Fem Electric Association Inc

“Each member holds one membership and has one vote.”

“A nomination committee is formed from the memberships in the district(s) of the board member being elected. That committee is responsible for nominees to be placed on the ballot. An election is held at the annual meeting and each membership has one vote in the election of the board members.”

“Changes to by-laws must be approved by members. Each membership has one vote with the same voting rights.”

“The cooperative does not have committees with broad authority to act on behalf of the governing body.”

“The general manager/ceo will review the form 990 before it is submitted to the irs. The form 990 is provided to the board of directors at a board meeting held prior to the filing of the 990.”

“Each director will disclose in writing to the board of directors at the next scheduled board meeting any conflict of interest, as outlined in the policy, as they exist or when they may be involved in the future. The board of directors monitors conflicts and is overseen by the association's attorney.”

“The sdrea annual wage and salary study is used as a benchmark for wages for all employees. The board uses the sdrea wage and salary survey results. It is reviewed in executive session and decided on by the board. This process will be undertaken annually.”

“All documents are available to the public upon request. An annual report on financial statements is given to the members annually.”

“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/ceo. 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.”

“Retirement of capital credits -725,169. Allocation of 2024 margins to members in 2025 896,765.”

“The board of directors assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”

“The labor, pension and payroll taxes reported on lines 5-10 are included in 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.”