benefits. These benefits are for all qualifying employees. There is a difference between the actuarial increase (decrease) for participants in the NRECA RS Defined Benefit Pension Plan and the amount the Cooperative paid in cash and expensed through the financial statements during the tax year.”

“The cooperative distributes electricity to members at cost, any revenues that exceed expenses are allocated back to the membership in the form of patronage capital and treated as an expense on the Form 990.”

“Total labor reported on Part IX does not include amounts capitalized on the balance sheet during the year.”

“Certain expenses have been reclassified in accordance with the functional expense categories in Part IX "Functional Expenses" all other expenses are presented in accordance with the applicable Uniform System of Accounts.”

“Property Taxes $565,300 and Other Deductions $68,535.”

“Other changes in net assets include changes in memberships, donated capital, capital credits gain, and patron's capital credits during the year.”

“The Cooperative's financial statements are audited by an independent auditor annually based on the Cooperative's fiscal year-end of June 30th.”