Lacreek Electric Association Inc

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

“Each member is allowed one vote.”

“The members vote on bylaws of the cooperative and the directors of the cooperative.”

“There are no committees with authority to act on behalf of the governing body.”

“A copy of the form 990 is given to each board member for their review. Comments and questions are discussed and acted on, if necessary, prior to filing of the return.”

“The conflict of interest policy covers all employees and board members. The general manager determines if a conflict exists with an employee. The board president and/or attorney determines if a conflict exists with the general manager or board members. The full board is responsible for reviewing actual conflicts. If a conflict arises with a board member, the board member would be required to abstain from discussion and voting in the matter.”

“Compensation for the general manager is determined by the compensation committee with approval from the board of directors. Comparison of compensation of other individuals in the same field with the same level of service are used. Also the cost of living is considered. This process is completed annually.”

“In written form, upon request.”

“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 and the finance and benefits 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.”

“Capital credit retirments -1,053,186. Allocation of 2024 margins 1,196,719.”

“The board of directors is responsible for oversight of the audit of its financial statements and selection of an independent accountant.”

“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 bylaws of the cooperative.”

“The labor, pension and payroll taxes reported on lines 6-10 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.”