Aurora-Brule Rural Water System

“The board of directors of the organization are elected by the members at the annual meeting. The terms of the members of the board of directors are staggered (each term is three years).”

“The members of the corporation are required to perform/ratify the following decisions - (1) election of directors at the annual meeting; (2) passing upon reports for the previous fiscal year at the annual meeting; and (3) sale of all or of a substantial part of the property of the company may be made by the board of directors, provided, however, that such sale is authorized by a two-thirds vote of the members present at a regular membership meeting or a special membership meeting called for that purpose.”

“The form 990 is prepared by the organization's auditing firm. The auditing firm reviews the form 990 and required questions/disclosures with management prior to the completion of the form 990. The audit firm submits the completed form 990 for management's review and approval. Management reviews the form 990 and approves the filing of the 990, as evidenced by their signature on the form. The form 990 is made available to the members of the board of directors upon request after the filing of the form.”

“The board of directors prepares a performance evaluation of the manager (ceo) of the organization. Based on that evaluation and information obtained regarding compensation of similar positions in other similar organizations, they establish the compensation and benefit package of the manager.”

“The board of directors reviews the employee benefit and compensation survey to compare their compensation levels and benefit packages with other similar organizations. The board of directors approves the entire employee compensation and benefit package as part of the budget process.”

“Copies of the organization's governing documents and financial statements are on file at the organization's office. The governing documents and financial statements are made available upon request during the company's normal business hours. A summary of the company's annual financial statements are presented to the members in attendance at the company's annual meeting. The organization has not adopted a conflict of interest policy.”

“To acquire, construct, maintain, and operate a system for the diversion, supply, storage, and distribution of water to the members of this corporation for domestic, agricultural, and commercial purposes within a seven-county area served by the corporation.”

“Unrealized gain on securities 2,599”