Pee Dee Electric Membership Corp

“Pee dee electric membership corporation is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which is the governing body of the cooperative.”

“All members of pee dee emc receive one vote with respect to selecting the governing board of directors.”

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

“The ceo provides a copy of the 990 to the finance committee and governing body prior to filing with the irs.”

“Each director, officer and key employee must annually complete and sign a conflict of interest form.”

“The governing body 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 the recommendations from the outside salary consultant and other statewide comparison data from electric cooperatives throughout the state. The ceo reviews and recommends salary change.”

“The ceo reviews and recommends salary changes for other officers and key employees to the compensation committee for approval based on the recommendation of an outside salary consultant.”

“Financial data is provided to the membership at the annual meeting and also included on the cooperative's website. In addition, the annual report is provided to the membership in the coop's monthly magazine. Other governing documents including the form 990 are available upon request.”

“Form 990, part ix, line 4 benefits paid to or for members patronage dividends paid to members' accounts in accordance with the pre- existing obligation in pee dee electric membership corporation'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. 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. Form 990, part ix, travel costs travel costs include 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.”

“Pat. Div. Paid to members' accts not exp per gaap 4,298,272 noncash patronage allocations not rev per irs 926,494 book tax difference sandhills utility svcs 258,389 care to share activity 32,770 net retirement of capital credits -1,201,965 ciac not revenue per gaap -199,272 oci -715,839 total 3,398,849”