Nreca International Foundation

“Some nreca international foundation directors and officers also serve as directors or officers of the following nreca international foundation affiliated entities: national rural electric cooperative association; nreca united; nreca international; cooperative energy services; re advisors corporation; re investment corporation; cooperative benefit administrators; electric cooperative life insurance company and cooperative insurance services; nreca wood quality control.”

“The nreca international foundation board of directors is composed of 10 persons who are appointed every two years by the board of directors of national rural electric cooperative association. The nreca international foundation president, vice president, and secretary treasurer are also elected every year by the board.”

“Nreca international foundation's form 990 is prepared by an accountant within nreca's finance department. The director of finance for the international programs division reviews the form 990 and supporting workpapers in detail. The sr vp of finance then reviews the form 990 for accuracy. The form 990 is then posted on the nreca board of directors' website for their review.”

“Each director and officer is required to complete and submit a conflict of interest questionnaire that is reviewed by the sr vp of finance. The sr vp of finance reviews each questionnaire and follows up on any conflicts with the respective director and officer along with nreca's corporate counsel.”

“While the nreca international foundation has no direct employees of its own, it has entered into a written administrative service agreement with nreca international, a related 501(c)(3) entity, whereby nreca international provides staff that work at the direction of the foundation's board on a cost reimbursable basis. In addition, the foundation has entered into a written administrative service agreement with the national rural electric cooperative association, a related 501(c)(6) entity, to provide other administrative services on a cost reimbursable basis. Ceo compensation - line 15a: the ceo evaluation committee of the board is responsible for evaluating the performance of the ceo. An outside consultant (e.g., quatt associates) reviews independent compensation studies annually to verify the ceo's compensation is within a competitive range for ceo's of comparable organizations and provides this information to the committee. The committee reviews competitive salary survey data provided by the outside consultants and develops a salary increase recommendation that is presented to the full board. The board reviews and approves the ceo's compensation annually. Other officers/key employees - 15b: nreca's human resources department has a market pay tool that uses current salary data from purchased compensation studies to analyze salary for positions within the organization. Nreca has written policies and procedures governing its salary increase process. The salary increase process is intended to enable managers to make rational decisions concerning salary increases within the association's budgeting constraints. However, it does not guarantee an increase to any employee. The salary increase process is comprised of the following steps: (1) approval of nreca's salary increase budget by the nreca board of directors, which is based on competitive salary data; (2) completion of written annual performance summary report for each employee by his/her manager; (3) recommendation of merit increases for individual employees based upon performance; (4) analysis, review and approval of salary increase recommendations by human resources and the chief executive officer; and (5) communication of salary increase decisions to staff.”

“Nreca international foundation publishes and makes available its audited financial statement on its website. The form 990, governing documents and conflict of interest policy are available upon request.”

“Nreca international foundation (merging corporation), a district of columbia charitable corporation under irc 501(c)(3) with ein 52-1409279, merged with and into nreca international (surviving corporation), a district of columbia charitable corporation under irc 501(c)(3) with ein 52-1387851, effective at 12:01 am on december 31, 2016 in accordance with section 29-409.02 of the district of columbia nonprofit corporation act of 2010. All property owned by, and every contract and other right possessed by the merging corporation was vested in the surviving corporation. All liabilities of the merging corporation were vested in the surviving corporation. The net assets of the merging corporation at the time of merger totaled $975,940 and were vested into the surviving corporation. A copy of the merger documents filed with the district of columbia are attached as supplemental exhibit a to this return.”

“Merger of nreca international foundation with nreca international -975,940.”

“Audit, review or compilation oversight committe the financial statements for nreca international, ltd. Were not individually audited but were audited by an independent accountant as part of the consolidated financial statements of the national rural electric cooperative association. This procedure has not changed since the prior year.”