Union County Electric Cooperative Inc

“Members are all of the same class.”

“Each member is of the same class and has one vote.”

“The cooperative may not sell, lease, or otherwise dispose of all or a substantial portion of its property, unless such sale, lease or other disposal is authorized by the affirmative vote of not less than a majority of all members of the cooperative. Along with that, amendments to the bylaws of the cooperative must be approved by the members.”

“The organization has no committees.”

“The general manager and board of directors will review the form 990 at a regularly scheduled board meeting.”

“Employees and directors are covered by the conflict of interest policy. The process is left up to the directors & manager to monitor. Any conflicts would be reviewed. Termination or expulsion would be imposed on a director and termination on an employee.”

“Wages were compared to other cooperatives of similar size using the wage and salary report prepared by south dakota rural electric association (sdrea). This process is done annually.”

“This information is provided to members in the annual report. At other times, this information is available upon request to both the members and the public.”

“Included in other compensation is the estimated current year increase or decrease in the actuarial value of the defined benefit plan for the general manager. The current year increase or decrease does not represent current year contributions to the plan. Rather, it is an estimate of the increase or decrease in the actuarial value of the plan as calculated by the plan administrator. The change in actuarial value of the defined benefit plan for matt klein reported in part vii, column f was $19,209. The cooperative's actual expense for matt's particpation in this plan in 2024 was $32,710.”

“Matt klein, the general manager, also acts as the top financial officer of the cooperative.”

“Change in memberships 600. Retirement of capital credits -237,059.”

“Allocated and other expense: the labor, pension and payroll taxes reported on lines 5-10 are included in distribution expense, administrative & general expense and customer expense. Therefore, labor, pension and payroll taxes are shown as a reduction to other expenses on line 24e.”

“The cooperative has interpreted the instructions to part ix, line 4, to mean patronage capital allocated for the year, rather than patronage capital retired. This is consistent with the by-laws of the cooperative.”