Northern Neck Electric Cooperative

“The bylaws were revised to modernize governance procedures and align with current laws and the best cooperative practices.”

“Northern neck electric cooperative is an electric cooperative that delivers electricity to the members of the cooperative. The members elect the board of directors which serves as the governing body of the cooperative.”

“Members of the governing board are elected by the membership of the cooperative. The board has monthly meetings and an annual meeting that is open to the entire membership.”

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

“Ceo and vp finance review the tax return with the board.”

“Officers, directors and key employees are required to disclose interests that could give rise to conflicts.”

“The members of the governing board also serve as the compensation committee. Annually they evaluate the performance of the ceo and approve the compensation package for this position.”

“The compensation committee approves all other payroll increases in total.”

“Governing documents and policies are available upon request. Financial data is presented to the members at the annual meeting and is also included on the 990 which is available upon request.”

“990 part vii section a column f 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 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 participant is, the greater the increase in that individual's change in actuarial value with all other things being equal.”

“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 northern neck 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. Form 990, part ix, line 17 travel costs include the expenses of purchasing, leasing, operating, and repairing any vehicles owned by the cooperative and used in the cooperative's activities. Travel costs also include transportation costs, meals and lodging, and per diem payments.”

“Noncash patronage capital allocations not revenue 277,807 patronage div. Paid to members' accts not expense 975,704 unrealized gain of investments 348,765 actuarial gain 58,379 amortization of actuarial loss -120,820 contributions in aid of construction not revenue -1,278,412 retirement of capital credits -618,346 total -356,923”