Central Virginia Electric Cooperative

“Central Virginia Electric Cooperative is an electric cooperative 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 of the cooperative. Each member receives one vote. The board has monthly meetings and an annual meeting that is open to the entire membership.”

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

“The CEO and VP of Finance & Administration along with the Finance and Accounting Manager review a draft of the 990 with the board of directors. A copy of the 990 is provided to the directors electronically through a director portal prior to the filing of the tax return.”

“The Cooperative's legal counsel annually reviews the conflict of interest compliance and enforcement with the governing board. In addition, each director must annually complete and sign a conflict of interest certification and disclosure form.”

“The governing board has a compensation committee that reviews the CEO's performance annually and recommends salary changes to the board. As part of this review, the committee considers salary data nationally as well as other statewide comparison data from electric cooperatives throughout the state.”

“Financial data is provided to the membership at the annual regularly scheduled membership meeting. Financial data is also provided in the member newsletter that gives the notice of the annual meeting. Other governing documents are available upon request.”

“The cooperative participates in the NRECA group defined pension plan. As part of this plan participants are required to recognize the actuarial increase in the value of their account on the form 990. The contribution rate for participants in the NRECA R&S defined benefit pension plan is the same for all individuals in the plan. The change in actuarial value for each participant, however, varies with age. In other words, the older a plan participant is, the greater the increase in that individual's change in actuarial value, all other things being equal.”

“Contributions in aid of construction not revenue per gaap = -$589539”

“Net retirement of capital credits paid = -$1581195”

“Non-cash patronage allocations not revenue per irs = $33058”

“Patronage div paid to members' accts not expense per gaap = $2042137”

“Unrecognized post retirement actuarial gain = $39594”

“Travel costs includes the expenses of purchasing, leasing, operating, and repairing any vehicles owned by the Corporation and used in the Corporation's activities. Travel costs also include transportation costs, meals and lodging, and per diem payments.”

“Patronage dividends paid to members' accounts in accordance with the pre-existing obligation in central va electric cooperative's by-laws. The cooperative 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.”