The Farm Credit Council

“The council has an executive committee, consisting of one member from each district council. The roster includes the currently-serving board chairman and vice chairman, as well as the immediate past chairman (if not from the same district council as the chairman or vice chairman); one other board member from the other non-represented district council; and one member elected at-large. The committee has the authority to make decisions in between regular board meetings. The executive committee periodically meets in executive session with the regular board to report on its activities.”

“The organization has two classes of members -- (1) class a members and (2) class b members. Any member that is not an individual shall appoint one individual to represent it for all membership purposes, including attendance at meetings and exercising voting rights, if any. Provided, however, that any class a member, which is authorized, pursuant to these bylaws, to elect more than one director shall appoint a number of individuals equal to the number of directors elected by such class a member to the board of directors to represent it for all membership purposes, including attendance at meetings, and exercising voting rights, if any.”

“Three-quarters of the class a members of the corporation, represented in person, constitute a quorum to transact business, except as otherwise required in the bylaws or by law. Any class a member which is authorized, pursuant to these bylaws, to elect more than one director, shall be deemed represented for the purpose of determining a quorum, only if such member is represented by a number of person equal to the number of elected by such class a member to the board of directors. The act of three-quarters of the representatives of the class a members of the corporation present and voting shall be the act of the class a members, unless a greater number is required by these bylaws, by articles of incorporation, or by law. Any vacancy occurring on the board of directors by reason of a director's removal, resignation, or death, or otherwise shall be filled by election by the class a member who originally elected such director. Any vacancy occurring on the board of directors by reason of an increase in the number of directors due to an increase in the number of class a members shall be filled by election by the new class a member or members in the same manner as provided for the regular election of directors.”

“The class a members shall at each annual meeting, and may at any special meeting, consider and approve policies and principles for the guidance of the corporation consistent with the purposes of the corporation set forth in the articles of incorporation. In addition, such other business as may lawfully come before such meetings may be transacted.”

“The form 990 is prepared by the accounting firm engaged for the organization's financial audit and based on information supplied by management. When the return is completed by the firm, a draft is reviewed by management and any changes communication. Once the return is deemed accurate and complete, a copy is provided to the audit committee. The audit committee reviews the form 990 prior to filling and a complete copy of the filing is made available to the entire board of directors for approval prior to filing with the irs.”

“The farm credit council maintains a confict of interest policy that applies to both members of the board and staff. Both board members and staff upon joining the organization are briefed on the policy as a part of their initial orientation and are required to notify the organization of any conflict. The policy is regularly reviewed to ensure that both board members and staff are aware of its requirements and applicability.”

“The farm credit council has a compensation committee that has direct responsibility for annual review of all benefit programs and compensation policy, as well as direct oversight responsibility of the compensation of the president and ceo of the organization. The committee meets multiple times throughout the year in order to fulfill its responsibilities. The committee is comprised solely of elected directors, completely separate from management. On a regular basis, the committee engages an outside consultant with compensation expertise to conduct a comparative salary review and provide the committee input on appropriate compensation levels. The results of this work are considered by the committee in developing their recommendations for compensation and benefits. These recommendations are considered and eventually approved by the full board. The deliberations of both the committee and the board are recorded in their respective minutes. The process was last undertaken in 2018.”

“The organization's governing documents, conflict of interst policy, and financial statements are available upon request.”

“Contractor services 1,142,289.”

“Change in defined pension benefit -102,674. Gain on investment in subsidiary 428,260.”