Mecklenburg Electric Cooperative

“Section a, line 2 - all mecklenburg electric cooperative directors also serve on the board of the taxable entity empower broadband, inc. All mecklenburg electric cooperative officers are also officers of empower broadband. Consequently, each mecklenburg electric director and officer is in a "business relationship" with every other mecklenburg electric cooperative director and officer. One mecklenburg electric cooperative director, david jones, and two mecklenburg electric officers, cary logan, and carol b jones, serve on the board of and as the officers of the taxable entity empower telecom, inc. Consequently, these three individuals are in a "business relationship" with each other with respect to empower telecom.”

“Mecklenburg electric cooperative is an electric membership cooperative that delivers electricity to its members.”

“Directors are elected by the membership of the cooperative.”

“Members contribute equally to and democratically control the capital of the cooperative.”

“Form 990 is emailed directly to each director for their review prior to the filing. If they have any questions or revisions, they are directed to contact cary logan president and ceo, or carol b. Jones, vice president of finance and accounting prior to november 1, 2024.”

“Officers, directors, and key employees annually disclose conflicts of interest. When issues arise that could create a conflict of interest, the officer, director, or key employee will exclude themselves from the potential conflict.”

“Process of determining compensation for ceo - annually, the directors review and approve the ceo's compensation. The directors use comparability data which consists of multiple state, national, and regional ceo's compensation in the utiltiy industry to determine the market value of the position.”

“Process of determining compensation for officers and key employees - in 2012, a third-party consultant conducted an independent survey of all positions to verify market pay. Also, each year the manager of human resources uses comparability data which consists of a combination of multiple state, national, and regional utility and non-utility surveys to determine the increase or decrease in market. The data is summarized and a proposal is submitted to the finance committee which consists of six directors, including the board chair who serves ex-offico. If the proposal is approved by the committee, it is submitted to the entire board for approval.”

“Disclosure of governing documents- governing documents, policies, form 990 and financial statements are always available upon request. The bylaws, rates, terms and conditions are available on the cooperative's website. Annual finanical information is published in the member's monthly magazine, which is mailed to each member's residence. Also, the treasurer's report is given to each member attending the annual meeting held in june. In the treasurer's report, it states that each member has the right to review the complete finanical report upon request.”

“Pat div. Allocated to members' accounts 3,291,852 other comprehensive income 843,699 net change in donated capital 27 noncash patronage allocation 1,044,700 net change in unclaimed capital credits 52,893 ciac not revenue per gaap -50,497,775 retirement of capital credits -792,044 total -46,056,648”