Delaware Electric Cooperative Inc

“Delaware electric cooperative is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which is the governing body of the cooperative.”

“Members of the governing board are elected by the membership at the annual membership meeting as provided for in the bylaws.”

“Certain decisions of the governing board are subject to approval by the members as provided for in the bylaws.”

“990 is reviewed with the board of directors prior to filing with the irs.”

“The board of directors approve the compensation levels for the ceo. The cooperative, each year, obtains an annual salary survey comparison from outside consultants, and obtains a salary survey for peer electric cooperatives in the region.”

“The board of directors approve the compensation levels for the cooperative management. The cooperative, each year, obtains an annual salary survey comparison from outside consultants, and obtains a salary survey for peer electric cooperatives in the region.”

“Annual reports are printed each year for the prior period and provided at the annual meeting of members, stocked in the cooperative lobby area accessible by the members, and published on cooperative web site. Bylaws are printed on an as needed basis, either when changes may occur or replenishment is necessary. All new members receive a copy of the cooperative bylaws, and bylaws are also posted on the cooperative web site.”

“Form 990, part ix, line 4 benefits paid to or for members patronage dividends are paid to members' accounts in accordance with the pre-existing obligation in delaware electric cooperative's by laws. The corporation is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses. Irs instructions for line 4 changed in 2011 to include patronage dividends paid by section 501(c)(12) organizations to their members. Accordingly, these amounts are now reported on line 4.”

“Patronage div paid to members not exp per gaap 19,935,458 non-cash patronage allocations not rev per irs 3,872,124 net change in memberships 58,613 other 6 increase in comprehensive income 3,105,900 contributions in aid of const not rev per gaap -5,598,863 net retirement of capital credits -5,514,701 total 15,858,537”