Southside Electric Cooperative Inc

“During the tax year, southside electric cooperative amended its bylaws to provide additional flexibility in conducting annual meetings, including authorization for virtual or hybrid formats when necessary to ensure broad member participation and continuity of governance. The bylaws were also revised to enhance the cooperative's capital credit provisions by clarifying the board's authority to establish methods for recovering operating losses and to provide additional flexibility in the timing and structure of capital credit retirements, consistent with sound financial management and member equity principles.”

“Southside electric cooperative is an electric cooperative that delivers electricity to the members of the cooperative.”

“Members of the governing body are subject to approval by the members as provided in its bylaws.”

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

“The cfo and ceo review tax return with the board prior to filing.”

“Anyone that has a conflict of interest will excuse themselves from discussions or voting on subject matter where a possible conflict exists.”

“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 members of the governing board also serve as the compensation committee. The compensation committee approves all payroll increases in total.”

“Governing documents and policies are available upon request. Financial data is presented to the members at the annual meeting and also included in the 990 which is also 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 rates for participants in the plan are 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. These actuarial increases do not represent actual cash received, but rather an unrealized actuarial increase in retirement accounts that is required to be reported on the form 990.”

“990 part ix line 17 "travel costs" travel costs includes the expenses of purchasing, leasing, operating, and repairing any vehicles owned by the organization and used in the organization's activities. Travel costs also include transportation costs, meals and lodging, and per diem payments. 990 part ix line 4 "benefits paid to or for members" patronage dividends paid to members' accounts are in accordance with the pre-existing obligation in southside 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.”

“Patronage div paid to members not exp per gaap 3,425,365 net change in donated capital and memberships 1,810 non-cash patronage alloc not rev per irs 960,480 contribution in aid of const not rev per gaap -5,617,720 retirement of capital credits -2,761,838 total -3,991,903”